Sale of Grupo Dragados shares

Banco Santander Central Hispano SA
18 April 2002

Santander Central Hispano


                           MATERIAL INFORMATION


Grupo Santander Central Hispano and ACS Actividades de Construccion y Servicios,
S.A., (ACS) have agreed the sale by Santander Central Hispano to ACS of a
package of shares in Grupo Dragados SA, equivalent to 23.5% of its share capital
for a total price of 900 million euros, representing a premium of 58.72% over
today's closing price. The transaction took place in a special operation
authorized by the Madrid Bourse.

As a result of this sale, Santander Central Hispano obtains a capital gain of
534 million euros.

The Group retains a shareholding of 0.50% in Grupo Dragados, S.A.

There is no commitment binding Board members representing Banco Santander
Central Hispano in Grupo Dragados that are ratified by the General Shareholders
Meeting of the latter company to act in conjunction with ACS or any other Grupo
Dragados shareholder as regards the management of the Company, as stipulated by
Royal Decree 377/1991.

                                                       Madrid, April 18 2002

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