Transaction in Own Shares

Banco Santander Central Hispano SA
06 August 2004

Banco Santander Central Hispano, S.A. ('Banco Santander') yesterday issued an
announcement (hecho relevante) in relation to the trading activities of the
company Pereda Gestion, S.A. ('Pereda') - a market making entity belonging to
the Santander Group which also conducts the Group's share repurchase programme.
Details of the Group's share repurchase programme were set out in Banco
Santander's announcement made on 26 July 2004 in connection with the proposed
acquisition of Abbey National plc. The information disclosed in the hecho
relevante is set out below.

The dealings referred to below have previously been disclosed by Banco Santander
pursuant to Rule 8 of the City Code on Takeovers and Mergers, aggregated with
other disclosable dealings by the Banco Santander group where appropriate.

In connection with Pereda's market making activities and the Group's share
repurchase programme, and pursuant to article 4.4. of Regulation (CE) No 2273/
2003 of the European Commission, Banco Santander Central Hispano, S.A. discloses
that Pereda has conducted the following trades on shares of Banco Santander from
Monday July 26, 2004 until Wednesday August 4, 2004:


     Date        Security    Buy / Sell    No   of shares      Price

    26/07/2004    SAN.MC          S               469,744          7.82

    27/07/2004    SAN.MC          S               300,000          7.85

    27/07/2004    SAN.MC          S               500,000          7.90

    27/07/2004    SAN.MC          S               500,000          7.97

    28/07/2004    SAN.MC          B                18,889          7.84

    28/07/2004    SAN.MC          B             1,975,000          7.85

    28/07/2004    SAN.MC          B               350,000          7.86

    28/07/2004    SAN.MC          B               526,679          7.87

    28/07/2004    SAN.MC          B               592,350          7.88

    28/07/2004    SAN.MC          B             1,341,031          7.89

    28/07/2004    SAN.MC          B             1,150,000          7.90

    29/07/2004    SAN.MC          B               436,549          7.85

    29/07/2004    SAN.MC          B               307,800          7.90

    29/07/2004    SAN.MC          S                25,000          7.90

    29/07/2004    SAN.MC          S                65,000          7.91

    29/07/2004    SAN.MC          S               195,000          7.92

    29/07/2004    SAN.MC          S                22,800          7.93

    30/07/2004    SAN.MC          B               429,807          7.90

    02/08/2004    SAN.MC          B                25,000          7.85

    02/08/2004    SAN.MC          B               109,700          7.86

    02/08/2004    SAN.MC          B               660,000          7.87

    02/08/2004    SAN.MC          B             1,105,300          7.88

    02/08/2004    SAN.MC          B             1,025,000          7.89

    02/08/2004    SAN.MC          B             1,525,000          7.90

    02/08/2004    SAN.MC          B                50,000          7.91

    03/08/2004    SAN.MC          B               175,494          7.87

    03/08/2004    SAN.MC          B             3,073,428          7.88

    03/08/2004    SAN.MC          B             1,789,785          7.89

    03/08/2004    SAN.MC          B                44,947          7.94

    04/08/2004    SAN.MC          B                50,000          7.82

    04/08/2004    SAN.MC          B               200,000          7.83

    04/08/2004    SAN.MC          B               100,000          7.84

    04/08/2004    SAN.MC          B               250,000          7.85

    04/08/2004    SAN.MC          B               925,000          7.86

    04/08/2004    SAN.MC          B             1,935,000          7.87

    04/08/2004    SAN.MC          B               590,000          7.88

    04/08/2004    SAN.MC          B               400,000          7.89

    04/08/2004    SAN.MC          B                50,000          7.92

Additionally, Banco Santander Central Hispano, S.A. discloses that on Friday
July 23, 2004 prior to the announcement of the share repurchase programme, the
company Banco Madesant Sociedade Unipessoal, S.A. ('Madesant'), also belonging
to the Santander Group and which previously carried out the Santander Group's
customary market making activity, had acquired in the market a total of
10,857,711 shares at an average price of euros 8.0624 (with a maximum of euros
8.10 and a minimum of euros 7.98).

Finally, and regarding the shares that Madesant acquired on July 23, 2004, Banco
Santander Central Hispano, S.A. discloses that on July 30, 2004 such shares have
been sold by Madesant to Pereda at a price of 8.07 euros per share.


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