Rule 8.3- Iberdrola, S.A.

20 Feb 2007 15:41

Banco Bilbao Vizcaya Argentaria SA20 February 2007 FORM 8.3 DEALINGS BY PERSONS WITH INTERESTS IN SECURITIES REPRESENTING 1% OR MORE (Rule 8.3 of the Takeover Code) 1. KEY INFORMATION Name of person dealing (Note 1) Asset Management Business of BANCO BILBAO VIZCAYA ARGENTARIA Company dealt in IBERDROLA, S.A. Class of relevant security to which IBERDROLA (ES0144580018)the dealings being disclosed relate(Note 2) Date of dealing February 19, 2007 2. INTERESTS, SHORT POSITIONS AND RIGHTS TO SUBSCRIBE (a) Interests and short positions (following dealing) in the class ofrelevant security dealt in (Note 3) Long Short Number (%) Number (%) (1) Relevant securities 10,428,743 1.157% (2) Derivatives (other than options) 101,800 FUT 0.011% (3) Options and agreements to purchase/sell Total 10,530,543 1.168% (b) Interests and short positions in relevant securities of thecompany, other than the class dealt in (Note 3) Class of relevant security: Long Short Number (%) Number (%) (1) Relevant securities (2) Derivatives (other than options) (3) Options and agreements to purchase/sell Total (c) Rights to subscribe (Note 3) Class of relevant security: Details 3. DEALINGS (Note 4) (a) Purchases and sales Purchase/sale Number of securities Price per unit (Note 5) TRADE DATE PURCHASE 35 35.1 19/02/2007 PURCHASE 90 34.77 19/02/2007 PURCHASE 100 35.04 19/02/2007 PURCHASE 110 34.78 19/02/2007 PURCHASE 115 35.01 19/02/2007 PURCHASE 165 34.79 19/02/2007 PURCHASE 200 34.8 19/02/2007 PURCHASE 1,420 35.15 19/02/2007 PURCHASE 1,550 34.79 19/02/2007 SALE 25 35.24 19/02/2007 SALE 65 34.78 19/02/2007 SALE 75 34.77 19/02/2007 SALE 75 34.78 19/02/2007 SALE 100 35.11 19/02/2007 SALE 171 34.73 19/02/2007 SALE 200 34.78 19/02/2007 SALE 225 35.19 19/02/2007 SALE 260 34.77 19/02/2007 SALE 400 34.73 19/02/2007 SALE 430 35.18 19/02/2007 SALE 615 34.77 19/02/2007 SALE 1,800 34.77 19/02/2007 SALE 34,800 35.14 19/02/2007 TRANSFER (1) 1,190 - 19/02/2007 TRANSFER (1) 2,400 - 19/02/2007 TRANSFER (1) 250 - 19/02/2007 TRANSFER (2) 13,819 - 19/02/2007 TRANSFER (2) 13,820 - 19/02/2007 (1) Transfer of the portfolio to another bank. (2) Transfer of the portfolio from another bank. b) Derivatives transactions (other than options) Product name, Long/short (Note 6) Number of securities (Note 7) Price per unit (Note 5) TRADE DATE e.g. CFD (c) Options transactions in respect of existing securities (i) Writing, selling, purchasing or varying Product name, Writing, selling, Number of securities Exercise Type, e.g. Expiry Option money purchasing, to which the option American,e.g. call option varying etc. relates (Note 7) price European etc. date paid/received per unit (Note 5) (ii) Exercising Product name, e.g. call option Number of securities Exercise price per unit (Note 5) (d) Other dealings (including new securities) (Note 4) Nature of transaction (Note 8) Details Price per unit (if applicable) (Note 5) 4. OTHER INFORMATION Agreements, arrangements or understandings relating to options or derivatives Full details of any agreement, arrangement or understanding between the person disclosing and any other person relatingto the voting rights of any relevant securities under any option referred to on this form or relating to the votingrights or future acquisition or disposal of any relevant securities to which any derivative referred to on this form isreferenced. If none, this should be stated. Is a Supplemental Form 8 attached? (Note 9) YES/NO Date of disclosure February 20, 2007 Contact name Ignacio Rebollo Aladro Fernando Lazaro VacaTelephone number 34 91 537 76 94 34 91 537 87 67If a connected EFM, name of offeree/offeror with which connectedIf a connected EFM, state nature of connection (Note 10) Notes The Notes on Form 8.3 can be viewed on the Takeover Panel's website atwww.thetakeoverpanel.org.uk SUPPLEMENTAL FORM 8 DETAILS OF OPEN POSITIONS (This form should be attached to Form 8.1, Form 8.1(b)(ii) or Form 8.3, as appropriate) OPEN POSITIONS (Note 1) Product name, Written or Number of securities to Exercise price Type, e.g. Expiry date purchased which the option or (Note 2) American,e.g. call option derivative relates European etc. FUTURE IBERDROLA 20.03.06 100 NA NA 16.03.20070307 Notes 1. Where there are open option positions or open derivative positions (exceptfor CFDs), full details should be given. Full details of any existingagreements to purchase or to sell should also be given on this form. 2. For all prices and other monetary amounts, the currency must be stated. For details of the Code's dealing disclosure requirements, see Rule 8 and itsNotes which can be viewed on the Takeover Panel's website atwww.thetakeoverpanel.org.uk This information is provided by RNS The company news service from the London Stock Exchange