Share Dealings

Banco Santander Central Hispano SA
18 January 2005


   NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO OR FROM THE UNITED
                 STATES OF AMERICA, CANADA, AUSTRALIA OR JAPAN


   Banco Santander Central Hispano, S.A. ('Banco Santander') - Share Dealings


The following is the text of an announcement made by Banco Santander in Spain
today:

'In connection with the buy back programme announced on July 26, 2004, and
pursuant to article 4.4. of Regulation (CE) No 2273/20 03 of the European
Commission, Banco Santander Central Hispano, S.A. announces that its subsidiary
Pereda Gestion, S.A. conducted the following trades in shares of Banco Santander
Central Hispano, S.A. on January 17, 2005:


    Date            Security    Buy / Sell      No of shares     Price (euro)
Jan. 17, 2005        SAN.MC         S             350,000           9.2000
Jan. 17, 2005        SAN.MC         S              75,000           9.2100


Boadilla del Monte, January 18, 2005'




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