Evolving Business Models and Capital Markets Contexts:

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1 Evolving Business Models and Capital Markets Contexts: The Santander Model May 2012 José Antonio Álvarez CFO Grupo Santander

2 Santander: key figures 2 Highlights Total Assets (EUR trillion) 1.25 Headcount 193,349 Branches (units) 14,756 Customers (million) 2 102,1 Profit 3 (EUR million) 5,351 Focused on retail banking: We are the international Group with the largest branch network Attributable profit Q1'12 (1) Germany Other Europe UK Poland Portugal Spain USA Other Latam Chile Brazil Mexico 56% emerging markets (1) Over operating areas attributable profit

3 Santander: our model 1 STRONG LOCAL PRESENCE/ 2 economies of scale ( vertical strategy ) SUBSIDIARY MODEL with financial autonomy 3 Santander Group UK US Portugal Mexico Brazil Chile 3 OPERATIONAL INTEGRATION 3

4 1 STRONG LOCAL PRESENCE: dominant local positions in large and attractive countries We are focused on 10 key large markets USA 7.Germany 8. Argentina 9. Poland 10.Portugal LOCAL CRITICAL MASS is key to achieve superior profitability especially in the new environment; ROE pressures, regulatory costs Avoid subscale businesses (1) Loans + deposits (balance sheet funds) + mutual funds (2) Santander Consumer not included (in Spain: 2.0 million customers and 73 branches; Portugal: 0.3 million customers and 7 branches) (3) Mortgages and retail savings (4) Present in 14 countries. Loyalty cards not included under customers (5) Excluding public-sector banks (6) Only data from Sovereign Bank. Customer-homes data (7) Attributable profit and branches. Data as of Dec'11 not including Kredyt Bank.

5 2 Financial independent subsidiaries based model 5 Santander Group UK US Portugal Mexico Brazil Chile Each subsidiary is responsible for its own capital and funding needs: No cross border funding

6 with diversified funding sources 6 Business units mostly funded through LOCAL DEPOSITS additional funding raised in LOCAL WHOLESALE MARKETS (stand-alone basis) Own ratings and programs in each subsidiary M/L term issuance México 2 Bn USA 0.3 Bn San 13 Bn Brasil 7 Bn UK 13 Bn SCF EU 0.4 Bn BAN 3 Bn BZ WBK 0.1 Bn TOTAL 40 Bn Market diversification: aprox. 1 / 3 GBP area; 1 / 3 EUR area; 1 / 3 USD area Chile 1 Bn (1) Including retail commercial paper (2) Excluding securitisations and structured funding. Data in euros, 2011

7 3 Strong operational integration 7 Continue to exploit intra-group synergies: INCREASED INTEGRATION Spain Portugal UK US Brazil Mexico Technology and Operations IT/OPs - Medios GBM GBM Asset Asset Management Cards Cards Insurance Seguros Support Funciones Functions: soporte Finance, Risks Corporate Management Costs synergies: a) IT infrastructure b) Application development / maintenance c) Operations (back-office) d) Centralised purchases Revenue synergies: a) Shared commercial model b) Product factories (e.g., cards) c) Distribution model of products originated in global factories (insurance, AM, treasury) Governance synergies: a) Shared risk management systems b) Shared financial management systems c) Shared accounting / MIS systems d) Shared corporate governance systems

8 This allows us to reach best in class status in terms of cost efficiency. 8 Group efficiency ratio* In percentage 66,1 64,1 61,4 59,7 Abbey s entry 56,3 54,7 54,1 B. Real s entry 49,7 Sovereign, A&L and GE s entry 45,5 44,6 41,7 44,9 43, Positive jaws are key to remain competitive; going forward, we expect our efficiency ratio to continue to improve (*) Efficiency ratio with amortisations. (**) Peer Group are large banks that because of their size, characteristics and/or degree of direct competition are the reference group to surpass: BBVA, Banco Itaú, BNP Paribas, Credit Suisse, HSBC, ING Group, Intesa Sanpaolo, JP Morgan, Mitsubishi, Nordea, Royal Bank of Canada, Societe Generale, Standard Chartered, UBS, Unicredito y Wells Fargo.

9 9 Our model is producing tangible results

10 Healthy volume growth in emerging markets in spite of the deleveraging trend in Spain / Portugal 10 Emerging marketsgross loans Spaingross loans Brazil Res of LatAm Poland Loan / deposits ratio: From 178% in 2008 to 111% in 2012

11 While our results have been under pressure in Spain and Portugal. the rest of the Group has continued to perform well 11 Group PBT- Operating units 4,548 2,357 1,292 4,222 4,413 Rest 7,483 8,512 10,250 12,866 12,262 Spain +Portugal

12 Final remarks STRONG LOCAL PRESENCE (local economies of scale) OUR MODEL 2. FINANCIAL AUTONOMY: local capital + local funding sources (deposits / wholesale funding) + local supervision 3. WITH STRONG OPERATIONAL INTEGRATION (intra-group synergies) Resilient model during the financial crisis TANGIBLE RESULTS No «contagion» from the eurozone crisis. Volume growth reflects local demand / local market conditions Loans in e.g., LatAm or Poland, continue to grow, while Spain continues to deleverage

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