GLOBAL BANKING & MARKETS

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1 GLOBAL BANKING & MARKETS Investors Day Boadilla del Monte. September 14 th, 2007

2 Important information 2 Banco Santander, S.A. ("Santander") cautions that this presentation contains forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of These forward-looking statements are found in various places throughout this presentation and include, without limitation, statements concerning our future business development and economic performance. While these forward-looking statements represent our judgment and future expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to: (1) general market, macro-economic, governmental and regulatory trends; (2) movements in local and international securities markets, currency exchange rates, and interest rates; (3) competitive pressures; (4) technological developments; and (5) changes in the financial position or credit worthiness of our customers, obligors and counterparties. The risk factors and other key factors that we have indicated in our past and future filings and reports, including those with the Securities and Exchange Commission of the United States of America (the SEC ), could adversely affect our business and financial performance. Other unknown or unpredictable factors could cause actual results to differ materially from those in the forward-looking statements. Neither this presentation nor any of the information contained therein constitutes an offer to sell or the solicitation of an offer to buy any securities or any advice or recommendation with respect to such securities. The information contained in this presentation is subject to, and must be read in conjunction with, all other publicly available information, including, where relevant any fuller disclosure document published by Santander. Any person at any time acquiring securities must do so only on the basis of such person's own judgment as to the merits or the suitability of the securities for its purpose and only on such information as is contained in such public information having taken all such professional or other advice as it considers necessary or appropriate in the circumstances and not in reliance on the information contained in the presentation. In connection with the offer for ABN AMRO, The Royal Bank of Scotland Group plc ( RBS ) has filed with the SEC a Registration Statement on Form F-4, which includes a preliminary version of the prospectus, and Fortis, RBS and Santander (collectively, the "Banks") have filed a Tender Offer Statement on Schedule TO and other relevant materials. The Form F-4 has not yet become effective. INVESTORS ARE URGED TO READ ANY DOCUMENTS REGARDING THE OFFER, BECAUSE THEY CONTAIN IMPORTANT INFORMATION. Investors can obtain a copy of such documents without charge, at the SEC's website (http://www.sec.gov). Copies of all documents filed in connection with the offer may also be obtained from each Bank, without charge. Nothing contained in this presentation is an offer of securities for sale into the United States. No offering of Securities shall be made in the United States except pursuant to registration under the U.S. Securities Act of 1933, as amended, or an exemption therefrom. Nothing contained in this presentation is intended to constitute an invitation or inducement to engage in investment activity for the purposes of the prohibition on financial promotion in the U.K. Financial Services and Markets Act In making this presentation available, Santander makes no recommendation to buy, sell or otherwise deal in shares in Santander or in any other securities or investments whatsoever and you should neither rely nor act upon, directly or indirectly, any of the information contained in this presentation in respect of any such investment activity. Note: Statements as to historical performance, historical share price or financial accretion are not intended to mean that future performance, historical share price or future earnings (including earnings per share) for any period will necessarily match or exceed those of any prior year. Nothing in this presentation should be construed as a profit forecast.

3 Agenda 3 GBM within Santander GBM Performance and Strategy GBM Vision 2009

4 Our mission 4 Build a wholesale bank aligned with Santander Group s potential Strength in core geographies (Iberia, Latam) Distribute value added solutions for retail, corporate and institutional clients Selective growth in attractive microsegments where Santander has sustainable advantages Better serve client needs, enhance the competitiveness of our local banks and increase our contribution to the Group

5 GBM meets the product needs in target clients 5 A Geographies C Products % Weight over client revenues under management criteria B Focus mainly on Iberia and Latam 82% of revenues from client business* Client Mix of revenues Corporate 52% Institutional 32% 16% Retail / SME 33% 18% 17% 28% 4% Transaction Banking Investment Banking Equity Rates Credit Cash management Trade finance Custody Lending M&A ECM, DCM Project Finance Equity markets Cash equity Rates markets Credit derivatives 40% Global Clients Coverage (*) Does not include Capital return

6 GBM s business model takes advantage of market trends 6 Our view of the market GBM s business model Medium Term Short Term Wholesale banking is expected to grow: Variation across segments and across credit cycle Requires competitive advantage and customer focused financial innovation and sophistication Current liquidity issues in credit market Reduction of volumes Higher spreads Preferences for simple tailored structures thus increasing vulnerability for some competitors Fundamental capital market trends will continue Selective participation and distinctive customer offers Become the reference franchise in core markets Take advantage of Group synergies to deliver market leading solutions Leverage superior cost efficiency and risk and capital discipline

7 Agenda 7 GBM within Santander GBM Performance and Strategy GBM Vision 2009

8 GBM more than doubled Net Operating Income in , increasing efficiency levels 8 Net Operating Income. Million Euros CAGR 02/06 25% 28% Client Revenues Costs 6% 20% Jaws 14% 22% 1,700 1,038 Cost/Income % 35% 30% Note: Restated 2002 figure to make it comparable with 2006 perimeter

9 Quality of revenues has improved 9 Revenues mix Prop Trading 28% 18% accelerating the growth in client revenues +10p.p. Million Euros 37% 21% Client business 72% 82% 11% 11% 944 1,045 1,162 1,404 1, Healthy product mix Average 02/ Note: Does not include Capital return

10 Supported by robust risk management capabilities 10 Clear articulated risk appetite and strategy Pre-definition of risk appetite Risk predictability Anticipation Adequacy of risk management policies, processes, systems and practices Constant transformation to adjust to new businesses Scalability Robust risk management organisation Global Scope Clear organisation and procedures Transparency across the Group Business is not based on intensive use of balance sheet nor high risk products Solid practices in risk management

11 Revenues increased EUR 982 MM in Gross operating income increase 02-06, EUR MM 11 Global Transaction Banking Investment Banking Markets Global Clients Relationship Model +400** 1 Delivery of a global and integrated service Equity Rates Credit Leveraging our 2 3 Project Finance 4 Capturing our natural expertise to expand quota in the our Business transaction business accompanying our clients +982* Markets: Leveraging our presence in key retail segments Developing a corporate and institutional client franchise Sustainable model, with potential upside * Does not include Capital return ** Includes revenues from all product areas

12 1 Global Clients Relationship Model: Delivery of a global and integrated service 12 Increasing the share of wallet of client base Number of clients 2003 Number of clients 2006 Revenues have doubled improving their quality and our global presence Gross Operating Income. Million Euros Growth (CAGR) Revenues 19 >5 MM 30 21% 777 Revenues 18 3<MM <5 Revenues 1<MM <3 Revenues Value Added products* Basic Lending % % MM <1 146 * Cash management, trade finance

13 2 Global Transaction Banking: Capturing our natural quota in the transaction business 13 Cash Management Gross Operating Income. Million Euros* 27% Creation of Transactional Banking unit within GBM 2% Dedicated IT and Operations teams to GBM clients Sales force dedicated to these products Cash Management trend changed in Spain and will focus on relaunching the business in Latam * Does not include basic lending

14 3 14 Investment Banking: Leveraging our Project Finance expertise to expand our Business accompanying our clients Project Finance Gross Operating Income. Million Euros 43% 242 Strong growth of Project Finance in Iberia and Latam in Infrastructure and Energy Supporting our clients in their expansion in Europe and USA Raised profile of transactions (MLA in ~60% of the deals) Development of distribution capabilities Some Acquisition Finance deals in our core markets all of these without compromising the Bank s balance sheet

15 4 15 Markets: Leveraging our presence in key retail segments SGC: A new business for Santander with great potential Gross Operating Income. Million Euros* 56% 313 Santander Global Connect is a unit that distributes risk management solutions to SMEs and private banking clients Innovative client-focused platform with product specialists 81 Model being exported to Portugal, Chile, Brazil and Mexico * Gross revenues, includes retail split

16 4 Markets: Developing a corporate and institutional client franchise 16 Gross Operating Income. Million Euros Europe LatAm 38% Our natural market share in Spain 701 captured Leading bank for Corporate clients in Spain Client franchise in Latin America developed

17 trend continues and improves in P&L GBM Good start of year 07, supported by Million euros healthy growth on client revenues Gross Operating Income 1H 07 1,679 Growth % 07 / 06 47% Risk management works well and keeps on being a solid base for Net Operating Income 1,241 62% business Profit Before Tax 1,303 85% The outlook for Santander Global Banking & Markets continues to be positive

18 Agenda 18 GBM within Santander GBM Performance and Strategy GBM Vision 2009

19 In this context, Santander GBM has a high growth potential 19 Santander GBM strengths Strategic levers ( ) Local presence and retail footprint (higher expected growth in our core markets than the average) Track record of our Retail Distribution Model (be able to export to the main LatAm countries) Flexibility based on selective segments approach Robust and reliable operating model, with low cost to income ratio Gain penetration in Transactional Banking Distribute wholesale products in LatAm Develop Project Finance in other sectors Continue to increase the share of wallet of our strategic core clients Strengthen distribution capacities: Originate to distribute

20 to achieve our 2009 targets targets High revenue growth: 20+% CAGR Maintain a low efficiency ratio in the thirties Increase proportion of client business Increase capital rotation to maximize value creation: originate to distribute model Build a wholesale bank aligned with Santander Group s potential

21

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