BZWBK Group Results

1 BZWBK Group Results 31.12.2011 January 31 st, 2012

Important information 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 1995. 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, macroeconomic, 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. Nothing contained in this presentation is an offer of securities for sale into the United States or in any other jurisdiction. 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 there from. 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 2000. 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. Note: The results information contained in this presentation has been prepared according to IFRS as applied in Poland. As a result it may differ from the one disclosed by Santander Group. 2

Table of Contents 3 Macroeconomic Scenario and Financial System 31.12.2011 - Business - Results

Macroeconomic Scenario 4 GDP (real annual growth %) Interest Rate NBP reference rate (%) End of period 1,6 3,9 4,3 2,3 3,1 3,50 3,50 4,50 4,00 4,50 2009 2010 2011 2012(e) 2013(e) 2009 2010 2011 2012(e) 2013(e) Inflation (CPI %) Exchange Rate PLN/EUR End of period 3,5 2,6 4,3 3,7 2,5 4,11 3,96 4,42 4,18 3,85 2009 2010 2011 2012(e) 2013(e) 2009 2010 2011 2012(e) 2013(e) Source: The National Bank of Poland, Stat Office, Santander Research

Macroeconomic Scenario 5 Investments and Consumption C/A Balance vs. FDI+EU funds % YoY EUR billion, in 12 months Private consumption 5,7 2,1 3,2 3,1 9,6 8,7 Current account balance Foreign direct investments EU funds 4.7 5.3 6.9 7.4 10.1 9.4 6.7 10.0 Fixed investments -1,2-0,2 2008 2009 2010 2011 Unemployment Rate -12.2-16.5-15.7-23.8 2008 2009 2010 Nov.2011 Fiscal policy indicators 15 13 11 % % of GDP General government debt 50,9 54,9 56,7 55,7 53,6 9 7 Registered unemployment rate LFS unemployment rate 5 Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 * Official LFS unemployment figures unavailable for December 2011 Source: The National Bank of Poland, Stat Office, Santander Research General government deficit 7,3 7,9 5,0 3,5 3,0 2009 2010 2011 2012 2013

Financial System: Credit Evolution 6 Recovery in corporate loans, strong rise in mortgages, stagnation in consumer Total Loans Loans to Corporations PLN billion 758 767 8.8% 799 841 862 13.7% PLN billion 215-0.9% 221 231 244 253 18.1% Dec.10 Mar.11 Jun.11 Sep.11 Dec.11 Loans to individuals (mortgage credit) Dec.10 Mar.11 Jun.11 Sep.11 Dec.11 Loans to individuals (consumer credit) PLN billion 24.2% 276 279 298 322 329 19.2% PLN billion 143 1.1% 140 139 141 139-2.7% Dec.10 Mar.11 Jun.11 Sep.11 Dec.11 Dec.10 Mar.11 Jun.11 Sep.11 Dec.11 Volume Y-o-Y % Source: The National Bank of Poland

Financial System: Deposits Evolution 7 Total deposits up 11.7% in Y-o-Y Total Deposits Corporations Deposits PLN billion 682 700 693 715 762 PLN billion 181 169 177 181 203 9.1% 11.7% 12.1% 9.9% Dec.10 Mar.11 Jun.11 Sep.11 Dec.11 Dec.10 Mar.11 Jun.11 Sep.11 Dec.11 Households Deposits Mutual funds PLN billion 421 434 436 9.8% 452 478 13.5% 24.2% 116 119 119 108 114-1.5% Dec.10 Mar.11 Jun.11 Sep.11 Dec.11 Dec.10 Mar.11 Jun.11 Sep.11 Dec.11 Volume Y-o-Y % Source: The National Bank of Poland

BZWBK Group 10 BZ WBK features Branches 622 - incl.agencies 96 ATMs 1 045 Employees ( FTE s) 9 383 Corporate Banking Centres* 3 Business Banking Centres** 7 Balance sheet 31.12.2011 P&L 31.12.2011 Assets EUR 13 430 m Loans EUR 8 528 m Deposits EUR 10 504 m Total assets +12.6% Y-o-Y Income EUR 930 m Costs (excl. once-off adjustments) EUR 447 m PBT (excl. once-off adjustments) EUR 396 m ROE (excl. once-off adjustments) 21.2 % * Supported by specialist services offices: Property Dep., Large Corporate & Structured Finance Dep., Large Corporate & Sectoral Dep. ** Complemented by 7 representative offices

Integration with Santander Group Integration update New business line and customer proposition Global Banking & Markets Division Cross-sell & cooperation opportunities Treasury Bankassurance Card business Asset management Exchange of best practices Trading/Banking book management Risk management & internal control framework Efficiency and cost management Implementation of group wide solutions Once-off adjustments Once-off adjustments relate predominantly to amortization of intangible and fixed assets

Business: Portfolio Evolution 12 Loan growth with focus on business EUR m 31.12.11 31.12.10 Y-o-Y Q-o-Q 15.1% 3.7% Mortgage 1 706 1 554 9.8% 1.0% Other personal 1 114 1 012 10.1% -1.6% 7 682 7 726 8 130 8 528 8 845 Total personal 2 820 2 566 9.9% -0.1% Business 6 025 5 116 17.8% 5.6% Total gross loans 8 845 7 682 15.1% 3.7% Dec.10 Mar.11 Jun.11 Sep.11 Dec.11 Comments Y-o-Y variation excluding FX effect*: Mortgage loans 5% Total personal 7% Business 13% Total Loans 11% PLN loans comprise 67% of total gross loans portfolio; FX loans 33%

Business: Loans by products 13 Personal lending +9.9% Y-o-Y Cash Loans Individuals Mortgage EUR m EUR m 15.2% 9.8% 705 812 1 000 1 098 9.8% 554 608 9.8%* Dec.10 Dec.11 Dec.10 Dec.11 FX PLN Comments Gaining market share in cash loans and credit cards Monthly sales of cash loans at its highest in Bank s history * FX mortgage decrease of -4% if FX volatility effect excluded

Business: Deposits + Funds Evolution 14 Strong volume increase in deposits EUR m 11.6% 31.12.11 31.12.10 7% Y-o-Y Q-o-Q Demand 2 735 2 703 1.2% -0.7% 10 505 9 415 9 818 9 227 9 145 3 755 3 516 3 429 3 947 4 423 5 660 5 711 5 716 5 871 6 082 Dec.10 Mar.11 Jun.11 Sep.11 Dec.11 Retail Business Savings 1 385 1 526-9.2% -1.8% Time Deposits 6 385 5 186 23.1% 12.9% Customer Deposits Business deposits +17.8% YoY Retail deposits +7.5% YoY Mutual Funds 10 505 9 415 11.6% 7% Comments -35.8% 2 729 2 609 2 429 2 065 1 751 Dec.10 Mar.11 Jun.11 Sep.11 Dec.11

Business: Loan Market Share affected by FX rate 15 Market Share (%) December 2011 June 2011 December 2010 Total Banking System Loans Total Loans 4.20 4.19 4.14 - Cash Loans 3.62 3.45 3.09 Deposits + Funds Total Deposits 5.53 5.22 5.55 - Personal Deposits 5.80 5.89 6.11 - Business Deposits 5.18 4.37 4.86

Results: Net Interest Income 17 Net Interest Income +13.5% Y-o-Y EUR m NIM by Q, % 13.5% 1.3% 4,27 4,34 4,27 4,29 4,23 122 120 122 130 131 4Q10 1Q11 2Q11 3Q11 4Q11 4Q10 1Q11 2Q11 3Q11 4Q11 Comments Double digit growth of NII due to significant increase in volumes

Results: Net Fees 18 Net Fees flat EUR m 1.1% 31.12.11 31.12.10 Y-o-Y Q-o-Q -2.9% 84 82 85 83 80 Investment banking 1 81 95-14.4% -15.2% ebusiness & payments 76 68 12.1% 1.2% Current accounts & money transfer 59 61-2.8% -1.6% FX fees 55 49 10.9% 3.4% 4Q10 1Q11 2Q11 3Q11 4Q11 Net Fees Comments Current account pricing strategy supporting growth of ebusiness & payments fees Strong increase of insurance income impacted by accounting policy Loan fees 25 19 30.4% 7.1% Insurance fees 17 17-1.4% 0% Other 2 17 18-1.4% -17.6% Total 330 327 1.1% -2.9% 1. Brokerage fees, distribution and management fees 2. Includes off-balance sheet guarantees commissions, issue arrangement fees, credit cards fees, structured product fees and other

Results: Total Income 19 Total Income grew at 8.1% Y-o-Y EUR m 31.12.11 31.12.10 Y-o-Y Q-o-Q 8.1% -5.7% Net Interest Income 503 443 13.5% 1.3% Fees 330 327 1.1% -2.9% 20 14 39 28 16 84 82 85 83 80 122 121 122 129 131 4Q10 1Q11 2Q11 3Q11 4Q11 Gain/loss on financial transactions + Others Fees Net Interest Income Subtotal 833 770 8.2% -0.4% Gain/Loss on financial transactions + Others* 97 90 6.7% -45.5% Total Income 930 860 8.1% -5.7% * In 2011 dividend from Aviva entities of EUR 15 m, in 2010: EUR 11.7 m

Results Total costs 20 Total costs excl. once-off adjustments +4.1 % Y-o-Y Total costs excl. once-off adjustments EUR m 429 +4.1 p.p. 447 Y-o-Y Q-o-Q 8 32 10 34 156 165 233 238 2010 2011 Staff costs Administrative Expenses Amortization Other costs Staff costs 1.9% 10.2% Administrative Expenses 5.4% 13.5% Amortization 8.5% -2.0% Other costs 23.5% -41.9% Total costs 4.1% 8.3%

Results: Administrative Expenses and Amortization 21 Total expenses excl. once-off adjustments grew at 4.1% Y-o-Y and 8.3 % Q-o-Q EUR m 9.1% 2 1 2 5 8 9 9 8 40 40 44 38 28.3% 21 2 8 43 31.12.11 31.12.10 Y-o-Y Q-o-Q Staff costs 238 233 1.9% 10.2% Administrative Expenses 165 156 5.4% 13.5% Amortization 34 32 8.5% -2.0% Other costs 10 8 23.5% -41.9% 62 59 58 57 64 4Q10 1Q11 2Q11 3Q11 4Q11 Once-off harmonisation adjustments Other costs Amortization Administrative Expenses Staff costs Subtotal 447 429 4.1% 8.3% Once-off adjustments 21 - - - Total 468 429 9.1% 28.3% Comments Regulatory costs totalled EUR 10.5 m, + 72% Y-o-Y Once-off adjustments relate predominantly to amortization of intangible and fixed assets

Results: Net operating income 22 Net operating income growth of 7.0% mainly driven by NII EUR m 31.12.11 31.12.10 114 108 7.0% 133 133-33.4% 109 21 88 4Q10 1Q11 2Q11 3Q11 4Q11 Once-off harmonisation adjustments Operating surplus Net Interest Income + Fees Gain on financial transactions + Others* Adm. Expenses + Amortization + Other costs Net operating income Once-off adjustments Total net income Y-o-Y Q-o-Q 833 770 8.2% -0.4% 97 90 6.7% -45.5% (447) (429) 4.1% 8.3% 483 431 12.1% -17.2% (21) - - - 462 431 7.0% -33.4% * In 2011 dividend from Aviva entities of EUR 15 m, in 2010: EUR 11.7 m

Results: Provisions and Loan Quality 23 Asset quality improved quarter on quarter EUR m Provisions and Annualised total credit loss ratio NPL (%) 1,31% 1,25% 1,20% 1,21% 1,21% 1,11% 1,00% 1,06% 1,00% 5,5% 5,8% 6,3% 6,0% 6,8% 7,0% 6,7% 6,5% 5,53% 24 17 36 25 25 23 19 26 21 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 Coverage ratio (%) 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 39,1% 42,3% 41,3% 45,3% 44,1% 46,4% 50,2% 51,9% 49,0% Provisions Annualised total credit loss ratio 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11

Results: Net Profit 24 Net Profit of EUR 298 Million on 31.12.2011, growth of 17.9% Y-o-Y EUR m 17.9% 31.12.11 31.12.10 Y-o-Y Q-o-Q -41.7% 15* 71 21 69 69 94 85 50 4Q10 1Q11 2Q11 3Q11 4Q11 Once-off harmonisation adj. Net profit * In 2011 dividend from Aviva entities of EUR 15 m Profit before Taxes 396 330 20.2% -16.1% -Taxes (77) (77) -0.33% -14.5% Net Profit excluding onceoff adjustments Once-off adjustments Net profit after once-off adjustments Attributable profit after once-off adjustments 319 253 26.4% -16.4% (21) - - - 298 253 17.9% -41.7% 288 237 21.6% -42.5%

Results: Indicators 25 C/I, % Solvency ratio, % ROE, % -1.9 p.p. -0.67. p.p. +3.9 p.p. 49,9 48,0 * 15,77 15,10 17,3 21,2 * 31.12.10 31.12.11 31.12.10 31.12.11 31.12.10 31.12.111 * C/I incl. once-off adjustments 50.3% * ROE incl. once-off adjustments 19.7%

Conclusions: 26 Key points Good growth in loans Dynamic growth of time deposits Focus on net interest margin Loans Credit: +3.7% q/q Business: +5.6% q/q Loan/Deposit ratio: 81.2% Interest income Strong growth in interest income: +13.5% y/y +1.3% q/q Net profit Strong growth in net profit attributable profit of EUR 288 m + 21.6% y/y + 26.4% y/y (increase excl. once-off adjustments) Group Ongoing integration with Santander Group

27 ANNEXES P&L Account Balance sheet Net interest margin evolution

P&L Account 28 for the period: 4Q 2011 3Q 2011 2Q 2011 1Q 2011 4Q 2010 Interest and similar income 222 776 213 380 201 077 193 258 192 776 Interest expense and similar charges (91 587) (83 900) (78 822) (72 938) (70 784) Net interest income 131 189 129 480 122 254 120 320 121 992 Fee and commission income 93 408 94 991 96 805 93 986 96 451 Fee and commission expense (13 120) (12 211) (11 981) (11 585) (12 277) Net fee and commission income 80 288 82 779 84 824 82 401 84 174 Dividend income 27 109 16 411 2 68 Net trading income and revaluation 12 091 26 160 17 291 9 451 14 660 Gains (losses) from other financial securities 1 198 366 1 327 (41) 544 Other operating income 2 225 1 900 3 737 4 254 4 954 Impairment losses on loans and advances (20 806) (26 239) (19 158) (23 076) (25 104) Operating expenses incl.: (138 820) (108 260) (113 054) (108 092) (112 378) Bank's staff, operating expenses and management costs (107 654) (95 543) (102 233) (98 206) (102 607) Depreciation/amortisation (26 710) (8 385) (8 689) (8 734) (7 964) Other operating expenses (4 455) (4 333) (2 132) (1 152) (1 807) Operating profit 67 392 106 296 113 633 85 219 88 909 Share in net profits (losses) of entities accounted for by the equity method 845 665 420 771 468 Profit before tax 68 237 106 961 114 053 85 991 89 377 Corporate income tax (18 479) (21 605) (20 013) (16 673) (20 188) Profit for the period 49 758 85 356 94 040 69 317 69 189 incl.: attributable to owners of BZ WBK S.A. 48 270 83 897 90 223 65 738 65 131 attributable to non-controlling interests 1 488 1 459 3 817 3 579 4 059

Balance Sheet 29 4Q 2011 3 Q 2011 2 Q 2011 1 Q 2011 4 Q 2010 ASSETS Cash and balances with central bank 319 771 703 306 490 485 281 821 568 520 Loans and advances to banks 279 114 382 383 179 103 375 779 138 999 Financial assets held for trading & hedging 1 346 331 1 004 557 831 862 617 344 505 548 Loans and advances to customers 8 527 854 8 159 704 7 782 631 7 390 525 7 366 170 Investment securities 2 616 534 2 589 083 2 831 995 3 052 352 3 004 790 Investments in associates and joint ventures 23 444 22 664 20 935 20 427 19 596 Intangible assets 33 909 38 431 39 374 37 159 38 708 Property, plant & equipment 112 111 113 005 116 251 118 759 122 821 Current income tax assets 4 640 Net deferred tax assets 54 962 62 596 67 647 70 573 69 351 Assets held for sale 18 529 10 005 10 734 569 561 Other assets 93 339 96 382 96 422 2 717 728 88 191 Total assets 13 430 538 13 182 116 12 467 439 14 683 036 11 923 255 LIABILITIES Deposits from central bank - - - - - Deposits from banks 573 512 1 116 538 1 339 659 831 659 566 640 Financial liabilities held for trading & hedging 332 098 345 994 146 675 134 419 133 480 Deposits from customers 10 504 594 9 818 088 9 145 266 9 227 286 9 414 637 Debt securities in issue - - - - - Subordinated liabilities 98 976 98 830 89 281 89 802 88 656 Current income tax liabilities - 5 852 6 275 3 177 18 586 Other liabilities 242 812 174 168 203 844 2 822 130 181 835 Total liabilities 11 751 992 11 559 470 10 931 000 13 108 472 10 403 835 Equity Equity attributable to owners of BZ WBK S.A. 1 649 972 1 595 680 1 510 767 1 537 508 1 485 656 Share capital 163 921 163 921 163 921 163 921 163 921 Other reserve funds 1 054 034 1 052 477 1 049 485 975 480 974 571 Revaluation reserve 122 323 114 095 108 113 88 303 97 159 Retained earnings 44 026 44 026 45 444 249 190 31 471 Profit of the current period 265 668 221 161 143 804 60 614 218 534 Non-controlling interest 28 574 26 966 25 672 37 056 33 764 Total equity 1 678 546 1 622 646 1 536 439 1 574 564 1 519 420 Total equity and liabilities 13 430 538 13 182 116 12 467 439 14 683 036 11 923 255

Net interest margin evolution 30 NIM by Q, % 3,80 3,85 3,92 3,36 3,46 3,58 4,27 4,34 4,27 4,29 4,23 3,92 4,01 3,94 3,95 3,87 1Q 10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 Incl. swap points Excl. swap points