Notice of Change of Distribution Rate

NOTICE OF CHANGE OF DISTRIBUTION RATE

BANCO SANTANDER, S.A.

EUR 1,500,000,000 Non-Step-Up Non-Cumulative Contingent Convertible Perpetual Preferred Tier 1 Securities issued on 12 March 2014 (the "Preferred Securities")

ISIN: XS1043535092

MADRID, Spain, March 22, 2019 - Banco Santander, S.A. (the "Company") announces that, in respect of the reset period from (and including) 12 March 2019 to (but excluding) 12 June 2019, and according to the Conditions of the Preferred Securities set forth in the Offering Circular dated 6 March 2014, Distribution Rate would be 5.481% per annum (5-year Mid-Swap Rate of 0.071% + Initial Margin of 5.41%).

This announcement has been issued through the Companies Announcement Service of Euronext Dublin.