Review by Fitch and Standard & Poor's of ratings

MATERIAL FACT

Banco Santander, S.A. (the "Bank") announces that on October 11, 2011, Fitch Ratings and Standard & Poor's Ratings Services published their revised ratings for the Bank, as detailed below:

Fitch Ratings:

§ Long-term debt & deposits AA- from AA

§ Subordinated debt A+ from AA-

§ Upper Tier II subordinated debt A from A+

§ Preferred Shares A- from A

Ratings have a negative outlook.

Short term rating has been affirmed as F1+.

Standard & Poor's Ratings Services:

§ Long-term debt & deposits AA- from AA

Ratings have a negative outlook.

Short term rating has been affirmed as A-1+.

Boadilla del Monte (Madrid), October 11, 2011