Review by Fitch and Standard & Poor's of ratings

MATERIAL FACT

Banco Santander, S.A. (the "Bank") announces that after the downgrade of two notches of the Spanish sovereign rating by Fitch Ratings and Standard & Poor's Ratings Services and due to such action, both agencies have published on February 13, 2012 their revised ratings for the Bank, as detailed below:

Fitch Ratings:

§ Long-term debt & deposits A from AA- (negative outlook)

§ Subordinated debt A- from A+

§ Preferred Shares BB+ from A-

§ Short-term debt & deposits F1 from F1+

Standard & Poor's Ratings Services:

§ Long-term debt & deposits A+ from AA- (negative outlook)

§ Short-term debt & deposits A-1 from A-1+ (negative outlook)

Boadilla del Monte (Madrid), February 13, 2012