Review by Moody´s of ratings

MATERIAL FACT

Banco Santander, S.A. (the "Bank") hereby announces that following the upgrade of the Spanish sovereign debt rating by Moody's Investor Service, the agency published on March 4, 2014 the revised rating of the Bank's as follows:

§ Long term senior debt and deposits Baa1 from Baa 2

§ Subordinated debt Baa2 from Baa3

§ Junior subordinated debt Baa3 from Ba1

§ Preference shares Ba2 from Ba3

The outlook of these ratings is stable.

§ Short term debt P-2

Boadilla del Monte (Madrid), March 4, 2014