Review by Standard & Poor's of ratings

MATERIAL FACT

Banco Santander, S.A. (the "Bank") hereby announces that following the recent downgrade of the Spanish sovereign debt rating by Standard & Poor's Ratings Services, the agency published on April 30, 2012 their revised ratings for the Bank, as detailed below:

§ Long-term senior debt rating: A- from A+ (negative outlook)

§ Short-term rating: A-2 from A-1

§ Non-deferrable subordinated debt: BBB+ from A-

(creditwatch with negative implications)

§ Tier 1 hybrid notes: BBB- from BBB

(creditwatch with negative implications)

Boadilla del Monte (Madrid), April 30, 2012