Magda Salarich

Head of Santander Consumer Finance

Santander Consumer Finance S.A. ("Santander Consumer Finance") and Banco Santander, S.A. ("Santander") both caution that this presentation contains forward-looking statements. These forward-looking statements are found in various places throughout this presentation and include, without limitation, statements concerning our future business development and economic performance. While these forward-looking statements represent our judgment and future expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to: (1) general market, macro-economic, governmental and regulatory trends; (2) movements in local and international securities markets, currency exchange rates and interest rates; (3) competitive pressures; (4) technological developments; and (5) changes in the financial position or credit worthiness of our customers, obligors and counterparties. The risk factors that we have indicated in our past and future filings and reports could adversely affect our business and financial performance. Other unknown or unpredictable factors could cause actual results to differ materially from those in the forward-looking statements.

Forward-looking statements speak only as of the date on which they are made and are based on the knowledge, information available and views taken on the date on which they are made; such knowledge, information and views may change at any time. Santander does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

The information contained in this presentation is subject to, and must be read in conjunction with, all other publicly available information, including, where relevant any fuller disclosure document published by Santander. Any person at any time acquiring securities must do so only on the basis of such person's own judgment as to the merits or the suitability of the securities for its purpose and only on such information as is contained in such public information having taken all such professional or other advice as it considers necessary or appropriate in the circumstances and not in reliance on the information contained in the presentation. In making this presentation available, Santander gives no advice and makes no recommendation to buy, sell or otherwise deal in shares in Santander or in any other securities or investments whatsoever.

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Note: Statements as to historical performance, share price or financial accretion are not intended to mean that future performance, share price or future earnings (including earnings per share) for any period will necessarily match or exceed those of any prior year. Nothing in this presentation should be construed as a profit forecast.

Note: The businesses included in each of our geographical segments and the accounting principles under which their results are presented here may differ from the businesses included in our public subsidiaries in such geographies and the accounting principles applied locally. Accordingly, the results of operations and trends shown for our geographical segments may differ materially from those disclosed locally by such subsidiaries.

GDP and Unemployment forecasts are favourable for the consumer finance industry

Source: Economic research Banco Santander

New and Used car sales forecasts, a key market for SCF, are expected to grow

Source New cars: Market consensus MSI, LMC and Investment Banking companies Source Used Cars: MSI Marketing Systems Iberia 14 European countries

Market outlook

Business model

High diversification and European leadership

SCF's business model Advanced captive car finance and conversion platforms

Efficiency leadership with proven integration capabilities

Best-in-class risk and collections capabilities

Sound funding structure and strong capital position

^A Well balanced between car and consumer loans, and well spread across Europe

Management Control Perimeter (includes SC UK). Loan Portfolio €81bn. Loan portfolio under SCF management criteria Without SC UK, Loan Portfolio €73bn. SC UK allocated in Santander UK for accounting purposes Other geographies include Austria, Belgium, Canada, Netherlands, Hungary and Portugal

^A Large exposure to highly rated European economies

(1) AAA & AA+ Countries: Germany, Austria, Netherlands, UK, Norway, Sweden, Denmark and Finland. Management Control Perimeter (includes SC UK)

^A Critical mass and leadership in auto loans

Leading positions and critical mass in 10 core car financing markets

Data: March 2015. Source: Internal estimates (Germany, UK and Poland) and local associations (rest) France and UK new perimeter February 2015

^A Strong foothold and leadership in durables financing

Key lever for customer capturing and conversion activities

Data: March 2015. Source: Internal estimates (Austria, Belgium, Germany, Netherlands and Poland) and local associations (rest)

^B Advanced car financing platform facilitating car manufacturer captive agreements

Unique value proposition versus peers

Presence in all European markets
Critical mass and TOP 3 positions in all countries

Management Control Perimeter (includes SC UK)

^B High network of retailers with a successful customer conversion model

Strong foothold in Consumer Finance

TOP retail chain agreements throughout Europe
>55,000 POS partners
4.3MM consumer loans per year
TOP 3 in core geographies
Source for new customers

Conversion model

Conversion from indirect to direct customers
>20MM potential target customers
Known customer profile leads to lower risk
Lack of intermediaries or agents' fees yield higher returns
Commercial capability allows pushing most profitable products to end customer

Consumer Finance: Durable financing, Personal loans and Credit Cards

^D Low LLPs thanks to strong risk capabilities and powerful collections platform

^D Healthy risk metrics through the economic cycle

^E Funding diversification

SCF without SC UK, which is allocated in Santander UK for accounting purposes (1) Other: ECB and Interbank

^E Solid capital levels

Note:legal perimeter

SCF has delivered recurrent profits despite the economic downturn

SCF without SC UK, which is allocated in Santander UK for accounting purposes Pre-restated data

Main geographies

SCB Germany is the leader of the biggest Euro consumer finance industry

(1) Source: Bankenfachverband for instalment loans market share. Rest internal estimates (2) Loan portfolio under SCF management criteria (3) Including mini-branches

SCB Nordics is a strong franchise, being the leader of the region

(Mar'15)

Nr. 1 in consumer finance Nordic Region
Nr. 1 in Norway auto finance (30%)
Nr. 1 in Finland auto finance (30%)
Nr. 1 in Denmark auto finance (21%)

(1) Source: local associations. Market share new business (2) Loan portfolio under SCF management criteria

SC Spain is the undisputable leader of the consumer finance industry

(1) Source: ASNEF. Market Share New Business. Consumer Credit: auto finance + consumer loans (Durables, Direct Loans and Credit Cards) (2) Loan portfolio under management criteria

After a successful business expansion and consolidation, SCF is well positioned to continue growing profitably in a positive macro environment…

2002		2007 2008	2013	2014 …
	European foothold Global Brand		Transformation and Expansion	Profitable growth and Leadership
• AKB – • • • PTF – • Abfin – • • • • •	Germany Finconsum – Italy Elcon & Bankia – Norway Poland Netherlands SC UK (start-up) Unifin – Italy Interbanco – Portugal Finland (start-up) Denmark (start-up)	• • • •	RBS' European consumer finance business unit GE's European consumer finance business unit AIG's business unit in Poland SEB's retail business in Germany	• FECI in Spain and Portugal • GE Money in Sweden, Norway and Denmark • Banque PSA Finance in 11 European countries (new markets: France and Switzerland)
	Build position in a booming market		Consolidate and capture opportunities	Strong leadership
	Helping people and businesses prosper			25

…with clear management priorities, in the car financing business…

(1) RoRWA: Profit After Taxes / Average Risk Weighted Assets Note: Management Control Perimeter (includes SC UK)

…and the consumer loans business

(1) RoRWA: Profit After Taxes / Average Risk Weighted Assets. SC Nordics including GE 2015(e)

2018 SCF targets

		1H'15	2018
People	Group targets
	Retail loyal customers1 (MM)	16.9	>18
Customers	Loan portfolio growth2	+20%	+10%
	Dealer satisfaction3	>80%	>80%
	RoTE	12.8%	14-15%
	FL CET1(4)	10.9%	~11%
Shareholders	NPL Ratio	4.25%	~4.0%
	C/I ratio	44%	~42%
Communities	Group targets

(1) Customers with an active contract

(2) 1H'15 loan portfolio variation versus prior period (1H'15 = variation versus 1H'14). 2018 variation = % CAGR versus 2014

(3) Annual SCF satisfaction survey to active auto POS partners in all countries (management control perimeter). % = dealers with scores of 8 out of 10 or higher. Rolling weighted average 5 years (4) Legal perimeter

Note: SCF without SC UK, which is allocated in Santander UK for accounting purposes

Transparent performance metrics for 2016

Key metric	1H'15	2016	Improvement
Active customers (MM)1	16.9	17.4	+0.5
Higher loan portfolio growth than peers			-
Growth of loan portfolio2	20%	15%	-
Dealer satisfaction3	>80%	>80%	-