Banco Santander Activity and results 3Q12Banco Santander

1. 1
25 October 2012

2. 2
Important information
Banco Santander, S.A. ("Santander") cautions 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 inDecated in our past and future filings and reports, including
those with the Securities and Exchange Commission of the United States of America (the “SEC”) could adversely affect our business and
financial performance. Other unknown or unpreDectable 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.
Neither this presentation nor any of the information contained therein constitutes an offer to sell or the solicitation of an offer to buy any
securities. No offering of securities shall be made in the United States except pursuant to registration under the U.S. Securities Act of 1933,
as amended, or an exemption therefrom. Nothing contained in this presentation is intended to constitute an invitation or inducement to
engage in investment activity for the purposes of the prohibition on financial promotion in the U.K. Financial Services and Markets Act
2000.
Note: Statements as to historical performance 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.

3. 3
Agenda
■ Group performance Jan-Sep 2012
— Highlights
— Results
■ Business areas performance Jan-Sep 2012
■ Conclusions
■ Appendix

4. Highlights January – September 2012 4
1 2
Sustained results generation Effort in provisions in Spain
Real estate provisions:
Group's Pre-provision profit: EUR 5.0 bn.
EUR 18,184 mill.; +3% R.D.L. Total NPLs coverage
approx. 90% 65% (+19 p.p. / Sep’11)
3 4
Capital strength Liquidity.
in adverse scenarios Focus on capturing in Spain
Core Capital (BIS II): 10.4% Loan to deposit ratio*
Oliver Wyman stress test:
surplus of EUR 25,297 mill. 108%
Recurring attributable profit January-September: EUR 4,250 mill.
Attributable profit after provisions: EUR 1,804 mill.
(*) Loans / (deposits + retail commercial paper)
R.D.L.: Royal Decree Law 2/2012 and 18/2012

5. 1 Sustained results generation 5
Maintaining our capacity to generate sustained results
underpinned by basic revenues
Basic revenues
EUR billion
29.5
+5% 30.9 Pre-provision profit
EUR billion
+3%
18.2
17.7
Jan-Sep'11 Jan-Sep'12
Expenses
EUR billion
+5% 15.1
14.5
Jan-Sep'11 Jan-Sep'12
Jan-Sep'11 Jan-Sep'12

6. 2 Effort on real estate provisioning 6
The effort in real estate provisioning in Spain continued in Q3'12
(EUR 2,230 mill.; EUR 1,552 mill. net of tax), bringing attributable profit to EUR 100 mill.
Impact on attributable profit in Q3'12
EUR million
+410 1,652
1,242
-1,552
100
Q3'12 Capital gains TOTAL Provisions Q3'12
ordinary net of tax* net of tax accounting
attributable attributable
profit profit
(*) Mainly Iberia insurance (EUR 330 million)

7. 2 Effort on real estate provisioning 7
At September, the year-to-date real estate provisions amounted to EUR 5,010 mill.
(EUR 3,475 mill. net of tax), bringing the attributable profit to EUR 1,804 mill.
Impact on attributable profit in Jan-Sep 2012
EUR million
+1,029 5,279
4,250
-3,475
1,804
Jan-Sep'12 Capital gains TOTAL Provisions Jan-Sep'12
ordinary net of tax* net of tax accounting
attributable attributable
profit profit
(*) Mainly Colombia and Iberia insurance

8. 3 Capital strength 8
These provisions are absorbed while maintaining our capital strength ...
Core capital (BIS II)
above 10%
10.4%
10.0% 10.1%
8.6% 8.8%
… as underscored
7.6% by the latest
stress test on
6.3% Spanish banks
5.9%
(Oliver Wyman)
Dec'06 Dec'07 Dec'08 Dec'09 Dec'10 Dec'11 Jun'12 Sep'12
Note: Dec’06 and Dec’07 under BIS I

9. 3 Capital strength 9
Under the adverse scenario considered in the stress test
Santander shows …
… lower ... the only entity
… and the only one to
EXPECTED LOSS to increase
GENERATE CAPITAL
than the sector, … COMMON EQUITY TIER I …
o/ assets EUR billion
17.4%
10.8% SAN 2.6
15.6% C1 -0.5
C2 -1.2
9.7%
C3 -2.2
C4 -3.2
C5 -3.5
C6 -3.8
C7 -3.9
SAN Sector 2011 2014 C8 -4.1
C9 -5.3
C10 -8.2
Surplus of C11 -9.3
EUR 25,297 mill. C12 -12.5
in 2014
C13 -26.3
Source: Oliver Wyman Report

10. 4 Liquidity 10
In a highly demanding environment, the Group maintains
a solid liquidity position due to …
... deleveraging in Spain + Portugal Loan to deposit1 ratio. Total Group
Var. Sep'12/Dec'11 in EUR bn.
150%
+5bn. 135%
Gap 117% 117% 117%
reduction:
-20 Bn
-15 bn.
Loans Deposits 1 D'08 D'09 D'10 D'11 S'12
... the Group's high issuing capacity Deposits1 + M/L term financing / loans
Jan-Sep’12 in EUR bn.
35.0
9.0 M/L term 115% 113% 113%
10.0 24.4 issues
104% 106%
16.0 10.6 Securitisations
2
Q1’12 Q2’12 Q3'12 Total2 D'08 D'09 D'10 D'11 S'12
(1) Including retail commercial paper
(2) Placed in the market and including structure financing

11. 4 Non-performing loans ratio 11
Our ratios still compare very well in the main markets where we operate
Spain United Kindgom
% 10.51 (Aug.) %
9.65
8.37 2.40
7.84 2.16
2.00 1.96 1.94
1.88
5.81
5.08
3.37 5.98 6.38 1.08
5.49 5.75 1.57
1.41 1.41 1.46 1.50
4.24
0.92 3.41 1.03
0.64 1.95 0.66
Dec'07 Dec'08 Dec'09 Dec'10 Dec'11 Mar'12 Jun'12 Sep'12 Dec'07 Dec'08 Dec'09 Dec'10 Dec'11 Mar'12 Jun'12
Brazil Latin America ex-Brazil
% 5.9 %
4.6
5.2 5.2 (Aug.)
4.9 5.0 3.6
5.4 3.2 3.1 3.3 3.2
5.1
4.9 2.3
4.0
3.8 4.5 4.5 2.7 2.6 2.5 2.4 2.4
3.5 2.1
Private Banks
3.9 1.6
3.4 Santander
2.9
Dec'07 Dec'08 Dec'09 Dec'10 Dec'11 Mar'12 Jun'12 Sep'12 Dec'07 Dec'08 Dec'09 Dec'10 Dec'11 Mar'12 Jun'12
Data in local criteria. Latest available data for the sector by central banks and Council
Mortgage Lenders (UK)

12. 4 Non-performing loans ratio 12
The Group's NPLs continue sliding upwards because of Spain and Brazil
Group's Total Continental Europe
% %
Spain SCF
6.38
4.33 5.98
3.98 4.11 5.49 5.75
3.78 3.86 3.89 5.15 5.25 4.99
3.55 3.61 4.57 4.81 4.74 4.50
4.24 3.97 4.05 3.88 3.96
Dec'10 Mar'11 Jun'11 Sep'11 Dec'11 Mar'12 Jun'12 Sep'12 D'10M'11 J'11 S'11 D'11M'12 J'12 S'12 D'10 M'11 J'11 S'11 D'11 M'12 J'12 S'12
United Kingdom and USA Latin America
% %
UK USA Brazil Latam Ex-Brazil
4.61 6.51 6.79
4.15 5.76
3.76 5.38
4.91 4.85 5.05 5.05
3.22 3.41 3.50
3.07 2.94 3.08 2.91 2.89 3.24
2.85
1.74 1.73 1.81 1.86 1.84 1.82 1.83 1.94 2.46
2.27 2.31
D'10M'11 J'11 S'11 D'11M'12 J'12 S'12 D'10M'11 J'11 S'11 D'11M'12 J'12 S'12 D'10M'11 J'11 S'11 D'11M'12 J'12 S'12 D'10M'11 J'11 S'11 D'11M'12 J'12 S'12

13. 4 Coverage 13
Higher coverage in the Group because of sharp increase in Spain
(for the third straight quarter) and increased in Brazil and the UK
Group's Total Continental Europe
% %
Spain SCF
73
71 70
69
66 65 65 109 108 111 110
61 62 58
53 53 103 105
49 101
46 45 46 98
Dec'10 Mar'11 Jun'11 Sep'11 Dec'11 Mar'12 Jun'12 Sep'12 D'10M'11 J'11 S'11 D'11M'12 J'12 S'12 D'10M'11 J'11 S'11 D'11M'12 J'12 S'12
United Kingdom and USA Latin America
% %
UK USA Brazil Latam Ex-Brazil
113 110
107
96 110 114 110 109
93 101 104 102 100 95 102 95
90 90 92 88 85
82 85
75
48 47 43 47
42 40 40 40
D'10M'11 J'11 S'11 D'11M'12 J'12 S'12 D'10M'11 J'11 S'11 D'11M'12 J'12 S'12 D'10M'11 J'11 S'11 D'11M'12 J'12 S'12 D'10M'11 J'11 S'11 D'11M'12 J'12 S'12

14. 14
Agenda
■ Group performance Jan-Sep 2012
— Highlights
— Results
■ Business areas performance Jan-Sep 2012
■ Conclusions
■ Appendix

15. Grupo Santander Results Jan-Sep'12 vs. Jan-Sep'11 15
Los resultados muestran un crecimiento del 3% en beneficio antes de profit
The results underscored the soundness of the pre-provision provisiones
and the impact of the effort made in provisions
Var. / Jan-Sep'11 % excl. fx
EUR mill. Jan-Sep'12 Amount % and perimeter
Gross income 33,324 +1,200 +3.7 +4.8
Operating expenses -15,141 -675 +4.7 +4.1
Net operating income 18,184 +525 +3.0 +5.4
Loan-loss provisions -9,533 -2,211 +30.2 +33.2
Other results -1,714 +750 -30.4 -29.5
Profit before tax 6,936 -937 -11.9 -9.5
Tax and minority interests -2,684 -136 +5.3 -0.2
Profit before real estate provisions 4,250 -1,054 -19.9 -13.7
Net capital gains and real estate provisions -2,446 -2,446 n.m. n.m.
Accounting attributable profit 1,804 -3,500 -66.0 -59.9

16. Gross income 16
Basic revenues as the main driver of profits
Basic revenues
Group's gross income
Q3'12 / Q3'11:
Constant EUR million
+EUR 200 mill.; +2.0%
11,192 11,309
Total 10,944 10,741 10,821 10,823
10,359 Q3'12 / Q3'11
Other2
Latam +622
9,931 9,943 10,126 10,326 10,415 10,143 Continental Europe +34
9,500
Basic UK -295
revenues1
USA -66
Q1'11 Q2 Q3 Q4 Q1'12 Q2 Q3
Corporate Centre -95
(1) Basic revenues: Net interest income + fee income + insurance activities
(2) Trading gains + dividends + equity accounted income + other operating results

17. Operating Expenses 17
Stable in recent quarters. Rose in the third quarter
due to Brazil's salary agreement (+7.5%)
Expenses
Group's expenses Q3'12 / Q3'11:
Constant EUR million +EUR 173 mill.: +3.5%
Q3'12 / Q3'11
5,179
4,931 5,025 5,012 5,104
4,692 4,846 Latam +126
Continental Europe -7
UK -1
Q1'11 Q2 Q3 Q4 Q1'12 Q2 Q3
USA +27

18. Provisions 18
Higher provisions in recent quarters because of real estate provisions in Spain.
In the third quarter over the second, lower loan-loss provisions
Provisions
Constant EUR million
6,225
5,261
4,420 2,780
2,230
1,812 3,057
Around 90% of
2,505 2,674 requirements in
2,011 Royal Decree Laws
3,445
2,608 3,031 are already met
Q1'11 Q2 Q3 Q4 Q1'12 Q2 Q3
Net loan-loss provisions
Real estate provisions in Spain

19. Provisions 19
These provisions, coupled with significant stock reduction,
increased real estate coverage sharply in Spain1
Coverage by borrowers' situation Total coverage
(September 2012) (problem loans + outstanding risk)
EUR million provisions / exposure (%)
Risk Fund Coverage
Non-performing 7,784 3,483 45% 41%
Substandard2 2,443 1,048 43%
32%
Foreclosed real estate 8,277 4,102 50%
22%
Total problem loans 18,504 8,633 47%
Performing 7,951 2,110 27%
Real estate exposure 26,455 10,743 41% Dec'11 Jun'12 Sep'12
(1) Including Santander Branch Network, Banesto, GBM Spain, SCF Spain and Banif
(2) 100% up-to-date with payments

20. 20
Agenda
■ Group performance Jan-Sep 2012
— Highlights
— Results
■ Business areas performance Jan-Sep 2012
■ Conclusions
■ Appendix

21. Business areas Jan-Sep'12 21
High geographic diversification in profits generation
Recurring attributable profit
by geographic segment in Jan-Sep'12(1)
Portugal, 1% Poland, 5%
Spain, 16%
Germany, 4% Brazil, 26%
Other
Europe, 2%
United
Kingdom,
13%
Mexico, 13%
USA, 9%
Other Chile, 5%
LatAm, 6%
(1) Over operating areas recurring attributable profit

22. Continental Europe Jan-Sep'12 22
Recovery in revenues and profits in recent quarters.
Year-on-year comparison affected by the larger provisions made
Attributable profit: Basic revenues
EUR 1,813 mill.
EUR million
Var. Jan-Sep'12 / Jan-Sep'11 +1%
Excl.
perimeter 3,391 3,278 3,109 3,262 3,444 3,312
3,023
Basic revenues +3% +1%
Gross income +4% +2%
Q1'11 Q2 Q3 Q4 Q1'12 Q2 Q3
Expenses +2% -1%
Attributable profit
EUR million
Net operating income +6% +5%
878
Net op. income after 700
-12% -14% 584 627 602
provisions
443
266
Attributable profit -10% -12%
Q1'11 Q2 Q3 Q4 Q1'12 Q2 Q3

23. Santander Branch Network Jan-Sep'12 23
Better liquidity position with improved trend in revenues and profits
in recent quarters
Activity Basic revenues
EUR million
Volumes Balances (€ bn.) and LDR1 ratio +8%
Var. Sep’12 / Sep’11 129%
+16% 104% 1,136 1,116 1,219 1,178
1,072 1,094 1,031
105 99 95
81
-6%
Loans Deposits 2 Loans Dep. Loans Dep. 2
Sep'11 Sep'12 Q1'11 Q2 Q3 Q4 Q1'12 Q2 Q3
Return on net interest income Attributable profit
Return / Cost Net interest inc. / ATAs EUR million
3.66% 3.74% 3.68%
3.04% Return 3.43% 274 266
226
2.96% 173
Cost2 101
58 75
1.30% 1.36% 1.46% 1.44%
Q1'11 Q4'11 Q2'12 Q3'12 Jan-Sep'11 Jan-Sep'12
Q1'11 Q2 Q3 Q4 Q1'12 Q2 Q3
(1) Loan-to-deposit ratio
(2) Including retail commercial paper

24. Banesto Jan-Sep'12 24
Similar trends to those of previous quarters:
reduced commercial gap and stable revenues and profits
Activity Basic revenues
Volumes Balances (€ bn.) and LDR1 ratio EUR million
-1%
Var. Sep’12 / Sep’11 135%
+1% 122% 489 525 516 486 514 530 511
69 63
51 52
-9%
Loans Deposits 2 Loans Dep. Loans Dep.2
Sep'11 Sep'12 Q1'11 Q2 Q3 Q4 Q1'12 Q2 Q3
Return on net interest income Attributable profit
Return / Cost Net interest inc. / ATAs3 EUR million
3.61% 3.70% 3.66%
3.04% 2.43%
Return 2.36%
101
Cost2 67
41 41 32
1.86% 1.70% 1.70% 1.67% 22
-59
Q1'11 Q4'11 Q2'12 Q3'12 Jan-Sep'11 Jan-Sep'12
Q1'11 Q2 Q3 Q4 Q1'12 Q2 Q3
(1) Loan-to-deposit ratio
(2) Including retail commercial paper
(3) Retail Banking

25. Spain1. Loans and Deposits 25
In short, in a deleveraging market, improvement of commercial gap,
gaining market share in deposits (approx. +124 b.p. in 2012)
Appropiate loan-to-deposit structure Reduced commercial gap in 2012
EUR billion Var. Sep'12/Dec'11 in EUR bn.
+5 bn.
Gap reduction:
TOTAL 210 -18 bn.
Public sector 18 185 TOTAL
12 Retail commercial -13 bn.
Household paper
mortgages 56
Loans Deposits 2
Other loans 18 Time deposits
to individuals 93 / other
Improved loan to deposit2 ratio
Companies w/o
real estate 100 178%
purposes 149%
80 Demand
deposits 119% 118%
Real estate 108%
purpose 18
Gross loans Deposits
D'08 D'09 D'10 D'11 S'12
(1) Including Santander Branch Network, Banesto, GBM Spain, Santander Consumer Spain
and Banif
(2) Including retail commercial paper

26. Spain1. Customer lending and NPLs 26
The trend to reduce real estate lending and deleveraging in individuals continues.
Total NPLs increased mainly because of real estate and reduced lending
Gross loans NPL ratio
EUR billion % With real
42.8 estate
39.4 purpose
TOTAL 230
219 217
Public sector 12 210
12 28.6
18
Household 18
mortgages 61
59 17.0
57
56
Other loans 6.4
24 6.0
to individuals 20 5.5 Total
18
18
4.2
Companies w/o Total w/o
real estate real estate
purposes 105 3.6 purpose
105 104 100 3.3 3.3
2.9
Dec'10 Dec'11 Jun'12 Sep'12
Real estate 27
purpose 23 20 -9% 18
2.2 2.7 2.5 2.7 Home
Dec'10 Dec'11 Jun'12 Sep'12 mortgages
3.1 3.5 3.5 3.9 Rest of portfolio
(1) Including SAN Branch Network, Banesto, GBM Spain, Santander Consumer Spain and Banif

27. Spain1. Evolution of NPLs other than real estate 27
In other than real estate loans, stable NPLs entries in individual customers
and companies in recent quarters
Companies: NPL entries >90 days Individuals-mortgages: NPL entries >90 days
Base 100: Q1'08 Base 100: Q1'08
420
373 195
365 348 352 176
336 349
302 315 327
292 142 144
251 255 264 258
118
100 106 107 104 103 103 104 112 109 103 100
188 197 90 93 90
168
100
Q1'08 Q3 Q1'09 Q3 Q1'10 Q3 Q1'11 Q3 Q1'12 Q3 Q1'08 Q3 Q1'09 Q3 Q1'10 Q3 Q1'11 Q3 Q1'12 Q3
Individuals-consumer: NPL entries >90 days Individuals-cards: NPL entries >90 days
Base 100: Q1'08 Base 100: Q1'08
202
185187 173
159
151
126 129 128 124
100 99 91 100108 95 87
81 78 73 76
66 75 64 62 66 61 66 58 55 54 50 50 48 53 48 50 56
Q1'08 Q3 Q1'09 Q3 Q1'10 Q3 Q1'11 Q3 Q1'12 Q3 Q1'08 Q3 Q1'09 Q3 Q1'10 Q3 Q1'11 Q3 Q1'12 Q3
(1) Data Santander Branch Network + Banesto. Gross entries of NPL > 90 days past-due

28. Spain1. Evolution of real estate exposure 28
Real estate exposure has been reduced by 38%
since the onset of the crisis …
Total real estate exposure
EUR billion
42.5 -EUR 16,000 mill.
Foreclosed 4.8
real estate 32.0
28.3
26.5
8.6
8.4
8.3
37.7
Loans
23.4
19.9 18.2
Dec'08 Dec'11 Jun'12 Sep'12
(1) Including Santander Branch Network, Banesto, GBM Spain, Santander Consumer Spain
and Banif

29. Spain1. Evolution of foreclosed real estate 29
The change of trend in foreclosed real estate was consolidated, registering a
reduction of stock in the year, setting us apart from the sector
Gross amount (EUR million )
8,552 8,590 8,388 8,277
7,509 Quarterly evolution 2011 and 2012
6,521 EUR million
+453
4,765 +373
+225
-7 +37
-111
-202
Q1'11 Q2 Q3 Q4 Q1'12 Q2 Q3
Dec'08 Dec'09 Dec'10 Dec'11 Mar'12 Jun'12 Sep'12

30. Portugal Jan-Sep'12 30
SantanderTotta continued its deleveraging, with resilient revenues
and profit, in an environment of strong adjustments
Activity Basic revenues
Volumes EUR million
Balances (€ bn.) and LDR1 ratio
0%
Var. Sep'12 /Sep'11
127%
112%
+5% 273 242 246 258
225 219 225
29 27
23 24
-8%
Loans Deposits Loans Dep. Loans Dep.
Sep'11 Sep'12
Q1'11 Q2 Q3 Q4 Q1'12 Q2 Q3
Return on net interest income Attributable profit
EUR million
Return / Cost Net interest inc. / ATAs
3.98% Return
3.68%
3.30% 3.40% 1.32% 1.35% 90
41 45 38
2.51% 33 27
2.37% 2.32%
1.58% Cost -2
Q1'11 Q4'11 Q2'12 Q3'12 Q1'11 Q2 Q3 Q4 Q1'12 Q2 Q3
Jan-Sep'11 Jan-Sep'12
(1) Loan-to-deposit ratio

31. Santander Consumer Finance Continental Europe Jan-Sep'12 31
High recurring profit fuelled by solid revenues and less provisions needs
Activity Basic revenues
EUR million
Volumes Net interest income /
Provisions (% /ATAs) -4%
Var. Sep'12 /Sep'11
3.48%
1% 3.24%
828
Net interest 792 825 777 815 778 790
income
2.27
2.24
-3%
Provisions
1.21% 1.00%
Jan-Sep'11 Jan-Sep'12 Q1'11 Q2 Q3 Q4 Q1'12 Q2 Q3
Loans Deposits
Gross loans: EUR 59 bn. New loans Attributable profit*
% / total % Jan-Sep'12/Jan-Sep'11 EUR million
Other 206
Germany Germany +7% 183 186 201 181
Poland 176
5 6 Nordic countries +7%
Italy 12 96
Poland +13%
12 52
Spain 0%
Spain
13 Italy -25% Q1'11 Q2 Q3 Q4 Q1'12 Q2 Q3
Nordic Other -8% * Excluding Santander Consumer UK's profit as it is recorded in Santander
countries UK. Including it, Jan-Sep'12 attributable profit was EUR 638 mill.

32. Poland (BZ WBK) Jan-Sep'12 32
Loans and deposits growth produced revenues increase
and good profit performance
Activity1 Basic revenues
Volumes Balances (€ bn.) and LDR2 ratio Constant EUR mill.
+10%
Var. Sep'12 /Sep'11
85% 88%
216 219
+9% 208 208
198 199
10.6 11.0
8.8 9.7
+4%
Loans Dep. Loans Dep.
Loans Deposits
Sep'11 Sep'12
Q2'11 Q3 Q4 Q1'12 Q2 Q3
Return on net interest income Attributable profit
Constant EUR mill.
Return / Cost Net interest inc. / ATAs
6.84% 7.06% 7.09% 7.20% 88
3.74% 85
76 73 78
Return 3.41%
63
Cost
2.96% 3.00% 3.19%
2.65%
Q2'11 Q4'11 Q4'12 Q3'12 Q2'11 Jan-Sep'12
Q2'11 Q3 Q4 Q1'12 Q2 Q3
(1) Local currency
(2) Loan-to deposit ratio

33. United Kingdom Jan-Sep'12 33
• Revenues impacted by: scenario of reduced business, interest rates at their lowest and higher
funding cost. Improved front book profitability
• In Q3’12, extraordinary profit of £65 mill. (net between tender offer capital gain and provisions)
Activity1 Basic revenues
Volumes Profitability £ million
-20%
Balances in £, Var. Sep'12/Sep'11
Var. Loans/deposits
2.01% 2.04% 1.98% 1,202
-3% +6% +1% 1.85% 1.84% 1,183 1,175 1,154 1,044 954 936
167 SMEs 1.80% 1.77%
+20% 153 1.63%
1.42% 1.35%
31 Net interest income / assets
2 Q3'11 Q4 Q1'12 Q2 Q3 Q1'11 Q2 Q3 Q4 Q1'12 Q2 Q3
Mortgages Companies Deposits
Attributable profit: £ 733 mill.
(EUR 904 mill.) Attributable profit
Var. Jan-Sep'12 / Jan-Sep'11 in £ £ million
Gross income -18% 431 375 355
Expenses 0% 255 210 268
Net operating income -32%
-101
Net op. income after provisions -45%
Ordinary attrib. profit -5% Q1'11 Q2* Q3 Q4 Q1'12 Q2 Q3**
Attributable profit +4% (*) Impact from PPI provision
(**) Positive impact of £65 mill. from net between capital gains and provisions
(1) Local criteria. Balances in billion sterling
(2) Excluding GBM balances and other deposits for £29 bn. at September 2012
Note.- Corporate Banking SME excludes SME assets held within the Corporate Centre

34. Brazil Jan-Sep'12 34
Excellent track record in revenues and net operating income (+20%). Higher
attributable profit in the quarter (+7%) due to lower provisions (-12%)
Activity1 Basic revenues
Volumes NII / Provisions (o/ATAs) Constant US$ mill.
Var. Sep'12 /Sep'11
+14%
8.42% Net
7.22% interest
+10% income
4.39
5,110 5,310 5,243
4.33 4,936
+4% Provisions 4,601
4.03% 4,431 4,531
2.89%
2
Loans Deposits
Jan-Sep'11 Jan-Sep'12
Attributable profit: US$ 2.162 mill.
Q1'11 Q2 Q3 Q4 Q1'12 Q2 Q3
(EUR 1,689 mill.)
Var. Jan-Sep'12 / Jan-Sep'11 in constant US$ Excl. Attributable profit
perimeter
Basic revenues +15% +15% Constant US$ mill.
Gross income +15% +15% Net profit
1,049 973 1,000
Expenses +7% +7% Minority 936 848 864 889
177 167 217
interests 158 134 177
198
Net operating income +20% +20%
Attributable 872 778 806 783
Net op. income after 714 666 712
provisions
-1% 0% profit
Attributable profit -9% +1% Q1'11 Q2 Q3 Q4 Q1'12 Q2 Q3
(1) Local currency
(2) Excluding Repos. Including «letras financieras»

35. Mexico Jan-Sep'12 35
Higher profit fuelled by strong basic revenues
(activity at double digits) and costs and provisions growing at a slower pace
Activity1 Basic revenues
Volumes NII / Provisions (o/ATAs) Constant US$ mill.
Var. Sep'12 /Sep'11
3.77% 3.99% +18%
Net
+14% interest
+10% income 844 846 901
710 766 782
3.00 3.16 699
Provisions
0.77% 0.83%
Loans Deposits 2 Jan-Sep'11 Jan-Sep'12
Attributable profit: US$ 1,065 mill.
(EUR 832 mill.) Q1'11 Q2 Q3 Q4 Q1'12 Q2 Q3
Var. Jan-Sep'12 / Jan-Sep'11 in constant US$ Excl.
perimeter Attributable profit
Basic revenues +19% +19%
Constant US$ mill.
Gross income +15% +16% 381
319 321 342 343
Expenses +10% +10%
294 286
Net operating income +18% +19%
Net op. income after
provisions
+17% +19%
Attributable profit +14% +16% Q1'11 Q2 Q3 Q4 Q1'12 Q2 Q3
(1) Local currency
(2) Excluding Repos

36. Chile Jan-Sep'12 36
In activity, focus on customer deposits and selective lending criteria.
Quarterly results: impact on revenues from lower inflation (UF portfolio) and higher
provisions due to worsening credit quality in the sector
Activity1 Basic revenues
Volumes NII/Provisions (o/ATAs) Constant US$ mill.
Var. Sep'12 /Sep'11 4.04%
+1%
3.83% Net
interest
income
+5% 2.83 2.70 687 710 711 686 642
+4% 630 638
Provisions
1.00% 1.34%
2
Loans Deposits Jan-Sep'11 Jan-Sep'12
Attributable profit: US$ 464 mill.
Q1'11 Q2 Q3 Q4 Q1'12 Q2 Q3
(EUR 362 mill.)
Var. Jan-Sep'12 / Jan-Sep'11 in constant US$ Excl. Attributable profit
perimeter
Basic revenues +4% +4% Constant US$ mill.
Gross income +3% +5% 332
Net profit 279 281
75 251 240
Expenses +7% +7% Minority 60 205 77
interests 77 75 172
Net operating income +1% +4%
45
257 47
Net op. income after Attributable 219 204 174 165
-13% -10% 160 125
provisions profit
Attributable profit -27% -12%
Q1'11 Q2 Q3 Q4 Q1'12 Q2 Q3
(1) Local currency
(2) Excluding Repos

37. 37
Latin America ex-Brazil
The remaining countries in the region registered growth,
mainly driven by basic revenues
Attributable profit. Constant US$ million
Argentina Puerto Rico Uruguay
+15% +36% +180%
304 47
264 50
37
17
Jan-Sep'11 Jan-Sep'12 Jan-Sep'11 Jan-Sep'12 Jan-Sep'11 Jan-Sep'12
Peru IPB*
+28% -5%
149 141
15
11
Jan-Sep'11 Jan-Sep'12 Jan-Sep'11 Jan-Sep'12
(*) International Private Banking

38. United States Jan-Sep'12 38
Santander US includes Sovereign Bank and SCUSA's contribution by the equity
accounted method. Profit of US$ 747 mill. (EUR 584 mill.)
Activity1 Quarterly profit
US$ Mill. Trust PIERS impact:
Volumes NII/Provisions (o/ATAs)
US$127 mill.
Var. Sep'12 /Sep'11 3.26%
Net
2.83%
176 183 195 177 191
interest 171
income
+6% 2.59
+5% 2.39
Provisions 54
0.67% 0.44%
Loans Deposits Jan-Sep'11 Jan-Sep'12 Q1'11 Q2 Q3 Q4 Q1'12 Q2 Q3
Activity1 Quarterly contribution
US$ Mill. Use of provisions: US$ 77 million
Gross loans New loans
US$ billion US$ billion
SCUSA profit 240
+22% 2.3
2.1
Minority int. and
172 191
17.8 1.4 perimeter 164 163 162 159
14.6
Contribution
to SAN 156
(like-for-like 107 106 112 124 105 103
2011 H1'12 Q3'12 basis)
Sep'11 Sep'12 quarterly quarterly
average average Q1'11 Q2 Q3 Q4 Q1'12 Q2 Q3
(1) Local currency

39. Corporate Activities 39
Greater losses due to higher funding costs and lower tax recoveries
Attributable profit
(Jan-Sep'12 vs. Jan-Sep'11)
EUR mill.
Main effects:
Revenues (mainly net interest income) -175
Provisions and other -104
Taxes -181
Impact on profit -460
Net capital gains and real estate prov. -2,526
Total impact on profit -2,986

40. 40
Agenda
■ Group performance Jan-Sep 2012
— Highlights
— Results
■ Business areas performance Jan-Sep 2012
■ Conclusions
■ Appendix

41. Outlook (I) 41
Santander continues laying the foundation for future growth, while
managing a most demanding scenario
Continue strengthening the balance sheet
Spain and
Portugal Gain profitable market share in a consolidating market
Other SCF: maintain solid profits and return above peers
Continental
Poland: continue delivering results while merging with Kredyt
Europe
Bank
Improve profitability of the front book
UK
Continue improving customer base in individuals & companies

42. Outlook (II) 42
Santander continues laying the foundation for future growth, while
managing a most demanding scenario
Brazil Revenues and provisions backed by better economic scenario
Mexico Continue to strengthen the franchise (+200 branches in 3 years)
Chile Focus on selective growth and risk quality
Complete retail franchise (business, products…) backed by the
USA
established technological and operational base

43. 43
Agenda
■ Group performance Jan-Sep 2012
— Highlights
— Results
■ Business areas performance Jan-Sep 2012
■ Conclusions
■ Appendix

44. 44
Group's
balance sheet

45. Main trends of the Group’s balance sheet 45
Retail balance sheet, appropriate for the business nature of
low risk, liquid and well capitalised
Balance sheet at September 2012 1 Lending: 58% of balance sheet
EUR billion
1,301
2 Cash, Central Banks and credit
1,301
Credit institutions: 15%
Cash and credit 194 2 162
institutions institutions
Derivatives 130 3 Derivatives 145 3 Derivatives (with counterpart on
AFS Portfolio 4 Other 39
Trading portfolio
78 the liabilities side): 10% of
47 5
balance sheet
Other* 98 6
Customer
Deposits** 642 4 Available for sale portfolio
(AFS): 6%
Loans to
754 1
customers 5
Issues and
subordinated
Trading portfolio: 4%
liabilities 213
Shareholders’ equity 6
& fixed liabilities 100 Other (goodwill, fixed assets,
Assets Liabilities accruals): 7%
(*) Other assets: Goodwill EUR 25 bn., tangible and intangible assets EUR 17 bn., other capital instruments at
fair value EUR 1 bn., accruals and other accounts EUR 55 bn.
(**) Including retail commercial paper

46. 46
Secondary segments
results

47. Retail Banking 47
The positive evolution of basic revenues is not feeding through to profit
because of larger provisions and minority interests
Activity Basic revenues1
EUR billion EUR million
Loans Deposits2 +3%
+12%
585 9,086 9,430 9,438 9,443 9,913 9,813 9,727
+6%
677 522
640
Sep'11 Sep'12 Sep'11 Sep'12
Q1'11 Q2 Q3 Q4 Q1'12 Q2 Q3
Attributable profit: EUR 4,872 mill.
Var. Jan-Sep'12 / Jan-Sep'11 Attributable profit
Basic revenues +5%
EUR million
Gross income +5% 2,187
Expenses +5% 1,727 1,570 1,647 1,619 1,605
1,427
Net operating inc. +5%
Net op. income after provisions -14%
Ordinary attributable profit -10% Q1'11 Q2 Q3 Q4 Q1'12 Q2 Q3*
Attributable profit -9% (*) Positive impact of EUR 80 mill. from the net between capital gains and provisions in
the UK
(1) Net interest income + fee income + Insurance activity
(2) Including retail commercial paper and "letras financieras"

48. Santander Consumer Finance Total. Jan-Sep'12 48
Aggregates the Continental Europe, United Kingdom and USA units
Basic data Total portfolio2 (Sep.’12): EUR 77 bill.
EUR million
Top 31 in Continental
10 countries 59
14 Countries Europe
Agreements with manufacturers United Kingdom 4
37 for captive financing
USA 14
15.4 Million customers
Attributable profit Jan-Sep'12: EUR 898 mill.
135,500 Dealers-participants
EUR million
77,466 Million euros in loans2 Continental
Europe
564
33,087 Million euros in deposits United Kingdom 75
Million euros in attributable profit USA 259
1,228 for 2011
Note: basic data as of December except business volumes (September 2012)
(1) Market share of new car financing loans
(2) Gross loan portfolio under management

49. Global Wholesale Banking (GBM) 49
Solid revenues amid an environment of volatile markets,
underpinned by customer revenues
Gross income Gross income
EUR million EUR million
0%
+1% 1,409
3.635 Total 1,322
TOTAL 3.583 1,183
195
Trading 197 1,078 1,025 1,152 1,074
Trading & capital 418 +4% 434 140 81 130 109
183
Equities 293 +10% 323
Clients 1,214
1,125 1,043 997 1,022 965
842
Rates 975 -2% 953
Q1'11 Q2 Q3 Q4 Q1'12 Q2 Q3
Credit 609 +4% 632
Corporate finance -41% 46
Attributable profit
79
EUR million
Transactional +3%
1,209 1,247
Banking 636 602
435 397 415 445
372
Jan-Sep'11 Jan-Sep'12
Customer revenues
(+1% / Jan-Sep'11) Q1'11 Q2 Q3 Q4 Q1'12 Q2 Q3

50. Asset Management and Insurance 50
High contribution to the Group: 9% of operating areas total revenues. Lower profit as
a result of preference for liquidity (Asset Management) and perimeter (Insurance)
Total revenues. Contribution Gross income
to the Group
EUR million
EUR million
-7%
243 250 234 231 229 218
3,260 3,026 189
Q1'11 Q2 Q3 Q4 Q1'12 Q2 Q3
Jan-Sep'11 Jan-Sep'12 Attributable profit
EUR million
Asset
Management Insurance
120 129
-7%
88 97 98 92 83
2,272 2,111
-7%
988 915
Q1'11 Q2 Q3 Q4 Q1'12 Q2 Q3
Jan-Sep'11 Jan-Sep'12 Jan-Sep'11 Jan-Sep'12

51. 51
Main units spreads and
NPL ratios

52. Continental Europe. Main units spreads 52
(%)
SAN Branch Network Banesto Retail Banking
2.87 3.09
2.53 2.68 2.54 2.70 2.54 2.52 2.66
2.03 2.20 2.49 2.39
1.95
2.42 2.62
2.03 2.01 2.19 1.67 2.08 2.12 2.16 2.33 2.31 2.30
1.90 1.97
0.56 0.65 0.53 0.51 0.45 0.47 0.42 0.36
0.05 0.12 0.33 0.18 0.09
-0.36
Q1'11 Q2 Q3 Q4 Q1'12 Q2 Q3 Q1'11 Q2 Q3 Q4 Q1'12 Q2 Q3
Loans Deposits Total Loans Deposits Total
Santander Consumer Lending Portugal Retail Banking
2.15 2.23 2.34 2.39 2.47
2.08 2.06
4.83 4.43 4.48 4.57 4.51 4.57 4.67
1.96 1.75 1.68 1.45 1.43 1.43 1.34
0.12
-0.31 -0.47 -0.78 -0.91 -0.96 -1.13
Q1'11 Q2 Q3 Q4 Q1'12 Q2 Q3 Q1'11 Q2 Q3 Q4 Q1'12 Q2 Q3
Loans Loans Deposits Total

53. 53
Continental Europe. NPL and coverage ratios
Banco Santander1 Banesto
55% 62% 68%
49% 44% 39% 39% 41% 53% 53% 54%
52% 52% 51%
4.68% 5.08% 5.63% 5.99% 6.33% 6.59% 6.98% 4.54% 4.69% 5.01% 5.07% 5.27% 5.74%
4.31%
Mar'11 Jun Sep Dec Mar'12 Jun Sep Mar'11 Jun Sep Dec Mar'12 Jun Sep
NPL Coverage NPL Coverage
Santander Consumer Portugal
103% 105% 109% 108% 111% 110% 62% 62% 58%
98% 53% 55% 53% 52%
4.99% 5.42% 6.16%
4.74% 3.25% 3.78% 4.06% 4.59%
4.50% 3.03%
3.97% 4.05% 3.88% 3.96%
Mar'11 Jun Sep Dec Mar'12 Jun Sep Mar'11 Jun Sep Dec Mar'12 Jun Sep
NPL Coverage NPL Coverage
(1) Santander Branch Network's NPL ratio was 9.56% and coverage ratio 62% as of Sep'12

54. 54
Loans with real estate purpose and foreclosed real estate in Spain
LOANS with real estate purpose Foreclosed REAL ESTATE
EUR Million EUR Million
Gross Net
Sep’12 Dec’11 Var. amount Coverage amount
 Finished buildings 7,993 10,154 -2,161  Finished buildings 2,818 33% 1,894
 Buildings under constr. 1,839 1,985 -146  Buildings under constr. 730 50% 368
 Developed land 3,375 3,994 -619  Developed land 1,874 60% 758
 Building and other land 2,225 2,572 -347  Building land 2,591 60% 1,049
 Non mortgage guarantee 2,746 4,737 -1,991  Other land 264 60% 106
Total 18,178 23,442 -5,264 Sub Total 8,277 50% 4,175

55. United Kingdom. Spreads and NPL ratios 55
(%)
Spreads Retail Banking NPL and coverage
2.40 2.40 2.46 2.53 2.57 2.61 2.67
47% 47%
43% 42% 40% 40% 40%
2.08 2.00 2.01 2.03 1.98 1.85 1.84
-0.32 -0.40 -0.45 -0.50 1.73% 1.81% 1.86% 1.84% 1.82% 1.83% 1.94%
-0.59 -0.76 -0.83
Q1'11 Q2 Q3 Q4 Q1'12 Q2 Q3 Mar'11 Jun Sep Dec Mar'12 Jun Sep
Loans Deposits Total NPL Coverage

56. Spreads main countries Latin America 56
(%)
Retail Banking Brazil Retail Banking Mexico
15.84 16.17 15.41 15.44 15.49 10.67 10.44 10.26 10.32 10.65 10.73 10.72
15.17 14.81
14.72 15.05 14.23 14.44 14.44 14.84 14.25 8.58 8.40 8.27 8.36 8.69 8.81 8.79
1.12 1.12 1.18 1.00 0.73 0.65 0.56 2.09 2.04 1.99 1.96 1.96 1.92 1.93
Q1'11 Q2 Q3 Q4 Q1'12 Q2 Q3 Q1'11 Q2 Q3 Q4 Q1'12 Q2 Q3
Loans Deposits Total Loans Deposits Total
Retail Banking Chile
7.47 7.04 7.01 6.98
6.83 6.87 6.84
4.38 4.14 4.18 4.35 4.56 4.62 4.48
3.09 2.90 2.65 2.52 2.45 2.36 2.36
Q1'11 Q2 Q3 Q4 Q1'12 Q2 Q3
Loans Deposits Total

57. 57
Latin America. NPLs and coverage ratios
Brazil Mexico1
234%
104% 102% 100% 95% 90% 90% 92% 195%
176% 176% 183% 175%
165%
6.51% 6.79%
5.38% 5.76%
4.85% 5.05% 5.05%
2.45%
1.58% 1.78% 1.82% 1.61% 1.64% 1.69%
Mar'11 Jun Sep Dec Mar'12 Jun Sep Mar'11 Jun Sep Dec Mar'12 Jun Sep
NPL Coverage NPL Coverage
Chile
89% 89% 88% 73% 68% 64% 61%
4.52% 4.65% 5.00%
3.80% 3.65% 3.63% 3.85%
Mar'11 Jun Sep Dec Mar'12 Jun Sep
NPL Coverage
(1) GE entry in June 2011.

58. Sovereign Bank. Spreads and NPL and coverage ratios 58
(%)
Spreads Retail Banking NPLs and coverage
2.94 2.90 2.82 2.86 107% 113% 110%
2.62 2.75 2.74
93% 96%
82% 85%
2.29 2.36 2.45 2.37
2.16 2.24 2.22
4.15% 3.76%
3.22% 2.85%
0.78 0.66 2.46% 2.27% 2.31%
0.40 0.46 0.46 0.41 0.37
Q1'11 Q2 Q3 Q4 Q1'12 Q2 Q3 Mar'11 Jun Sep Dec Mar'12 Jun Sep
Loans Deposits Total NPL Coverage

59. 59