Director/PDMR Shareholding

Banco Santander S.A.
19 December 2007


NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING MANAGERIAL
RESPONSIBILITY OR CONNECTED PERSONS

This form is intended for use by an issuer to make a RIS notification required
by DR 3.1.4R(1).

 (1)  An issuer making a notification in respect of a transaction relating to
      the shares or debentures of the issuer should complete boxes 1 to 16, 23
      and 24.
 (2)  An issuer making a notification in respect of a derivative relating the
      shares of the issuer should complete boxes 1 to 4, 6, 8,13, 14, 16, 23 and
      24.
 (3)  An issuer making a notification in respect of options granted to a
      director/person discharging managerial responsibilities should complete
      boxes 1 to 3 and 17 to 24.
 (4)  An issuer making a notification in respect of a financial instrument
      relating to the shares of the issuer (other than a debenture) should
      complete boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24.


Please complete all relevant boxes should in block capital letters.


1. Name of the issuer


BANCO SANTANDER, S.A.....................................


2. State whether the notification relates to (i) a transaction notified in
accordance with DR 3.1.4R(1)(a); or

(ii) DR 3.1.4(R)(1)(b) a disclosure made in accordance with section 324 (as
extended by section 328) of the Companies Act 1985; or

(iii) both (i) and (ii)


(i)....................................


3. Name of person discharging managerial responsibilities/director


ASSICURAZIONI GENERALI, S.p.A.., DIRECTOR OF THE
ISSUER....................................


4. State whether notification relates to a person connected with a person
discharging managerial responsibilities/director named in 3 and identify the
connected person


THIS NOTIFICATION RELATES TO ASSICURAZIONI GENERALI, S.p.A. AND TO THE CONNECTED
PERSON NAMED GENERALI VERSICHERUNG AG, WHICH IS A SUBSIDIARY OF ASSICURAZIONI
GENERALI, S.p.A. ..............................


5. Indicate whether the notification is in respect of a holding of the person
referred to in 3 or 4 above or in respect of a non-beneficial interest


AS IN 4 ABOVE....................................


6. Description of shares (including class), debentures or derivatives or
financial instruments relating to shares


ORDINARY SHARES OF 0.50 EURO NOMINAL VALUE
EACH....................................


7. Name of registered shareholders(s) and, if more than one, the number of
shares held by each of them


ASSICURAZIONI GENERALI S.p.A. AND ITS SUBSIDIARIES HAVE AFTER THE ACQUISITIONS
AND THE DISPOSAL DESCRIBED IN THIS NOTIFICATION A TOTAL OF 81,750,291 SHARES
(1.308% OF THE ISSUER'S SHARE CAPITAL NOT TAKING TO ACCOUNT TREASURY SHARES)
.....................................


8 State the nature of the transaction


PURCHASES AND ONE DISPOSAL AS DESCRIBED IN 9 AND 11 BELOW.


9. Number of shares, debentures or financial instruments relating to shares
acquired

PURCHASE BY ASSICURAZIONI GENERALI, S.p.A.ON 30 NOVEMBER 2007 OF 1,342 SHARES

PURCHASE BY GENERALI VERSICHERUNG AG ON 16 AUGUST 2007 OF 17,632 SHARES

PURCHASE BY GENERALI VERSICHERUNG AG ON 17 AUGUST 2007 OF 22,745 SHARES

PURCHASE BY GENERALI VERSICHERUNG AG ON 2 NOVEMBER 2007 OF 17,550 SHARES


10. Percentage of issued class acquired (treasury shares of that class should
not be taken into account when calculating percentage)


0.001%....................................


11. Number of shares, debentures or financial instruments relating to shares
disposed


DISPOSAL BY GENERALI VERSICHERUNG AG ON 6 SEPTEMBER 2007 OF 73,530 SHARES


12. Percentage of issued class disposed (treasury shares of that class should
not be taken into account when calculating percentage)


0.001%....................................


13. Price per share or value of transaction

PURCHASE BY ASSICURAZIONI GENERALI, S.p.A.ON 30 NOVEMBER 2007 OF 1,342 SHARES AT
14.45 EUROS PER SHARE....................................

PURCHASE BY GENERALI VERSICHERUNG AG ON 16 AUGUST 2007 OF 17,.632 SHARES AT
13.52 EUROS PER SHARE....................................

PURCHASE BY GENERALI VERSICHERUNG AG ON 17 AUGUST 2007 OF 22,745 SHARES AT 13.89
EUROS PER SHARE....................................

DISPOSAL BY GENERALI VERSICHERUNG AG ON 6 SEPTEMBER 2007 OF 73,530 SHARES AT
13.42 EUROS PER SHARE....................................

PURCHASE BY GENERALI VERSICHERUNG AG ON 2 NOVEMBER 2007 OF 17,550 SHARES AT
14.15 EUROS PER SHARE....................................


14. Date and place of transaction

PURCHASE BY ASSICURAZIONI GENERALI, S.p.A.ON 30 NOVEMBER 2007 OF 1,342 SHARES IN
SPAIN....................................

PURCHASE BY GENERALI VERSICHERUNG AG ON 16 AUGUST 2007 OF 17,632 SHARES SHARES
IN SPAIN ....................................

PURCHASE BY GENERALI VERSICHERUNG AG ON 17 AUGUST 2007 OF 22,745 SHARES SHARES
IN SPAIN ....................................

DISPOSAL BY GENERALI VERSICHERUNG AG ON 6 SEPTEMBER 2007 OF 73,530 SHARES SHARES
IN SPAIN ....................................

PURCHASE BY GENERALI VERSICHERUNG AG ON 2 NOVEMBER 2007 OF 17,550 SHARES SHARES
IN SPAIN ....................................


15. Total holding following notification and total percentage holding following
notification (any treasury shares should not be taken into account when
calculating percentage)


81,750,291 SHARES; 1.308%....................................


16. Date issuer informed of transaction


ON 19 DECEMBER 2007....................................


If a person discharging managerial responsibilities has been granted options by
the issuer complete the following boxes


17 Date of grant


....................................


18. Period during which or date on which it can be exercised


....................................


19. Total amount paid (if any) for grant of the option

....................................


20. Description of shares or debentures involved (class and number)

....................................


21. Exercise price (if fixed at time of grant) or indication that price is to be
fixed at the time of exercise

....................................


22. Total number of shares or debentures over which options held following
notification

....................................


23. Any additional information

NONE....................................


24. Name of contact and telephone number for queries


PEDRO DE MINGO; +(34) 91 289 3390....................................


Name and signature of duly authorised officer of issuer responsible for making
notification


JOSE MANUEL DE ARALUCE....................................


Date of notification


19 DECEMBER 2007....................................

END



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