Disposal

Banco Santander S.A.
25 January 2008


                                 MATERIAL FACT

Banco Santander hereby announces that it has today reached agreement with the
consortium led by the U.K. property investor Propinvest for the sale of the
Grupo Santander City and its simultaneous lease-back for a period of 40 years,
with a purchase option right being reserved for the Bank at the end of such
period.

This transaction, which is expected to be executed no later than 31st March
next, forms part of the restricted and private invitation to tender organized by
Banco Santander for the sale and subsequent lease-back of a portfolio of
properties owned by it in Spain, of which this is the last part.

The price agreed for the Santander Financial City is 1,900 million euros,
generating capital gains for Grupo Santander of approximately 605 million euros.

Also considering the other operations carried out previously within the
aforementioned invitation to tender and announced at the appropriate time, Grupo
Santander has sold properties (always with simultaneous lease-back and purchase
option) for a total amount of 4,398 million euros, generating capital gains
totaling approximately 1,681 million euros.


                                  Boadilla del Monte (Madrid), 25th January 2008


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