Martinsa Fadesa shares

Banco Santander S.A.
26 March 2008


                                 MATERIAL FACT

On 24th March last, certain problems arose in the settlement of selling
operations involving MARTINSA FADESA shares, ordered by Banco Santander S.A.
Such problems were the result of the breach by third-party institutions, with
whom Banco Santander S.A. had previously agreed the lending of such shares, of
their obligation to return the shares to Banco Santander, S.A. with value 24th
March 2008.

In order to resolve the aforementioned problems, it is possible that, due to the
application of the Iberclear repurchase procedures, a temporary increase may
occur in the trading volume of the MARTINSA FADESA share.

             
                                    Boadilla del Monte (Madrid), 26th March 2008


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