Disposal

Banco Santander S.A.
23 November 2007

Press Release




 Banco Santander sells 1,152 properties to the Pearl Group for € 2,040 million







•    The Bank will enter into a lease agreement for a 45-47-year
     period, with purchase option rights



•    The transaction will generate a net capital gain of €860
     million for the Bank





Madrid, 23rd November 2007. Banco Santander has today concluded the sale of
1,152 properties to a company belonging to the Pearl Group, whose main
shareholder is Sun Capital. Simultaneously, Grupo Santander has entered into a
lease agreement for the aforementioned properties for a period of between 45-47
years, reserving purchase option rights on the latter.

The transaction amounts to €2,040 million, generating an approximate net capital
gain of €860 million for Grupo Santander.

The properties, mainly banking branches, are located throughout Spain. This
transaction is part of the restricted private invitation to tender organized by
Banco Santander for the sale and lease-back of several of its properties in
Spain, which has not yet concluded.

On 14th November, Banco Santander concluded the sale of 10 buildings to the
Pontegadea Group for an amount of €458 million, obtaining a capital gain of €216
million.




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