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Javier Marín
Private Banking, Asset Management
                     and Insurance
Disclaimer
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 indicated 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 unpredictable 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.


                                                                       2
Index

        1   PBAM&I Division

        2   Private Banking

        3   Asset Management

        4   Insurance


        5   Conclusions


                        3
PB, AM and Insurance Division. Main figures

                                                 2010              H1 2011
                            PBT           EUR 1,084 MM      EUR 600 MM
                            PBT +
                                          EUR 3,954 MM     EUR 2,306 MM
                            Commissions
            U.S.A
                             3.200 professionals
                             Presence in 14 countries

   México

                                                         Ireland
            Colombia

                                                               UK            Germany
                            Brazil


                                                               Switzerland              Poland
                                             Portugal
                                                          Spain
                    Chile                                                       Italy

                            Argentina




                                             4
PB, AM and Insurance. Our vision

    Leverage on the breadth and depth of Santander’s
    local franchises to deliver double digit revenue
    growth in:
                 Private Banking
                 Asset Management
                 Insurance


    … increasing the value of each client relationship
    for the Group



                             5
Index

        1   PBAM&I Division

        2   Private Banking

        3   Asset Management

        4   Insurance

        5   Conclusions


                          6
Private Banking. Main figures
                                2010         H1 2011
              AUMs       EUR 97,888 MM   EUR 103,629 MM
              PBT         EUR 363 MM      EUR 192 MM
               More than 1.900 professionals
               Over 100 branches in 9 countries




           Creating the reference private bank in
                       our footprint
                                 7
A dual business model
                     Domestic Private Banking

  Based on the clients proximity, a wide offer of services and products,
  becoming their “Chief Financial Officer”

            Santander Private Banking model



                   International Private Banking

  Based on a powerful product base, market
  research and management capabilities

                       Swiss model



       A Bank for the wealthy, taking care of all their needs

                                     8
Five core strengths business model
   1   Value proposition for clients:
                Banking and Investments…
                … through a global advisory process
   2   Proximity to clients:
                Local presence
                Dedicated network
   3   Global product capabilities, combined with local specialists
                Open Architecture
                Economies of scale
                Global risk model
   4   Client relationship-driven Technology
   5   Best in class efficiency

        Leveraging on retail footprint (client referrals and
             cost synergies) and on a Global Brand

                                        9
Perspectives 2011-2013
                                                                          AUM CAGR figures


                                           %                                          %
                Mature Markets             5-10      Emerging Markets              10-20


           Mature             Growing                        Growing
          business            business                       business
  Local




            Spain              Italy, UK                       LATAM
           Portugal          Germany, US                       Poland



           Increase      Deploy corporate model        Complete corporate model
          Market Share     Develop franchise      Leverage on Onshore/offshore model




                           Total AUMs CAGR 10-15%



                                            10
Index

        1   PBAM&I Division

        2   Private Banking

        3   Asset Management

        4   Insurance

        5   Conclusions


                        11
Global Asset manager with multilocal focus in core
countries
                                                             2010                 H1’2011
                             AUMs *              EUR 138,600 MM EUR 139,374 MM
                             PBT +
                                                   EUR 1,100 MM             EUR 545 MM
                             Commissions
                               More than 560 professionals
                               196 Managers and analysts




    50 %                                                                   50%
   TOTAL                                                                  TOTAL
   AUMs                                                                   AUMs




                                           Global management with
                                           a unique local presence

   * Includes mutual funds, investment societies and pension funds
     (EUR 123,115 mill.), and additional management mandates         12
     from third parties and group’s subsidiaries.
Evolving our model
                               From
                 “Local Management, Local Presence”
                 Strong Local Empowerment

    PAST         Predominance of Monetary Funds
                 Limited Use of Global Synergies



                                To
                 “Global Management, Local Presence”
                 Global Investment proposition
                 Global Operational and risk control framework

   FUTURE        Selective Presence in Institutional Markets
                 Global framework for product development based on
                 Client Segmentation
                 Global selection of 3rd party funds
                 New Model of Relations with Branch Network



                                   13
Towards a New Business Model
                                                           Responsibilities

                                             Global SAM                 Local Management Entities
• With a                               Single macro-global vision          Local performance
  Mission of       Performance         Management of regional and           objective (1st quartile)
  becoming a                            global mandates.                    Management of local
  Leading        “Excellence as a      Open architecture.                   mandates
  Global          key element”         Performance and risk control.       Research in local entities
  Management
  Entity
                                       Development of global products      Identifiying clients and
 - With strong        Product          Local support for product            branches’ needs.
   local                                development.                        Development of local
   presence          “Innovating       Exchanging best practices            products
                 through our global
 - And global         presence”
   management                          Defining the framework for          Implementing the
   capacity           Service           commercial activity,                 commercial activity
                                        communication, training and          framework
• Based on 3     “Close and active      marketing                           Staying close to branch
  pillars        relations with our    Setting quality benchmarks           networks
                 branch networks ”     Sharing and implementing
                                        best practices.


                                           14
Perspectives 2011-2013
                                                                         AUM CAGR figures

                                         %                                        %
                 Mature Markets 5-10                   Emerging Markets 20-25

              Mature           Growing                       Growing
   Local


             business          business                      business

               Spain          UK, Germany,                     LATAM
              Portugal            USA                          Poland

                            Reinforce ties with
            Upgrade value                              Complete product offering
                             Branch networks
             proposition                               Upgrade value proposition
                            Complete offering


                                 Institutional Business                            %
                                                                                   65-70
   Global




                    Leveraging in global capabilities and local presence

                 Reinforcing Luxembourg Platform and regional mandates

                   Selective offering in new markets (Asia, Middle East)



                            Total AUMs CAGR 15-20%

                                                  15
Index

        1   PBAM&I Division

        2   Private Banking

        3   Asset Management

        4   Insurance

        5   Conclusions


                        16
Insurance. Main Figures
                                                 2010            H1’2011
                                Premiums      EUR 9,000 MM    EUR 5,550 MM
                                PBT +
                                              EUR 2,491 MM    EUR 1,569 MM
                                Commissions
                                15 Million clients protected in 15 countries
                                More than 560 professionals




                                    Protecting clients to complete the
  Only Distribution
                                        Bank s value proposition
  Underwriting & Distribution




                                                   17
Evolving our model
                                   From
                       “Selling Insurance Products”

              Europe
                               Bias to credit related distribution
    PAST
                               Growing with the market
              LATAM


                                    To
                       “Protecting Banking Clients”

                               Based on Client segments instead of Products
              Europe
                               Different Protection Levels:
                                  Finance
   FUTURE
                                  Family
                                  Wealth
                                  Future
              LATAM
                               Upgrade product depth through selective
                               joint ventures (i.e. Zurich agreement in Latam)


                                 18
Perspectives 2011-2013
Diversified growth sources, but still at two different cruising speeds
                                                                          PBT + Commissions CAGR figures


                                           %                                                  %
                  Mature Markets           2-5                  Emerging Markets              15-25

                 EUROPE + USA                                    LATAM + POLAND
                           but                                              with
                       Growing                                           Appealing
                       business                                         Opportunities

           Non Related                                   Related          Non Related
                                     Savings                                              Savings
            Products                                     Products          Products

           More than 90%             Germany             Enhance         More than 90%
       of the Clients without          UK              Cross Selling     of the Clients
             protection                USA             & Credit Cycle    w/o protection


                                 o Motor Insurance Business Growth
                                 o Development of SME product offering


                                PBT+Commissions CAGR: 10-15%

                                                  19
Index

        1   PBAM&I Division

        2   Private Banking

        3   Asset Management

        4   Insurance

        5   Conclusions


                        20
Conclusions
                    Private Banking        Asset Mgmt.    Insurance
                         (AUMs)               (AUMs)      (PBT + Comm.)
  Cagr. 2011/2013



                        5-10%              5-10%         2-5%

                        15-20%             20-25%        15-25%

                        10-15%             15-20%        10-15%


           Mature markets + Emerging Countries + global
                     management and model


                      Differential Advantage

                                      21
Exporting Know how: Private Banking




    Global Model

•Complement offering
•Commercial approach

CAGR achieved: ~ 52%



                                                Global Management

                                            • Based on Four Pillars:
                   Global Model                • People: Career path
                                               • Value Proposition
              •Complement offering             • Products
              •Commercial approach             • Business Intelligence
              •Global RM IT platform        •Risk Management
                                            •Advisory Process
               CAGR achieved: ~ 54%

                                                                     Innovation   Best Practices


                                       22
Exporting Know how: Asset Management




     Select Funds

•Value added profiled FoF
fund range first
implemented in personal
banking Spain

€ 1,000 MM growth in 6
months


                                                     Global Management
                    Guaranteed funds
                                                • Global and regional mandates Team,
                 •Guaranteed funds as an        with the help of Local research and
                 alternative to low risk        management teams
                 products into retail
                                                • Global Risk Management Team
                 •AUMs growth MX: 114%          • Global 3rd party fund selection Team
                 •AUMs growth BRA: 478%
                                                • Unified reporting
                                                                        Innovation       Best Practices



                                           23
Exporting Know how: Insurance

                                    Motor Insurance
                            Aggregator panel developed
                            & implemented in Spain &      SAN Financiamento
                            exported to Latam.
                            Comms 2011 € 26m             Transfer of business
                            2011-2013 CAGR ~ 87%         model from Germany
                                                         to Brazil

                               Prestamista
                                                                                             Telemarketing
                           Premiums 2005 – 2011
                           CAGR ~ 56%                                                  Diversification of
    Savings                                                                            distribution channels
                                                                                       Impact € 38m
Launch of Savings
products in MX & CH
PBT + Comms € 7.7m



                                Single Premium                                     GAP Insurance
       Open Market           Mortgages Single                                   Product innovation
                             premium Spanish model                              Impact € 21m
  From 2011, target open     exported to CH, MX, CO
  market (by segment)        & UY
  PBT + comms € 23.7m        PBT + Comms € 47.6m

                                                                                Innovation        Best Practices


                                                  24
BANCA PRIVADA, GESTIÓN DE ACTIVOS Y SEGUROS-SANTANDER INVESTOR DAY

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BANCA PRIVADA, GESTIÓN DE ACTIVOS Y SEGUROS-SANTANDER INVESTOR DAY

  • 1. Javier Marín Private Banking, Asset Management and Insurance
  • 2. Disclaimer 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 indicated 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 unpredictable 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. 2
  • 3. Index 1 PBAM&I Division 2 Private Banking 3 Asset Management 4 Insurance 5 Conclusions 3
  • 4. PB, AM and Insurance Division. Main figures 2010 H1 2011 PBT EUR 1,084 MM EUR 600 MM PBT + EUR 3,954 MM EUR 2,306 MM Commissions U.S.A 3.200 professionals Presence in 14 countries México Ireland Colombia UK Germany Brazil Switzerland Poland Portugal Spain Chile Italy Argentina 4
  • 5. PB, AM and Insurance. Our vision Leverage on the breadth and depth of Santander’s local franchises to deliver double digit revenue growth in: Private Banking Asset Management Insurance … increasing the value of each client relationship for the Group 5
  • 6. Index 1 PBAM&I Division 2 Private Banking 3 Asset Management 4 Insurance 5 Conclusions 6
  • 7. Private Banking. Main figures 2010 H1 2011 AUMs EUR 97,888 MM EUR 103,629 MM PBT EUR 363 MM EUR 192 MM More than 1.900 professionals Over 100 branches in 9 countries Creating the reference private bank in our footprint 7
  • 8. A dual business model Domestic Private Banking Based on the clients proximity, a wide offer of services and products, becoming their “Chief Financial Officer” Santander Private Banking model International Private Banking Based on a powerful product base, market research and management capabilities Swiss model A Bank for the wealthy, taking care of all their needs 8
  • 9. Five core strengths business model 1 Value proposition for clients: Banking and Investments… … through a global advisory process 2 Proximity to clients: Local presence Dedicated network 3 Global product capabilities, combined with local specialists Open Architecture Economies of scale Global risk model 4 Client relationship-driven Technology 5 Best in class efficiency Leveraging on retail footprint (client referrals and cost synergies) and on a Global Brand 9
  • 10. Perspectives 2011-2013 AUM CAGR figures % % Mature Markets 5-10 Emerging Markets 10-20 Mature Growing Growing business business business Local Spain Italy, UK LATAM Portugal Germany, US Poland Increase Deploy corporate model Complete corporate model Market Share Develop franchise Leverage on Onshore/offshore model Total AUMs CAGR 10-15% 10
  • 11. Index 1 PBAM&I Division 2 Private Banking 3 Asset Management 4 Insurance 5 Conclusions 11
  • 12. Global Asset manager with multilocal focus in core countries 2010 H1’2011 AUMs * EUR 138,600 MM EUR 139,374 MM PBT + EUR 1,100 MM EUR 545 MM Commissions More than 560 professionals 196 Managers and analysts 50 % 50% TOTAL TOTAL AUMs AUMs Global management with a unique local presence * Includes mutual funds, investment societies and pension funds (EUR 123,115 mill.), and additional management mandates 12 from third parties and group’s subsidiaries.
  • 13. Evolving our model From “Local Management, Local Presence” Strong Local Empowerment PAST Predominance of Monetary Funds Limited Use of Global Synergies To “Global Management, Local Presence” Global Investment proposition Global Operational and risk control framework FUTURE Selective Presence in Institutional Markets Global framework for product development based on Client Segmentation Global selection of 3rd party funds New Model of Relations with Branch Network 13
  • 14. Towards a New Business Model Responsibilities Global SAM Local Management Entities • With a  Single macro-global vision  Local performance Mission of Performance  Management of regional and objective (1st quartile) becoming a global mandates.  Management of local Leading “Excellence as a  Open architecture. mandates Global key element”  Performance and risk control.  Research in local entities Management Entity  Development of global products  Identifiying clients and - With strong Product  Local support for product branches’ needs. local development.  Development of local presence “Innovating  Exchanging best practices products through our global - And global presence” management  Defining the framework for  Implementing the capacity Service commercial activity, commercial activity communication, training and framework • Based on 3 “Close and active marketing  Staying close to branch pillars relations with our  Setting quality benchmarks networks branch networks ”  Sharing and implementing best practices. 14
  • 15. Perspectives 2011-2013 AUM CAGR figures % % Mature Markets 5-10 Emerging Markets 20-25 Mature Growing Growing Local business business business Spain UK, Germany, LATAM Portugal USA Poland Reinforce ties with Upgrade value Complete product offering Branch networks proposition Upgrade value proposition Complete offering Institutional Business % 65-70 Global Leveraging in global capabilities and local presence Reinforcing Luxembourg Platform and regional mandates Selective offering in new markets (Asia, Middle East) Total AUMs CAGR 15-20% 15
  • 16. Index 1 PBAM&I Division 2 Private Banking 3 Asset Management 4 Insurance 5 Conclusions 16
  • 17. Insurance. Main Figures 2010 H1’2011 Premiums EUR 9,000 MM EUR 5,550 MM PBT + EUR 2,491 MM EUR 1,569 MM Commissions 15 Million clients protected in 15 countries More than 560 professionals Protecting clients to complete the Only Distribution Bank s value proposition Underwriting & Distribution 17
  • 18. Evolving our model From “Selling Insurance Products” Europe Bias to credit related distribution PAST Growing with the market LATAM To “Protecting Banking Clients” Based on Client segments instead of Products Europe Different Protection Levels:  Finance FUTURE  Family  Wealth  Future LATAM Upgrade product depth through selective joint ventures (i.e. Zurich agreement in Latam) 18
  • 19. Perspectives 2011-2013 Diversified growth sources, but still at two different cruising speeds PBT + Commissions CAGR figures % % Mature Markets 2-5 Emerging Markets 15-25 EUROPE + USA LATAM + POLAND but with Growing Appealing business Opportunities Non Related Related Non Related Savings Savings Products Products Products More than 90% Germany Enhance More than 90% of the Clients without UK Cross Selling of the Clients protection USA & Credit Cycle w/o protection o Motor Insurance Business Growth o Development of SME product offering PBT+Commissions CAGR: 10-15% 19
  • 20. Index 1 PBAM&I Division 2 Private Banking 3 Asset Management 4 Insurance 5 Conclusions 20
  • 21. Conclusions Private Banking Asset Mgmt. Insurance (AUMs) (AUMs) (PBT + Comm.) Cagr. 2011/2013 5-10% 5-10% 2-5% 15-20% 20-25% 15-25% 10-15% 15-20% 10-15% Mature markets + Emerging Countries + global management and model Differential Advantage 21
  • 22. Exporting Know how: Private Banking Global Model •Complement offering •Commercial approach CAGR achieved: ~ 52% Global Management • Based on Four Pillars: Global Model • People: Career path • Value Proposition •Complement offering • Products •Commercial approach • Business Intelligence •Global RM IT platform •Risk Management •Advisory Process CAGR achieved: ~ 54% Innovation Best Practices 22
  • 23. Exporting Know how: Asset Management Select Funds •Value added profiled FoF fund range first implemented in personal banking Spain € 1,000 MM growth in 6 months Global Management Guaranteed funds • Global and regional mandates Team, •Guaranteed funds as an with the help of Local research and alternative to low risk management teams products into retail • Global Risk Management Team •AUMs growth MX: 114% • Global 3rd party fund selection Team •AUMs growth BRA: 478% • Unified reporting Innovation Best Practices 23
  • 24. Exporting Know how: Insurance Motor Insurance Aggregator panel developed & implemented in Spain & SAN Financiamento exported to Latam. Comms 2011 € 26m Transfer of business 2011-2013 CAGR ~ 87% model from Germany to Brazil Prestamista Telemarketing Premiums 2005 – 2011 CAGR ~ 56% Diversification of Savings distribution channels Impact € 38m Launch of Savings products in MX & CH PBT + Comms € 7.7m Single Premium GAP Insurance Open Market Mortgages Single Product innovation premium Spanish model Impact € 21m From 2011, target open exported to CH, MX, CO market (by segment) & UY PBT + comms € 23.7m PBT + Comms € 47.6m Innovation Best Practices 24