Banco Santander Regulatory News (BNC)

1.

Name of the issuer

BANCO SANTANDER, S.A.

2.

State whether the notification relates to (i) a

transaction notified in accordance with DTR 3.1.2 R,

(ii) a disclosure made in accordance

LR 9.8.6R(1) or

(iii) a disclosure made in accordance with section 793 of the Companies Act (2006).

(i).

3.

Name of person discharging managerial

responsibilities/director

MR. FRANCISCO LUZON LOPEZ, 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 MR. FRANCISCO LUZON LOPEZ.

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 nonbeneficial

interest 1

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.

7.

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

MR. FRANCISCO LUZON LOPEZ AND HIS CONNECTED PERSON HOLD AFTER THE TRANSACTION DESCRIBED IN THIS NOTIFICATION A TOTAL OF 1,317,816 SHARES, WHICH REPRESENT 0.016% OF THE ISSUER'S SHARE (CAPITAL NOT TAKING INTO ACCOUNT TREASURY STOCK).

8.

State the nature of the transactions

12,217 SHARES GRANTED UNDER THE MATCHED DEFERRED BONUS PLAN (FIRST CICLE 2008-2009).

9.

Number of shares, debentures or financial

instruments relating to shares acquired

SEE 8 ABOVE.

10.

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

0.000%.

11.

Number of shares, debentures or financial

instruments relating to shares disposed

12.

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

13.

Price per share or value of transactions

14.

Date and place of transaction

25 MARCH 2011.

SEE 8 ABOVE.

15.

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

1,317,816 SHARES REPRESENTING 0.016% OF THE ISSUER'S SHARE (CAPITAL NOT TAKING INTO ACCOUNT TREASURY STOCK).

16.

Date issuer informed of transaction

31 MARCH 2011.

17.

Date of grant

18.

Period during which or date on which exercisable

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

JESUS MARIA DIAZ DE MERA

+(34) 912-897-738

Name of authorised official of issuer responsible for making notification

JOSE MANUEL DE ARALUCE

Date of notification

31 MARCH 2011

(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.