SANTANDER CONSUMER FINANCE-SANTANDER INVESTOR DAY 2011

Magda Salarich
Santander Consumer Finance

Disclaimer
Santander Consumer Finance, S.A. (“SCF”) and Banco Santander, S.A. ("Santander") both caution 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 SCF and Santander have indicated in its past and future filings and reports, including in
Santander’s case 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.
Neither SCF nor Santander 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 SCF and 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, SCF and Santander give no advice and make no recommendation to buy, sell or otherwise deal
in shares in SCF, 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

Business Santander Consumer has delivered record results and
evolution become a consolidated leader during the economic downturn

Business These results have been achieved thanks to SCF’s proven
model business model

Strategy Clear management priorities by geographies …

… and growing in markets we know well, will allow SCF to
Outlook
achieve record results in 2011 and maintain recurrent profits
2011/2013 in the 2012-2013 period

3




Outlook
2011/2013 in the 2012-2013 period

4

Since 2008, the Gross Margin profitability has constantly increased,
reaching 7.6% in 2010, …

Gross Margin evolution
€ Million

% CAGR 10/08:
+19.4%
4,634
4,090
7.6%
3,249 7.4%

6.6%

2008 2009 2010

Gross Margin as % of ANEAS

ANEAs: Average Net Earning Assets (Gross Customer Loans – Delinquencies)

5

… with a stable Cost-to-Income of 27.5%, …

Operating Expenses and Cost to Income

€ Million

1,273
1,118
875

26.9% 27.3% 27.5%

2008 2009 2010

Operating Expenses % Cost to income

6

… Loan Loss Provisions stabilizing, with the Cost of Risk
decreasing to 3.3%, …
Loan Loss Provision
€ Million
+2.6%
1,967 2,017

1,393
… and considerably
3.5% 3.3% increasing the Coverage
2.8% ratio to 128%

Coverage Ratio (%)
2008 2009 2010
Net loan-loss provisions as % of ANEAS

ANEAs: Average Net Earning Assets (Gross Customer
128%
Loans – Delinquencies)

97%
86%

2008 2009 2010

7

All in all, SCF has delivered record results during the crisis,
reaching a PBT of €1,201 million and a ROA of 2%

Profit Before Taxes
€ Million

% CAGR 10/08:
+11.8%
+19,4%

1,201
960 960
1.9% 2.0%
1.7%

2008 2009 2010

Profit before Taxes % ROA *

* ROA: Profit Before Taxes / ANEAs

8

SCF has become a consolidated leader in the industry during the
economic downturn

Key figures (Dec’2007) Key figures (Dec’2010)
€ Million loans € Million loans
47,900 volume * 69,224 volume *
+ 45%

9,654 € Million deposits 25,950 € Million deposits + 169%

Intragroup Funding Intragroup Funding
8,312 (€ million) 6,950 (€ million) (Aug’11e) - 16%

Intragroup Funding
17% Intragroup Funding
% of Loan Volume 9% % of Loan Volume
(Aug’11e)

9.4 Million customers 15.6 Million customers + 66%

108,000 Dealers 145,000 Dealers + 34%

674 € Million Profit 811 € Million Profit + 20%

* Gross Customer Loans under management 9




Outlook
2011/2013 in the 2012-2013 period

10

These results have been achieved thanks to SCF’s proven business
model, based on:

1
Diversification

2
Leadership positions in core markets

3
Pan-European platform

4
Efficiency leadership

5
Strong risk & collections capabilities

11

1 SCF is diversified across 7 main product lines and 14 key
geographies

… by products (%) … by geographies (%)
Dec’10 SCF Loans €69 bn.
Car Stock
(Dec’10) Portugal
Finance Other
Durables
UK
Mortgages Auto 4%
5%4% - New Poland 2%
6% 5%
Credit Cards 27% 5% Germany
Nordic 32%
and Others 8%
Countries 9%

15% 12%
Direct Italy
35% 12% 19%

Spain USA
Auto-Used

12

1 SCF is diversified across 7 main product lines and 14 key
geographies, … with the important weight of SCB Germany …

… by geographies (%)
SCB Germany’s Key Figures
SCF Loans €69 bn.
(Dec’10) Dec’10
Portugal Other
Loans*: €22.3 billion
UK
2%4% Germany
Poland 5% Deposits: €22.5 billion
5%
Nordic
9%
32%
Countries Profit: €391 million

12% % of SCF’s Profit: 48%
Italy
12% 19%
C/I: 31.4%
USA
Spain

* Gross Customer Loans under management
13

1 … with an active management of its business portfolio …

… growing in markets we know
… and exiting from markets …
well …

Nordics
Global France
deals + GE

UK
Hungary
Global
deals + GE

Poland
Czech Republic
Germany AIG
USA RBS + GE
Triad + HSBC + SEB Slovakia
Citi + GE

Russia

… where we have a leading … where we have not gained
position … critical mass

14

2 … and focused on achieving critical mass and leadership
positions in core markets
Market share
Portfolio
New Business Car Loans (New and Used Cars);
Market Auto
FY2010, percent
0 10 20 30 position (€Mn)

Norway* #1 2,736

Finland** #1 902

Poland* #2 774
Leading
#1 4,388
Positions
Spain*
and Critical
Portugal* #1 1,098
Mass in 10
Denmark** #2 619
Core Car
Germany** #2 12,056
Financing
UK* #3 2,779
Markets
Sweden* #3 969

Italy* #3 3,964

* Source: Local Consumer Finance Associations
** Source: Internal estimates

15

3 Thanks to its pan-European platform, with clear competitive
advantages, …

Pan-European platform

Wide geographical coverage

In-depth market knowledge (+20 years)
An extensive
Specific IT & Ops platforms for
consumer financing
network of
Strong risk analytics and remarketing
130,000 POS*
capabilities agreements
Low cost-to-income provider in Europe
Global brand recognition

* Point of Sale 16

… SCF has been able to formalize 34 agreements and achieve a
3
better performance

34 agreements with 9 Car Manufacturers in PBT as %
12 European countries of Loans**
CM 1 CM 2 CM 3 CM 4 CM 5 CM 6 CM 7 CM 8 CM 9

C3 3.32
Average:
2.1%
SCF* 2.99

C2 2.33

C4 1.81

C1 1.30

Provides recurrent volumes of better risk
Captive performance of the main Car Manufacturer’s finance captives:
quality (first option financial provider) * SCF = Proforma results for the global agreements signed with CMs in Europe.
** Average Loans (2009-2010)
CMs Finance Captives: VWFS Europe, Renault Credit International, Banque PSA
Finance and Fiat Group Financial Services

Source: Competitor Annual Reports
17

4 Additionally, SCF maintains its efficiency leadership …

Cost to income
FACTORIES SYNERGIES FY2010
(%)

€82 million
27.5
TARGET: €65 Mn

C1 40.4
€30 million
TARGET: €30 Mn
C2 47.3

€42 million*
TARGET: €34 Mn C3 52.2

* To be completed by the end 2012

Peers: BNP Financial Services, Credit Agricole Consumer Credit and Societe Generale Financial Services
Source: Competitor Annual Reports 18

… like in SCB Germany, which has achieved the best Cost
4
to Income of its peers

Implementation of Group’s Maximization of Synergies SCB Germany Cost
IT in branches during integrations* to income FY2010
(2008-2010) (%)
New Business Business Portfolio Current Businesses
H2 2008 H2 2009 2011
Cards 31.4
Migration Migration
(RBS:615.000 credit cards,
840.000 store cards) to to €63 million
RBS SCB GE Partenón- Partenón- C1 40.0
Alhambra Alhambra TARGET: €50 Mn
Banking & Savings
(GE: ca.1.800 MM €)
C2 46.7
SCB Legacies GE SCB
RBS GE SCB
Direct lending
(GE: 1.000M €,
RBS: 800 M €)
€30 million C3 47.2

RBS GE SCB TARGET: 30 Mn
Migration to C4 48.4
CAPS/MKE
Leasing & Auto Loans Migration to Partenón-
(GE: 800 M €) Alhambra
SCB Legacy C5 52.4
KWEB/XPS/NETADAM GE SCB GE

ATOS AS/400 MBS Consumer Loans
(GE: <40 M €)
GE SCB €93 Mn C6 60.0
GE SCB
C7 69.7
* Includes SC Austria and SC Netherlands

Peers: : VWFS Germany, Citibank / Targobank, Ford Credit Germany, Team Bank, CreditPlus, Norisbank and Hanseatic Bank

5 SCF’s strong risk & collections capabilities have helped to
improve its main risk metrics, …

Risk premium SCF NPL Ratio SCF
(%) (%) 5.39
4.05 4.95
3.60
4.18
2.65

2008 2009 2010 2008 2009 2010

Coverage Ratio SCF
(%)
128

97
86

2008 2009 2010

20

5 … mainly through its high analytical capabilities, as well as its
powerful collections platform, …

Collections Business
… which was successfully implemented
Unit (CBU)

GRP*
SC Spain:
€Mn Creation of the Gross Risk Premium (GRP)*
CBU
91 91 € Million
For example, its
implementation in Spain -3%
74 76 74
had an immediate impact 611 592
on the Gross Risk
49
Premium (GRP)* -83%
38
33
29

17 18 19 17
15 16
13
10
6 5 5
10 99
1 0 0
Aug-09

Aug-10
Jul-09

Jul-10
Jan-09

Apr-09
May-09
Jun-09

Nov-09

Jan-10
Feb-10

Apr-10
May-10
Jun-10

Nov-10
Feb-09
Mar-09

Sep-09

Dec-09

Mar-10

Sep-10

Dec-10
Oct-09

Oct-10

2008 2009 2010

* Gross Risk Premium = Last 12 months variation in delinquency balance plus Net Write Offs for the period
21




Outlook
2011/2013 in the 2012-2013 period

22

SCF has clear management priorities

2010
Portfolio*
Growing in markets we know well … (€bn)
SCF Portfolio €69 bn.
(Dec’10)
Germany 22.3
Nordics
Global
deals + GE

UK
Global
USA 12.8
deals + GE

Poland
Germany AIG
USA RBS + GE
Triad + HSBC
Citi + GE
+ SEB Spain 8.5

Poland 3.6
… where we have a leading position

23

SCB Germany is leader in consumer finance, with a high market share
Clear Management Priorities Market Share Installment Loans
Santander Dec’10 (%)
Consumer Volume: €145.6 Bn
Other Bank
banks1) 13.4
37.2
All Big
Banks2)
3.8

All All Savings
Cooperative Banks
Banks 27.8
17.9
1) Other banks: branches of foreign banks, captives, banks with special purposes
SCB Germany’s Key Figures 2) German Big Banks: Deutsche Bank, Commerzbank, HypoVereinsbank, Postbank

Dec’10 Jun’11
Leader in core products
Loans*: €22.3 bn €31.0 bn Dec’10

Deposits: €22.5 bn €29.9 bn Nr. 1 Consumer finance player

Customers: 6.2 mn 7.1 mn Nr. 1 in Durables financing
Nr. 2 in Auto financing
Profit (Dec’10): €391 million
Nr. 2 in Direct Loans
Sources: Bankenfachverband, www.dsgv.de, www.bvr.de, internal data 24

SCB Germany has a highly diversified portfolio …
Breakdown of Consumer Loan Portfolio
Clear Management Priorities
Dec’10
Stock Direct; Volume: €22.3 Bn
Finance 23.6%
6.1%
Credit Cards
2.1%
Durables
9.0%

Other
5.0%
Used Cars
32.4%
New Cars
21.8%

Customer Deposits

… and has almost € Million
22,488
doubled its customer 17,144
deposits 12,897

2008 2009 2010

25

SCB Germany has maintained a stable cost to income, …

Clear Management Priorities Cost to income Gross Margin
(%) € Million

32.8% 1,305 1,323
31.4% 1,069
27.8%

2008 2009 2010 2008 2009 2010

PBT & ROA
€ Million

517 510 517
… achieved a PBT
above €500 million
and a ROA of 2.5% 2.9% 2.5%
2.4%

2008 2009 2010
PBT % ROA

ROA: Profit Before Taxes / ANEAs
26

SCB Germany Management Priorities

Take advantage of the German
economic environment

Maximize captive agreements with
Car Manufacturers

Complete the implementation of
Group’s IT

Implement SAN’s commercial model
in the SEB carve-out

27


Growing in markets we know well …

Germany

USA

Spain

Poland

28

SC USA is a full auto service provider, …
... which has been very active in negotiating
portfolio servicing agreements with 3rd
parties, …

SC USA’s 3rd party servicing agreements
Dec’10

$6 bn $4.8 bn $7.4 bn

SC USA’s Key Figures
Dec’10
Total service
Loans*: $17.1 billion agreements reached
Customers: 2 million
$18.2 bn

Profit: $338 million

29

… experiencing a substantial increase in margins, to reach a PBT
close to $600 million, …
Gross Margin
€ Million
2,083
1,566
1,296

2008 2009 2010

PBT & ROA
(%)

… maintaining a 598
high ROA during 384
the economic 264
downturn … 6.1%
5.1% 5.3%

2008 2009 2010
PBT % ROA

30


SC USA Management Priorities

Sustain double digit growth of
organic origination with margin
discipline
… and substantially improving
the expected Net Credit Losses
of serviced portfolios
Build a captive auto model similar
to Europe

Capture growth opportunities

$115 Mn. improvement in NCLs

31



Germany

USA

Spain

Poland

32

SC Spain is number one in car financing, with leading positions in core
products, …
Clear Management Priorities Market Share Total Auto Loans 2010

SCF 19.35%
C1 17.97%
C2 15.09%
C3 8.61%
C4 8.59%
C5 8.42%
C6 5.70%

SC Spain’s Key Figures
Dec’10
Leader in core products
Loans*: €8.5 billion Dec’10
Nr. 1 in New Auto financing
Customers: 2.2 million
Nr. 2 in Used Auto financing
C/I: 30.8%
Nr. 2 in Durables financing
Profit: € - 1 million
Nr. 2 in Revolving Credit
Peers: Volkswagen FS, Finanzia, RCI Banque, Banque PSA; 33
BMW Bank and Cetelem

… which experienced a decrease in margins derived from the crisis, …
Gross Margin
€ Million
548 514
456

2008 2009 2010

… but has embarked on a substantial workforce restructuring and cost
cutting effort …
Fulltime employees

1,213 -50%
918
595 595

2007 2008 2009 2010

34

… and implemented risk policies that have produced a considerable
decrease of its Delinquency Ratio and Risk Premium in 2010
Clear Management Priorities Delinquency Ratio Risk Premium

10.8%
8.9%
5.0% 5.7%
5.5%
1.1%

2008 2009 2010 2008 2009 2010

Coverage Ratio
SC Spain has also
managed to 100.9%
substantially 73.5%
increase its 54.4%
Coverage Ratio

2008 2009 2010

35

SC Spain is returning to profit in 2011

Clear Management Priorities Profit BeforeTaxes
€ Million
60.8

-19.8
-27.9
H1'09 H1'10 H1'11

SC Spain Management Priorities
Consolidate leadership in new and used car financing
New finance captive agreements with Car Manufacturers
Improve ROA

36



Germany

USA

Spain

Poland

37

SC Poland is the leader in new auto financing, …

Clear Management Priorities Market Share New Car Auto Loans 2010

SCF 22.2%

C1 16.5%

C2 16.3%

C3 12.3%

C4 11.1%

SCB Poland’s Key Figures … as well as in durables financing
(22% share)
Loans*: €3.6 billion Dec’10

Deposits: €1.0 billion Leader in core products
Dec’10
Customers: 1.8 million Nr. 1 in New Auto financing
C/I: 36.1% Nr. 2 in Durables financing
Profit: €35 million

Peers: Getin Noble, Volkswagen FS, Banque PSA and Fiat Bank
Source: Market share from Open Finance 38

With the integration of AIG, SC Poland has achieved critical mass and
experienced a substantial increase in terms of PBT and ROA in 2010
Clear Management Priorities PBT & ROA
€ Million
65.3

32.7
22.5
2.5%
1.4% 1.0%

2008 2009 2010
PBT % ROA

SC Poland Management Priorities
Maximize captive agreements with Car Manufacturers
Extract synergies in the integration of AIG Poland

39




Outlook
2011/2013 in the 2012-2013 period

40

SCF achieved new record results in H1’11, with PBT up 77.1% YoY to
reach €1 billion and a ROA* of 2.9%, …

Profit Before Taxes
€ Million

1,006.5

+77.1%

538.5 568.4
470.1 2.9%

2.3%
1.9%
1.7%
H1'08 H1'09 H1'10 H1'11

Profit before Taxes % ROA *

* ROA: Profit Before Taxes / ANEAs (annualized) 41

… outperforming its European peers in 1H'2011, …

Gross Margin Cost to Income
€ million (%)
2,193 +20.6% 26.5
SCF SCF Number 1
2,644 30.5

3,252 +6.0% 47.4
C1 3,447
C1 46.7

1,702 +1.0% 40.2
C2 1,718
C2 39.5

1,767 51.6
C3 1,753
-0.8% C3 52.9

H1’2010 H1’2011

Profit Before Taxes ROA*
€ million (%)
568 +77.1% Number 1 1.81 Number 1
SCF 1,006
SCF 2.66

581 +65.2% 0.79
C1 960
C1 1.26

404 +3.0% 1.05
C2 416
C2 1.06

241 0.95
C3 396
+64.3% C3 1.52
* ROA: PBT / Average Portfolio

… and maintaining high profitability during the economic
downturn

ROA* by competitor
(%)

C3 2.66
2.42

2.16 1.81 1.83
1.57 1.57 1.63
1.52

1.08 1.05 1.06 1.26
C2 1.10
0.82 0.95
1.02 1.06
0.69 0.69
C1 0.76
0.41 0.79
0.93

0.48 0.43
0.38

-0.06
1H-08 2H-08 1H-09 2H-09 1H-10 2H-10 1H-11

* ROA: PBT / Average Portfolio

Outlook 2011/2013: SCF is expected to become a self-funded
business by the end of 2012 …
SCF’s Intragroup Funding
€ Billion
% of Funding
25% %
Requirements

15 13%
9%
Self-funded ~ 6%
9
7
4/5
0%

Dec'09 Dec'10 Aug'11 e Dec'11 e Dec'12 e

ROA: 2%-2.4%

44

… through reinforcing its deposits and securitizations

SCF’s Intragroup Funding

€ Billion
Deposits in Germany
25%
(reinforced by SEB carve-out)

15 13%
9% Deposits in Poland
Self-funded 9
~ 6%

7
4/5 0% Active Securitization strategy

Dec'09 Dec'10 Aug'11 e Dec'11 e Dec'12 e

ROA: 2%-2.4%

45

SCF will maintain recurrent profits in the 2012-2013 period, …

Self-funded

 Macro Scenario: Low Interest Rates

 German economy: favorable perspectives (32% of SCF’s
portfolio; 48% of SCF’s Profit)
 Nordics and Poland positive macro-environment
ROA: 2%-2.4%  Healthy starting point in risks (1H’11: Risk Premium 2.3%
and Coverage 128%)
 Leadership in core markets

 Solid & proven business model with the necessary skills to
compete

46

… through its clear management priorities and objectives

Self-funded SCF’s aim:
 TOP 3 in core markets
• Macro Scenario: Low Interest Rates
• German economy: favorable
 “Captive finance”
perspectives (32% of SCF’s portfolio; model leadership
48% of SCF’s Profit)
• Nordics and Poland positive
 Gain profitable market
macro-environment share
ROA: 2%-2.4%
• Healthy starting point in risks (1H’11:
Risk Premium 2.3% and Coverage
 Efficiency leadership
128%)
 Strong consumer
• Leadership in core markets
collections specialist
• Solid & proven business model with
the necessary skills to compete

47

In summary,

After reaching all-time record results and
profitability in 1H11, over the next years
we will focus on:

Self-financed

Keeping high profitability

Value creation

48

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