Mutua sells its shareholding

Banco Santander S.A.
12 November 2007



                                 MATERIAL FACT


Banco Santander (the 'Bank') announces that it has been informed by Mutua
Madrilena Automovilista ('Mutua') of its decision to sell its financial stake in
the share capital of the Bank, amounting to 1.17%, for which Mutua has entered
into hedging arrangements in the market.


                                  Boadilla del Monte (Madrid), November 12, 2007



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