Dear Shareholder,

At its meeting on March 23rd, the Board of Directors of Banco Santander approved the distribution of a fourth dividend of $0.343 per share from May 1st. Thus, the dividend per share charged to 2008 will be $0.88, the same as in 2007, to be paid entirely in cash.

The total dividend paid by Banco Santander against the 2008 financial year amounts to $6.499 billion, the highest cash dividend payout among all global banks.

In the current economic and financial environment, Banco Santander's dividend policy, a priority for the Bank's Board, is yet another example of our commitment to our more than 3 million shareholders, reflecting the strength, solvency and confidence in our Bank to continue generating good results and creating value for our shareholders.

Thank you very much for your support,

Emilio Botín
Chariman, Grupo Santander