Director/PDMR Shareholding

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

THIS NOTIFICATION RELATES TO MR. RODRIGO ECHENIQUE GORDILLO.

2

Reason for the notification

a)

Position/status

DIRECTOR OF THE ISSUER.

b)

Initial notification /Amendment

INITIAL NOTIFICATION

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

BANCO SANTANDER, S.A.

b)

LEI

5493006QMFDDMYWIAM13

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument

Identification code

ORDINARY SHARES OF 0.50 EURO NOMINAL VALUE (ISIN: ES0113900037)

b)

Nature of the transaction

17,603 SHARES GRANTED UNDER THE FIFTH CYCLE OF THE DEFERRED AND CONDITIONAL VARIABLE REMUNERATION PLAN.

15,266 SHARES GRANTED UNDER THE First Cycle of the Deferred Multiyear Objectives Variable Remuneration Plan.

19,940 SHARES GRANTED UNDER THE second Cycle of the Deferred Multiyear Objectives Variable Remuneration Plan.

30,431 SHARES GRANTED UNDER THE THIRD Cycle of the Deferred Multiyear Objectives Variable Remuneration Plan.

60,501 SHARES GRANTED UNDER THE FORTH Cycle of the Deferred Multiyear Objectives Variable Remuneration Plan.

c)

Price(s) and volume(s)

\* THE OPENING SHARE PRICE ON THE DAY ON WHICH THE SHARES WERE DELIVERED (13 FEBRUARY 2020) WAS EUR 3,91.

d)

Aggregated information

- Aggregated volume

- Price

ORDINARY SHARES OF 0.50 EURO NOMINAL VALUE (ISIN: ES0113900037):

e)

Date of the transaction

2020-02-13

f)

Place of the transaction

XMAD