Newport - Amendment

BANCO SANTANDER, S.A.

Registered office: Santander (Spain), Paseo de Pereda, 9-12

(the "Issuer")

Class A USD 1,042,995,000 Credit Linked Notes due September 2026

Class B USD 13,813,500 Credit Linked Notes due September 2026

Class C USD 96,700,500 Credit Linked Notes due September 2026

Class D USD 60,783,000 Credit Linked Notes due September 2026

Class E USD 34,536,000 Credit Linked Notes due September 2026

Class F USD 23,484,000 Credit Linked Notes due September 2026

Class G USD 64,927,500 Credit Linked Notes due September 2026

Class H USD 44,211,000 Credit Linked Notes due September 2026

(the "Notes")

24 December 2019

NOTICE IS HEREBY GIVEN that on 20 December 2019 the following amendments have been made to the terms and conditions (the "Conditions") of the Notes:

1.1 A new definition of "Interest Accrual Period" was inserted into the Conditions as follows:

"Interest Accrual Period" means the period commencing on (and including) a Note Payment Date and ending on (but excluding) the next following Note Payment Date, provided that, the initial Interest Accrual Period will commence on (and including) the Issue Date and the final Accrual Period will end on (and including) the Final Maturity Date.

1.2 The definition of "Interest Amount" in the Conditions was deleted and replaced with the following:

""Interest Amount" means, in respect of each Note Payment Date and the Interest Accrual Period ending on that Note Payment Date, and each Class of Notes, an amount equal to the product of:

(a) the Outstanding Principal Balance of that Class of Notes on the first day of that Interest Accrual Period;

(b) the Interest Rate in respect of that Class of Notes ; and

(c) the Day Count Fraction."

The amendments have been approved by way of a written resolution of each class of Noteholders.

BANCO SANTANDER, S.A.

This announcement has been issued through the Companies Announcement Service of Euronext Dublin.