1. Santander Consumer Finance – Company ProfileAugust 2008 1 Santander Consumer Finance Company profile August 2008

2. Santander Consumer Finance – Company ProfileAugust 2008 2 Purpose and methodology This company profile is an example of Global Insight’s ability to collect and structure information on companies and markets. It was written in August 2008. It is based on secondary research (annual reports, newspapers) backed by Global Insight’s expertise on European consumer finance markets. The purpose of this report is to draw a marketing profile of the company, i.e.: a/ to describe and analyze its marketing mix strategy: - breadth and depth of the product spectrum - nature and reach of the distribution channels - product characteristics - branding b/ to quantify key aspects of its activity: - breakdown of the loan portfolio by product type - breakdown of the loan portfolio by sales channels - market share Global Insight has the ability to carry out this analysis both at corporate and at country level.

3. Santander Consumer Finance – Company ProfileAugust 2008 3 Summary I. The Santander Consumer Finance Group 3 1.1 Overview4 1.2 International presence5 1.3 Geographical breakdown of the loan portfolio6 1.4 Product range7 1.5 Breakdown of the loan portfolio by product type8 1.6 Breakdown of the loan portfolio by sales channel9 1.7 Market share10 II. Santander Consumer Finance in Germany 11 2.1 Overview 12 2.2 Product spectrum 13 2.3 Product characteristics16 2.3.1 Car loans and Personal loans 16 2.3.2 Revolving loans, Insurance products17 2.4 Distribution18 2.4.1 Description of the distribution networks 18 2.4.2 Breakdown of the loan portfolio by sales channel19 2.5 Branding strategy20 2.6 Main competitors21

4. Santander Consumer Finance – Company ProfileAugust 2008 4 Founded in 1972 (as Bansafina) and further developed in 1978 (as Hispamer).  Management Committee: Magda Salarich Fernández de Valderrama - Chief Executive Officer (CEO) Pedro Guijarro - Business Area I Javier San Félix - Business Area II Andreas Finkenberg - Business Area Germany Tom Dundon - Business Area U.S.A.  Key figures: Net Interest Income for 2007: €1 350 Mio. Consolidated profit for 2007: €511 Mio. (-30.8% in a year) Employees: 7.200 Customers: 9.9 Mio.  Parent company: Banco Santander, S.A. (Spain)  International presence: 18 countries. Main focus on Western-Europe. Current development in emerging markets (Latin America, Russia).  Product portfolio centered on car finance, with extensions towards other type of loans, retail banking and insurance. 1.1 Santander Consumer Finance Group Overview Source: Global Insight, Annual Reports of Santander Consumer Finance Total outstanding loans (€Mio)

5. Santander Consumer Finance – Company ProfileAugust 2008 5 1.2 International presence Main developments outside Spain Source: Global Insight, Annual Reports of Santander Consumer Finance Before 2002 2002-2006Since 2007 Germany (1987): Acquisition of CC Bank. Portugal (2006) Acquisition of Interbanco. France (2007-2008) Joint-venture with Banque Accord. United Kingdom (2005) Brownfield development Russia (2006) Acquisition of Extrobank. Poland (2004) Acquisition of Polskie Towarzystowo Finansowe Czech Republic (1997) Hungary (1998) The Netherlands (2004) Acquisition of Abfin. Finland (2008) Acquisition of GE Money Bank Finland. Austria (2008) Acquisition of GE Money Bank Austria. Sweden (2004) Acquisition of Elcon. Mexico (2007) Acquisition of Alcanza. Chile (2007-2008) Joint-venture with SKBergé Financimiento. USA (2006) Acquisition of Drive Financial. Germany (2002) Acquisition of AKB. Germany (2008): Acquisition of GE Money Bank Germany. Italy (2004) Acquisition of Finconsumo. Austria (2001) UK, Ireland (2008) Acquisition of GE Money Bank credit card business. WESTERN EUROPE EASTERN EUROPE THE AMERICAS Norway (2005) Acquisition of Bankia Bank.

6. Santander Consumer Finance – Company ProfileAugust 2008 6 Global Insight’s assessment of the Group’s outstanding loans: breakdown by geographical area (at 31.12.2007) Global Insight’s assessment of the Group’s outstanding loans: breakdown by geographical area (at 31.12.2007) Since 2002, Santander Consumer Finance implements a strong geographical expansion strategy. This is carried out mainly through acquisitions. In 2008 as part of an asset swap deal, the group will take over GE Money’s businesses in Germany, Finland and Austria and its card and auto financing business in the UK. This move will have a strong impact on the geographical balance of Santander Consumer Finance’s loan portfolio. The acquired GE Money companies have €9bn assets. Hence, the weight of Spain and Portugal in the loan portfolio will shrink to approximately 25%. On the other hand, the German speaking markets could well represent 45% or more of total outstanding loans. Since 2006, the Group has undertaken selected investments in emerging countries (Russia, Chile, Mexico). As of today, this is far from balancing the weight of mature Western-European markets in the loan portfolio. Source: Global Insight, Annual Reports of Santander Consumer Finance 1.3 Geographical breakdown of the loan portfolio Total outstanding loans (at 31.12.2007): €45 196 Mio.

7. Santander Consumer Finance – Company ProfileAugust 2008 7 Range of BtoC products across some of the Group’s locations 1.4 Product range Car finance Personal loans Revolving loans Mortgage Retail banking Accident, death, & health insur. P & C insurance Savings & Investments Spain Car finance Personal loans Revolving loans Mortgage Retail banking P & C insurance Germany Car finance Personal loans Revolving loans Retail banking Italy Car finance Personal loans Revolving loans Mortgage Poland Car finance Personal loans P & C insurance Hungary The UK Car finance P & C insurance Life Insurance & Retirem t savings Accident, death, & health insur. Portugal Car finance Personal loans Revolving loans Life Insurance & Retirem t savings Source: Global Insight, Santander Consumer Bank website As this chart indicates, car finance (and personal loans) are at the core of Santander Consumer Finance’s portfolio. They are leveraged as ‘Trojan horses’ to build up the customer base when the Group settles in a new country. Once the customer base I set up (e.g. in Spain, Germany, where the company has years of presence), the product portfolio diversifies to other types of loans and to financial services with higher margins (insurance, savings, investments). Savings & Investments

8. Santander Consumer Finance – Company ProfileAugust 2008 8 Global Insight’s assessment of the Group’s outstanding loans: breakdown by type of product (at 31.12.2007) Global Insight’s assessment of the Group’s outstanding loans: breakdown by type of product (at 31.12.2007) Car finance is by far Santander Consumer Finance’s main business line. It is mainly geared towards new vehicles financing which account for approximately 60% of all car loans. (However, in Germany, the UK, and Norway, used vehicles form the major part of the business). This of course means that the company is exposed to the ebbs and flows of the new car market. Product diversification aims at mitigating this kind of risk. In the first quarter of 2008, the most profitable products (cards and direct lending) accounted for 33% of total new business. Car finance is by far Santander Consumer Finance’s main business line. It is mainly geared towards new vehicles financing which account for approximately 60% of all car loans. (However, in Germany, the UK, and Norway, used vehicles form the major part of the business). This of course means that the company is exposed to the ebbs and flows of the new car market. Product diversification aims at mitigating this kind of risk. In the first quarter of 2008, the most profitable products (cards and direct lending) accounted for 33% of total new business. Source: Global Insight, Annual Reports of Santander Consumer Finance 1.5 Breakdown of the loan portfolio by product type Total outstanding loans (at 31.12.2007): €45 196 Mio.

9. Santander Consumer Finance – Company ProfileAugust 2008 9 Global Insight’s assessment of the Group’s outstanding loans: breakdown by sales channels (at 31.12.2007) Global Insight’s assessment of the Group’s outstanding loans: breakdown by sales channels (at 31.12.2007) Indirect sales channels (car dealers and other points of sale) account for at least three quarters of the group’s outstanding loans. This is a result of the product spectrum of the company. Car loans are mainly channeled through car dealers. (In Germany alone, the company works together with more than 23.000 dealers). Besides, the company also works together with numerous points of sales for the distribution of credit cards and personal loans (in the form of POS loans). In Spain, the number of affiliated outlets for consumer and card finance is over 40.000. In Germany, it is close to 14.000. Source: Global Insight, Annual Reports of Santander Consumer Finance 1.6 Breakdown of the loan portfolio by sales channel Total outstanding loans (at 31.12.2007): €45 196 Mio.

10. Santander Consumer Finance – Company ProfileAugust 2008 10 Global Insight’s assessment of the Group’s market share in 2007 as a proportion of total consumer loans outstanding Global Insight’s assessment of the Group’s market share in 2007 as a proportion of total consumer loans outstanding Source: Global Insight, Annual Reports of Santander Consumer Finance Overall, the company has its strongest positions in Spain (its home market), as well as in Poland, Norway and the Czech Republic. Its weight on the German market will be further enhanced by the integration of GE Money Bank. In the car finance industry more specifically, Santander Consumer Finance’s positions are very strong:  16% to 20% market share in Spain (market leader)  8% to 12% market share in Germany  10% to 15% market share in Poland Overall, the company has its strongest positions in Spain (its home market), as well as in Poland, Norway and the Czech Republic. Its weight on the German market will be further enhanced by the integration of GE Money Bank. In the car finance industry more specifically, Santander Consumer Finance’s positions are very strong:  16% to 20% market share in Spain (market leader)  8% to 12% market share in Germany  10% to 15% market share in Poland 1.7 Market share

11. Santander Consumer Finance – Company ProfileAugust 2008 11 2. Santander Consumer Bank AG The Group’s German subsidiary

12. Santander Consumer Finance – Company ProfileAugust 2008 12 2.1 Santander Consumer Finance local subsidiary Santander Consumer Bank AG  Founded in 1957, taken over by Santander in 1987, renamed Santander Consumer Bank AG in 2003.  Managing director: Andreas Finkenberg  Outstanding loans to customers: €15 254 Mio (at 31.12.2007), i.e. 33% of the Group’s outstanding loans.  Profits, end 2007: €385 Mio. (+4.6% year-on-year), i.e. 28% of the Group’s profits.  1, 200 employees  3.8 million clients Santander Consumer Bank AG  Founded in 1957, taken over by Santander in 1987, renamed Santander Consumer Bank AG in 2003.  Managing director: Andreas Finkenberg  Outstanding loans to customers: €15 254 Mio (at 31.12.2007), i.e. 33% of the Group’s outstanding loans.  Profits, end 2007: €385 Mio. (+4.6% year-on-year), i.e. 28% of the Group’s profits.  1, 200 employees  3.8 million clients Online distribution of car finance products 100% Private and corporate leasing in Germany, Austria, Czech Republic and Hungary German subsidiary of Santander Consumer Finance 100% Austrian, Dutch, Hungarian and Czech branches of Santander Consumer Finance Organization chart Source: Global Insight, Santander Consumer Bank website, Annual Reports

13. Santander Consumer Finance – Company ProfileAugust 2008 13 B2C product range of Santander Consumer Bank 2.2 Product spectrum Car finance Personal loan Revolving loans POS loans Complete CompleteEasy  Available on the www.carcredit.de: Classic Credit Budget Credit  Available via car dealers: Budgetfinanzierung Leichtkauffinanzierung Repararturfinanzierung Autoflex Standard Finanzierung Leasing (Complete and CompleteEasy)  “Stand-alone Products”: Verfügungskonto ModernisierungsCredit  Credit Cards: AutoDispoPlus Santander Visa-Karte Santander SunnyCard Harley-Davidson Visa Chrome Card Hein Gericke Visa Card 1Plus Card HymerCard-Visa D.A.S.-Visa-Karte Zürich Visa-Karte CleverCard Personal loans (free- purpose) 6 month-deferred payment Mortgage  Mortgage  Unsecured home loans Retail banking  Current Accounts  Saving Accounts (x2)  Debit Cards BestCredit Accident, Death, & Health insurance  Payment protection insurance:  Working inability cover  Accident insurance  Death insurance  Complementary health insurance  Travel insurance P & C insurance  Auto Insurance: Complete CompleteEasy ProtectPlus (payment protection insurance) Santander Safe (“new car replacement” insurance)  Home Insurance: Content coverage Building coverage  Legal and third-party Liability Insurance: Legal insurance Civil liability Life Insurance & Retirement savings  Retirement savings  Life insurance  Complementary state- regulated pension Investment products  Bonds  Investment funds, or accounts: BestInvest (1 account and 3 funds) Savings account Home savings account Santander retirement funds (x3) Santander mutual stock funds (x5) Other investment funds (x2) Source: Global Insight, Santander Consumer Bank website CONSUMER FINANCEINSURANCESAVINGS, INVESTMENTSRETAIL BANKING

14. Santander Consumer Finance – Company ProfileAugust 2008 14 Depth of the product range (number of different products in each category) Depth of the product range (number of different products in each category) This chart enables us to see the product categories on which Santander Consumer Bank puts a special emphasis. The company offers 13 different credit cards: this is the product family that has the largest spectrum. Car finance ranks second with 10 different products. On the other hand, personal loans and POS loans have a tight product range. The depth of the product range is not correlated to the volume of business generated by each product. Credit card generate less outstanding loans than each of the three other types of consumer loans (See next slide). 2.2 Product spectrum Source: Global Insight, Santander Consumer Bank website

15. Santander Consumer Finance – Company ProfileAugust 2008 15 Global Insight’s assessment of the Group’s outstanding loans: breakdown by type of product (at 31.12.2007) Car finance is by far Santander Consumer Bank’s main business line. It is mainly geared towards second hand cars which account for approximately 60% of all car loans. The assessed market share of the company on the German market is:  8% to 10% in car finance  less than 2% in credit cards  Between 5% and 10% in the two other business lines taken together Car finance is by far Santander Consumer Bank’s main business line. It is mainly geared towards second hand cars which account for approximately 60% of all car loans. The assessed market share of the company on the German market is:  8% to 10% in car finance  less than 2% in credit cards  Between 5% and 10% in the two other business lines taken together 2.2 Product spectrum Source: Global Insight, Santander Consumer Bank website, Annual Reports Total outstanding loans (at 31.12.2007): €15 254 Mio.

16. Santander Consumer Finance – Company ProfileAugust 2008 16 Classic Credit  Minimum rate: 4.90% APR  Maximum rate: 6.89% APR  Maximum amount: € 511, 291. 00  Minimum amount: € 511. 29 Interest Rate Amount Duration  Minimum duration: 12 months  Maximum duration: 96 months Specific characteristics  Product displayed on the carcredit.de website 2.3 Product characteristics 2.3.1 Car loans and personal loans Budget Credit  Minimum rate: 4.90% APR  Maximum rate: 6.89% APR  Minimum duration: 12 months  Maximum duration: 60 months  Product displayed on the carcredit.de website  Maximum amount: € 511, 291. 00  Minimum amount: € 511. 29  Minimum balloon payment: 33% of borrowed amount  Maximum balloon payment: 60% of borrowed amount BestCredit  Minimum rate: 5.89% APR for borrowed amount up to € 3, 000  Maximum rate: 7.89% for borrowed amount over € 3, 000  Maximum amount: € 59, 999.99  Minimum amount: € 750  Minimum duration: 12 months  Maximum duration: 84 months  Product only available through internet Car loans: product characteristics Personal loans: product characteristics Source: Global Insight, Santander Consumer Bank website

17. Santander Consumer Finance – Company ProfileAugust 2008 17 Revolving loans: product characteristics Verfügungs Konto  Annual rate: 9.85% APR  Maximum amount: € 30, 000  Minimum amount: € 3, 000 Interest Rate AmountRepayment  Minimum repayment: 2.5% of the balance each month (min. € 100) Specific characteristics Moderniesie- rungs Konto  Revolving loan dedicated to home- improvement expenses (need to present an extract from the cadastral register when applying)  Maximum amount: € 50, 000  Minimum amount: € 10, 000  Annual rate: 5.98% APR  Minimum repayment: 1.35% of the balance each month (min. € 150) 2.3 Product characteristics 2.3.2 Revolving loans, Insurance products AutoDispo- Plus  Available at car dealers  No interest rate for the first 6 months  Co-branded card with distributing dealers  Minimum repayment: 2.5% of the balance each month (min. € 50)  Maximum amount: € 5, 000  Displayed base rate: 8.99% APR Characteristics of insurance products Triggering events Amounts coveredPremiums Specific characteristics Home content insurance The insurance contract can optionally cover bicycles, damages occurred as a consequence of acts of God (e.g. earthquakes). Monthly premiums of €6, for €50 000 insured goods in a 70m 2 –apartment. Replacement at purchase value  Fire, storm, explosion, hail  Water pipe  Robbery  Vandalism Goods are also insured if located in the ceiling and garage. Car insurance Vollkaso  Civil liability  Damage inflicted to the vehicle through external events (fire, explosion storm, robbery, etc.)  Damage inflicted to the vehicle by the owner  Insurance premiums are bundled with the loan repayment  Civil liability: up to €8Mio per victim  Replacement at purchase value during 12 months Vehicle powerPremium Up to 46 kw€ 58,50 Up to 66 kw€ 69,80 Up to 85 kw€ 78,00 Up to 110 kw€ 92,30 Up to 142 kw€ 119,00

18. Santander Consumer Finance – Company ProfileAugust 2008 18 Car retailOther Outlets 2.4 Distribution strategy 2.4.1 Description of the different distribution networks POS loans  Number of car dealers: 23, 300. On-line distribution local branches Direct distribution (excluding on-line distribution) Number of local branches:  95 dedicated to private customer services against 85 in 2006.  9 branches dedicated to vehicles dealers  11 branches dedicated to other corporate clients The number of branches will double thanks to the acquisition of GE Money in Germany. The company has set up a website especially dedicated to car finance www.carcredit.de www.carcredit.de  Customers can calculate the rate online  Customers can fill in the subscription form and send it online  Customers can calculate the rate online  Customers can fill in the subscription form but have to print it and send it per post Car financePersonal loanRevolving loans  Customers can calculate the rate online  Customers can fill in the subscription form but have to print it and send it per post  Number of retailers: 13, 700. Santander Consumer Bank has set up two specific website to extend car loans to private customers:  on www.carcredit.de, customers can compute the rates for each car loans.www.carcredit.de  on www.autoboerse.de/, customers can look for buyers or sellers of second-hand cars. The website is linked to CarCredit.de as far as car financing is concerned. A similar strategy is being implemented by the German savings banks through their website www.gebrauchtwagen.de dedicated to peer-to-peer car sales.www.autoboerse.de/ www.gebrauchtwagen.de Santander Consumer Bank has set up two specific website to extend car loans to private customers:  on www.carcredit.de, customers can compute the rates for each car loans.www.carcredit.de  on www.autoboerse.de/, customers can look for buyers or sellers of second-hand cars. The website is linked to CarCredit.de as far as car financing is concerned. A similar strategy is being implemented by the German savings banks through their website www.gebrauchtwagen.de dedicated to peer-to-peer car sales.www.autoboerse.de/ www.gebrauchtwagen.de Source: Global Insight, Santander Consumer Bank website, Annual Reports

19. Santander Consumer Finance – Company ProfileAugust 2008 19 Global Insight’s assessment of the Group’s outstanding loans: breakdown by distribution channel (at 31.12.2007) 2.4 Distribution strategy 2.4.2 Breakdown of the loan portfolio by sales channel Indirect sales channels (car dealers and other points of sale) account for more than 80% of the company’s outstanding loans. Santander Consumer Bank has partnership agreements with more than 23.000 car dealers and more than 13.000 retailers. On the other hand, the company has a proprietary network of 95 branches. The network has been extended in the past years (10 new branches were opened in 2007) and will double in size thanks to the merger with GE Money Bank. With 190 branches, the company will then have a proprietary distribution channel twice as big as its direct competitors (e.g. Norisbank). Source: Global Insight, Santander Consumer Bank website, Annual Reports Total outstanding loans (at 31.12.2007): €15 254 Mio.

20. Santander Consumer Finance – Company ProfileAugust 2008 20 2.5 Branding strategy Double-branded products (product name distinct from the company’s brand) Santander Consumer Banks devotes significant efforts to the branding of its loans. A small number of loans (6) have a distinctive naming which acts as a brand alongside the corporate brand. The naming is designed to reflect the main benefits of the loan. For instance:  Among credit cards: ‘SunnyCard’, ‘1plus’ (credit card for travelers), ‘Clever’ (credit card with no interests in the first six months)  Among car loans: ‘AutoFlex’ (Variable car loan), ‘ProtectPlus’ (Car loan including a payment protection insurance).  Among personal loans ‘BestCredit’: The most heavily leveraged brand is ‘CarCredit’, i.e. the website entirely dedicated to car finance Umbrella brands (same brand for different type of products) On the other hand, 12 loans (i.e. more than half of the bank’s consumer loan portfolio) has no distinctive branding. Their name is a mere description of their purpose and or characteristics. For instance:  Among personal loans: ‘Credit for home renovation’  Among car loans: ‘Loan for car repairs’, ‘Standard Loan’, ‘Complete Loan’  Among POS loans: ‘Loan with fixed installments’ Co-Branding (for credit cards) Santander Consumer Bank is active in the field of co-branding, through the following products:  D.A.S. Visa – Card. D.A.S is a leader for legal liability insurance in Germany. This card is exclusively offered to people holding a legal liability insurance from D.A.S.  Zürich Visa – Card. Zürich is a Swiss Insurance company.  HymerCard– Visa  Hymer is a motor home manufacture. Owners of a Hymer trailer or motorhome can get this card without any annual fee.  Hein Gericke Visa – Card. Hein Gericke is a motorcycle equipment retailer.  Harley Davidson Visa Chrome Card  AutoDispoPlus. Co-branded card with a car dealer Source: Global Insight, Santander Consumer Bank website, Annual Reports

21. Santander Consumer Finance – Company ProfileAugust 2008 21 Santander Consumer Bank AG  Personal loan, car finance, revolving loans, home-related loans  Car insurance, home and content insurance  Payment protection insurance, death insurance, working inability insurance  Retirement savings and investment products  Current and saving accounts, internet banking Product rangeProduct depth Distribution Size 2.6 Main competitors  Number of car finance products: 8  Number of personal loans: 1  Number of revolving products: 12  Number of branches: 100  Number of partner car dealers: 23, 300  Number of partner retailers: 13, 700  Number of employees: 1, 200  Net profit: € 385 Mio.  Number of car finance products: 0  Number of personal loans: 1  Number of revolving products: 8  Number of branches: 340  Number of employees: 6, 800  Net profit: €643 Mio.  Personal loan, revolving loans, home- related loans.  death insurance, accident insurance, working inability insurance  Retirement savings, investment products.  Current and saving accounts, internet banking Citibank Volkswagen Financial Services & Bank  Number of car finance products: 9  Number of personal loans: 1  Number of revolving products: 2  Number of branches: 340  Number of car dealers: 2 500  Personal loan, revolving loans, home- related loans, car finance  Car insurance and car-related insurance (payment protection, legal liability)  Investment products  Current and saving accounts, internet banking  Number of employees: 3, 856  One million new private indirect car financing contracts  Outstanding amount of non-vehicle credit: € 504 Mio. Source: Global Insight, Santander Consumer Bank website, Annual Reports