This statement provides a summary of the unaudited business and financial trends for the quarter ended 31 March 2011. Unless otherwise stated, references to Santander UK and other general statements refer to the trading (1) results and business flow analysis of Santander UK plc ("Santander UK") compared to the same period in 2010.

In Q4 2010 Santander UK acquired Santander Cards and the remaining interests of Santander Consumer Finance and Santander Private Banking as part of the previously announced restructure of group companies. As a result, the statutory results for the quarter ended 31 March 2011 include the results of these businesses, whereas the statutory results for the quarter ended 31 March 2010 do not. In order to enhance the comparability of the two periods, the results of these businesses have been included in the trading results for the quarter ended 31 March 2010.

The results of Banco Santander, S.A. ("Banco Santander") for the quarter ended 31 March 2011 are also released today and can be found on www.santander.com. The results of Santander UK, on a Group basis, are included within Banco Santander's financial statements

Trading Statement - Quarter 1 2011