BZWBK Group. Results 1H12. July 26 th, 2012

1 BZWBK Group Results 1H12 July 26 th, 2012

2 This presentation as regards the forward looking statements is exclusively informational in nature and cannot be treated as an offering or recommendation to conclude any transactions. Bank Zachodni WBK shall not be liable for any consequences of decisions taken based on the forward looking statements contained in this document.

Important information Banco Santander, S.A. ("Santander") cautions that this presentation contains forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995. These forward-looking statements are found in various places throughout this presentation and include, without limitation, statements concerning our future business development and economic performance. While these forward-looking statements represent our judgment and future expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to: (1) general market, macroeconomic, governmental and regulatory trends; (2) movements in local and international securities markets, currency exchange rates, and interest rates; (3) competitive pressures; (4) technological developments; and (5) changes in the financial position or credit worthiness of our customers, obligors and counterparties. The risk factors and other key factors that we have indicated in our past and future filings and reports, including those with the Securities and Exchange Commission of the United States of America (the SEC ), could adversely affect our business and financial performance. Other unknown or unpredictable factors could cause actual results to differ materially from those in the forward-looking statements. Neither this presentation nor any of the information contained therein constitutes an offer to sell or the solicitation of an offer to buy any securities or any advice or recommendation with respect to such securities. The information contained in this presentation is subject to, and must be read in conjunction with, all other publicly available information, including, where relevant any fuller disclosure document published by Santander. Any person at any time acquiring securities must do so only on the basis of such person's own judgment as to the merits or the suitability of the securities for its purpose and only on such information as is contained in such public information having taken all such professional or other advice as it considers necessary or appropriate in the circumstances and not in reliance on the information contained in the presentation. Nothing contained in this presentation is an offer of securities for sale into the United States or in any other jurisdiction. No offering of Securities shall be made in the United States except pursuant to registration under the U.S. Securities Act of 1933, as amended, or an exemption there from. Nothing contained in this presentation is intended to constitute an invitation or inducement to engage in investment activity for the purposes of the prohibition on financial promotion in the U.K. Financial Services and Markets Act 2000. In making this presentation available, Santander makes no recommendation to buy, sell or otherwise deal in shares in Santander or in any other securities or investments whatsoever and you should neither rely nor act upon, directly or indirectly, any of the information contained in this presentation in respect of any such investment activity. Note: Statements as to historical performance, historical share price or financial accretion are not intended to mean that future performance, historical share price or future earnings (including earnings per share) for any period will necessarily match or exceed those of any prior year. Nothing in this presentation should be construed as a profit forecast. Note: The results information contained in this presentation has been prepared according to IFRS as applied in Poland. As a result it may differ from the one disclosed by Santander Group. 3

Table of Contents 4 Macroeconomic Scenario and Financial System 30.06.2012 - Business - Results

Macroeconomic Scenario 5 GDP (real annual growth %) Interest Rate NBP reference rate (%) End of period 3.9 4.3 4.50 4.75 4.75 2.7 2.5 3.50 3.50 1.6 2009 2010 2011 2012(e) 2013(e) 2009 2010 2011 2012(e) 2013(e) Inflation (CPI %) Exchange Rate PLN/EUR End of period 3.5 2.6 4.3 3.7 2.6 4.11 3.96 4.42 4.21 4.10 2009 2010 2011 2012(e) 2013(e) 2009 2010 2011 2012(e) 2013(e) Source: National Bank of Poland, Central Statistical Office, Santander Research

Macroeconomic Scenario 6 Fixed investment Investments and Consumption 8.3 4.9 %YoY Private 3.1 consumption 1.9 3.2 2.1 2.3-1.2-0.2-1.8 2009 2010 2011 2012(e) 2013(e) EUR billion C/A Balance vs. FDI+EU funds Current account balance Foreign direct investments EU funds 8.5 5.4 8.5 10.0 6.9 9.3 6.7 10.9 9.5 9.0-12.2-16.5-16.0-12.2-7.8 2009 2010 2011 2012(e) 2013(e) Unemployment Rate Fiscal policy indicators 16 14 12 10 % Source: National Bank of Poland, Central Statistical Office, Eurostat, Santander Research Registered unemployment LFS unemployment (s.a.) 12.6 9.9 8 6 Jan 09 Jan 10 Jan 11 Jan 12 % of GDP General government debt General government deficit 56.3 54.8 55.4 54.3 50.9 7.4 7.8 5.1 3.0 3.0 2009 2010 2011 2012(e) 2013 (e)

Financial System: Credit Evolution 7 Loan growth Total Loans Loans to Corporations PLN billion 767 799 841 862 853 875 11.3% PLN billion 221 231 244 253 254 260 14.1% 11.0% Mar.11 Jun.11 Sep.11 Dec.11 Mar.12 May.12 Loans to individuals (mortgage credit) 3.6% Mar.11 Jun.11 Sep.11 Dec.11 Mar.12 May.12 Loans to individuals (consumer credit) PLN billion 24.4% 279 298 322 329 323 337 15.9% PLN billion 140 139-1.0% 141 139 136 136-3.0% Mar.11 Jun.11 Sep.11 Dec.11 Mar.12 May.12 Mar.11 Jun.11 Sep.11 Dec.11 Mar.12 May.12 Volume Y-o-Y Variation % Source: National Bank of Poland

Financial System: Deposits Evolution 8 Deposit growth Total Deposits Corporate Deposits PLN billion 762 760 766 PLN billion 203 700 12.2% 693 715 11.0% 169 7.3% 177 181 182 184 4.9% Mar.11 Jun.11 Sep.11 Dec.11 Mar.12 May.12 Household Deposits Mar.11 Jun.11 Sep.11 Dec.11 Mar.12 May.12 Mutual funds PLN billion 434 436 452 478 487 489 13.1% 16,8% 119 119 108 114 126 125 4,8% 10.8% Mar.11 Jun.11 Sep.11 Dec.11 Mar.12 May.12 Mar.11 Jun.11 Sep.11 Dec.11 Mar.12 May.12 Volume Y-o-Y Variation % Source: National Bank of Poland

Table of Contents 9 Macroeconomic Scenario and Financial System 30.06.2012 - Business - Results

Table of Contents 10 Macroeconomic Scenario and Financial System 30.06.2012 - Business - Results

BZWBK Group 11 BZ WBK features Branches 630 - incl. agencies 106 ATMs 1 047 Employees ( FTE s) 9.0 k Corporate Banking Centres 3 Business Banking Centres 7 Balance Sheet 30.06.2012 P&L 30.06.2012 Assets EUR 13 965 m Loans EUR 9 177 m Deposits EUR 10 876 m Total assets +7% Y-o-Y Income EUR 473 m Costs EUR (213) m PBT EUR 209 m ROE* 20,7 % * Excluding Q4, 2011 once-off adjustments of EUR 21 m

Business: Portfolio Evolution 12 Loan growth driven by Cash Loans, SME and Large Corporate EUR m 30.06.12 30.06.11 Y-o-Y Variation Q-o-Q Variation 11.5% 2.2% Mortgage 1 856 1 690 9,8% 4,2% Other personal 1 220 1 139 7,0% 2,1% 8 531 8 948 9 281 9 303 9 509 Total personal 3 076 2 830 8,7% 3,4% Business 6 433 5 701 12,8% 1,7% Total gross loans 9 509 8 531 11,5% 2,2% Comments Jun.11 Sep.11 Dec.11 Mar.12 Jun.12 Y-o-Y variation excluding FX effect: Mortgage loans 7% Total personal 7% Business 10% Total Loans 9% PLN loans comprise 69% of total gross loan portfolio

Business: Loans by products 13 Personal lending +8.7 % Y-o-Y Cash Loans Individuals Mortgages EUR m EUR m 11.2% 9.8% 819 910 1 103 1 214 10.1% 587 642 9.4%* Jun.11 Jun.12 Jun.11 Jun.12 FX PLN Comments Continued sales growth of cash loans Further market share increase with the highest sale ever in May * FX mortgage increase of 1.7% excluding FX effect

Business: Deposits + Funds Evolution 14 Active management of deposits EUR m 13.3% 30.06.12 30.06.11 Y-o-Y Variation Q-o-Q Variation 6.3% Demand 3 390 2 736 23,9% 18,2% 9 596 3 598 10 302 4 142 11 022 10 235 4 641 3 753 10 876 4 286 Savings 1 509 1 529-1,3% -3,9% Time Deposits 5 977 5 331 12,1% 3,1% Customer Deposits 10 876 9 596 13,3% 6,3% 5 997 6 160 6 381 6 482 6 590 Jun.11 Sep.11 Dec.11 Mar.12 Jun.12 Retail Business Mutual Funds -11.5% Comments Business deposits +19.1% Y-o-Y Retail deposits +9.9% Y-o-Y Mutual Funds +11.4% in H1 2012 Demand deposits in H1, 2012 include one large deposit of EUR 0.4 bn Excluding this large deposit, Total Deposits +9.1 Y-o-Y and +2.3 Q-o-Q 2 548 2 167 2 024 2 202 2 255 Jun.11 Sep.11 Dec.11 Mar.12 Jun.12

Business: Market Share 15 Market Share (%) May 2012 December 2011 June 2011 Total Banking System Loans Total Loans 4.3 4.20 4.19 - Cash Loans 3.97 3.62 3.45 Deposits + Funds Total Deposits 5.47 5.53 5.22 - Personal Deposits 5.73 5.80 5.89 - Business Deposits 5.11 5.18 4.37

Table of Contents 16 Macroeconomic Scenario and Financial System 30.06.2012 - Business - Results

Results: Net Interest Income 17 Net Interest Income +13.2% Y-o-Y EUR m NIM by Q, % 13.7% 2.7% 4,27 4,29 4,23 4,27 4,32 118 125 127 131 135 2Q11 3Q11 4Q11 1Q12 2Q12 2Q11 3Q11 4Q11 1Q12 2Q12 Comments Favourable product mix supporting NIM

Results: Net Fees 18 Net Fees impacted by investment banking EUR m -2.3% 3.3% 82 80 78 78 80 1H 12 1H 11 Y-o-Y Variation Q-o-Q Variation ebusiness & payments 39 36 9,8% 10,0% Investment banking 1 30 44-33,0% -9,1% Current accounts & money transfer 28 29-2,4% 3,4% FX fees 27 25 8,7% 9,3% 2Q11 3Q11 4Q11 1Q12 2Q12 Net Fees Comments Strong increase in insurance income Loan fees supported by marketing campaign Investment banking impacted by Brokerage activity Loan fees 14 10 31,8% -6,7% Insurance fees 13 8 62,9% 28,0% Other 2 7 10-29,3% -18,8% Total 158 162-2,5% 3,3% 1. Brokerage fees, distribution and management fees 2. Includes off-balance sheet guarantees commissions, issue arrangement fees, credit cards fees, structured product fees and other

Results: Total Income 19 Total Income grew at 5.6% Y-o-Y EUR m 5.0% 1H 12 1H 11 Y-o-Y Variation Q-o-Q Variation 12.3% Net Interest Income 266 235 13,2% 2,7% Fees 158 162-2,5% 3,3% 37 28 15 14 35 82 80 78 78 80 118 125 127 131 135 2Q11 3Q11 4Q11 1Q12 2Q12 Gain/loss on financial transactions + Others Fees Net Interest Income Subtotal 424 397 6,8% 2,9% Gain/Loss on financial transactions + Others 49 51-3,7% 152,5% Total Income 473 448 5,6% 12,3% Comments Gains/losses on financial transactions and Other impacted by: Sale of debt securities yielding gains of EUR +5.4m Lower H1 dividend income from Aviva entities at EUR 11.3m, - 29.1% YoY

Results: Administrative Expenses and Amortization 20 Total expenses decreased by 0.5% Y-o-Y and 2.6 % Q-o-Q EUR m -4.1% -2.6% 1H 12 1H 11 Y-o-Y Variation Q-o-Q Variation 2 4 8 8 43 37 21 2 1 8 1 9 8 42 42 40 Staff costs 112 113-0,8% 0,0% Administrative Expenses 82 81 1,2% -5,6% Amortization 17 17-1,4% -10,8% 56 56 62 56 56 2Q11 3Q11 4Q11 1Q12 2Q12 Staff costs Administrative Expenses Amortization Other costs Once-off adjustments Other costs 2 3-33,3% 50,0% Total 213 214-0,5% -2,6% Comments Decrease of postal and telecommunication costs by 13%Y-o-Y Initial costs related to the Kredyt Bank merger reflected in H1 2012 expenses Marketing costs EUR 9.9m, -7% Y-o-Y

Results: Net operating income 21 Net operating income growth of 11.4% mainly driven by NII EUR m 12.8% 26.2% 129 128 106 115 145 21 85 2Q11 3Q11 4Q11 1Q12 2Q12 Operating surplus Once-off adjustments 1H 12 1H 11 Y-o-Y Variation Q-o-Q Variation Net Interest Income + Fees 424 397 6,8% 2,9% Gain on financial transactions + Others Adm. Expenses + Amortization + Other costs 49 51-3,7% 152,5% (213) (214) -0,5% -2,6% Net operating income 260 234 11,4% 26,2%

Results: Provisions and Loan Quality 22 Provision charge impacted by large individual cases Provisions and Annualised total credit loss ratio NPL (%) 1,20% 1,21% 1,21% 1,11% 1,00% 1,06% 1,00% 0,82% 1,10% 6,3% 6,0% 6,8% 7,0% 6,7% 6,5% 5,5% 5,4% 5,6% 34 24 24 22 19 25 20 19 33 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 Coverage ratio (%) 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 41,3% 45,3% 44,1% 46,4% 50,2% 51,9% 49,0% 49,8% 47,8% Provisions (EUR m) Annualised total credit loss ratio 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12

Results: Net Profit 23 Net Profit of EUR 167 Million on 30.06.2012, growth of 6% Y-o-Y EUR m 0.5% 20.5% 1H 12 1H 11 Y-o-Y Variation Q-o-Q Variation 91 83 15* 69 76 91 11* Profit before Taxes 209 194 8,2% 16,3% Taxes (42) (36) 17,8% 1,1% 21 Net Profit 167 158 6,0% 20,5% 48 Attributable profit 164 151 8,4% 21,3% 2Q11 3Q11 4Q11 1Q12 2Q12 Net profit Once-off adjustments * In Q2 2012 dividend from Aviva entities of EUR 11.3 m ( in Q2 2011 - EUR 14.6 m)

Results: Indicators 24 C/I % Solvency ratio % ROE % -2.8 p.p. - 0.7 p.p. + 1.2 p.p. 47.8 45.0 15,8 15,1 19,5 20,7 30.06.11 30.06.12 30.06.11 30.06.12 30.06.11 30.06.12

Conclusions: 25 Key points Good growth in loans +11.5% Improving margin on deposits q/q Focus on net interest margin Loans Personal: +8.7% y/y Business: +12.8% y/y Loan/Deposit ratio: 84.4% Interest income Strong growth in interest income: +13.2% y/y +2.7% q/q Net profit Strong growth in net profit attributable profit of EUR 164 m + 8.4% y/y + 21.3% q/q Group Ongoing integration with Santander Group

26 ANNEXES P&L Account Balance sheet Net interest margin evolution

P&L Account 27 for the period (EUR k): 2Q 2012 1Q 2012 4Q 2011 3Q 2011 2Q 2011 Interest and similar income 223 001 222 457 215 824 206 722 194 802 Interest expense and similar charges (88 225) (91 196) (88 729) (81 282) (76 363) Net interest income 134 776 131 260 127 095 125 440 118 440 Fee and commission income 92 379 89 811 90 494 92 027 93 785 Fee and commission expense (11 935) (12 006) (12 711) (11 830) (11 607) Net fee and commission income 80 444 77 805 77 783 80 196 82 178 Dividend income 12 661 0 26 105 15 899 Net trading income and revaluation 12 744 9 436 11 714 25 344 16 751 Gains (losses) from other financial securities 5 747 625 1 160 355 1 286 Other operating income 3 864 3 858 2 156 1 841 3 620 Impairment losses on loans and advances (33 002) (19 045) (20 157) (25 420) (18 560) Operating expenses incl.: (105 293) (107 884) (134 488) (104 882) (109 526) Bank's staff, operating expenses and management (95 840) (98 306) (104 295) (92 561) (99 042) Depreciation/amortisation (7 876) (8 689) (25 877) (8 123) (8 418) Other operating expenses (1 577) (889) (4 316) (4 197) (2 066) Operating profit 111 940 96 054 65 289 102 979 110 087 Share in net profits (losses) of entities accounted for by the equity method 725 745 819 644 407 Profit before tax 112 665 96 799 66 108 103 623 110 494 Corporate income tax (21 170) (20 931) (17 903) (20 930) (19 388) Profit for the period 91 495 75 869 48 205 82 692 91 105 incl.: attributable to owners of BZ WBK S.A. 89 665 74 041 46 764 81 279 87 407 attributable to non-controlling interests 1 830 1 827 1 442 1 414 3 698

Balance Sheet 28 (EUR k) 2 Q 2012 1 Q 2012 4Q 2011 3 Q 2011 2 Q 2011 ASSETS Cash and balances with central bank 369 584 659 686 335 516 737 935 514 635 Loans and advances to banks 515 915 330 798 283 415 392 244 144 229 Financial assets held for trading & hedging 920 262 803 395 1 406 910 1 055 778 856 296 Loans and advances to customers 9 177 052 8 972 407 8 947 744 8 561 467 8 165 828 Investment securities 2 633 871 2 767 882 2 742 467 2 716 563 3 006 930 Investments in associates and joint ventures 26 066 25 342 24 598 23 780 21 965 Intangible assets 31 483 32 430 35 579 40 324 41 313 Property, plant & equipment 111 223 114 716 117 632 118 569 121 975 Current income tax assets - - 4 869 - Net deferred tax assets 52 459 56 963 57 668 65 678 70 978 Assets held for sale 19 447 19 446 19 442 10 497 11 262 Other assets 108 019 105 521 97 934 101 126 101 170 Total assets 13 965 382 13 888 584 14 073 772 13 823 961 13 056 581 LIABILITIES Deposits from banks 649 661 1 229 472 589 595 1 164 306 1 382 092 Financial liabilities held for trading & hedging 291 604 233 770 342 554 363 030 152 703 Deposits from customers 10 875 987 10 234 841 11 021 814 10 301 505 9 595 555 Subordinated liabilities 100 247 97 876 103 849 103 696 93 677 Current income tax liabilities 11 255 10 436-6 140 6 584 Other liabilities 227 115 247 584 254 767 182 743 213 880 Total liabilities 12 155 869 12 053 979 12 312 578 12 121 421 11 444 492 Equity Equity attributable to owners of BZ WBK S.A. 1 790 602 1 817 538 1 731 212 1 674 246 1 585 154 Share capital 171 992 171 992 171 992 171 992 171 992 Other reserve funds 1 265 774 1 127 257 1 105 932 1 104 298 1 101 159 Revaluation reserve 159 451 139 552 128 346 119 712 113 436 Retained earnings 29 906 304 799 46 193 46 193 47 682 Profit of the current period 163 479 73 939 278 749 232 050 150 884 Non-controlling interest 18 911 17 066 29 981 28 293 26 936 Total equity 1 809 513 1 834 605 1 761 194 1 702 540 1 612 090 Total equity and liabilities 13 965 382 13 888 584 14 073 772 13 823 961 13 056 581

Net interest margin evolution 29 NIM by Q, % 3,92 3,58 4,27 4,34 4,27 4,29 4,23 4,27 4,32 4,17 3,92 4,01 3,94 3,95 4,05 3,87 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 Incl. swap points Excl. swap points

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