Abbey and Alliance & Leicester Launch New Guaranteed Investment Products

NARBOROUGH, England, November 17 - On Monday 16th November, Abbey and Alliance & Leicester
launched their latest range of guaranteed investment products for savers
looking for the security of a capital guarantee with a minimum return(1).

                     Guaranteed Growth Plan        Guaranteed Capital Plus

                           (Issue 27)                     (Issue 16)
                   51/2 year    51/2 year term    33/4 year   51/2 year term
                     term                           term
                                Property Option
                  Stockmarket
                    Option
    Offer period   16 November 2009 - 5 January 2010 (or earlier if sold out)

    Strike date                        20 January 2010

      Maturity       20 July 2015      20 July   21 October    20 July 2015
        date                             2015       2013
     Guaranteed       11% gross       11% gross  0.25% gross    0.5% gross
      minimum
      returns
      Maximum     50% of the growth   50% of the  16% gross    35% gross if
      returns      of the FTSE 100    growth of    if FTSE    FTSE stays the
                   Index; capped at      the      stays the      same or
                       40%(ii)         Halifax     same or   increases by the
                                        House     increases     end of the
                                        Price    by the end      term(ii)
                                       Index(i)    of the
                                                  term(ii)

Minimum investment: GBP1,500

Simon Taylor, Head of Investments, said: "Our latest range of
guaranteed investment products is designed to appeal to savers looking for
potentially greater returns than those currently available on standard cash
savings accounts but without risk to their capital. Offering a capital
guarantee and with no third party backing, our guaranteed investment products
are protected by Abbey with the backing of Santander, one of the world
largest banks, giving savers reassurance that their money is safe with us".

There are two ways to invest in the plans:

    - Outside an ISA - Annual Capital Gains Tax allowance can be
      used to mitigate any potential liability (currently GBP10,100 for
      2009/10)

    - Within an ISA (only available for the 5.5 year options) -
      under current tax legislation, returns will be free of Income Tax and
      Capital Gains Tax.

The product will be of interest to customers who are willing
to keep their money invested for the full 3.75 or 5.5 year term and can also
be used as the investment element of the Abbey and Alliance & Leicester Super
Saver and Super Direct ISA.

These offers are only available for a limited time and
investors who wish to apply can visit an Abbey or Alliance & Leicester branch
to book an appointment with a Financial Advisor.

The information contained in our press releases is intended
solely for journalists and should not be used by consumers to make financial
decisions.

Notes to Editors

(1) Capital guaranteed provider investments are held for the full
term

The products are provided by Abbey National PEP & ISA Managers
Limited which is a wholly owned subsidiary of Santander Asset Management UK
Holdings Limited.

(i) The calculation of whether the Halifax House Price Index
has increased or decreased is based on whether the 'Final Level' is higher
than the 'Initial Index Level'. The 'Initial Index Level' is the figure
expected to be published in January 2010. Note that this figure will be in
respect of data from December 2009. The 'Final Level' is the arithmetic
average of the seven published levels of the Index in respect of each month
from and including December 2014 to and including June 2015.

(ii) The calculation of whether the FTSE 100 has increased or
decreased is based on whether the 'Final Index Level' is higher than the
'Initial Index Level'. The 'Initial Index Level' is the closing level of the
FTSE 100 on the strike date (this is 20 January 2010). The 'Final Index
Level' is the average of the official daily closing levels of the FTSE 100
over the final 6 months of the plan. This is 18 April 2013 to 17 October 2013
for the 3.75 year term, and 19 January 2015 to 16 July 2015 for the 5.5 year
term.

About Us

Santander (SAN.MC, STD.N) is a retail and commercial bank,
based in Spain, with operations in more than 40 countries. At the end of
2008, Santander was the largest bank in the euro zone by market
capitalization and third in the world by profit. Founded in 1857, Santander
had EUR 1,168 billion in managed funds at the end of 2008. Following the
acquisition of Sovereign Bancorp of the U.S. in January 2009, Santander has
90 million customers, more than 14,000 branches - more than any other
international bank - and over 180,000 employees. It is the largest financial
group in Spain and Latin America, with leading positions in the United
Kingdom and Portugal and a broad presence in Europe through its Santander
Consumer Finance arm. In 2008, Santander registered EUR8,876 million in net
attributable profit, an increase of 9% from the previous year excluding
capital gains.

In the UK, Santander operates three retail businesses - Abbey,
Alliance & Leicester who provide competitive savings (
www.alliance-leicester.co.uk/savings/index.aspx) and mortgages
(www.alliance-leicester.co.uk/mortgages/index.aspx) products, and
Bradford & Bingley. Together they have over 1300 branches, around 4,500 cash
machines and they provide a full range of retail and corporate banking
services to 24 million customers.

Abbey, Alliance & Leicester and the savings business of Bradford &
Bingley will all become known as Santander by the end of 2010. Abbey and the
savings business of Bradford & Bingley will be rebranded from the first
quarter of 2010 and Alliance & Leicester will follow later in the year. The
move will deliver a significant advantage for customers as they will be able
to use any of 1,000 Santander branches from early 2010, rising to over 1,300
by the end of 2010. For more information visit www.santander.co.uk

The Bradford & Bingley logo is a trade mark of Bradford & Bingley plc and
is used under licence.

Media Enquiries: Susan Hannums +44-(0)207-756-4190, David Stewart +44-(0)207-756-4199. The press office operates from 8.00am to 6.00pm. Outside of these hours please call +44-(0)800-5877708.