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$4 Billion U.S. Debt Offering by Banco Santander Made Possible by DTCC, Acupay Tax Services

New York, September 26, 2005 - Key to Banco Santander's recent multi-billion-dollar note issuance - the first Spanish debt offering in U.S. markets in more than two years - are the tax relief services offered by The Depository Trust & Clearing Corporation (DTCC) as well as Acupay System LLC.

Led by Lehman Brothers and Deutsche Bank, and aided by tax services provided by DTCC and Acupay, Banco Santander was able to tap the U.S. debt market last week with a $4 billion "144A" note offering. The SEC's Rule 144A exempts companies from stringent registration requirements for private resales to qualified institutional buyers.

The tax services were critical to the offering because, under a law Spain enacted in mid-2003, Spanish borrowers must collect and file detailed information on the identity of beneficial holders eligible for "at-source" tax relief. Until Banco Santander teamed up with DTCC and Acupay to provide noteholders tax relief "at the source," no Spanish borrower had sold debt in the U.S. market for two years because data collection was difficult and investors would have had to pay withholding taxes of 15 percent immediately.

DTCC's TaxReliefSM, a service offering of DTCC's depository subsidiary, allows for automatic tax adjustments either at the time of interest or dividend payments ("at-source" relief) or through accelerated refunds. Acupay, with offices in London and New York, transmits securities-related tax information from investors to issuers in a highly secure fashion.

Lehman Brothers worked with DTCC and Acupay for three months to develop the solution used in the Santander transaction. As a result of DTCC and Acupay's work, Spanish issuers and guarantors will now be able to enter debt and preferred markets in the United States, according to Jim Merli, managing director and head of global debt syndicate for Lehman Brothers.

According to Antonio Torio, Banco Santander vice president, debt capital markets, "The U.S. debt market is very important to Santander. We're pleased to be able to return to this market using services from DTC and Acupay that permit us to comply with Spanish tax authorities and meet the needs of our foreign investors who expect tax relief ‘at source'."

"Spain's tax reporting requirements are a challenge to the global financial services industry," noted William Salva, DTCC group director for Tax. "So we're proud we were able to implement procedures that we expect to become the industry standard for Spanish issues in the months ahead. Our TaxRelief service now provides withholding tax relief services on hundreds of DTC-eligible securities from 20 different markets, and we deliver more than $1 billion in tax relief benefits to cross-border investors every year."

"It was great to put our expertise together with an industry leader like DTCC and create a solution that works for issuers, investors and custodians alike," said Robert Apfel, president of Acupay System LLC.

About DTCC
Through its subsidiaries, DTCC provides clearance, settlement and information services for equities, corporate and municipal bonds, government and mortgage-backed securities and over-the-counter derivatives. DTCC's depository also provides custody and asset servicing for almost two and half million securities issues from the United States and 100 other countries and territories. In addition, DTCC is a leading processor of mutual funds and insurance transactions, linking funds and carriers with their distribution networks. DTCC has operating facilities in multiple locations in the United States and overseas. For more information on DTCC, visit www.dtcc.com.

About Acupay System LLC
With offices in New York and London, Acupay System LLC is a U.S. company committed to the delivery of secure tax-related information between issuers and their investors. Acupay works closely with custodial institutions including depositories and their participants through which securities are held. Acupay's systems permit exchanges of information on beneficial ownership (and related tax certifications) through the morning of Payment Date. Acupay System is an affiliate of Bondholder Communications Group LLC (www.bondcom.com). For more information about Acupay, please go to www.acupaysystem.com.