INFORMATION MEMORANDUM DATED 9 JULY 2009 ...

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Article III. Direct refund procedure Eligible Beneficial Owners that do not provide documentation on or before the Quick Refund Deadline may seek a full refund of withholding tax with the Spanish tax authorities through the ICSD's Customers/Participants and the ICSDs, or directly through the Spanish tax authorities. 1. As of the Quick Refund Deadline and no later than the deadline mentioned in the ICSD's notifications to their Customers/Participants 12 : Eligible Beneficial Owners can submit, through the relevant ICSD's Customer/Participant, the relevant forms as described in the ICSD's notifications and publications to their Customers/Participants. These documents can be, inter alia, but are not limited to (i) the relevant Spanish tax form, (ii) a certificate of tax residence issued by the tax authorities of such beneficial owner's country of residence (iii) any other document that the Spanish tax authorities may require at the time to validate the claim. Beneficial owners are advised to consult the relevant ICSD's Customers/Participants notifications and/or their own tax advisors regarding their eligibility to claim a refund from the Spanish tax authorities and the procedures to be followed in such circumstances. 12 For information the deadline to submit Standard reclaim to the Spanish tax authorities pursuant to Spanish law is currently a maximum of four years as of the relevant Payment Date - 106 -
Article IV. Summary of certification requirements 1. The information relative to the Beneficial Owners should be made available to the ICSDs by their Customers/Participants in accordance with the abovementioned procedures, communication channels and timetable, as completed/supplemented by the detailed notifications sent by the ICSDs to their Customers/Participants from time to time. 2. The relevant Annexes I, II or III must be completed and signed by the Customer/Participant, its legal representative or if appropriate by the ICSDs. 3. As per Article 44 of Royal Decree 1065/2007 of 27 July 2007, Annexes can be completed and signed at the earliest on the close of business of the Business Day immediately before the relevant Payment date ("Record Date") and not later than the Quick Refund deadline, and must reflect the final Beneficial Owner's identity at close of business on Record Date (including the address and tax identification number for Spanish tax residents) and tax residency, security information, position and amount of income received. 4. The principle of "legal representative" is recognised by the Spanish tax authorities in this context, meaning that, among others, financial intermediaries (e.g. the ICSDs) may, in the appropriate circumstances, (i.e. where Customers/Participants are resident in an OECD country or country with which Spain has entered into a convention for the avoidance of double taxation) prepare and issue Annexes in the name and on behalf of their Customers/Participants under a valid and duly executed power of attorney. 5. Where Customers/Participants are resident in an OECD country or country with which Spain has entered into a convention for avoidance of double taxation, an ICSD may, where it obtains the appropriate Beneficial Owner information from such Customers/Participants, issue in its own name the necessary Annexes in accordance with the procedures laid down in article 44 of Royal Decree 1065/2007 but have no obligation to do so. 6. Where Customers/Participants are not resident in an OECD country or in a country with which Spain has entered into a convention for avoidance of double taxation, immediate/Quick Refund is only available if the ICSDs obtain the appropriate Beneficial Owner information from such Customers/Participants and issue in the name of the relevant ICSD the necessary Annex(es) in accordance with the procedures laid down in article 44 of Royal Decree 1065/2007 but have no obligation to do so. 7. Certificates of Residence must no longer be submitted for an immediate or quick refund. - 107 -
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INFORMATION MEMORANDUM DATED 9 JULY
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Neither the Issuer, the Arranger no
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TABLE OF CONTENTS Page Risk Factors
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can be no assurance that the Consum
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Consumer Group's use of observed hi
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The Consumer Group also faces the r
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Holders of beneficial interests in
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Insolvency Law could affect the ran
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Issuer: Risk Factors: Arranger: Dea
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Status of the Notes: Taxation: Disc
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Beneficial Owners must seek their o
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SANTANDER CONSUMER FINANCE, S.A. Hi
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Excluding this unit, net allocation
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The Mortgage financing business dec
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SPAIN AND PORTUGAL The following ta
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Financial assets held for trading (
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Deposits from credit institutions 2
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Recent Developments The most signif
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At the date of preparation of the 2
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Banco Santander Consumer Portugal,
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Millions of Euros (*) 2008 2007 San
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At the date of preparation of these
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Consequently, at 31 December 2008,
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Key Information CERTAIN INFORMATION
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credits under the limited events re
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FORMS OF NOTES Part A - Form of Mul
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(iii) (iv) (v) (vi) (vii) in respec
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Page 57 and 58: (b) the period beginning on (and in
Page 59 and 60: 16. Instructions by the Issuer expr
Page 61 and 62: AUTHENTICATED by CITIBANK, N.A. Sig
Page 63 and 64: FINAL TERMS [Completed Final Terms
Page 65 and 66: 2. All payments in respect of this
Page 67 and 68: 7. If the Maturity Date (or, as the
Page 69 and 70: (b) in the case of a Note which spe
Page 71 and 72: (d) Service of process: The Issuer
Page 73 and 74: were the number of months specified
Page 75 and 76: FINAL TERMS [Completed Final Terms
Page 77 and 78: 8. Maturity Date: [ ] [May not be l
Page 79 and 80: [Moody's Investors Service Ltd.: [
Page 81 and 82: PART B - OTHER INFORMATION 1. INTER
Page 83 and 84: levy, generalising the Value Added
Page 85 and 86: (b) Wealth Tax (Impuesto sobre el P
Page 87 and 88: They will be subject to NRIT (as de
Page 89 and 90: In light of the above, the Issuer,
Page 91 and 92: 1. General SUBSCRIPTION AND SALE Ea
Page 93 and 94: 7. Norway This Information Memorand
Page 95 and 96: Clearing of the Notes GENERAL INFOR
Page 97 and 98: APPENDIX 1 ICSDS PROCEDURES Spanish
Page 99 and 100: ICSD Customer/Participant that requ
Page 101 and 102: According to the procedure agreed u
Page 103 and 104: Article II. Quick refund procedure
Page 105: enefit of the beneficial owners. Th
Page 109 and 110: EXHIBIT II [English translation pro
Page 111 and 112: EXHIBIT III [English translation pr
Page 113 and 114: REGISTERED OFFICE OF THE ISSUER San
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INFORMATION MEMORANDUM DATED 9 JULY 2009 ...

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