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FTdA Consumo Santander 4: 28 February 2021

The Notes are backed by receivables related to consumer loan contracts granted to individuals residing in Spain by Banco Santander, S.A.. Santander may offer additional receivables that the Issuer will purchase with collections deriving from the amortisation of the portfolio subject to eligibility criteria, performance targets and other provisions of the transaction documents.

Eligibility criteria (includes): no loan in arrears greater than 30 days; is not secured by any security; no obligor has been declared insolvent; each obligor is a natural person residing in Spain; is denominated and payable exclusively in Euros; at least one instalment has been paid; each loan is governed by Spanish law.

The initial portfolio consists of 179,413 fixed rate loans, where the average outstanding balance is Eur10,026 and the maximum is Eur95,802. Loan Repayment System: French Amortisation - 100.0%. Regional distribution (by current balances): Madrid - 19.12%, Andalucia - 17.14%, Cataluna - 11.20% and Canarias - 8.98%.

EU Risk Retention: Banco Santander, in its capacity as Originator, will retain, on an on-going basis, a material net economic interest of not less than 5% of the securitised exposures in the securitisation, in accordance with option (a) of Article 6(3) of the EU Securitisation Regulation.

UK Risk Retention: Neither the Originator nor any other party to the transaction will retain or commit to retain a 5% material net economic interest with respect to this transaction in accordance with the UK Securitisation Regulation.

US Risk Retention: The transaction will not involve the retention by the Seller of at least 5% of the credit risk of the Issuer for the purposes of the U.S. Risk Retention Rules. The Seller intends to rely on the exemption provided for in Section 20 of the U.S. Risk Retention Rules regarding non-U.S. transactions that meet certain requirements.

STS: The transaction is intended to qualify as a STS-securitisation within the meaning of Article 18 of the EU Securitisation Regulation.

Compare/contrast: FTdA Consumo Santander 3, FTA Santander Consumer Spain Auto 2020-1