date: Wed, 19 Nov 2008 09:06:55 -0000
from: "Carey, Gerald" <Gerald.Carey@brewin.co.uk>
subject: Re Banco Santander
to: "Keith Briffa" <k.briffa@uea.ac.uk>

   Dear Keith,

   You have  a holding of 347 Banco Santander in your portfolio.The bank is currently holding
   a rights issue which I do not advise taking up because of the great uncertainty which still
   affects all banks.If the rights are lapsed,under the terms of the offer,no proceeds will be
   paid.However,I am able to sell the rights in the market.The current price is 24p.The
   proceeds would be small at about 83.We would not make any charges.Rather ridiculously,the
   timetable for the offer is very short and I need your instruction more or less immediately.

   Your sister also has 347 shares and my advice for her is the same.Should I try and contact
   her or do you feel she will be happy for me just to act ?

   Kind Regards.

   Gerald.



   Gerald Carey

   Divisional Director-Private Clients
   Tel:0845 213 3288
   Fax:0845 213 3627
   e mail:gerald.carey@brewin.co.uk



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