1. EFFAS SUMMER SCHOOL 8 July – 10 July 2015 Programme Wednesday, 8 July 2015 08:30 – 09:00 Welcome Coffee + Registration 09:00-09:30 Opening Session (Auditorio): Silvia Ruiz Senior Vice-President. Human Resources Director. Human Resources, Organization & Costs Division. Banco Santander Jesús López Zaballos EFFAS Chairman 9:30-10:30 - Conference (Magna I + II) “Innovation in ESG”. Andreas Hoepner Professor of Finance at ICMA Henley Business School 10:30 – 11:00 Coffee Break 11:00-12:00 – ESG. Panel Discussion (Magna I + II) Andreas Hoepner, Professor of Finance at ICMA Henley Business School Carlos Rodrigues, Chairman, Banco de Investimento Global (BIG) Susana Peñarrubia, Director, Head of ESG, European Funds and analyt on electrical industry at Deutsche Asset & Wealth Management (DeAWM) Banco Santander representative. TBC Moderator: José Luis Blasco, Head of Climate Change and Sustainablility, Europe, Middle East, Africa and South Asia Advisory, KPMG 12:00-13:00 – Integrated Reporting. Panel Discussion (Magna I + II) Douglas Elespe, CEO and Venture Partner, FITCH Argentina Banco Santander representative. TBC Moderator: Frank Klein. Managing Director, Deutsche Asset & Wealth Management, EFFAS Board Member and IR Member 13:15-14:15 - Lunch Wednesday, 8 July 2015 14:30-16:00 - Parallel Workshops Equity Valuation and Analysis (Case study 1, Magna I) Hans Buysse Partner SynCap. Board Member EFFAS, Belgium. Fixed Income Valuation and Analysis (Case study 1, Magna II) David Sánchez Grande Active Credit Portfolio Management (ACPM). Santander GB&M Corporate Finance (Case study 1, Santander) Mª Isabel Martínez Torre-Enciso Professor in Finance, UAM. AGERS and FERMA Board 16:15-17:45 - Parallel Workshops Equity Valuation and Analysis (Case study 1, Magna I) Hans Buysse Partner SynCap. Board Member EFFAS, Belgium Fixed Income Valuation and Analysis (Case study 1, Magna II) David Sánchez Grande Active Credit Portfolio Management (ACPM). Santander GB&M Corporate Finance (Case study 1, Santander) Mª Isabel Martínez Torre-Enciso Professor in Finance, UAM. AGERS and FERMA Board 18:00 – 19:00 Visit to Santander City and the Santander Museum 19:00 – Get together and Cocktails Thursday, 9 July 2015 8:30-9:30 - Conference (Magna I + II) “Digital Trends in the Asset Management Industry” Mathias Hübner Partner, Oliver Wyman Financial Services 9:30-10:30 - Digital Trends. Panel Discussion (Magna I + II) Mathias Hübner. Partner, Oliver Wyman Financial Services Javier Nistal. Founding Partner, D3 Predictive Analytics Partners Hubertus Vaeth. NewMark. Business strategy and communication consultant. Moderator: Frank Klein. Managing Director, Deutsche Asset & Wealth Management and Board Member EFFAS, Germany

2. EFFAS SUMMER SCHOOL 8 July – 10 July 2015 Programme Thursday, 9 July 2014 10:30-11:00 - Coffee Break 11:00-12:00 - Conference (Magna I + II) “Future Skills and Profiles for Investment Professionals in Financial Markets” Astrid Tostmann. Tostmann The Executive Finder. 12:00-13:00 - Conference (Magna I + II) “Professional Conduct for Financial Markets” Prof. Dr. Julian Nida-Rümelin. University Munich. 13:15 – 14:15 Lunch 14:30-16:00 - Parallel Workshops Derivative Valuation and Analysis (Case study 1, Magna I) Luc Keuleneer Director KPMG Brussels. Professor at Vrije Universiteit Amsterdam Portfolio Management (Case study 1, Magna II) Bertrand Sluys Fuchs & Associés Finance SA Financial Accounting and Statement Analysis (Case study 1, Santander) Philippe Giraudon Advisory in Corporate Finance & Corporate Development 16:15-17:45 - Parallel Workshops Derivative Valuation and Analysis (Case study 1, Magna I) Luc Keuleneer Director KPMG Brussels. Professor at Vrije Universiteit Amsterdam Equity Valuation and Analysis (Case study 1, Magna I) Hans Buysse Partner SynCap. Board Member EFFAS, Belgium Financial Accounting and Statement Analysis (Case study 1, Santander) Philippe Giraudon Advisory in Corporate Finance & Corporate Development 18:00 Bus departure to Madrid 19:00-21:00 – IEAF 50th Anniversary- Madrid Stock Exchange (OPTIONAL) Friday, 10 July 2014 8:30-10:00 - Parallel Workshops Derivative Valuation and Analysis (Case study 2, Magna I) Luc Keuleneer Director KPMG Brussels. Professor at Vrije Universiteit Amsterdam. Portfolio Management (Case study 2, Magna II) Bertrand Sluys Fuchs & Associés Finance SA Financial Accounting and Statement Analysis (Case study 2, Santander) Philippe Giraudon Advisory in Corporate Finance & Corporate Development 10:15-10:45 - Coffee Break 10:45-12:15 - Parallel Workshops Portfolio Management (Case study 2, Magna I) Foort Hamelink Fiduciary Management, Lombard Odier and Vrije Universiteit Amsterdam Fixed Income Valuation and Analysis (Case study 2, Magna II) David Sánchez Grande Active Credit Portfolio Management (ACPM) Santander Global Banking and Markets Corporate Finance (Case study 2, Santander) Mª Isabel Martínez Torre-Enciso Professor in Finance, UAM. AGERS and FERMA Board 12:15 - Group Picture 12:30-13:15 - Closing Session (Magna I + II) Antonio Torío Head of Founding. Banco Santander Juan Carlos Ureta Chairman FEF / IEAF 14:15 – 15:00 Get Together and Cocktails