#1H1 2022 FIXED INCOME INVESTORS PRESENTATION It's time to build together a better future for you Santander#2Important information Non-IFRS and alternative performance measures This presentation contains, in addition to the financial information prepared in accordance with International Financial Reporting Standards ("IFRS") and derived from our financial statements, alternative performance measures ("APMs") as defined in the Guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority (ESMA) on October 2015 (ESMA/2015/1415en) and other non-IFRS measures ("Non-IFRS Measures"). These financial measures that qualify as APMs and non-IFRS measures have been calculated with information from Santander Group; however those financial measures are not defined or detailed in the applicable financial reporting framework nor have been audited or reviewed by our auditors. We use these APMs and non-IFRS measures when planning, monitoring and evaluating our performance. We consider these APMs and non-IFRS measures to be useful metrics for our management and investors to compare operating performance between accounting periods, as these measures exclude items outside the ordinary course performance of our business, which are grouped in the "management adjustment" line and are further detailed in Section 3.2 of the Economic and Financial Review in our Directors' Report included in our Annual Report on Form 20-F for the year ended 31 December 2021. Nonetheless, these APMs and non-IFRS measures should be considered supplemental information to, and are not meant to substitute IFRS measures. Furthermore, companies in our industry and others may calculate or use APMs and non-IFRS measures differently, thus making them less useful for comparison purposes. For further details on APMs and Non-IFRS Measures, including its definition or a reconciliation between any applicable management indicators and the financial data presented in the consolidated financial statements prepared under IFRS, please see the 2021 Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission (the "SEC") on 1 March 2022, as updated by the Form 6-K filed with the SEC on 8 April 2022 in order to reflect our new organizational and reporting structure, as well as the section "Alternative performance measures" of the annex to the Banco Santander, S.A. ("Santander") Q2 2022 Financial Report, published as Inside Information on 28 July 2022. These documents are available on Santander's website (www.santander.com). Underlying measures, which are included in this presentation, are non-IFRS measures. The businesses included in each of our geographic segments and the accounting principles under which their results are presented here may differ from the included businesses and local applicable accounting principles of our public subsidiaries in such geographies. Accordingly, the results of operations and trends shown for our geographic segments may differ materially from those of such subsidiaries. Forward-looking statements Santander advises that this presentation contains "forward-looking statements" as per the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words like "expect", "project", "anticipate", "should", "intend", "probability", "risk", "VaR", "RORAC", "RORWA", "TNAV", "target", "goal", "objective", "estimate", "future" and similar expressions. Found throughout this presentation, they include (but are not limited to) statements on our future business development, economic performance and shareholder remuneration policy. However, a number of risks, uncertainties and other important factors may cause actual developments and results to differ materially from our expectations. The following important factors, in addition to others discussed elsewhere in this presentation, could affect our future results and could cause materially different outcomes from those anticipated in forward-looking statements: (1) general economic or industry conditions of areas where we have significant operations or investments (such as a worse economic environment; higher volatility in the capital markets; inflation or deflation; changes in demographics, consumer spending, investment or saving habits; and the effects of the war in Ukraine or the COVID-19 pandemic in the global economy); (2) exposure to various market risks (particularly interest rate risk, foreign exchange rate risk, equity price risk and risks associated with the replacement of benchmark indices); (3) potential losses from early repayments on our loan and investment portfolio, declines in value of collateral securing our loan portfolio, and counterparty risk; (4) political stability in Spain, the United Kingdom, other European countries, Latin America and the US (5) changes in legislation, regulations, taxes, including regulatory capital and liquidity requirements, especially in view of the UK exit of the European Union and increased regulation in response to financial crises; (6) our ability to integrate successfully our acquisitions and related challenges that result from the inherent diversion of management's focus and resources from other strategic opportunities and operational matters; and (7) changes in our access to liquidity and funding on acceptable terms, in particular if resulting from credit spreads shifts or downgrade in credit ratings for the entire Group or significant subsidiaries. Santander 2#3Important information Numerous factors could affect our future results and could cause those results deviating from those anticipated in the forward-looking statements. Other unknown or unpredictable factors could cause actual results to differ materially from those in the forward-looking statements. Forward-looking statements speak only as of the date of this presentation and are informed by the knowledge, information and views available on such date. Santander is not required to update or revise any forward-looking statements, regardless of new information, future events or otherwise. No offer The information contained in this presentation is subject to, and must be read in conjunction with, all other publicly available information, including, where relevant any fuller disclosure document published by Santander. Any person at any time acquiring securities must do so only on the basis of such person's own judgment as to the merits or the suitability of the securities for its purpose and only on such information as is contained in such public information having taken all such professional or other advice as it considers necessary or appropriate in the circumstances and not in reliance on the information contained in this presentation. No investment activity should be undertaken on the basis of the information contained in this presentation. In making this presentation available Santander gives no advice and makes no recommendation to buy, sell or otherwise deal in shares in Santander or in any other securities or investments whatsoever. Neither this presentation nor any of the information contained therein constitutes an offer to sell or the solicitation of an offer to buy any securities. No offering of securities shall be made in the United States except pursuant to registration under the U.S. Securities Act of 1933, as amended, or an exemption therefrom. Nothing contained in this presentation is intended to constitute an invitation or inducement to engage in investment activity for the purposes of the prohibition on financial promotion in the U.K. Financial Services and Markets Act 2000. Historical performance is not indicative of future results Statements about historical performance or accretion must not be construed to indicate that future performance, share price or results (including earnings per share) in any future period will necessarily match or exceed those of any prior period. Nothing in this presentation should be taken a profit forecast. Third Party Information In particular, regarding the data provided by third parties, neither Santander, nor any of its administrators, directors or employees, either explicitly or implicitly, guarantees that these contents are exact, accurate, comprehensive or complete, nor are they obliged to keep them updated, nor to correct them in the case that any deficiency, error or omission were to be detected. Moreover, in reproducing these contents by any means, Santander may introduce any changes it deems suitable, may omit partially or completely any of the elements of this document, and in case of any deviation between such a version and this one, Santander assumes no liability for any discrepancy. Santander 3#4Santander at a Glance Santander, a leading financial H1'22 Highlights Total assets (€ bn) 1,723 Customer loans (€ bn excluding reverse repos) 1,015 group Customer deposits + mutual funds (€ bn; excluding repos) 1,099 Branches 9,193 H1'22 Net operating income (pre-provision profit) (€ mn) 13,685 Simple Personal Fair 000 H1'22 Attributable profit (€ mn) 4,894 Market capitalization (€bn; 30-06-22) 45 People (headcount) 200,651 Customers (mn) 157 Shareholders (mn) 4.0 Communities 2019-H1'22 (mn; financially empowered people) 9 Santander 4#5Index 1 2 3 4 5 6 7 8 H1'22 Santander Capital Summary Business Asset Quality Model & Strategy Liquidity & Funding. Ratings ESG Concluding Remarks Links, Appendix and Glossary#6H1'22 Summary H1'22 highlights ooÛ Growth YoY percentage changes in constant euros Profitability H1'22 data and YoY percentage change Strength H1'22 data and YoY percentage change Total customers +5% Profit €4,894mn COR 0.83% Digital customers +10% Digital sales/total +4pp Efficiency ratio 45.5% NPL ratio 3.05% Loans +6% ROTE 13.7% FL CET1 12.05% Deposits +5% EPS +38% TNAVps + Cash DPS +9% NII + fees +7% Santander Note: YoY percentage changes in constant euros. In euros: loans: +8%; deposits: +7%; NII + fees +14%. Loans and advances to customers excluding reverse repos. Customer deposits excluding repos. 6#7H1'22 Summary Continued profit momentum, maintaining main P&L trends Attributable profit % change € mn € million H1'22 H1'21 Euros Constant euros NII 18,409 16,196 14 7 2,543 Net fee income 5,852 5,169 13 7 2,275 2,351 2,138 2,174 Trading and other income 859 1,330 -35 -40 2,067 Total revenue 25,120 22,695 11 4 1,608 +5% QoQ Excluding SRF & IPS1 Operating expenses -11,435 -10,377 10 5 Net operating income 13,685 12,318 11 3 LLPS -4,735 -3,753 26 18 Q1'21 Q2 Q3 Q4 Q1'22 Q2 Other results -1,035 -937 10 9 Underlying PBT 7,915 7,628 4 -5 Underlying profit Underlying att. profit 4,894 4,205 16 7 Attributable profit (Constant € mn) +1% QoQ Excluding SRF & IPS¹ Net capital gains and provisions 0 -530 -100 -100 Attributable profit 4,894 3,675 33 21 2,335 2,254 2,296 2,410 2,602 2,292 Santander (1) Q1'21: restructuring costs (net of tax), corresponding mainly to the UK and Portugal. (2) Contribution as a % of operating areas, excluding the Corporate Centre. 7#8H1'22 Summary Revenue up boosted by NII and fees, partly offset by lower trading gains and other income Revenue breakdown Constant € mn 12,546 12,574 11,971 Revenue Total revenue Constant € bn 25.1 24.1 0.9 Other income 1.4 NII 5.9 Fees 5.5 8,722 9,384 9,025 2,761 2,865 2,987 Fees Trading 393 350 NII 18.4 256 17.2 gains H121 H1'22 232 Other income 262 -146 Q1'21 Q2 Q3 Q4 Q1'22 Q2 . In Q2, total revenue increased 4% excluding the SRF & IPS contributions ⚫ NII and net fee income (97% of total income) increased QoQ and YoY supported by volumes, greater interest rates and activity . In Q2, lower trading gains due to FX hedge and other income affected by the SRF & IPS contributions and lower US lease income Santander (1) SRF and IPS contributions amounted to €402mn and €88mn, respectively in Q2'22. 8 00#9H1'22 Summary We continue to make structural changes to our operating model, driving sustainable efficiencies and mitigating the effects of overall higher inflation Costs by region Efficiency ratio H1'22 vs. H1'21 In real terms¹ H1'22 YoY change Group +5% >>> -4.1% Group 45.5% -0.2pp Europe -1% >>> -6.8% Europe 48.5% -3.9pp North North America +5% >>> -2.5% America 46.6% +3.4pp South America² +16% -1.1% South America 35.3% +0.8pp Digital DCB +2% >>> -2.9% Consumer Bank DCB Digital Consumer Bank 48.5% -0.3pp · Focus on efficiency with the aim of maintaining costs below inflation Improved efficiency ratio in Europe (-3.9pp to 48.5%) benefitting from our transformation process. In real terms, decreases in all countries North America: in real terms, strong decrease in the US while Mexico up due to salary agreements and investments in digitalization South America affected by salary agreements. Slight fall in real terms, with outstanding efficiency in the region. Of note, Brazil (c.30%) Santander Note: changes in constant euros. (1) Excluding the impact from average inflation. (2) South America excluding Argentina: +10.5%, +0.5% in real terms. 9#10H1'22 Summary Asset quality remains robust with LLPs normalizing following releases in 2021 Constant € bn Loan-loss provisions Credit quality 2.1 1.9 2.3 2.6 NPL ratio 2.2 1.6 Q1'21 Q2 Q3 Q41 Q1'22 Q2 Jun-21 Mar-22 Jun-22 COR² 0.94% 0.77% 0.83% 3 3.22% 3.26% 3.05% Coverage ratio 73% 69% 71% Stage 1 €904bn €967bn €998bn Stage 2 €70bn €68bn €66bn Stage 3 €33bn €36bn €34bn . In Q2, LLPs increased mainly due to Poland (CHF mortgages), the US (macroeconomic outlook) and Brazil (retail) • YoY comparison impacted by releases in the UK and the US in Q2'21. Rises also in Brazil and Poland . Continued quarterly NPL ratio improvement in most units. The fall in Spain in Q2 was accelerated by portfolio sales CoR remained well below 1% Santander (1) Includes overlay partial release. Provisions to cover losses due to impairment of loans in the last 12 months / average customer loans and advances of the last 12 months. Considering annualized H1'22 provisions, cost of credit would be 0.91%. (3) New definition of default (NDD) applied in Q1'22 (impact on the NPL ratio of +19bps). 10#11H1'22 Summary Continued organic generation, maintaining the CET1 ratio above 12% Q2 fully-loaded CET1 ratio performance % 12.05 +0.26 +0.03 12.05 -0.08 -0.05 -0.16 Mar-22 Pro forma 1 Gross organic generation Cash dividend accrual Corporate transactions Regulatory Markets Jun-22 3 & models & others 2 Q2'21 Q2'22 Diff. FL CET1 ratio 11.70% 12.05% 35 bps FL Total capital ratio 15.42% 15.95% 53 bps FL Leverage ratio 5.01% 4.67% -34 bps Data published in Q1'22, which included the acquisition of Amherst Pierpont (completed in April 2022). Cash dividend accrual corresponding to 20% of Q2'22 profit. The implementation of the shareholder remuneration policy is subject to future corporate and regulatory decisions and approvals. Santander (3) Including-13bps of HTC&S. 11#12Index 1 H1'22 Summary 2 3 4 5 6 7 8 Santander Business Model & Strategy Capital Asset Quality Liquidity & Funding. Ratings ESG Concluding Remarks Links, Appendix and Glossary#13Santander Business Model & Strategy Santander is managed according to primary and secondary segments Primary segments Digital Consumer Bank Cw Openbank O One Santander (Europe, North America and South America). New operating model leveraging our global scale to deliver a better customer experience, supported by common culture and higher degrees of commonality, technology being one Digital Consumer Bank: our vision is to become the largest digital consumer bank in the world Europe North America South America Spain Portugal UK United States Brazil Poland Mexico Chile Uruguay Peru SCF SCF Other Europe Argentina Colombia More details in Appendix: Retail Banking Audit Compliance Risk Universities SCIB Secondary segments WM&I Group functions and Corporate Centre activities Communication, Corporate Marketing and Research Costs General Human Secretariat Resources Technology Financial & Control/ Operations Accounting Finance PagoNxt Strategy, Corporate Dev.& Financial Planning Exec. Chairman's Office & Responsible Banking O Global businesses (SCIB and WM&I) to enhance our local scale with global reach and collaboration PagoNxt: innovative payments solutions for both Santander and non-Santander clients The Corporate Centre and other functions servicing the whole Group Santander (1) Includes Legal, Governance, Tax and Security & Intelligence. 13#14Santander Business Model & Strategy Our business model drives predictable and profitable growth 01. Scale Local scale and leadership. Our business model is based on three pillars Worldwide reach through our global businesses and PagoNxt Digital Consumer Bank; 02. Customer focus Unique personal banking relationships strengthen customer loyalty Customer satisfaction in NPS1 03. Diversification² Our geographic and business diversification makes us more resilient under adverse circumstances 10% Loans #1 European Consumer 8% Bank Deposits 12% Loans 4% Auto lending 2% 18% Deposits Loans 14% 14% 18% Deposits Loans Loans 12% Deposits 19% Deposits 10% Loans 11% 18% Loans Deposits 18% Deposits 11% Loans 11% Deposits 11% Deposits #1 Top 3 Top 4 ☑ 1,839 Europe 31% +38% North 1,578 26% America -10% South 1,946 33% America +7% Digital Digital Consumer Consumer Bank Bank 572 10% +16% 14 (1) Internal benchmark of individual customers' satisfaction audited by Stiga / Deloitte in H1'22. Santander (2) H1'22 underlying attributable profit by region, YoY growth in constant euros and % operating areas ex. Corporate Centre. Market share data: as at Mar-22 and Argentina, Brazil, Portugal, USA and DCB latest available. Spain includes Santander España (public criteria) + Hub Madrid + SCF España + Openbank and Other Resident sectors in deposits. The UK includes London Branch. Poland: including SCF business in Poland. The US: retail auto loans includes Santander Consumer USA and Chrysler Capital combined. Deposits considering all states where Santander Bank operates. Brazil: deposits including debenture, LCA (agribusiness notes), LCI (real estate credit notes), financial bills (letras financeiras) and COE (certificates of structured operations).#15Santander Business Model & Strategy Our geographic and business diversification both in assets ... Loans and advances to customers by area Breakdown of total gross loans excluding reverse repos, % of operating areas Jun-22 Loans and advances to customers by business Breakdown of total gross loans excluding reverse repos, Jun-22 South America 15% DCB 12% 1 SCIB 14% Corporates 14% 58% Europe 10% SMEs North America 15% 6% 34% Home mortgages 22% Consumer Other individuals ▸ Total gross loans excluding reverse repos: €1,015bn ►RWAS: €605bn Santander (1) Corporates and institutions. ▸ 86% of loan portfolio is Retail, 14% Wholesale ▸ 65% secured, mostly by real estate collateral 15#16Santander Business Model & Strategy ... which continue to grow well across products, segments and countries... Customer loans: +6% YoY Customer loans by country € bn and % change YoY in constant € SAN 152 €391bn +4% 148 €344bn +7% +6 1,015 589 +5 +7 +12 +4 DCB 119 €280bn +6% SCIB 142 +13% Other +20% 26 253 +7 Private Bkg +5% Cards +16% 251 +4 Non-Auto 74 +6% 249 SMES & Corporates 41 +2 31 +0.3% N∞ +8 Auto 149 +4% 112 +5 40 +11 Individual mortgages Consumer Companies & others 91 +9 40 +11 | 6 +55 Santander Note: Loans and advances to customers excluding reverse repos. Changes in constant euros. 16#17Santander Business Model & Strategy ... and in liabilities ... Customer funds by area Breakdown of total customer funds excluding repos, % of operating areas Jun-22 DCB South America North America 17% 5% O 14% Santander (1) Corporates and institutions. Customer funds by business Breakdown of total customer funds excluding repos, Jun-22 SCIB 12% 1 Corporates 15% SMEs 10% 64% Europe 36% Individuals demand deposits 6% 10% 11% Consumer Individuals mutual Individuals time deposits funds 17#18Santander Business Model & Strategy ... with particular strength in time deposits... Customer deposits: +5% YoY €718bn +3% €197bn +13% Demand deposits Time deposits Santander Note: Customer deposits excluding repos. Changes in constant euros. Customer deposits by country € bn and % change YoY in constant € SAN 124 124 DCB 58 米 915 +5 609 +5 151454 +4 +5 +7 303 +12 221 -3 44 +6 37 +6 88 +5 35 +2 77 +4 27 -7 11 +67 18#19Santander Business Model & Strategy ... coupled with our regional organizational structure, delivers growth and profitability... H122 vs. H1'21 Total customers Customer loans Customer deposits Net operating income Underlying att. profit ROTE¹ (mn) (€bn) (€bn) (€mn) (€mn) 46.4 589 609 4,417 1,839 12.1% Europe +1% +5% +5% +17% +38% +3.2pp North 25.3 152 124 3,088 1,578 23.3% America +3% +7% +4% -9% -10% -3.0pp South 65.8 148 124 5,780 1,946 27.6% America +11% +12% +5% +7% +7% +1.0pp Digital Digital Consumer Consumer 19.4 119 58 1,325 572 12.8% Bank Bank +4% +7% +3% +16% +1.9pp Santander Note: YoY changes in constant euros. Loans and advances to customers excluding reverse repos. Customer deposits excluding repos. (1) Adjusted RoTES: adjusted based on Group's deployed capital calculated as contribution of RWAs at 12%. Using tangible equity, ROTE is 8.8% for Europe, 12.2% for North America, 20.8% for South America and 12.0% for DCB. 19#20Santander Business Model & Strategy ... which is resilient throughout the cycle... Resilient profit generation throughout the cycle Group net operating income, € bn 11.4 14.8 17.7 2006 07 Santander 08 80 26.2 25.5 25.6 25.0 23.9 24.4 23.6 23.7 23.6 23.0 22.6 22.8 19.9 09 60 10 11 12 13 14 15 16 17 18 19 20 20 21 20 20#21Santander Business Model & Strategy ... resulting in long-term stable and predictable growth Predictable results with the lowest volatility among peers coupled with growth in earnings Quarterly reported EPS volatility1, 1999-Q1'22 650% 321% 115% 101% 93% 82% 80% + ) 0 43% 40% 40% Santander (1) Source: Bloomberg, with GAAP Criteria. Note: Standard deviation of the quarterly EPS starting from the first available data since Jan-99. 12% 21#22Santander Business Model & Strategy Moreover, we are able to generate profit efficiently, with one of the best C/I ratios and net operating income/loans well above most European peers Cost-to-income, Q1'22 Efficiency Net operating income/Loans %, European peers, Q1'22 Peer 1 Peer 2 Peer 3 41% 45% 12 pp 45% better than Peer 1 peer avg. Peer 2 52% Peer 4 54% Peer 5 58% Peer 6 60% Peer 7 Peer 8 Peer 9 65% 66% 67% Peer 3 1.9 Peer 4 Peer 5 Peer 6 1.2 1.8 1.9 2.1 2.6 Santander Note: Peers included are: BBVA, BNP Paribas, Citibank, Credit Agricole, HSBC, ING, Itaú, Scotiabank and Unicredit. Santander calculations using publicly available data. 3.8 22#23Index 1 2 3 4 5 6 7 8 H1'22 Santander Capital Summary Business Asset Quality Model & Strategy Liquidity & Funding. Ratings ESG Concluding Remarks Links, Appendix and Glossary#24Capital Disciplined capital allocation strategy to drive profitability improvement & maximize shareholder returns 2021 H1 2022 2022 Targets Capital accretive growth RWA growth below loan growth² +1% < +4% RWAS loans RWAS loans +1% < +6% RWA low-single growth digit Risk adjusted new credit production Front book RoRWA 1 1.8% 2.5% 2.2% Granular % of RWAs with profitability 30% 23% -20% RoRWA < CoE management Santander Variations in constant euros. (1) 2019-21 average. 24#25Capital Santander's capital levels, both phased-in and fully loaded, exceed minimum regulatory requirements Jun-22 SREP capital requirements and MDA* Assumed capital requirements (fully-loaded)** Jun-22 16.18% 15.95% 13.01% +317bps 2.47% T2 >15% AT1 1.45% +307bps 13.01% +294bps 2.45% 2.00% T2 T2 2.38% T2 AT1 +340bps 2.38% +287bps 1.45% 1.50% AT1 1.78% G-SIB buffer AT1 1.00% 1.78% +320bps CCOB 2.50% CCYB, 0.01% G-SIB buffer 1.00% 1 12.25% CET1 2.50% CCOB Pillar 2 R 0.84% CCYB, 0.01% 12.05% 11-12% CET1 0.84% Pillar 2 R 4.50% Pillar 1 4.50% Pillar 1 Regulatory Requirement 2022 Group ratios Jun-22 Following regulatory changes in response to the covid-19 crisis, the minimum CET1 to be maintained by the Group is 8.85% (was 9.69% pre-changes). ▸ As of Jun-22, the distance to the MDA is 307 bps² and the CET1 management buffer is 340 bps. Assumed regulatory requirement 2022 Group ratios Jun-22 Medium-term target ratios ▸ AT1 and T2 ratios are planned to be close to 1.5% and 2% of RWAS respectively. * The phased-in ratio includes the transitory treatment of IFRS 9, calculated in accordance with article 473 bis of the Capital Requirements Regulation (CRR2) and subsequent modifications Santander introduced by Regulation 2020/873 of the European Union. Total phased-in capital ratios include the transitory treatment according to chapter 4, title 1, part 10 of the CRR2. Fully-loaded CRR and fully-loaded IFRS 9. ** (1) Countercyclical buffer as of Mar-22. =1 (2) MDA trigger = 3.40% -0.33% = 3.07% (33bps of AT1 shortfall is covered with CET1). 25#26Capital Strong fundamentals for AT1 bond holders Distance to trigger¹ ▸ Santander Group's CET1 levels are well above the minimum loss absorption trigger of 5.125%: €43bn. ▸ The first line of defense is the Group's strong pre-provision profitability providing a high capacity to absorb provisions during the crisis and should continue to underpin the Group's earnings generation capacity. ▸ As of Jun-22, the distance to the MDA is 3.07%². MDA ▸ Targeting a comfortable management buffer, in line with Santander's business model and predictable results. ▸ Santander Parent Bank has c. €57bn in Available Distributable Items, best-in-class. ADIS ▸ This amount of ADI represents c.120 times the full Parent AT1 cost budgeted for 2022. ▸ Santander has never been prohibited from making a Tier 1 payment or dividend due to insufficient ADIs. Santander has never cancelled the payment of coupons of any of its Tier 1 securities. Santander (1) CET1 level below which AT1 capital instruments must either convert into ordinary shares or have their principal about written down. (2) MDA trigger = 3.40% -0.33% = 3.07% (33bps of AT1 shortfall is covered with CET1). 26#27Capital AT1 issuances distributed by call date Banco Santander, S.A. AT1 issuances outstanding at Jun-22 Nominal Next call Currency EUR € mn Coupon Structure 1,000 5.25% PNC6 USD 1,149 7.50% PNC5 EUR 1,500 4.75% PNC7 Reset date Spread 29-Sep-23 499.9bps 08-Feb-24 498.9bps 19-Mar-25 409.7bps EUR 1,500 4.38% PNC6 14-Jan-26 453.4bps USD 957 4.75% PNC6 12-May-27 375.3bps EUR 750 4.13% PNC7 12-May-28 431.1bps EUR 1,000 3.63% PNC8 21-Sep-29 376bps Call date 1,500 1,500 1,149 1,000 957 1,000 750 Santander iill 2022 2023 2024 2025 2026 2027 2028 2029 27#28Capital FX hedging policy on capital ratio and P&L Hedged Exposure Stable capital ratio hedge (•) Group CET1 12.05%1 ▸ Managed to mitigate FX volatility in our CET1 ratio. Based on Group regulatory capital and RWAs by currency. Santander (1) Fully-loaded ratio. Our P&L Policy ▸ Strategic management of the exposure to exchange rates on equity and dynamic on the countervalue of the units' annual results in euros. ▸ Mitigate impact of FX volatility. ▸ Corporate Centre assumes all hedging costs. 28#29Capital Interest rate risk hedging Mostly positive interest rate sensitivity 12m net interest income sensitivity to a +/-100 bp parallel shift € mn, May-22 +100 bps -100 bps 1 +751 -882 ALCO portfolios reflect our geographic diversification Distribution of ALCO portfolios by country %, Jun-22 Other South SCF, America, 7% 8% Chile, 11% Spain, 5% UK, 5% 米 2 +303 -334 €99bn Brazil, 15% Poland, 13% o/w HTC&S €63bn 3 +143 -154 -109 +109 (1) Parent bank. Santander (2) Ring-fenced bank. (3) SBNA. SC USA has positive sensitivity under a -100 bp shift scenario. Portugal, 2% Mexico, USA, 17% 17% 29#30Index 1 2 3 4 5 6 7 8 H1'22 Santander Capital Summary Business Asset Quality Model & Strategy Liquidity & Funding. Ratings ESG Concluding Remarks Links, Appendix and Glossary#31Asset Quality Credit quality remains solid... Credit quality ratios Q2'21 Q1'22 Q2'22 Q2'21 Q1'22 Q2'22 NPL ratio 3.22% 3.26% > 3.05% > 21bps QoQ 17bps YoY Cost of risk³ > 0.94% 0.77% > 0.83% 7bps QoQ ▼ 11bps YoY 4.08% 3.93% 3.73% 1.18% 1.07% 1.00% 1.00% 3.32% 3.21% 3.20% 3.22% 3.26% 3.18% 3.16% 3.05% 2016 20171 2018 2019 2020 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22² Q2'22 2016 20171 1.28% 1.08% 0.94% 0.90% 0.83% 0.77% 0.77% 2018 2019 2020 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 (1) Acquisition of Banco Popular in 2017. Santander (2) Including +19bp impact from the New Definition of Default application. (3) Provisions to cover losses due to impairment of loans in the last 12 months / average customer loans and advances of the last 12 months. 31#32Asset Quality ... at the Group and country level NPL ratios by country Cost of risk¹ by country % Q2 2021 Q1 2022 Q2 2022 % Q2 2021 Q1 2022 Q2 2022 Spain 5.16 4.47 3.83 Spain 0.91 0.88 0.79 UK 1.30 1.42 1.17 UK 0.09 -0.08 -0.02 Portugal 3.71 3.42 3.33 Portugal 0.41 0.03 -0.05 Poland 4.58 3.50 3.45 Poland 0.88 0.65 0.95 US 2.00 2.75 2.64 USA 1.34 0.49 0.78 Mexico 3.10 3.09 2.95 Mexico 2.74 2.22 2.05 Brazil 4.55 5.68 6.34 Brazil 3.51 3.94 4.26 Chile 4.57 4.70 4.70 Chile 1.07 0.83 0.89 Argentina 3.34 3.21 2.48 Argentina 3.94 3.31 3.07 DCB 2.18 2.27 2.22 DCB 0.64 0.44 0.44 Group 3.22% 3.26% 3.05% Group 0.94% 0.77% 0.83% Santander (1) Provisions to cover losses due to impairment of loans in the last 12 months / average customer loans and advances of the last 12 months. 32#33Asset Quality Distribution of credit impaired loans in line with total portfolio. Credit impaired loans DCB, 8.0% Other South America, 1.0% Chile, 6.1% Brazil, 19.0% Mexico, 3.8% Santander US, 10.6% Other Europe, Poland, 0.2% 3.5% UK, 9.1% Portugal, 4.2% Loan-loss allowances Other South America, 1.9% Spain, 34.6% Chile, 5.1% Brazil, 24.3% DCB, 10.7% O Mexico, 4.4% US, 17.8% Spain, 23.6% UK, 4.1% Portugal, 4.3% Poland, 3.6% Other Europe, 0.1% 33#34Asset Quality The Stage 3 ratio of the most vulnerable sectors is broadly in line with the Group ratio Mar-22, € bn Exposure to vulnerable sectors Industry Exposure Stage 1 Stage 2 Stage 3 Automobile 31.4 91.3% 7.0% 1.7% Hotel & Leisure¹ 15.2 60.9% 23.7% 15.5% Transport 18.2 84.6% 10.2% 5.2% Oil & Gas 23.4 97.3% 1.4% 1.3% Retail (non-Food) 22.6 89.5% 6.8% 3.8% Construction 12.0 77.7% 12.7% 9.7% Group Exposure³ 1,071 90.3% 6.4% 3.3% Santander (1) Catering and others not included. (2) Property development not included. (3) Exposure subject to impairment. Additionally, in March 2022 there are €22bn in loans and advances to customers not subject to impairment recorded at mark to market with changes through P&L. 34#35Index 1 2 3 4 UT 6 7 8 H1'22 Santander Capital Summary Business Asset Quality Liquidity & Funding. ESG Model & Ratings Strategy Concluding Remarks Links, Appendix and Glossary#36Liquidity and Funding The Group's business model combines local knowledge with global best practices through legally, financially and operationally autonomous subsidiaries... Legal autonomy structure Dec-21 Banco Santander Totta SGPS, SA Santander Santander UK Group Holdings Bank Polska Santander S.A.1 Santander Consumer Finance² Santander Holdings USA Banco Santander Brasil Grupo Financiero Mexico Banco Santander Chile Banco Santander Argentina ▸ Legal autonomy: There are no legal commitments that entail financial support. ▸ Financial autonomy: Financial interconnections are limited and at market prices. ▸ Operational autonomy: Shared services are limited and carried out through autonomous factories. Access to FMIs through other Group entities is very limited. (1) Santander Perú, Santander Uruguay and Santander Colombia do not appear on the graph due to their size. Waiting for the SRB to authorize these 3 companies to have their own resolution group. Santander (2) Spain Resolution Group headed by Banco Santander, S.A. Includes, among others, SCF. 36#37Liquidity and Funding ... divided into different resolution groups that can be resolved separately though multiple entry points Dec-21, € bn Banking Union Resolution Group Spain¹ PE PE Point of Entry Portugal PE 778 56 Spain¹ Portugal MPE resolution strategy European Union 3rd Countries Poland PE Brazil Mexico PE PE UK Chile Argentina PE PE PE USA PE Size of Resolution Groups (Total assets by geography) 155 165 Brazil USA 410 53 73 67 United Kingdom Poland 16 Mexico Chile Argentina ▸ We have defined the Resolution Groups (RGS) mirroring the model of autonomous financial groups so that all entities have been assigned to one RG. ► Each RG comprises the entity identified as the entry point in resolution and the entities that belong to it. Santander (1) Spain Resolution Group headed by Banco Santander, S.A. Includes, among others, SCF. Banco Santander has requested the SRB that Colombia, Peru and Colombia have their own Resolution Group (currently the are included in the Spain RG). Waiting for authorization. 37#38Liquidity and Funding Santander follows an autonomous capital and liquidity model Capital ratios by country Mar-22, %, local figures (phased-in) US 20.26 18.54 18.23 UK 20.78 18.63 15.47 Portugal 25.00 Brazil 24.56 Poland 14.71 21.88 18.12 Mexico 12.75 16.19 20.21 11.74 16.69 16.19 Santander S.A. 14.89 21.63 Argentina Chile 18.62 Total 19.89 16.83 16.57 T1 17.55 12.92 CET1 17.32 10.43 Santander Note: SCF: Total Capital Ratio: 16.36%; T1: 14.88% and CET 1: 12.91%. 38#39Liquidity and Funding Santander's liquidity management is based on the following principles ▸ Decentralized liquidity model. ▸ Needs derived from medium- and long-term activity must be financed by medium- and long-term instruments. ▸ High contribution from customer deposits, due to the retail nature of the balance sheet. ▸ Diversification of wholesale funding sources by instruments/investors, markets/currencies and maturities. ▸ Limited recourse to wholesale short-term funding. ▸ Availability of sufficient liquidity reserves, including the discount window/ standing facility in central banks to be used in adverse situations. ▸ Compliance with regulatory liquidity requirements both at Group and subsidiary level, as a new conditioning management factor. Santander 39#40Liquidity and Funding Stock of issuances shows diversification across instruments and entities Debt outstanding by type Jun-22 Preference shares, €8.7bn, 5% Sub debt, €17.7bn, 10% Covered bonds, €43.0bn, 23% Senior, €60.3bn, 33% Includes the issuance of 3 Green Bonds in line with the Group's ESG strategy and Responsible Banking Agenda: Senior non- preferred, €52.9bn, 29% Santander Note: preference shares also includes other AT1 instruments. 7 AFFORDABLE AND CLEAN ENERGY Product Nominal Maturity Issuance spread Oct-19 Senior €1bn 7 MS +65bps 13 CLIMATE ACTION Jun-20 SNP €1bn 7 MS +140bps Jun-21 SNP €1bn 8NC7 MS +78bps 40 40#41Liquidity and Funding Conservative and decentralized liquidity and funding model €23bn¹ issued in public markets in H1'22 Very manageable maturity profile € bn, Jun-22, Average exchange rates € bn, Jun-22 18.1 12.4 2.3 Covered Bonds 7.7 6.9 2.9 3.5 3.9 282 3392 8:3 1.2 5.2 5.0 0.4 1.3 7.6 1.5 4.8 2.2 0.0 0.1 Covered bonds Senior Senior non- preferred Preference shares Sub debt ▸ Other includes issuances in Brazil, Mexico, Portugal and Poland. Spain² UK DCB 7.4 Senior 4.9 Senior Non- Preferred 0.5 18.0 12.6 4.5 9.5 8.2 6.9 4.5 Other 0.1 0.7 Chile USA Santander (1) Data includes public issuances from all units with period-average exchange rates. Excludes securitizations. (2) Includes Banco Santander, S.A. and Santander International Products PLC. Note: preference shares also includes other AT1 instruments. 3.8 2.6 12.9 23.2 19.3 2022 2023 2024 2025 2026 >2026 Other 41#42Liquidity and Funding YTD issuances against 2022 funding plan € bn, Jun-22 Execution of 2022 funding plan SNP + Senior Hybrids Covered Bonds TOTAL Plan Issued Plan Issued Plan Issued Plan Issued 1 2 Banco Santander, S.A. 3-3.5 1.8 9-10 11.6 12-13.5 13.4 SCF 0.0 5-6 1.2 0-0.5 5-6.5 1.2 UK 0.0 3-4 1.6 0.5-0.75 4.8 3.5-4.75 6.3 SHUSA TOTAL 0.0 2-2.5 2.2 2-2.5 2.2 2 3-3.5 1.8 19-22.5 16.6 0.5-1.25 4.8 22.5-27.25 23.2 Banco Santander, S.A.'s 2022 funding plan contemplates the following: ▸ The Financial Plan is mainly focused on covering TLAC/MREL requirements to: ▸ continue building up TLAC/MREL buffers. ▸ pre-finance senior non-preferred / senior preferred transactions which lose TLAC/MREL eligibility due to entering in the <1 year window. Santander cover the increase in estimated RWAs which are the base of both requirements. Note: Issuance plan subject to, amongst other considerations, market conditions and regulatory requirements. Other secured issuances (for example ABS, RMBS, etc.) are not considered in the table above. (1) Includes €1.8bn of sub debt issued in Q4'21 as pre-funding for 2022. Includes €2.1bn of senior non-preferred issued Q4'21 as pre-funding for 2022. 42#43Liquidity and Funding TLAC/MREL for the Resolution Group headed by Banco Santander, S.A. % TLAC Jun-22(e) 24.1% 2.6% 3.5% MREL Jun-22(e) % and € bn Requirement 36.0% Requirement CBR Surplus 3.5% CBR 136.2 3.5% Surplus Senior 19.3 SNP 25.4 Sub debt 2.4 10.9 T2 Req. + CBR 32.5%2 15.4% 8.0 AT1 29.0% 2.2% Req. + CBR 21.5% 8.5% 18.0% 1.8% 6.8% Distance to M-MDA 13.2% CET1 70.2 % RWAS 1 % LE 1 % RWAS 1 1 % LE MREL instruments €8bn €15bn 256bps 176bps Santander Note: Figures applying the IFRS 9 transitional arrangements. €13bn €19bn 352bps 217bps (1) TLAC RWAs are €293bn and leverage exposure is €829bn. MREL RWAs are €379bn and leverage exposure is €886bn. (2) MREL Requirement based on RWAs from Jan-24: 30.32% + Combined Buffer Requirement (CBR). 43#44Liquidity and Funding Well-funded, diversified, prudent and highly liquid balance sheet (large % contribution from customer deposits), reflected in solid liquidity ratios Liquidity Balance Sheet € bn, Jun-22 1,373 1,373 Liquidity Coverage Ratio (LCR) Net Stable Funding Ratio (NSFR) 1 Jun-22 Mar-22 Mar-22 Loans and advances to 974 Customer deposits 1,038 customers Spain² 162% 141% 115% UK² 171% 176% 137% Securitizations and others 51 Portugal 155% 138% 124% Fixed assets & other 88 183 M/LT debt issuances Poland 167% 171% 148% Financial assets 247 134 Equity and other liabilities 31 ST Funding US 124% 142% 121% Assets Liabilities Mexico 174% 168% 123% HQLAS³ Brazil 162% 154% 118% € bn, Jun-22 HQLAS Level 1 289.8 Chile 163% 139% 121% Argentina 219% 242% 174% HQLAS Level 2 7.3 SCF 266% 302% 112% o/w Level 2A 3.8 Group 165% 157% 123% o/w Level 2B 3.6 Note: Liquidity balance sheet for management purposes (net of trading derivatives and interbank balances). (1) Provisional data. Santander (2) Spain: Parent bank, UK: Ring-fenced bank. (3) 12 month average, provisional data. 44#45Liquidity and Funding The main metrics show the strength and stability of the Group's liquidity position Evolution of key liquidity metrics LTD and MLT funding metrics by geography Jun-22 2018 2019 2020 2021 Jun-22 LTD Ratio (Deposits +M/LT funding) / Loans 1 3 Loans / net assets 76% 77% 76% 75% 76% Spain 85% 126% UK 113% 103% 1 Loan-to-deposit ratio (LTD) 113% 114% 108% 106% 107% Portugal 90% 117% Poland 83% 123% Customer deposits and medium- and long- 1 114% 113% 116% 117% 116% USA 110% 119% term funding / loans Mexico 95% 116% Short-term wholesale funding / net Brazil 99% 122% 2% 3% 2% 2% 2% liabilities Chile 140% 93% Argentina 54% 185% Structural liquidity surplus/ net liabilities 13% 13% 15% 16% 16% DCB 203% 73% Encumbrance 2 25% 24% 27% 26% 26% GROUP 107% 116% (1) Loans and advances to customers. Santander (2) Latest data Mar-22. (3) Spain public management criteria. 45#46Liquidity and Funding Banco Santander S.A. ratings Moody's S&P Fitch Date last Direction Direction Date last Rating Rating Date last change Rating change last change last change change Direction last change Covered Bonds Aa1 03/12/2019 AAu 28/01/2022 ↑ Senior Debt (P)A2 17/04/2018 A+ Senior Non-preferred Subordinated Baal 29/10/2021 Initial A- (P) Baa2 04/03/2014 ↑ BBB+ 16/12/2021 27/10/2021 06/04/2018 ↑ A 17/07/2018 Initial A- 01/11/2021 Initial ↑ BBB 27/03/2020 AT1 Bal 28/09/2017 Initial BB+ 27/03/2020 Short Term Debt P-1 17/04/2018 ↑ A-1 06/04/2018 F2 17/07/2018 Santander For more information on the Group's ratings see the Links page in the Appendix. 46#47Liquidity and Funding Santander Parent & Subsidiaries' Senior Debt Ratings Moody's S&P Fitch Date last Direction Date last Rating Outlook Rating change last change change Direction last change Date last Direction Outlook Rating Outlook change last change Group San UK PLC San UK Group Holding PLC A2 17/04/2018 ↑ STABLE A+ 16/12/2021 ↑ STABLE A- 29/05/2014 ↑ STABLE A1 20/10/2020 ↑ STABLE A 09/06/2015 ↑ STABLE A+ 03/01/2019 ↑ STABLE (P) Baal 16/09/2015 ↓ STABLE BBB 10/04/2015 ↑ STABLE A 20/12/2019 ↑ STABLE Santander Consumer Finance SA A2 17/04/2018 STABLE A 16/12/2021 STABLE A 28/10/2019 STABLE Banco Santander Totta SA Baa2 08/09/2021 ↑ STABLE BBB 18/03/2019 ↑ Santander Holding US Baa3 18/10/2016 ↓ Banco Santander Mexico Baal 22/04/2020 STABLE STABLE BBB+ 06/04/2018 ↑ STABLE STABLE BBB+ BBB+ BBB+ 21/12/2017 ↑ STABLE 17/11/2017 ↑ STABLE 13/06/2012 STABLE Banco Santander Chile A1 27/07/2018 NEG A- 25/03/2021 STABLE Santander Bank Polska A3 03/06/2019 ↑ STABLE BBB+ 02/06/2014 ↑ STABLE Banco Santander Brasil Bal 25/02/2016 ↓ STABLE BB- 12/01/2018 STABLE Kingdom of Spain* Baa1 15/07/2022 STABLE Au 20/09/2019 ↑ STABLE A- 19/01/2018 ↑ STABLE Note: Santander México decided to withdraw the S&P ratings. Santander For more information on the Group's ratings see the Links page in the Appendix. 47#48Index 1 2 3 4 5 6 7 8 H1'22 Santander Capital Summary Business Asset Quality Model & Strategy Liquidity & Funding. Ratings ESG Concluding Remarks Links, Appendix and Glossary#49ESG ESG strategy Overarching goal: Achieving our purpose by promoting sustainable & inclusive growth 3 strategic pillars Support climate transition Contribute to generate positive society returns Ambition Deliver our Net zero ambition by 2050 helping our customers in their transition to a sustainable and low carbon economy Support productive inclusion across our main stakeholders: employees, customers and communities • • Strategic Actions Alignment of the sectors with highest level of GHG emissions with our Net zero commitment, in line with NZBA, while taking into consideration other environmental goals Support customers in accelerating their transition, engaging with them and developing a best-in-class sustainable finance and investment proposition Diverse and inclusive workplace that fosters employee wellbeing • Support financial inclusion of the most vulnerable customers, promoting access to banking products and services and offering financial education • Community support, with focus on Education, Employability and Entrepreneurship Main SDGs 13 CLIMATE ACTION AFFORDABLE AND CLEAN ENERGY 215 8 DECENT WORK AND ECONOMIC GROWTH 4 QUALITY EDUCATION 10 REDUSE INEQUALITIES BENDER EQUALITY Embed ESG across the Incorporate ESG in behaviours, policies, 16 PEACE JUSTICE • Consistent tone from the top to drive cultural change and deliver on our commitments (climate, diversity, training...) AND STRONG INSTITUTIONS organization processes and governance throughout the Group • Integrate ESG into strategic processes, Risk Management & rest of relevant functions and build capabilities PARTNERSHIPS FOR THE GOALS Santander Note: Further information regarding the SDG's through the following link: Banco Santander and the SDG's. For further information on ESG strategy see the Santander Corporate ESG presentation. 49 49#50ESG Our achievements Environmental Green finance¹ AuMs in SRI 2 €74bn since 2019 NEW €30bn Jun-22 Decarbonization targets in 2030 (vs 2019) ✓ Power generation³ Social Microcredits €426mn loans through microfinance programmes in 8 countries tuiio SURGIR FINANZAS DE TU A TU Financially empowered people -46% PROSPERA Santander Thermal coal-related Phase-out power and mining 'T! Energy -29% -33% -32% Aviation³ Steel³ 9mn Since 2019 10 mn by 2025 Governance ESG metrics 20% of long-term incentives in top management scorecard Group Board >60% 40% Independent directors Women Santander Note: H1'22 data not audited. For further information on ESG strategy see the Santander Corporate ESG presentation. (1) Only SCIB global business. (2) Socially responsible investment. AuMs classified as Article 8 and 9 funds (SFDR) from SAM, plus third-party funds and other ESG products according to EU taxonomy from Private Banking. We apply equivalent ESG criteria to SAM's funds in Latin America. (3) Emissions intensity. 50 (4) Refers to power generation clients with over 10% of their revenue depending on thermal coal. Absolute emissions.#51New ESG ESG public targets Electricity from renewable sources Green finance raised and facilitated (€) AuMs in Socially Responsible Investments (€) Thermal coal-related power & mining phase out (€) • Emissions intensity of power generation portfolio Absolute emissions of energy portfolio Emissions intensity of aviation portfolio Emissions intensity of steel portfolio Financially empowered people Women in senior positions ⚫ Equal pay gap 2018 2019 2020 2021 H122 43% 50% 57% 75% 2025/2030 target 100% 120bn by 2025 19bn 33.8bn 65.7bn 74.4bn 220bn by 2030 27.0bn 30.1bn 7.0 bn 0.21 0.17 23.84 92.47 1.58 100bn by 2025 0 by 2030 -0.11 tCO2e/MWh in 2030 16.98 mtCO2e in 2030 61.71 grCO₂e/RPK in 2030 1.07 tCO2e/tCS in 2030 2mn 5mn 7mn 9mn 10mn by 2025 20% 23% 23.7% 26.3% 27.9% -30% by 2025 3% 2% 1.5% 1.0% --------> ~0% by 2025 --> From...to... Santander Note: H1'22 data not audited. For further information on ESG strategy see the Santander Corporate ESG presentation. Accumulated 51#52ESG ESG Ratings/Indices (1/2) CCC B BB BBB A AA AAA MSCI AA ▼ Out of 191 banks, 3% are AAA and 29% AA Laggard Average Leader D- D C- CDP A- C B B A- A ▼ Disclosure Awareness Management Leadership SUSTAINALYTICS 23.9 Above the sector average (B) >40 40-30 30-20 20-10 <10 268th out of 1,045 banks / 86th of 407 diversified banks Severe High Medium Low Negligible D- D D+ C- C C+ B- B B+ A- A A+ ISS ESG‣ = C Poor Medium Good Excellent 0 20 40 60 80 100 Member of Dow Jones Sustainability Indices 86 Powered by the S&P Global CSA Santander For further information on ESG strategy see the Santander Corporate ESG presentation. Industry benchmark: C+, Santander in top 10% Once again ISS ESG awarded us its Prime badge for companies with ESG performance above the sector-specific "Prime" threshold ▸ 8th out of 242 banks (98th percentile) ་ Corporate ESG Performance RATED BY Prime ISS ESG> 21 years in a row, featuring on the Dow Jones Sustainability World Index (DJSI World) 52 2021 2020#53ESG ESG Ratings/Indices (2/2) 0 1 2 3 4 4.5 FTSE4Good 0 29 49 49 MOODY'S ESG Solutions 61 Sustainability Award Silver Class 2021 S&P Global 5 98th percentile in banks sector Banco Santander has been part of the FTSEGood Index since 2003. In June 2021, we obtained 4.5 points ranking two points above sector's average 59 100 11th out of 31 diversified banks Weak Limited Robust Advanced Bronze Silver Gold Silver 0% 20% 40% 60% 80% 100% Bloomberg Gender-Equality Index 90.26 2022 Santander For further information on ESG strategy see the Santander Corporate ESG presentation. Santander was included in the 2022 S&P Sustainability Yearbook, receiving a silver class award for its performance during 2021 #1 out of 131 banks; 2nd overall This is the first year the bank has obtained the maximum score in the disclosure component and in Pro-Women Brand 2021 53 2020#54Index 1 2 3 4 5 6 7 8 H1'22 Santander Capital Summary Business Asset Quality Model & Strategy Liquidity & Funding. Ratings ESG Concluding Remarks Links, Appendix and Glossary#55Concluding Remarks Concluding Remarks ▸ The Group's stable capital generation has been supported by strong pre-provision profits providing Santander with a high capacity to absorb provisions. Strong capital levels in line with Santander's business model based on geographic diversification, solid market positions in areas where it operates and independent subsidiary model in terms of capital and liquidity. The Group is well above the regulatory capital requirement with significant payment capacity from available distributable items, while maintaining comfortable margins to conversion and MDA triggers. According to June 2022 data, the Banco Santander, S.A. Resolution Group complies with the MREL and subordination requirements, TLAC and Group capital buffers. ▸ Comfortable liquidity position reinforced further: compliance with regulatory liquidity requirements established at Group and subsidiary levels ahead of schedule, with high availability of liquidity reserves. Santander 55#56Index 1 2 3 4 5 6 7 8 H1'22 Santander Capital Summary Business Asset Quality Model & Strategy Liquidity & Funding. Ratings ESG Concluding Remarks Links, Appendix and Glossary#57Links, Appendix and Glossary Links to Grupo Santander public materials For additional information on the Group, please click on the images, icons or flags below Financial report H1'22 financial results Earnings presentation Series Financial Report 2022 January-June 28 July 2022 OW. Earnings Presentation H1'22 Santander Country presentations USA Santander Press release (Excel) XLS Shareholders report (interactive) Santander Shareholders 02 (SE ACTIVITY QUARTERLY SHAREHOLDER REPORT 04/ Other information 2021 Digital Annual review Here. Now. Institutional Presentation Institutional Presentation Q1'22 ESG UK Portugal Spain Poland Digital Consumer CEO video (3 minutes) Santander Santander ESG Towards a more sustainable world Mexico Brazil Chile ⚫ Argentina Santander 000 Bank Sonhazer EUR 2.688 06 08 The 2021 Annual report Ratings Here. Annual report 2021 Sentender 21- Pillar 3 add Sa-bander Overview of our Corporate Governance presentation www.santander.com Follow us on f in Ժ 57#58ks, Appendix and Glossary EUROPE 'Accelerating our business transformation in One Europe to achieve superior growth with a more efficient operating model' H1'22 Highlights Strategic priorities Branches 3,178 00 MA Employees 63,579 Total customers (mn) 46.4 Grow our business by better serving our customers through regional simplification and an improved value proposition 2 Digital customers (mn) 16.8 Customer loans (€ bn) 589 Redefine customer interaction, enhancing our digital capabilities to offer comprehensive experiences (such as OneApp) Customer funds (€ bn) 705 Underlying attributable profit (€ mn) ROTE¹ 1,839 Create a common operating model that embeds technology into our business, leveraging our scale in the region 12.1% Santander (1) Adjusted ROTE: adjusted based on Group's deployed capital calculated as contribution of RWAs at 12%. Using tangible equity, ROTE is 8.8%. Customer loans: gross loans excluding reverse repos. Customer funds: customer deposits excluding repos + marketed mutual funds. More information at https://www.santander.com/en/about-us/where-we-are/europe. 58#59Links, Appendix and Glossary H1'22 Highlights Branches 1,859 00 MA Employees 43,779 2 Total customers (mn) 25.3 2 Digital customers (mn) 7.0 Customer loans (€ bn) 152 Customer funds (€ bn) 151 Underlying attributable profit (€ mn) 1,578 هههه ROTE¹ 23.3% Santander NORTH AMERICA 'We provide a full range of financial services with particular focus on Retail, Private and Corporate Banking' ■ Strategic priorities ■■ Strengthen One Santander in North America by unifying a common and regional approach to forge future growth within the region Boost customer attraction and retention, while broadening our tailored products and services proposition for a more straightforward customer experience Leverage our regional capabilities and sharing best practices to optimize expenses and improve profitability Focus on expanding and implementing sustainable finance opportunities within our businesses (1) Adjusted ROTE: adjusted based on Group's deployed capital calculated as contribution of RWAs at 12%. Using tangible equity, ROTE is 12.2%. Customer loans: gross loans excluding reverse repos. Customer funds: customer deposits excluding repos + marketed mutual funds. More information at https://www.santander.com/en/about-us/where-we-are/north-America. 59#60Links, Appendix and Glossary H1'22 Highlights Branches 3,786 00 MA Employees 75,588 Total customers (mn) 65.8 Digital customers (mn) 25.3 Customer loans (€ bn) 148 Customer funds (€ bn) 182 Underlying attributable profit (€ mn) 1,946 هههه ROTE¹ 27.6% Santander SOUTH AMERICA 'We remain focused on expanding, sharing best practices from each country and delivering profitable growth' Strategic priorities ■■ Strengthen connectivity and share best practices across countries, capturing new business opportunities Focus on delivering profitable growth, increasing loyalty and customer attraction, as well as controlling risks and costs Make headway in the development of joint initiatives between SCIB and corporates In payment methods, focus on e-commerce strategies and on the business of instant domestic and international transfers Continue to promote inclusive and sustainable businesses, such as micro-credit programmes, and further developed ESG initiatives (1) Adjusted ROTE: adjusted based on Group's deployed capital calculated as contribution of RWAs at 12%. Using tangible equity, ROTE is 20.8%. Customer loans: gross loans excluding reverse repos. Customer funds: customer deposits excluding repos + marketed mutual funds. More information at https://www.santander.com/en/about-us/where-we-are/south-America. 60 60#61Links, Appendix and Glossary H1'22 Highlights Branches 370 ☐ 00 M Employees 15,894 Active customers (mn) 19.4 Points of sale (k) >130 ☐ Customer loans (€ bn) 119 Customer funds (€ bn) Underlying attributable profit (€ mn) A ROTE¹ 60 ■ 572 ■ 12.8% Santander Digital Consumer Bank 'Europe's consumer finance leader: solid business model, geographic diversification and leading market shares in auto/mobility finance and in personal finance/e-commerce' Strategic priorities ■■ To become the largest digital consumer bank leveraging SCF's footprint, profiting from Openbank's technology and reinforcing our leadership with strategic alliances Auto: strengthen auto financing leadership by reinforcing mobility solutions with focus on leasing and subscription Consumer (non-auto): gain market share in consumer lending, with focus on e-commerce checkout lending and buy now, pay later (BNPL) Simplification for efficiency: maintain high speed digitalization in order to transform the business and improve efficiency ESG: enhance green finance propositions (fully-electric vehicles, electric chargers, solar panels, etc.) in both auto and consumer loans (1) Adjusted ROTE: adjusted based on Group's deployed capital calculated as contribution of RWAs at 12%. Using tangible equity, ROTE is 12.0%. Customer loans: gross loans excluding reverse repos. Customer funds: customer deposits excluding repos + marketed mutual funds More information at https://www.santander.com/en/about-us/where-we-are/digital-consumer-bank 5 61#62Links, Appendix and Glossary SCIB هههه H1'22 Highlights Total income (€ mn) 3,612 Santander Corporate & Investment Banking 'Santander CIB supports corporate and institutional customers, offering tailored services and value-added wholesale products suited to their complexity and sophistication' Strategic priorities ■ Continue the business transformation to partner with our clients as strategic advisors, strengthening our value-added services, with an increased focus on ESG and Digital solutions ■ In Europe, our aim is to become one of the relevant European CIB players by strengthening our advisory capabilities leveraging a pan-European platform to better serve our global clients' needs ■ In South America, our ambition is to become the top CIB player in most countries and products, consolidating our leadership position evolving from multi-country to pan-regional In the US, our aim is to up-tier our CIB franchise to compete on a level playing field. Focus on the Amherst Pierpont Securities (APS) integration as a step to deliver on our growth aspirations Leaders in League Tables Q2'22 +11% Top 3 Structured Finance Green Finance +29% Debt Capital Markets Recent Awards EUROMONEY GTR Best Investment Bank in Spain Global Trade Review Best Supply Chain Finance Bank GlobalCapital Most Impressive Bank for Latin American Bonds Collaboration revenue +33% YoY ROTE 24.3% Underlying attributable profit (€ mn) 1,531 Total income breakdown by business Revenue YoY growth by region Global Markets 37% Other 5% Global Transaction Banking 34% +31% Global Debt Financing 24% Santander Source: Dealogic, Inframation, Bloomberg More information at https://www.santander.com/en/about-us/where-we-are/santander-corporate---investment-banking. 62 62#63Links, Appendix and Glossary WM&I Wealth Management & Insurance 'We strive to become the best responsible wealth and insurance manager in Europe and the Americas' H1'22 Highlights Total contribution to Group's profit³ (€ mn) Total contribution to Group's profit³ Santander Asset Management Total assets under management1 (€ bn) 395 Total fees generated as % of the Group's total fees² 30% Santander Private Banking ROTE 57.1% BOE Underlying attributable profit (€ mn) 515 1,276 +15% YoY าก Private Banking customers (k) >220 Private Banking collaboration volume +22% YoY Private Banking net new money (€ bn) 5.8 Santander Insurance Santander Asset Management net sales (€ bn) -1.7 883 Insurance Gross written premiums +17% YoY Santander Strategic priorities Continue to build our global platform o Expand and develop our product and service proposition 。 Deploy the best digital tools Renew or improve our top 3 position as Best Global Private Bank according to Euromoney (clients up to $250mn) ■ Continue to be the preferred funds partner for our retail network • Complete the creation of the global hubs o Expand the One Investments model and methodologies • Work to complete the implementation of our digital funds distribution platforms Optimize our customer service by completing our digital proposition using customer data Manage our portfolio to extend policy life ■ Increase customer base penetration ESG transversal across our businesses: offer sustainable investment management in our private banking platform, expand our SRI range to help reach our commitment of €100bn AuM by 2025, work towards our Net Zero commitments and create a sustainable insurance value proposition. (1) Total assets marketed and/or managed. Private Banking + SAM excluding AuM of Private Banking customers managed by SAM. (2) Including fees generated by asset management and insurance transferred to the commercial network. (3) Profit after tax + net fee income generated by this business and excluding insurance one-offs in 2021. Otherwise, +8%. 63 * EUROMONEY PRIVATE BANKING 2022 PRIVATE BEST A GLOBAL KAWARD pum The Ranker GLOBAL PRIVATE BANKING AWARDS 2021 BEST PRIVATE BANK IN MEXICO PUM WEALTH TECH AWARDS 2021 BEST PRIVATE BANK FOR USE OF TECHNOLOGY LATIN AMERICA XXXIII Premios Fondos 2022 2022 Expansión allfunds PREMIO SALMÓN 2022 DIARIO FINANCIERO LVAINDICES Banco e Plataforma para in M 2021. More information at https://www.santander.com/en/about-us/where-we-are/wealth-management-insurance.#64H1'22 Highlights PagoNxt revenue €398mn; +87% Merchants PagoNxt 'Innovative payments solutions for both Santander and non-Santander clients' We are a one of a kind paytech business backed by Santander. Helping our customers prosper and accelerate their growth through a one-stop shop, providing solutions beyond payments to merchants, SMEs & corporates and consumers Active merchants (mn) 1.27; +5% Total payments volume (€ bn) 74.6; +35% Business lines Merchants International Trade Active customers (One Trade & Ebury; k) >25 Santander Global and integrated acquiring, processing and value-added solutions for physical and e-comm merchants International Trade Specialized cross- border trading solutions for businesses in a global market yet to be fully digitalized Payments Wholesale account to account payment processing and instant connectivity to schemes in multiple geographies Consumers Financial marketplace for the economic inclusion of the underbanked population with focus in Latam Note: YoY changes. Revenue and TPV in constant euros. More information at https://www.santander.com/en/about-us/where-we-are/Pago Nxt. 64#65Links, Appendix and Glossary Glossary and Acronyms • ADIS: Available distributable items • bn: Billion • • • • • . • bps: Basis points CCOB: Capital Conservation Buffer CCyB: Countercyclical buffer CET1: Common equity tier 1 CIB: Corporate & Investment Banking Covid-19: Corona Virus Disease 19 DCB: Digital Consumer Bank • DGF: Deposit Guarantee Fund DPS: Dividend per share • EPS: Earning per share • FL: Fully loaded • G-SIBS: Global Systemically Important Banks • HTC: Held to collect portfolio . HTC&S: Held to collect & sell portfolio • k: thousands . LTV: Loan-to-value • LLPs: Loan-loss provisions . MDA: Maximum distributable amount • M/LT: Medium- and long-term Santander • mn: Million • MPE: Multiple Point of Entry • MREL: Minimum Required Eligible Liabilities • NII: Net interest income • NPL: Non-performing loans • PBT: Profit before tax • P&L: Profit and loss • PPP: Pre-Provision Profit • QoQ: Quarter-on-Quarter • RoRWA: Return on risk-weighted assets • RWA: Risk-weighted assets • ROTE: Return on tangible equity • SCF: Santander Consumer Finance • SMES: Small and Medium Enterprises • SRB: Single Resolution Board • SRF: Single Resolution Fund . ST: Short term • TLAC: Total Loss-Absorbing Capacity • TNAV: Tangible net asset value • YoY: Year-on-Year 65 55#66Thank You. Our purpose is to help people and businesses prosper. Our culture is based on believing that everything we do should be: Simple Personal Fair Santander MEMBER OF Dow Jones Sustainability Indices In Collaboration with RobecoSAM FTSE4Good