#1Argentina H1'22 Earnings Presentation 28 July 2022 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 5 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 as 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#4Index 1 2 3 4 5 Financial system Strategy and business Santander Results Concluding remarks Appendix 4#5Transactional and well capitalized financial system Total loans (Constant € bn¹) 50 45 41 36 33 YoY (%) 32.6% 36.6% 42.2% 47.9% 52.9% Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Total customer funds (Constant € bn 1,2) 109 95 85 120 133 YOY (%) 49.8% 52.3% 59.1% 57.7% 57.1% Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Santander Source: Central Bank of Argentina. (1) End period exchange rate as of Jun-22. Total customer funds includes total deposits and mutual funds. As of Mar-22. Loans/GDP³: 9%. Deposits/GDP³: 18%. Loans: 56% growth YoY in local currency and -15% in dollar- denominated portfolio (in local currency). Deposits: up 57% YoY, +66% in local currency and +22% in dollar-denominated portfolio (in local currency). High liquidity levels in both pesos and US dollars. Excess liquidity placed in Central Bank notes and repos. ▸ Improving capital ratio³: 26.2%. CET1 Ratio³: 24.9%. Private sector NPL ratio³ at 3.9% and coverage³ at 116%. Temporary flexibility in regulation ended in Jun-21. 12m Inflation: 65%. UT 5#6Index 1 2 3 4 5 LO Financial system Strategy and business Santander Results Concluding remarks Appendix 6#7Santander Argentina: the leading privately-owned bank in Argentina by deposit volumes KEY DATA 3 % ROTE³ H122 YoY Var.5 Customer loans¹ €6,336mn +54.9% Customer funds² €14,822mn +72.6% Underlying att. Profit €145mn +58.0% 33.5% +5.4pp Efficiency ratio 58.0% -4.2pp Loans market share4 10.7% -20bps Deposits market share4 10.9% +6bps Total customers 4.4mn +7.4% Digital customers 2.9mn +4.9% 407 -0.2% Se Employees 8,514 -3.4% Do Bo Branches Strategic Priorities Increase our customer base and loyalty and ensure the best customer service through our multi-channel strategy Further develop new businesses Continue our process of efficiency improvement and simplification through digital transformation Boost profitable growth, optimizing the use of capital and preserving the quality of the portfolio Be agile and collaborative, with challenging goals and clear priorities (1) Gross loans excluding reverse repos. Santander (2) Excluding repos. (3) Adjusted ROTE: adjusted based on Group's deployed capital calculated as contribution of RWAs at 12%. Using tangible equity, ROTE is 20.9%. (4) As at Jun-22. (5) Constant euros. 7#8Customer satisfaction is our top priority Total customers (mn) Loyal customers (mn) Digital customers (mn) 4.1 +7% 4.4 Jun-21 Jun-22 1.6 +4% 1.6 2.7 +5% 2.9 Jun-21 Jun-22 Jun-21 Jun-22 Digital sales/total¹: 79% (+1pp YoY) Customer satisfaction: 2nd place in NPS ranking New loyalty programme: SuperClub+, based on data that drives customer behaviour 51% of our active customers are loyal (49% individuals, 68% SMEs and 60% middle market companies) ▸ Strong positioning in digital channels. 65% of our total customers are digital customers. Mobile customers rose 14% YoY. Best ranked app among banks. 100% digital onboarding for basic accounts and SMEs Santander (1) YTD data. 8#9Customer-centric business model Building Santander platform Getnet Grupo Santander Santander Consumer Finance payment solution Consumer finance company superdigital MODO 100% digital platform to promote financial inclusion Systemic company to promote digital payments and increase financial inclusion Adding value to different audiences nova® WOMEN el programa oulusivno para la mujer iU #Pensadoparavos DUO Cuenta Blanca Cuenta Senior Enhancing our network model ▸ Santander Express: expanding our non-banking correspondent network ▸ Agribusiness office WorkCafé Towards a more digital bank Santander EXPRESS ‣ 100% digital onboarding for basic accounts and SMEs Top app rating in iOS and Android Financial inclusion branches 2.0 branches: closer to our customers supported by technology Reward and benefit programmes SUPER Club+ 4660 5701 2345 6789 06/16 06/29 VISA FRANCISCO MOLINA ▸ ECHEQ: digital experience in check issuing, endorsing and financing ▸ Foreign Trade services in digital channels Santander BLACK Awards & recognitions GREAT PLACE TO WORK Top 5 in GPTW for 12 years ¡VOLVIERON LOS SUPER MIÉRCOLES! 30% 25% SORPRESA Santander EUROMONEY Best Bank 2022 TB The Banker Best Bank 2021 Santander 9#10Further embedding ESG to build a more responsible bank more inclusive Environmental: supporting the green transition Social: building a > One of the leading banks in sustainable finance in Argentina Carbon Neutral offsetting 13,358 tCO2(e) with a wind project in Mexico €231mn in green bonds and a Sustainability Linked Bond (SLB) for renewable projects society >€350k invested in university programmes sponsorship >13k financially educated people >11.3k Items exchanged under "SuperClub Comprometidos" Governance: doing business the right way ESG variables taken into account to distribute bonus pools 45% independent directors 12 sustainable branches with solar panels Santander Note: H1'22 data, unless otherwise stated. >844k financially empowered people 2019-H1'22 c.25% women in senior positions 27% women on the board 10#11Loans grew 55% YoY driven by auto, SMEs and corporates Total customer loans (Constant € bn) 1 Jun-22 Jun-21 YoY (%) QoQ (%) 6.3 Individuals² 2.8 1.8 48.7 13.9 5.4 o/w Mortgages 0.3 0.2 38.9 14.0 4.8 o/w Cards & Consumer 2.2 1.5 50.3 17.2 4.3 4.1 Credit SMEs 0.7 0.4 72.0 13.5 Corporates & Institutions 1.0 0.5 83.9 16.1 CIB 1.7 1.2 42.9 20.2 Other 0.1 0.1 86.3 90.3 Total customer loans 6.3 4.1 54.9 17.0 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Santander Group criteria. (1) Excludes reverse repos. End period exchange rate as at Jun-22. (2) Includes Private Banking. 11#12Customer deposits increased 67% YoY, with rises in both demand and time deposits. Strong growth in mutual funds (+94% YoY) Total customer funds (Constant € bn)1 14.8 12.6 10.6 9.9 8.6 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Santander Group criteria. (1) Excluding repos. End period exchange rate as at Jun-22. Jun-22 Jun-21 YoY (%) QoQ (%) Demand 7.4 4.5 64.7 23.8 Time 3.8 2.2 71.2 15.9 Total deposits 11.3 6.8 66.9 21.0 Mutual Funds 3.5 1.8 93.5 8.3 Total customer funds 14.8 8.6 72.6 17.7 12#13Index 1 2 Financial system Strategy and business Santander 3 4 Results Concluding remarks 5 Appendix 13#14NII rose 93% YoY due to higher volumes and spreads Net interest income (Constant € mn)1 331 283 237 212 Yields and Costs (%) Yield on loans 449 28.80% 21.97% 23.33% 24.39% 21.63% 17.65% 11.92% 12.13% 12.05% 13.62% Cost of deposits Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 NII / Average total assets 9.48% 9.61% Official interest rate² 34.11% Differential 12.40% 9.44% 12.96% 10.0pp 9.5pp 11.3pp 10.8pp 11.1pp 34.15% 34.17% 38.37% 45.71% Santander (1) Average exchange rate as at 6M'22. (2) Quarterly average. 14#15Net fee income increased 88% YoY underpinned by transactional and mutual fund fees Net fee income (Constant € mn) 1 H122 H1'21 YoY (%) QoQ (%) Transactional fees 163 93 75.7 13.3 Payment methods 57 34 69.4 21.1 150 Transfers, drafts, cheques 39 22 77.4 14.7 136 and other orders Foreign exchange 114 4 2 93.1 -23.8 currencies 79 98 Other transactional 63 35 79.6 8.7 Investment and pension 29 29 13 124.3 53.8 funds Insurance 18 12 56.2 13.3 Securitites and custody 5 4 23.1 21.4 services Other 48 18 160.2 123.5 Total net fee income 264 140 88.3 31.9 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Santander (1) Average exchange rate as at 6M'22. 15#16Total income grew 69% YoY on the back of higher NII and net fee income. This performance clearly outstripped inflation Total income (Constant € mn)1 271 323 424 343 H1'22 H121 YoY (%) QoQ (%) 479 Net interest income 732 379 92.9 58.9 Net fee income 264 140 88.3 31.9 Customer revenue 996 519 91.7 51.2 Other² (174) (33) 434.4 125.4 Total income 821 487 68.7 39.6 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Santander (1) Average exchange rate as at 6M'22. (2) Other includes Gains (losses) on financial transactions and Other operating income. 16#17Costs rose 57% YoY, at a slower pace than total income and virtually in line with inflation Operating expenses (Constant € mn)¹ 231 204 181 162 273 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Santander (1) Average exchange rate as at 6M'22. H1'22 H1'21 YoY (%) QoQ (%) Operating Expenses 477 303 57.3 33.5 Branches (#) 407 408 -0.2 0.0 Employees (#) 8,514 8,814 -3.4 -0.4 17#18Net operating income increased 88% boosted by the solid performance in the main revenue lines. The efficiency ratio improved 4.2pp YoY Net operating income (Constant € mn)¹ 141 109 193 139 206 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Santander (1) Average exchange rate as at 6M'22. H1'22 H1'21 YoY (%) QoQ (%) Total income 821 487 68.7 39.6 Operating Expenses (477) (303) 57.3 33.5 Net operating income 345 184 87.7 48.6 Efficiency ratio 58.0% 62.3% -4.2pp 18#19LLPs were up from extraordinarily low levels in 2021 (following large pandemic-related provisioning in 2020). Credit quality indicators improved YoY and QoQ Net LLPs (Constant € mn)¹ 35 31 48 H1'22 H121 YoY (%) QoQ (%) Net operating income 345 184 87.7 48.6 Loan-loss provisions (72) (42) 70.6 -4.0 Net operating income after 273 142 92.8 67.4 provisions 37 35 NPL ratio 2.48% 3.34% -86bps -73bps Cost of risk² 3.07% 3.94% -87bps -23bps Coverage ratio 171% 168% 3.5pp 9.4pp Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Santander (1) Average exchange rate as at 6M'22. (2) Cost of risk based on 12-month loan-loss provisions divided by average customer loans. 19#20Profit rose 58% YoY underpinned by higher revenue and the efficiency improvement Underlying Attributable Profit (Constant € mn)¹ 64 55 85 56 H1'22 HT21 YoY (%) QoQ (%) 89 PBT 168 85 97.7 52.5 Tax on profit (22) 8 14.2 Consolidated profit 146 93 57.4 59.5 Minority interests 0 (1) -33.3 3.0 Underlying attributable 145 92 58.0 59.7 profit Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Santander (1) Average exchange rate as at 6M'22. Effective tax rate 13.1% -9.1% 22.2pp 20 20#21Index 1 2 Financial system Strategy and business Santander 3 4 Results Concluding remarks 5 Appendix 21#22Concluding remarks Financial System High liquidity levels in both pesos and USD. Excess liquidity placed in Central Bank notes and repos Loans: 56% growth YoY in local currency and -15% in dollar-denominated portfolio (in local currency) ▸ Deposits: up 57% YoY, +66% in local currency and +22% in dollar-denominated portfolio (in local currency) Strategy & Business ▸ Customer-centric business model. Customer satisfaction: 2nd place in NPS ranking Loans grew 55% YoY driven by auto, SMEs and corporates Customer deposits increased 67% YoY, with rises in both demand and time deposits. Strong growth in mutual funds (+94% YoY) on Results Total income grew 69% YoY on the back of higher NII, net fee income and gains on financial transactions. This performance clearly outstripped inflation Costs rose 57% YoY, at a slower pace than total income and virtually in line with inflation ‣LLPs were up from extraordinarily low levels in 2021 (following large pandemic-related provisioning in 2020). Credit quality indicators improved YoY and QoQ ▸ Profit rose 58% YoY underpinned by higher revenue and the efficiency improvement Santander 22 22#23Index 1 2 3 4 Financial system Strategy and business Results Santander Concluding remarks 5 Appendix 23#24Balance sheet Constant € million¹ Variation Jun-22 Jun-21 Amount % Loans and advances to customers 6,098 3,868 2,229 57.6 Cash, central banks and credit institutions 3,615 2,783 831 29.9 Debt instruments 4,511 1,899 2,612 137.6 Other financial assets 35 67 (32) (48.0) Other asset accounts 1,062 725 337 46.5 Total assets 15,320 9,343 5,978 64.0 Customer deposits 11,279 6,758 4,521 66.9 Central banks and credit institutions 719 716 2 0.3 Marketable debt securities 156 55 101 183.8 Other financial liabilities 956 586 371 63.2 Other liabilities accounts 400 272 128 46.9 Total liabilities 13,510 8,387 5,123 61.1 Total equity 1,810 955 855 89.5 Other managed customer funds 3,543 1,831 1,712 93.5 Mutual funds 3,543 1,831 1,712 93.5 Pension funds Managed portfolios - Santander (1) End of period exchange rate as at Jun-22. 14 24#25Income statement Constant € million¹ Variation H1'22 H1'21 Amount % Net interest income 732 379 352 92.9 Net fee income 264 140 124 88.3 Gains (losses) on financial transactions 115 57 58 101.8 Other operating income. (289) (89) (199) 223.0 Total income 821 487 335 68.7 Operating expenses (477) (303) (174) 57.3 Net operating income 345 184 161 87.7 Net loan-loss provisions (72) (42) (30) 70.6 Other gains (losses) and provisions (105) (57) (48) 85.5 Underlying profit before tax 168 85 83 97.7 Tax on profit (22) 8 (30) Underlying profit from continuing operations 146 93 53 57.4 Net profit from discontinued operations - Underlying consolidated profit 146 93 53 57.4 Non-controlling interests (0) (1) 0 (33.3) Underlying attributable profit to the parent 145 92 53 58.0 Santander (1) Average exchange rate as at 6M'22. 25#26Quarterly income statement Constant € million¹ Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Net interest income 167 212 237 331 283 449 Net fee income 61 79 98 136 114 150 Gains (losses) on financial transactions 26 31 38 36 49 66 Other operating income (39) (50) (50) (78) (103) (186) Total income 216 271 323 424 343 479 Operating expenses (141) (162) (181) (231) (204) Net operating income 75 109 141 193 139 (273) 206 Net loan-loss provisions (11) (31) (35) (48) (37) (35) Other gains (losses) and provisions Underlying profit before tax Tax on profit Underlying profit from continuing operations Net profit from discontinued operations Underlying consolidated profit Non-controlling interests Underlying attributable profit to the parent (28) (28) (26) (39) (36) (70) 35 50 81 107 66 101 2 6 (17) (21) (10) (12) 37 56 64 - 37 (0) (0) |e|「ཀྵ 56 64 85 ཚ| 56 90 (0) (1) (0) (0) 37 55 64 85 56 89 85 56 90 Santander (1) Average exchange rate as at 6M'22. 26#27Thank You. 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