#1Strategic and Financial Analysis. Financial Division Institutional Presentation H122 Santander#2Index 1 2 3 4 5 Our business model and strategy Santander Group structure and businesses H1'22 results & activity Financial targets and final remarks Links to public materials 2#3Santander 1. Our business model and strategy#4Santander, a leading financial group Simple | Personal | Fair Santander 00° H1'22 Highlights Total assets (€ bn) 1,723 Customer loans (€ bn excluding reverse repos) 1,015 Customer deposits + mutual funds (€ bn; excluding repos) 1,099 Branches 9,193 H1'22 Net operating income (pre-provision profit) (€ mn) 13,685 H1'22 Attributable profit (€ mn) 4,894 Market capitalization (€bn; 30-06-22) People (headcount) 45 200,651 Customers (mn) 157 Shareholders (mn) 4.0 Communities 2019-H1'22 (mn; financially empowered people) 9 4#5The Santander Way Our purpose To help people and businesses prosper. We create value for all which motivates An engaged and talented team generates It is the bedrock on which we are building a more responsible bank Our aim To be the best open financial services platform, by acting responsibly and earning the lasting loyalty of our people, customers, shareholders and communities. Our how Everything we do should be Simple, Personal and Fair. support for our communities so we deliver strong financial results for our shareholders customer loyalty leading to Santander 50#6Santander business model 1. Customer focus Deepening the relationships with our customers through a simpler value proposition, superior customer experience and our digital proposition 2. Scale Local scale and global reach 3. Diversification¹ Our geographic and business diversification makes us more resilient under adverse circumstances Our business model is the foundation for generating value for our shareholders Santander (1) H1'22 underlying attributable profit by region. Operating areas excluding Corporate Centre. North Europe America 26% 31% 33% 10% South Digital Consumer America Bank 6#701. Customer focus 157 million customers We have grown our customer base over the last seven years, with balanced growth by region and business Distribution by market, Jun-22 Digital Consumer Bank 12% South America 42% O Europe 30% North America 16% Santander (1) NPS internal benchmark of individual customers' satisfaction audited by Stiga / Deloitte H1'22. Our aim is to further enhance our customers' experience and satisfaction Customer satisfaction in NPS1 #1 Top 3 Top 4 7#801. Customer focus 26.5 mn (+9%) Loyal customers We also increased loyalty and helped a new generation of customers with new ways to interact with their finances 24.4 mn (+10%) Individuals Santander 49.9 mn (+10%) Digital customers¹ Tech investments to transform the business ... ... €2 bn/year help customers transact online 2.1 mn (+1%) Companies 80% Digital transactions of our core banks 56% Digital sales 44.2 mn as a % of total sales Mobile customers Note: data as of Jun-22 and year-on-year changes. (1) Every physical or legal person, that, being part of a commercial bank, has logged in its personal area of internet banking or mobile phone or both in the last 30 days. 8#901. Customer focus Traditional banking Digital banking Internet, mobiles, Branches, ATMs, retail agents, ... tablets, smartphones, smartwatches,... Traditional customer service and digital technology boost financial access Customer support services: available anytime, anywhere, anyhow Branches: >9,000 The largest branch network in the international banking world1 Collaborative spaces and increased digital capabilities WORK CAFE/ SANTANDER Sparsely populated communities O Most vulnerable groups Santander Smart and Ágil branches ● Low-income communities O University students Santander Guaranteeing access for all segments Note: data as of Jun-22. (1) Excluding Chinese banks and Sberbank of Russia. ÅT WWW A 9#1002. Scale Market shares Local scale and leadership based on three regions. Worldwide reach through our global businesses and PagoNxt Santander 4% Auto lending 2% Deposits North America 10% Loans Europe 8% Deposits 18% Loans 12% Loans 14% Loans 12% Deposit 14% 11% South America Deposits Deposits 18% Loans 19% .10% Loans Deposits 18% Loans 18% 11% Deposits Deposits 11% Loans 11% Deposits B SCIB Santander Corporate & Investment Banking WM&I Digital Consumer Bank #1 European Consumer Bank PagoNxt Santander Wealth Management & Insurance PagoNxt Market share data: as at Mar-22 and Argentina, USA, Brazil and Digital Consumer Bank 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). 10#1103. Well balanced profit and volume distribution Diversification Contribution to H1'22 underlying attributable profit¹ Jun-22 Group's contribution² by primary segments Customer loans Customer funds 31% Our balanced profit 10% and volume 12% 58% 5% diversification 64% 17% remains a source of 15% 33% great strength and stability 26% 15% 14% Europe North America South America Digital Consumer Bank Santander (1) As a % of operating areas, excluding Corporate Centre (2) As a percentage of operating areas. Note: customer loans excluding reverse repos. Customer funds: customer deposits excluding repos + marketed mutual funds. 11#1203. Diversification Business diversification among customer segments (individuals, SMEs, mid-market companies and large corporates) Santander Customer loans by business, Jun-22 SCIB, 14% Corporates, 14% Individual mortgages, 34% Customer funds by business, Jun-22 SCIB, 12% Other individuals, 6% Corporates, 15% SMEs, 10% Consumer, 22% Note: customer loans excluding reverse repos. Customer funds: customer deposits excluding repos + marketed mutual funds.. (1) Corporates and institutions. Individuals demand deposits, 36% Individuals time deposits, 6% SMEs, 10% Individuals mutual Consumer, 10% funds, 11% 12#13In summary Our strong model is reflected in the resilience of our business. It is a competitive strength that continues to differentiate us Santander More resilience and lower volatility of results Differential Pre-provision profit / loans and Cost of credit EPS volatility calculated using quarterly data from Jan-99 to Q1'222 1.60% I 0.62% -ï||||||^|| 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 H1'22 1.90% 1.89% 1.80% 1.61% 1.65% 1.65% 1.80% 1.78% 1.25% 1.21% 12% 40% 40% 43% 80% 82% Pre-provision profit/loans 93% 3.25% 3.06% 2.94% 3.04% 2.90% 2.83% 2.97% 2.89% 2.80% 2.49% 2.57% 2.61% + + 101% 115% Cost of credit¹ 2.44% 1.65% 1.69% 1.43% 1.25% 1.18% 1.07% 1.00% 1.00% 1.28% 0.77% 0.83% 321% 650% (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. Considering annualized H1'21 provisions, cost of credit would be 0.91%. (2) Source: Bloomberg, with GAAP criteria. Standard deviation of the quarterly EPS starting from the first available data since Jan-99. 13 اسد ***#14Environmental, Social and Governance Supporting the green transition of our customers, committed to our Decarbonization targets¹ 2030 (vs 2019) Power generation -46% emissions intensity Key sustainability metrics Green finance³ €74bn since 2019 Target: €120bn by 2025 Thermal coal-related power² and mining Phase-out NEW-- To Energy -29% absolute emissions Aviation -33% emissions intensity -32% emissions intensity Additional net-zero targets in 2023 Target: €100bn by 2025 climate change goals and financial inclusion Steel AuM in Socially Responsible Investments4 €30bn Jun-22 Social & Governance Financially empowered people 9mn since 2019 Target: 10mn by 2025 Top management ESG incentives 20% of long-term incentives in scorecard Santander Note: H1'22 data not audited. (1) More information in our Climate Finance Report 2021-June 2022. (2) Refers to power generation clients with over 10% of their revenue depending on thermal coal. (3) Only SCIB global business. (4) 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. 14#15ESG commitments Electricity from renewable sources Green finance raised and facilitated (€) We continue to make progress on our ESG agenda and added three new decarbonization targets AuMs in Socially Responsible Investments (€) • Thermal coal-related power & mining phase out (€) New 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 Santander Note: H1'22 data not audited 2018 2019 2020 2021 H1'22 2025/2030 target 43% 50% 57% 75% 100% 120bn by 2025 19bn 33.8bn 65.7bn 74.4bn 220bn by 2030 27.0bn 30.1bn 100bn by 2025 7.0bn 0 by 2030 0.21 0.17 23.84 92.47 1.58 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 20% 23% 23.7% 26.3% 10mn by 2025 27.9% -30% by 2025 3% 2% 1.5% 1.0% ->~0% by 2025 --> From...to... Accumulated 15#16и тагета RVICIOS ICCION CIONES/ DISEÑO Santander bga 71 Bathoge WORK CAFE SANTANDER 2. Group structure and ● businesses#17Group organizational structure Towards the Santander of Tomorrow • 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 • 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 Primary segments Europe North America South America Digital Consumer Bank Spain Portugal UK United States Poland Mexico Other Europe Brazil Chile Argentina Uruguay SCF Peru Colombia SCF Cw Openbank Retail Banking Secondary segments SCIB WM&I Group functions and Corporate Centre activities Audit Compliance Risk Universities Communication, Corporate Marketing and Research Costs General Human Secretariat Resources Technology Financial & Control/ Operations Accounting Finance Santander (1) Includes Legal, Internal Governance, Tax and Security & Intelligence PagoNxt Exec. Chairman's Strategy, Corporate Dev.& Financial Planning Responsible Office & 17 Banking#18Santander Primary segments 18#19EUROPE '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 Mй Employees 63,579 Total customers (mn) 46.4 Grow our business by better serving our customers through regional simplification and an improved value proposition Digital customers (mn) 16.8 Customer loans (€ bn) 589 Redefining 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 19#20Spain 'The commitment to and collaboration with our customers demonstrates the full potential of Santander España' H1'22 Highlights Branches 1,921 00 MA Employees Total customers (mn) 2 Digital customers (mn) Customer loans (€ bn) 26,272 13.9 5.7 253 ■ Customer funds (€ bn) 377 ■ Strategic priorities ■■ Grow our customer base providing the best customer experience across all channels Deliver an innovative and tailored value proposition to grow in high-value businesses Simplify and automate products, processes and operations to enhance operational excellence Leverage our scale across One Europe to grow our business and build a common operating model Underlying attributable profit (€ mn) 652 ■ Optimize capital allocation through higher asset rotation ROTE' 7.8% ■ Accelerate evolution towards an Agile organization Santander (1) Adjusted ROTE: adjusted based on Group's deployed capital calculated as contribution of RWAs at 12%. Using tangible equity, ROTE is 6.6%. 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/santander-espana 20 20#21H1'22 Highlights UK 'Santander UK creates value by serving customers with tailored financial products and services' Branches 450 00 Mй Employees 20,320 Strategic priorities ■■ Deliver growth through customer loyalty and outstanding customer experience Total customers (mn) 23.6 2 Digital customers (mn) 6.8 ■ Simplify and digitalize the business to improve efficiency and returns Customer loans (€ bn) 251 ◉ Engage, motivate and develop a talented and diverse team Customer funds (€ bn) 229 Underlying attributable profit (€ mn) 736 ◉ Be a responsible and sustainable business A ROTE¹ 16.1% Santander (1) Adjusted ROTE: adjusted based on Group's deployed capital calculated as contribution of RWAs at 12%. Using tangible equity, ROTE is 10.8%. 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/santander-uk 21 21#22Portugal 'A strategy focused on customer experience and digital solutions for sustained and profitable growth' H1'22 Highlights Branches 386 00 Mй Employees 4,977 Total customers (mn) 3.0 Digital customers (mn) 1.0 Strategic priorities ■■ Consolidate the commercial and digital integration model Grow organically in terms of profitable market share, improving our lending leadership position Customer loans (€ bn) 41 Customer funds (€ bn) 48 Maintain our position as market leaders in efficiency, improving the cost base Underlying attributable profit (€ mn) 225 ROTE¹ 25.4% Maintain an appropriate risk policy with high credit quality and strong capital position Santander (1) Adjusted ROTE: adjusted based on Group's deployed capital calculated as contribution of RWAs at 12%. Using tangible equity, ROTE is 11.7%. 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/santander-portugal 22#23H1'22 Highlights Poland 'One of the largest and most innovative financial institutions in Poland' Branches 413 ◉ 00 Mй Employees 10,468 ■ Total customers (mn) 5.6 Digital customers (mn) 3.2 Customer loans (€ bn) 31 Strategic priorities ■■ Improve customer satisfaction, remaining at least among the Top 3 in NPS Focus on employee experience in order to attract talents and reinforce inclusive organizational culture Clients and processes digitalization and organizational simplification leveraging One Europe to evolve our business into a more agile, dynamic and profitable model Customer funds (€ bn) 40 Underlying attributable profit (€ mn) 207 Increase profitability through effective net interest income management, higher fee income and cost control ROTE¹ 20.2% Responsible banking: continue to support our customers in the transition to a sustainable economy Santander (1) Adjusted ROTE: adjusted based on Group's deployed capital calculated as contribution of RWAs at 12%. Using tangible equity, ROTE is 13.7%. 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/santander-polska 23#24H1'22 Highlights Branches 1,859 00 MA Employees 43,779 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 A 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 24 24#25H1'22 Highlights United States 'Santander US combines a strong depositary base in the Northeast with its nationwide auto finance, wealth management and corporate banking capabilities' ■ Strategic priorities ■■ Positioned to deliver above cost of capital returns across core businesses Refocus the US on our market leading consumer franchise Simplification: disciplined capital allocation. Discontinuing home lending operations and review certain C&I segments Synergies from 2021 strategic investments (Crédit Agricole / Amherst Pierpont / SC USA minority interests)² Branches 486 00 MA Employees 14,943 Total customers (mn) 4.7 Digital customers (mn) 1.0 • Customer loans (€ bn) 112 Customer funds (€ bn) 102 • Underlying attributable profit (€ mn) 1,090 ROTE¹ 21.3% Santander (1) Adjusted ROTE: adjusted based on Group's deployed capital calculated as contribution of RWAs at 12%. Using tangible equity, ROTE is 11.5%. (2) Acquisition of SC USA minority interest closed on 31 January 2022. Acquisition of Amherst Pierpont received regulatory approval in April 2022. 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/santander-us 25#26H1'22 Highlights Branches 1,373 00 MA Employees Total customers (mn) 2 Digital customers (mn) Customer loans (€ bn) 28,236 ■ 20.5 5.8 40 Customer funds (€ bn) 49 ☐☐☐ Underlying attributable profit (€ mn) 546 ROTE¹ 33.2% Santander Mexico 'Santander México, one of the leading financial groups in the country, focused on commercial transformation and innovation' Strategic priorities ■■ To become the leading bank in terms of customer experience, leveraging new tools and improved processes Maintain strong growth rates in loyal and digital customers, as well as increase presence in high-potential businesses ■ Strengthen the corporate business to maintain our position as market leaders in value-added products Further the technological transformation and digitalization, through the execution of a multi-year plan to improve the operating model (1) Adjusted ROTE: adjusted based on Group's deployed capital calculated as contribution of RWAs at 12%. Using tangible equity, ROTE is 15.8%. 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/santander-mexico 26#27H1'22 Highlights Branches 3,786 00 Mй 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 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 RoTES: 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 27#28exeg Brazil 'The best way to grow in a profitable, recurring and sustainable manner is by providing high quality services' ■ Strategic priorities Expand our customer base and profitability, with robust new customer acquisition dynamics and steady loyalty growth Build a more integrated distribution platform, a benchmark in the market, to strengthen connectivity between businesses Maintain loan quality indicators under control, backed by continuous enhancements to our risk models Consolidate the productivity culture, with a relentless pursuit for operational efficiency Maintain profitability levels by adapting to different scenarios through innovation H1'22 Highlights Branches 2,936 00 MA Employees 53,743 Total customers (mn) 56.2 2 Digital customers (mn) 19.8 ■ Customer loans (€ bn) 91 Customer funds (€ bn) 122 Underlying attributable profit (€ mn) 1,365 ROTE¹ 27.8% Santander (1) Adjusted ROTE: adjusted based on Group's deployed capital calculated as contribution of RWAs at 12%. Using tangible equity, ROTE is 21.5%. 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/santander-brasil 28 88#29H1'22 Highlights Branches 306 00 MA Employees 9,921 Total customers (mn) 4.0 Digital customers (mn) 2.0 Customer loans (€ bn) 40 Customer funds (€ bn) 35 Underlying attributable profit (€ mn) ROTE' 391 ■ 32.7% Santander Chile 'We are the leading bank in the country and we always have the customer at the centre of our strategy' ☐ Strategic priorities ■■ Maintain our leadership position in NPS through the continuous improvement of our service quality Continue to progress in our technological developments in order to improve efficiency Transform the bank into a platform that customers can use as a channel or software provider to develop their businesses (e.g. Workcafé Community, Getnet) Continue to consolidate our position in the mass segment through Life and Superdigital Continue with our ESG strategy, increasing green finance and financially empowering our customers (1) Adjusted ROTE: adjusted based on Group's deployed capital calculated as contribution of RWAs at 12%. Using tangible equity, ROTE is 22.7%. 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/santander-chile 29#30Argentina 'Working towards a more digital and agile model, with customer-centric decisions' H1'22 Highlights Branches 407 00 MA Employees 8,514 Total customers (mn) 4.4 Digital customers (mn) 2.9 Strategic priorities ■■ Increase our customer base and loyalty, and ensuring the best customer service through our multi-channel strategy Further develop new businesses Customer loans (€ bn) 6 Continue our process of efficiency and simplification through digital transformation Customer funds (€ bn) 15 Underlying attributable profit (€ mn) 145 ROTE' 33.5% ■ 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 Santander (1) Adjusted ROTE: adjusted based on Group's deployed capital calculated as contribution of RWAs at 12%. Using tangible equity, ROTE is 20.9%. 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/santander-argentina 30#31Uruguay 'Santander Uruguay is the country's leading privately-owned bank' H1'22 Highlights Peru 'Activity focused on corporates, the country's large companies and the Group's global customers (SCIB)' H1'22 Highlights Colombia 'Focus on corporates and SCIB, and new alliances in auto finance' H1'22 Highlights Underlying att. profit (€ mn) 60 Underlying att. profit (€ mn) 33 Underlying att. profit (€ mn) 13 ROTE¹ 30.1% одо ROTE¹ 19.0% одо ROTE¹ 10.3% Strategic priorities Further consolidate the business (Getnet's roll-out and strengthening SME offering) and accelerate the technological and digital development model Strategic priorities Continue expanding our global, corporate and retail customer base, driving greater synergies and expanding our microfinance businesses Strategic priorities Increase profitability with the new financial entity in consumer, develop Prospera and deepen the offer for Multilatinas in Corporates Santander (1) Adjusted RoTES: adjusted based on Group's deployed capital calculated as contribution of RWAs at 12%. Using tangible equity, ROTE is 20.7% for Uruguay, 21.5% for Peru and 15.5% for Colombia. 31#32H1'22 Highlights Branches 370 ☐ 00 MA Employees 15,894 Active customers (mn) 19.4 Points of sale (k) >130 ☐ Customer loans (€ bn) 119 Customer funds (€bn) Underlying attributable profit (€ mn) 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: strengthening auto financing leadership by reinforcing mobility solutions with focus on leasing and subscription Consumer (non-auto): gaining market share in consumer lending, with focus on e-commerce checkout lending and buy now, pay later (BNPL) Simplification for efficiency: maintaining high speed digitalization in order to transform the business and improve efficiency ESG: enhancing green finance propositions (fully electric vehicles, electric chargers, solar panels, etc.) in both auto and consumer loans (1) Adjusted RoTES: 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 32#33Santander Secondary segments 33#34H1'22 Highlights Total income (€ mn) Collaboration revenue одо ROTE Underlying attributable profit (€ mn) 3,612 +33% YoY 24.3% 1,531 SCIB 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 +31% Structured Finance Green Finance Debt Capital Markets Recent Awards EUROMONEY Best Investment Bank in Spain GTR Global Trade Review Best Supply Chain Finance Bank GlobalCapital Most Impressive Bank for Latin American Bonds Total income breakdown by business Revenue YoY growth by region Other 5% Global Markets 37% 0 Global Transaction Banking 34% Global Debt Financing 24% Santander +29% Source: Dealogic, Inframation, Bloomberg More information at https://www.santander.com/en/about-us/where-we-are/santander-corporate---investment-banking 34#35H1'22 Highlights Total assets under management¹ (€ bn) 395 Total fees generated as % of the Group's total fees² 30% ROTE 57.1% Underlying attributable profit (€ mn) 515 مية Total contribution to Group's profit³ (€ mn) 1,276 Total contribution to Group's profit³ +15% YoY าก Private Banking customers (k) >220 Private Banking collaboration volume +22% YoY Private Banking net new money (€ bn) 5.8 Santander Insurance WM&I Wealth Management & Insurance 'We strive to become the best responsible wealth and insurance manager in Europe and the Americas' Santander Private Banking Santander Asset Management Strategic priorities Continue to build our global platform 。 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 o Work to complete the implementation of our digital funds distribution platforms Optimize our customer service by completing our digital proposition using customer data EUROMONEY ✶ PRIVATE BANKING 22 PRIVATE BEST BANK GLOBAL Pum KAWARD The Banker GLOBAL PRIVATE BANKING AWARDS 2021 BEST PRIVATE BANK IN MEXICO PшM 2022 WEALTH TECH AWARDS 2021 BEST PRIVATE BANK FOR USE OF TECHNOLOGY LATIN AMERICA XXXIII Premios Fondos 2022 Expansión allfunds Santander Asset Management net sales (€ bn) -1.7 288 Insurance Gross written premiums +17% YoY Santander ■ 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%. More information at https://www.santander.com/en/about-us/where-we-are/wealth-management-insurance 35 PREMIO SALMÓN 2022 DIARIO FINANCIERO LVAINDICES Banco e Plataforma para in 2021 Manage our portfolio to extend policy life#36H1'22 Highlights PagoNxt revenue (€ mn) Merchants 398; +87% YoY 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% YoY Total payments volume (€ bn) 74.6; +35% YoY Business lines International Trade Active customers (One Trade & Ebury; k) >25 Santander Merchants 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: revenue and TPV in constant euros. More information on slide 58 (link to Financial report) and at https://www.santander.com/en/about-us/where-we-are/PagoNxt 36#37Santander Group functions and Corporate Centre activities Global T&O strategy HR strategy Risk management and compliance Corporate governance and internal control . Our brand 37#38Santander Technology and Operations (T&O) 'The T&O mission is to enable the Group strategy by building customer- oriented, secure, efficient and innovative technology working with the business units in a flexible and agile way' Global T&O capabilities are key for our commercial and digital transformation Composed of four main domains that contribute to the digital transformation Focused on five technological pillars to respond to the changing business needs Operating model oriented to develop global products and digital services, guaranteeing their quality and security Technology Cybersecurity Business needs Speed Innovation Security by design Cost Service quality Open business model Operations ATMs Data T *** Common Architecture Operational Excellence Agile (Business Embedding) Cloud Core Deep systems technology evolution skills Data Risk Management (incl. cybersecurity).. c.3,600 tech professionals The robust T&O service has allowed to run the Bank and serve our customers with high standards of quality during the recent period of crises Santander 38#39日は SHALOM 0 0 DA 200,651 Employees, Jun-22 98% workforce with a permanent contract in 20211 54% women in our workforce in 20211 ALOHA MERHABA HR strategy: Our aim is to be an employer of choice 'Focus on employee engagement, leveraging our SPF culture to retain and attract the best talent' The SPF culture is based on our 5 corporate behaviours Think customer T Embrace change Act now Move together EAM Speak S up Our corporate management evaluation model 40% 50% what we do how we do it Great FT DIVERSITY LEADERS sense = | 2021 Bloomberg Gender-Equality top Index 2022 EMPLOYERS INSTITUTE Place Only bank among world's top 25 best To Work.co workplaces according to Great Place to Work Engagement among the best in the sector² 8.3 8.1 Global Engagement score³ for Santander (0.1 above benchmark4) Employees feel inspired by the purpose and mission of our organization rating this aspect5 10% risks Last available. Santander (2) Source: "Your Voice" engagement survey issued to the full organization on 27 June 2022 (3) (4) Engagement score is over 10, and it is made up of 4 questions around engagement, loyalty, belief and satisfaction. Peakon benchmark for Finance companies. Question: I'm inspired by the purpose and mission of our organization. 39#40Risk management and compliance 'Our solid Risk & Compliance function is key to making sure we remain a robust, safe and sustainable bank that helps people and businesses prosper' 3 lines of defence model with a robust risk committees structure * Advanced management tools to effectively manage and control all risks under a forward-looking approach Risk Profile Assessment Continuous risk identification and evaluation to address potential threats Scenario Analysis Anticipating potential impacts to take early action Risk Appetite & structure of limits Amounts and types of risks deemed prudent to assume Risk Reporting Structure Comprehensive, versatile with deep analysis to facilitate decision making Customers Our proactive and customer-centric Risk and Compliance management enables us to maintain our medium-low risk profile We rely on: Clearly defined management and control processes Common Risk Principles aligned with regulatory requirements and inspired by best market practices Models & data unit Boosting our analytic capabilities to provide tailored value propositions for our customers through a cross-functional scope of risk & business models O Oversight Plan Risk & Compliance annual plans to better oversight and follow-up the implementation of long-term strategies ESG risk management Our risk management and control model is key in supporting our customer in their green transition and the fulfilment of our Net-Zero commitments risk pro Our strong Risk culture is based on the principle that all employees are risk managers, supporting long-term business sustainability Santander More information on the Group's Overview of our Corporate Governance presentation. See link to this document on page 58. 40 40#41Diversified and well-balanced shareholder base Effective engagement with our shareholders and investors Effective board of directors Focus on responsible business practices and attention to all stakeholders' interests 13% Corporate governance and internal control 'As a responsible bank, we have a clear and robust governance which is key for guaranteeing a sustainable business model over the long term' Composition of the board of directors, Jun-22 20% Board committees Executive Audit 11% 67% Non-executive directors (independent) Executive directors Non-executive directors (neither proprietary nor independent) 40% Women 33% on the board 2011 2015 Jun-22 Nomination Remuneration Risk supervision, regulation and compliance Innovation and technology Responsible banking, sustainability and culture External advisory board International advisory board Santander More information on the Group's Overview of our Corporate Governance presentation. See link to this document on page 58. 41#42Corporate governance and internal control 'Best practices on robust governance are channelled to all subsidiaries' Group-subsidiary governance model Group Board of Directors Subsidiary B The Group-subsidiary governance model enhances control and oversight through: Subsidiary A A Group Executive Chairman¹ Group CEO² Board of Directors A Presence of the Group in the subsidiaries' boards of directors establishing guidelines for board structure, dynamics and effectiveness B CEO/Country Head B Regional Heads³ Reporting of the CEO / Country Heads to the Group CEO/ Regional Heads and Group executive committee Control, management and business functions ⚫ Compliance Control, management and business functions ⚫ Compliance C Interaction between the Group's and the subsidiaries' control, management and business functions ⚫ Audit . Risk ⚫ Finance • Financial Control / Accounting ⚫ Others4 C • Audit ⚫ Risk • Finance . • Financial Control / Accounting • Others4 The Group's appointment and suitability assessment procedure is a key element of Governance Santander (1) First executive (2) Second executive (3) Europe, North America and South America, reporting to Group CEO (4) Technology & Operations, Human Resources, General Secretariat, Marketing, Communications, Strategy, Santander Corporate & Investment Banking and Wealth Management & Insurance. 42#43Santander E Let's make it Simple 1414 Santander Products #123LiteAccount The cument account shback on your household Pa Moble Barkan Let's make it simple Santander insurance Santander brand 'Our brand embeds the essence of the Group's culture and identity' Santander is one of the most valued brands in the world rd best global retail bank brand 3rd by Interbrand's Best Global Brands ranking, 2021 As one of our most important strategic assets, our brand helps us connect with people and businesses, demonstrating our commitment to prosperity and determination to bring it to life in a positive and sustainable manner every day. Santander More information at https://www.santander.com/en/about-us/our-brand Work Cafe P Santander Santander 75 Ray-Ban CEVA brembo NGK SKF VISTAJET aws Let's keep working for a better world #TheRightWay#44Santander 3. ● H1'22 results & activity#45We are executing our strategy to drive greater growth, profitability and strength Growth Profitability YoY percentage changes 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% Loans¹ +6% ROTE 13.7% FL CET1 12.05% Deposits¹ +5% EPS +38% TNAVps + Cash DPS +9% NII + fees¹ +7% Santander (1) 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. 45#46Steady customer growth and commercial strategy reflected in volumes increases in all products and segments Customer loans: +6% YoY Customer deposits: +5% YoY €391bn +4% €344bn +7% €718bn +3% €280bn +6% SCIB 142 +13% Other +20% Private Bkg Cards 26 +5% +16% Non-Auto 74 +6% 249 SMES & Corporates +0.3% €197bn +13% Auto 149 +4% Individual mortgages Consumer & others Companies Demand deposits Time deposits • Loan portfolio well diversified by segment: roughly 1/3 individual mortgages; 1/3 consumer; 1/3 companies QoQ and YoY growth in loans in all countries Mortgages driven by the UK and Spain, Consumer & others by all products, with a strong performance in SCIB while SMEs and Corporates were affected by weaker market demand Santander Note: changes in constant euros. 46#47Continued profit momentum, maintaining main P&L trends: top line growth, greater sustainable efficiencies and LLP normalization % change Contribution to Group's underlying profit² Underlying attributable profit (€ mn) € million NII H1'22 H121 Euros Constant euros 652 736 18,409 16,196 14 7 31% Europe 1,839 3 225 207 Net fee income 5,852 5,169 13 7 Trading and other income 859 1,330 -35 -40 North Total revenue 25,120 22,695 11 <t 4 26% America 1,578 1,090 546 Operating expenses -11,435 -10,377 10 5 Net operating income 13,685 12,318 11 3 LLPS -4,735 -3,753 33% South 1,365 391 26 18 1,946 America 145 Other results -1,035 -937 10 Underlying PBT 7,915 7,628 4 -5 25 9 Digital Underlying att. profit 4,894 4,205 16 7 10% Consumer 572 Bank Net capital gains and provisions 0 -530 -100 -100 Attributable profit 4,894 3,675 33 21 Corporate Centre -1,040 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. 47#48Revenue up boosted by NII and fees, partly offset by lower trading gains and other income Constant € bn Total revenue Revenue breakdown Constant € mn 12,546 12,574 11,971 Revenue 25.1 24.1 9,384 9,025 0.9 8,722 Other income 1.4 NII 5.9 Fees 5.5 2,761 2,865 2,987 Fees Trading 393 350 NII 18.4 256 17.2 gains H1'21 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. 48 48#49Positive performance in key metrics... Efficiency ratio 46.2% 45.5% 45.0% FY'21 H1'22 2022 target ROTE 13.7% 12.0% >13.0% • FY'21 H1'22 2022 target Santander Note: FY'21 underlying ROTE of 12.7%. • Best-in-class efficiency, supported by higher revenue and ongoing cost management Our transformation plan continues to progress towards a more integrated and digital operating model ROTE improved 1.7pp vs. FY'21. Above European banks average profitability We are on track to reach our 2022 target 49#50... while delivering shareholder value EPS € cents € 27.2 19.7 H1'21 H1'22 TNAV per share 4.24 3.98 >>> Jun-21 Jun-22 • ⚫ EPS +38% YoY (+19% vs H1'21 underlying EPS) • • Sustained earnings per share growth, driven by higher profit and share buybacks 546mn shares amortized this year through buybacks (3.2% of capital) Performance driven by attributable profit and FX movements, mainly offset by cash dividend . TNAVps + cash DPS1: +9% YoY Our 2022 shareholder remuneration policy² is 40% payout split in equal parts (cash and share buybacks) Santander (1) Including €4.85 cents from the cash dividend paid in Nov-21 and €5.15 cents paid in May-22. (2) The implementation of the shareholder remuneration policy is subject to future corporate and regulatory decisions and approvals. 50#51Continued organic generation, maintaining the CET1 ratio above 12% Q2 fully-loaded CET1 ratio performance % +0.26 +0.03 12.05 12.05 -0.08 -0.05 -0.16 Mar-22 Pro formal Gross organic generation Cash dividend transactions & models accrual 2 Corporate Regulatory Markets & others 3 Jun-22 CET1 €72.2bn RWAS €599bn • Continued profit growth - ROTE 13.7% (12.0% in FY'21) Disciplined capital allocation strategy with: - - RWAs rising below loan growth +1% < +6% (excluding FX impact) – H1'22 front book RoRWA of 2.5% - % of RWAs with RoE < CoE of 23% (30% in FY'21) €73.0bn As of Jun-22, the distance to the MDA is 307bps €605bn Santander (1) Data published in Q1'22, which included the acquisition of Amherst Pierpont (completed in April 2022). (2) 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. (3) Including-13bps of HTC&S. 51#52Santander Business segments review 52#53The Group's solid customer, volume and profit growth was supported by all our regions and businesses H1'22 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. 53#54Global businesses SCIB: solid profit increase driven by double-digit growth in all core businesses and strict efficiency management WM&I: double-digit increase thanks to our diversified value- added proposition and solid performance in our 3 businesses (Private Banking, Asset Management and Insurance) € million and YoY changes in constant euros Payments PagoNxt: revenue grew 87% due to overall increase in business activity and volumes across regions Cards: double-digit revenue growth YoY in the Americas and Europe € million and YoY changes in constant euros Revenue Total Payments Volume Underlying att. profit ROTE 1,531 +28% 398 +87% 24.3% €74.6bn SCIB SCIB PagoNxt +5.0pp +35% H1'22 H1'22 WM&I WM&I Santander Turnover 515 +15% 1,951 +28% 57.1% €146.2bn Cards +5.3pp +20% H1'22 H1'22 54#55Santander 4. Financial Targets and Final remarks#56Final remarks Revenue • In an uncertain environment, we expect revenue to improve: NII should increase in the coming quarters, benefitting from interest rate hikes and expected activity levels, accelerating in 2023 ⚫ Fee income supported by commercial activity and global business growth (SCIB, WM&I and Payments) Costs We will continue to manage costs below inflation while enhancing the customer experience by evolving our operating model... ... which should allow us to continue improving productivity and efficiency Credit quality Capital · • Credit quality improved YTD and no deterioration is expected, supported by our loan portfolio structure, high household savings rates and low unemployment rates across our footprint 6 month annualized CoR (0.91%) allows us to be confident in achieving our goal for the year Fully committed to maintaining CET1 at 12% in each quarter both through continued profit growth and disciplined capital allocation We expect revenue growth to offset cost inflation pressures and a potential CoR increase and achieve Group Targets Revenue Mid-single digit growth1 Santander (1) In constant euros. Efficiency ROTE 45% >13% FL CET1 12% 56#57Santander Help millions around the world realise their dreams and prosper. 5. ● Links to public materials#58Links to Grupo Santander public materials For additional information on the Group, please click on the images, icons or flags below H1'22 financial results Financial report Earnings presentation Series (excel) are NOW. Financial Report 2022 January-June - Santander 22022 Earnings Presentation H122 Santander Country presentations USA Portugal UK Mexico' Spain Brazil Chile Santander ⚫ Argentina Poland Press room יווווי Digital Consumer Bank CEO's video (2 minutes) XLS Shareholders report (interactive) Other information 2021 Digital Annual review 05: Santander Shareholders ОТ МЕКО BUR 3.100 Fixed income presentation FIXED INCOME INVESTORS PRESENTATION 07 QUARTERLY SHAREHOLDER REPORT Santander Here. Now. Atalles 2021 Annual report Here. Sarean Pilar 3 Por 3-nforme con eleven Pudenc 2021-fotosesidues et deco Santander Ratings Annual report 2021 for you. Santander Overview of our Corporate Governance presentation www.santander.com Follow us on fin O. 58#59Important 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 59#60Important 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 in 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 50 60#61Thank 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 Powered by the S&P Global CSA FTSE4Good