#1Economic Research and Investor Relations | November 2021 Portugal 9M'21 Institutional Presentation Santander#2Disclaimer Santander Totta SGPS, S.A. ("Santander Totta") cautions that this presentation contains forward looking statements. These forward looking statements are found in various places throughout this presentation and include, without limitation, statements concerning our future business development and economic performance. While these forward looking statements represent our judgment and future expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to, (1) general market, macro-economic, governmental and regulatory trends, (2) movements in local and international securities markets, currency exchange rates, and interest rates, (3) competitive pressures, (4) technological developments, (5) changes in the financial position or credit worthiness of our customers, obligors and counterparties, The risk factors and other key factors that we have indicated could adversely affect our business and financial performance contained in our past and future filings and reports, including those with the Securities and Exchange Commission of Portugal. The information contained herein is in accordance with the Bank of Portugal's criteria. Unless otherwise stated, data in this presentation refers to consolidated figures for Santander Totta SGPS, the group's holding company in Portugal. BST is Santander Totta SGPS' main operating unit, aggregating the group's retail banking business in Portugal. Santander 2#3Macroeconomic environment and financial system 01#4Macroeconomic environment and financial system Credit dynamics underpinned by strong new originations, especially for mortgages. Deposits reflect the historically high household savings rate. Total loans (EUR bn) 226.2 225.2 223.2 221.6 219.2 4.4 4.3 YOY 3.4 3.4 (%) 2.1 Sep-20 Dec-20 Mar-21 Jun-21 Aug-21 Total deposits (EUR bn) 264.9 267.6 256.8 248.6 252.2 7.3 7.7 6.8 7.2 5.6 YOY (%) Sep-20 Santander Dec-20 Mar-21 Jun-21 Aug-21 ་ Source: Statistics Portugal, Ministry of Finance, Santander Portugal forecasts and estimates. Loans grew on a yearly basis due to the policy measures implemented, credit lines with state guarantees for the corporate sector and moratoria on loans to households and corporates (which ended in September 2021) In 2021, mortgage production recorded its highest level since 2008 The pandemic resulted in a significant increase in the savings rate to 11.5% of disposable income in Q2'21, the highest since the 2000s As a result, deposits continued to grow due to precautionary savings and despite diversification into off-balance resources 4#5Strategy and business 02#6Strategy and business Santander Portugal is the largest privately owned bank in Portugal by loans KEY DATA* 1Q21 YoY Var. Customer loans¹ EUR 40.5 bn +2.6% Customer Deposits² EUR 37.9 bn +4.5% Attributable profit EUR 172.2 mn -32.3% Underlying RoTE 11.2% +2.7 pp Efficiency ratio 41.1% -350 bps Loans market share³ 3 17.9% -2 bps Deposits market share³ 14.5% -82 bps Loyal customers 845 k +5.5% Digital customers 980 k +8.6% Branches 4 Employees 350 -22.2% 5,439 -10.5% (1) Excluding reverse repos. Santander (2) Excluding repos. (3) As at Mar-21 (4) Branches and Employees in Portugal STRATEGIC PRIORITIES Deepen the digital and commercial transformation of the Bank to make it simpler, more agile and closer to customers Maintain an appropriate risk policy, with enhanced follow-up procedures, to keep the cost of credit under control Remain focused on gaining profitable market share, improving our position as leading private sector bank and leveraging our position in the corporate sector, especially in SMEs Improve efficiency, leveraging digital capabilities to better serve customers Keep a solid capital and liquidity position, in the current challenging environment 6#7Strategy and business Improving customer loyalty underpinned by the ongoing digital transformation Loyal customers (k) 800 6% 845 Sep-20 Sep-21 Loyal / Active: 50% (+3 pp YoY) Digital customers (k) 903 9% 980 Sep-20 Sep-21 Digital sales/total¹: 58% (+19 pp YoY) Santander (1) YTD data. The commercial and digital transformation process aimed at providing first class service to customers continues to support loyalty growth (+6% YoY), both in: ▸ Loyal individuals (+4% YoY) and in the corporate segment (+21% YoY) The Bank continued to expand its product and service offering, as well as additional self- service capabilities through digital channels, leveraging the change in customer behaviour which accelerated during the pandemic: ▸ Sustained growth in digital customers, to 980 k (+9% YoY) by the end of Q3'21 ▸ Digital sales represent 58% of total sales, an increase of 19 pp YoY Mobile customers up 22% YoY 7#8Strategy and business Retail and digital services Awards - 2021 EUROMONEY AWARDS FOR EXCELLENCE WORLD BEST BANK FOR FINANCIAL INCLUSION 2021 Best Bank for Financial Inclusion AWARD SAFEST BANK 2021 HOUTIQUE SANTANDER Individuals Boutique Santander | Mais para o lar... doce Lar!om 2020 Corporates 2030 PRR GLOBAL FINANCE Safest Bank in Portugal, by Global Finance OFERTAS para si Santander Boutique continued to expand its offer of products. Customer can apply immediately for a loan, with flexibility in terms of its payment plan "Together we promote the Recovery" Santander is working closely with its corporate customers to provide them with the best financial solutions to boost their investments eligible for the European financing under the Programmes "Portugal 2020", "PRR- Recovery and Resilience Plan" and "Portugal 2030" 9:41 Santander Olá, Afonso 1.420,76€ Омыло -120,00€ CONTAS 3500 ம். ga Minha Conta Pessoal 1,420,764 1,420, Digilosofia Santander in Portugal released a new mobile which offers a more app, personalized, simpler and secure experience. It materializes the common vision and strategy of 4 European countries where Santander operates Seguro Financeiro Future Wealth CARTÕES Mundo 123 12512 Classic Débito Db9474 120.00€ Santander Seguro Financeiro Ações Crescimento Insurance Responsible banking Seguro Financeiro Equilibrado Seguro Financeiro Casa-Reforma Wide-range offer of open financial insurance products, which combine savings and protection products. • Mais de 630.000 estudantes, profissionals, empreendedores e empresas ojudodas 2.000 milhões de euros de investimento no Ensino Superior Mais de 1.000 universidades e instituições académicas com convenios em 11 paises #NeverStopLearning Santander 25 Universidades anos Santander Universities in Portugal since 2013: More than 12,500 scholarships • More than EUR 50 mn in investments • Approx. 50 agreements with Portuguese Universities 8#9Strategy and business Further embedding ESG to build a more responsible bank Environmental: supporting the green transition Helping customers go green Biodegradable & Carbon Neutral ® credit & debit cards, also for corporates Participated in EDP's issuance of EUR 750 mn green hybrid debt and acted as joint bookrunner in the EUR 300 mn green bond for REN 708 photovoltaic panels placed at the Porto University Environmental footprint -45% carbon emissions in 2020. Goal of 75% reduction in prints Carbon Neutral in our own operations 100% of electricity from renewable sources স Social: building a more inclusive society Talented & diverse team 24% women in c. 2% employees leadership positions with disabilities Financially empowering people >318 K people¹ since 2019 Supporting society >84 k people helped in H1'21 Support line for social sector >1.1k scholarships in H1'21 Santander Golden for clients >65 who have been with the Bank for over 50 150 blood collections years 95% local suppliers & 300 suppliers certified last year Governance: doing business the right way A strong culture Simple, Personal, Fair Family-Responsible Company-certificate of excellence efrA. An independent, diverse Board 43% women on the Board Santander (1) Considering the support for vulnerable people in accessing financial services, products and financial education since 01/01/2019 9#10Strategy and business Sustained loan growth, especially in mortgages, SMEs and CIB, underpinned by strong new lending volumes Total loans (EUR bn) +2.6% +0.4% 40.3 40.5 Loans at amortised cost (Eur bn) Sep-21 YoY (%) QoQ (%) 40.0 39.5 39.5 Individuals 23.7 +5.2 +1.5 Mortgage 21.6 +5.9 +1.7 Consumer and other 2.1 -1.8 +0.2 Corporates 16.5 -0.5 -0.7 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Santander 10#11Strategy and business Customer funds increased 7% YoY, with significant diversification into mutual funds Total deposits (EUR bn) +4.5% +0.8% 37.6 37.9 36.3 36.0 36.2 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Santander Sep-21 YoY (%) QoQ (%) Deposits 37.9 +4.5 +0.8 Off Balance Sheet Resources 8.3 +18.3 +3.7 Investment Funds 4.2 +39.7 +5.7 Insurance and other 4.1 +2.3 +1.8 Total Customer Funds 46.2 +6.7 +1.3 11#12Results 03#13Results NII continued to be impacted by the spread compression on loans and negative Euribor rates Net interest income (EUR mn) Yields and costs (%) 193 195 192 191 175 Yield on loans 1.57% 1.51% 1.46% 1.40% 1.36% Cost of deposits 0.05% 0.03% 0.02% 0.02% 0.02% Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Differential 3Q20 4Q20 1Q21 2Q21 3Q21 152 bps 148 bps 143 bps 138 bps 134 bps Santander 13#14Results Net fee income increased 15% YoY, supported by the economic recovery and higher customer transactionality Net fees (EUR mn) = 91 113 107 99 97 3Q20 4Q20 1Q21 2Q21 3Q21 Santander Credit Credit cards Mutual funds Insurance Other 9M'21 9M'20 YoY (%) QoQ (%) 52 50 +5.0 -0.8 27 74 27 22 20 67 +10.6 -7.8 22 +22.7 +6.2 84 76 +11.0 +3.0 79 60 60 +30.7 +29.0 Total 316 274 +15.0 +5.7 14#15Results Total income increased 6% YoY, with customer revenue supported by net fee income growth more than offsetting the interest rate pressure on NII Total income (EUR mn) 318 305 421 9M'21 9M'20 309 YoY (%) QoQ (%) 296 Net interest income 559 592 -5.6 -8.3 Net Fees 316 274 +15.0 +5.7 Customer revenue 874 866 +0.9 -3.3 Other 151 98 +54.9 -204.9 Total income 1,026 964 +6.4 +11.1 3Q20 4Q20 1Q21 2Q21 3Q21 Santander (1) Other includes gains/losses on financial transactions and other operating income. 15#16Results Lower operating expenses, aligned with the structure optimization driven by the digital and commercial transformation process Operating expenses (EUR mn) 147 143 142 141 138 3Q20 4Q20 1Q21 2Q21 3Q21 Santander 9M'21 9M'20 YoY (%) QoQ (%) Operating Expenses 422 430 -1.8 -2.2 Efficiency ratio (with amortisations) 41.1% 44.6% -3.5pp -6.1pp Branches in Portugal (#) 350 450 -100 -5,445 Employees in Portugal (#) 5,439 6,077 -638 -326 16#17Results LLPs fell by 31% YoY, with improving asset quality. The NPL ratio and the cost of credit continued to decline Net LLPs (EUR mn) 46 Loan loss provisions 41 9M'21 9M'20 YoY (%) QoQ (%) 34 35 33 Net Operating Income 610 529 +15.3 +98.6 LLPs -101 -147 -30.8 -6.1 Net Operaring Income after LLPs 509 383 +32.9 +169.6 NPE ratio 2.3% 2.8% -0.5pp -0.2pp NPE coverage ratio 83.4% 69.2% +14.1pp +4.2pp Cost of Credit (1) 0.33% 0.38% -0.1pp -0.0pp 3Q20 4Q20 1Q21 2Q21 3Q21 Santander (1) Cost of credit based on 12 month loan-loss provisions divided by average customer loans. 17#18Results Attributable profit decreased 32% YoY, reflecting one-off charges relating to the transformation program Attributable profit (EUR mn) 82 91 9M'21 9M'20 YoY (%) QoQ (%) 47 Profit before taxes 247 349 -29.3 +123.2 41 34 Taxes and MI -75 -95 -21.1 +50.3 Attributable Profit 172 254 -32.3 +209.5 3Q20 4Q20 1Q21 2Q21 3Q21 Santander 18#19Concluding remarks Santander Portugal volumes supported by mortgages and corporates. Efficiency benefitted from the transformation process, while asset quality improved Economic activity consolidation in Q3'21, as the economy reopened further. Domestic demand and exports of goods are the drivers behind the recovery, while tourism begins to recover, with the improving vaccination rates (85% of Portuguese population fully vaccinated in October) Financial System ▸ Resilient loan growth, with new mortgage origination at its highest level since 2008 ▸ Deposits continued to grow, aligned with the higher household savings rate (11.5% in Q2'21 - highest since the 2000s) Strategy & Business Results Santander Santander Portugal maintained its support to households and companies, with market shares in new lending to corporates and mortgages over 20% in Q3'21, sustaining its strong position as the largest privately-owned bank in Portugal by loans. Growth in funds, with a focus on diversification of household funds into off-balance products. ▸ Santander Portugal remained focused on its digital transformation process, including continuous delivery on digital channels and simplification of internal processes and commercial offering, to provide first class business to customers. ▸ Sound capital and liquidity bases, which puts Santander in a leading position to support its customers to develop their projects and take advantage of the economic recovery. Santander Portugal also maintained the best risk ratings by the rating agencies, aligned with or above the sovereign's Higher customer revenue led by strong growth in net fee income, driven by improved commercial activity and transactionality, which offset the reduction in NII ‣ LLPs declined YoY, as the NPL ratio maintained its downward trend ▸ Attributable profit decreased 32% YoY reflecting one-off charges relating to the transformation program 19#20Financial and liquidity management 04#21Deleveraging Santander 114.2% 126.5% 117.8% Loans to Deposit Ratio 116.1% 116.2% 112.9% 111.3% 112.3% Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Mar-21 Jun-21 Sep-21 21 21#22Funding structure Santander EMTN's Repos 0.7 0.0 ECB BEI Securitizations 1% 0% 0.3 0.0 0.6 1% .0% Covered Bonds. 1% 2.0 4% Customer Deposits. 38.2 83% Capital+Sub. Debt 4.5 10% As of Sep/21 22 22#23Capital ratios - ST, SGPS CET 1 - full implemented 15.2% 14.2% 14.0% 20.6% 23.9% 21.9 RWA (bn€) 20.1 18.6 18.0 16.0 Dec-17 Dec-18 Dec-19 Dec-20 Sep-21 Dec-17 Dec-18 Dec-19 Dec-20 Sep-21 Santander 23#24Benchmarking 05#25Results Resilient and sustained profitability Net Income - Consolidated (M€) 429 172 154 127 115 172 Net Income - Domestic (M€) 127 115 331 154 ST Bank # Bank # Bank # Bank # ST Bank # Bank # Bank # Bank # Santander As at Sep/21 25#26Market shares Corporates - New Production 17.6% Jan-Sep-20 18.0% Corporates - Stock Mortgages - New Production 22.5% 25.0% Jan-Sep-21 Jan-Sep-20 17.4% 18.9% Mortgages - Stock 21.3% Jan-Sep-21 19.6% Sep-20 Sep-21 Sep-20 Sep-21 Santander 26 26#27Asset Quality Market: 4.3% as at Jun/21 2.3% 1.5% NPE Ratio 4.8% 2.8% 7.3% 90.0% 83.4% NPE Coverage Ratio 68.6% 112.5% Market: 55.5% as at Jun/21 81.5% ST Bank # Bank # Bank # Bank # ST Bank # Bank # Bank # Bank # Santander As at Sep/21 27#28Capital Santander ST 19 23.9% CET 1 (full implemented) 14.5% 11.8% 18.2% Market: 15.3% as at Jun/21 9.6% Bank # Bank # Bank # Bank # As at Sep/21 28#29Rating Portuguese Banks - Senior Debt A Al BBBH DBRS Fitch Moody's S&P Santander Santander Santander Santander Baa2 BBB+ BBB Bank 1 | Bank 3 Bank 1 | Bank 3 Bank 3 Baa3 BBB BBB- Bal Bank 2 BB+ BBB- BBB Bank 1 Ba2 BB+ BBBL Bank 2 Ba3 BB Bank 2 BBH BB BBL BB- B+ B B1 B2 B3 BB Bank 2 BB- B+ B B- BH Bank 4 B- Caal CCC+ B Bank 4 CCC+ Caa2 CCC BL Santander Peer Group (Main Banks) Last update 18-Oct-2021 CCC CCC- 29 29#30Appendix 06#31Balance Sheet Santander Totta, SGPS Balance Sheet (million euros) Sep-21 Sep-20 Var. Cash, cash balances at central banks and other demand deposits Financial assets held for trading, at fair value through profit or loss, and at fair value 8,144 5,366 +51.8% 9,977 12,380 -19.4% through other comprehensive income Financial assets at amortised cost 40,526 39,830 +1.7% Investments in subsidiaries, joint ventures and associates 107 111 -3.3% Tangible assets 574 623 -7.8% Intangible assets Tax assets 35 40 -13.2% 391 635 -38.3% Non-current assets held for sale 50 58 -12.8% Other assets 175 280 -37.6% Total Assets 59,979 59,322 +1.1% Financial liabilities held for trading 650 913 -28.8% Other financial liabilities mandatory at fair value through profit or loss 3,299 3,238 +1.9% Financial liabilities at amortised cost 49,078 47,905 +2.4% Resources from Central Banks and Credit Institutions 7,689 8,024 -4.2% Customer deposits 37,931 36,301 +4.5% Debt securities issued Of which: subordinated debt Other financial liabilities Provisions Technical provisions Tax liabilities Other liabilities 3,189 3,328 -4.2% 8 8 +0.0% 269 252 +6.7% 301 210 +43.6% 693 727 -4.6% 376 473 -20.4% 1,051 1,239 -15.1% Total Liabilities 55,449 54,705 +1.4% Share capital atributtable to ST SGPS shareholders 4,529 4,615 -1.9% Non controlling interests 2 2 +2.5% Total Shareholders' Equity 4,531 4,617 -1.9% Total Shareholders' Equity and Total Liabilities 59,979 59,322 +1.1% Santander 31#32Income Statement Santander Totta, SGPS Income Statement* (million euros) Net interest income (without dividends) Dividends from equity instruments Net interest income Sep-21 Sep-20 Var. 558.5 591.9 -5.6% 1.5 1.7 -11.6% 560.0 593.7 -5.7% Results from Associates Net comissions Other banking income Insurance activity Gain/loss on financial transactions Operating income Total operating expenses Personnel expenses 11.4 9.1 +25.5% 315.7 274.4 +15.0% -29.7 -27.7 +7.1% 12.5 11.7 +7.4% 155.7 103.0 +51.1% 1,025.7 964.1 +6.4% (422.0) (429.8) -1.8% (234.7) (241.6) -2.8% General expenses (149.3) (149.1) +0.1% Depreciation (38.0) (39.2) -3.0% Net operating income 603.7 534.4 +13.0% Impairment of financial assets at amortised cost (101.4) (146.5) -30.8% Net provisions and other results (255.6) (38.8) >200% Income before taxes and MI 246.7 349.0 -29.3% (74.5) (94.4) -21.1% (0.1) (0.1) -38.3% 172.2 254.5 -32.3% Santander Taxes Minority interests Consolidated net income (*) Not audited 32#33Thank you. Our purpose is to help people and business 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