Investor Presentaiton

Operating expenses continued to improve YoY, reflecting our commercial and digital transformation Operating expenses (€ mn) 140 9M'22 9M'21 134 YoY (%) QoQ (%) 125 125 125 Operating Expenses 376 429 -12.4 0.2 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Santander Branches (#) 385 397 -3.0 -0.3 Employees (#) 4,953 5,716 -13.3 -0.5 17

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