Operational Levers to Enhance Profitability

LatAm ...and we expect our investment plan to drive growth in profitability Business priorities Customer centric model highly focused on digital • Build on recent investments to gain market share • Increase loyal & digital customers & sales. Grow in individuals (payroll & demand deposits) • Maintaining SME & corporate leadership • Laying foundations to become a leading bank in profitability Goals 2018 Medium-term goal ROTE1 20% 19-21% Loyal/Active 29% - 33% customers Higher customer satisfaction leading to sustainable revenue growth Opening operational jaws as the investment plan ends in 2019 Declining cost of credit but increase in the effective tax rate Santander (1) Underlying Note: in local currency 17

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