Investor Presentaiton

Activity in Q1'21 recovering at different speeds affected by the operating and financial environment Interest-rates. Monetary policy • Low interest rates. Brazil started to raise interest rates in Q1'21 Fiscal stimulus programmes ⚫ New sizable fiscal stimulus in the US (relaunched Paycheck Protection Program) • Guarantee programmes extended Group ⚫ Negative impact on NII • This stimulus will lead to activity and revenue recovery, with better credit quality in the US Negative impact on revenue and support cost of credit Lockdown/ restrictive measures The UK published a roadmap to exit lockdown from March • Gradual easing of restrictions in the US • Lockdowns and restrictive measures introduced in other countries • Reduced activity slowed new lending and fee income generation Vaccination Different progress by countries: • The US and the UK lead among major economies • EU: slow rollout; plan to accelerate in the next few months • Brazil and Mexico are slowly accelerating Recovery of activity at different speeds • Positive impact on revenue and cost of credit Santander 44

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