Operational Levers to Enhance Profitability

WM: capital-efficient business model which offers very high growth potential, especially in insurance Strategic priorities Weighted market share 2 (%, 2018) +2 Current market share³ Potential market share upside¹ potential increase in PAT if natural market ☑ share reached in the three businesses 3% Natural Our medium-term focus Santander Insurance 3% 7% 10% 10% market share: 13% 6% Santander Private Banking Santander Asset Management Santander Insurance #1 Priority: achieve a market share that is in line with our natural share in every country Santander Santander Asset Management Capture the SME opportunity Digital distribution platforms Have the best products in our footprint Competitive edge on global capabilities Santander Capture global Private Wealth opportunity Connect local models in one platform Private Banking 00Û Medium-term goals c.10% Revenue CAGR4 c.10% >60% ROTE 5 AuM CAGR4 (1) Potential MS upside calculated as difference between SAN natural share and current market share in each of the businesses; Natural share based on Santander bank deposit market share by country (2) Weighted by AuM by country for SPB and SAM and by GWP for Insurance in countries where the business has a relevant competitive position; Natural share weighted by deposits by country As of December 2018 (3) (4) In constant € 32 (5) Underlying

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