Santander Group Strategy Update

Our 'GPS' has delivered increases of 55% in EPS and 41% in TNAV per share + cumulative cash DPS, excluding FX EPS growth1 2015-18 TNAVps + cum. Cash DPS1 2015-18 TSR accumulated vs peers since 2015 Investor Day2 + 22% + 27% European banks index -12% (+55% ex. FX) Santander (+41% ex. FX) (1) Statutory EPS and TNAVps grow th adjusted for the increase in shares from scrip dividends. Figures excluding FX are in constant Euros. (2) Source: Bloomberg as of 29/03/19. All figures in EUR. TSR accumulated since 24/09/15. Total Shareholder return considering dividends reinvested in the security. European banks index: Stoxx Europe 600 Banks (SX7P). Peers: Barclays, BBVA, BNP, Deutsche Bank, HSBC, ING, Intesa, Lloyds, Société Générale, Standard Chartered UBS, Unicredit. ■+7% 11

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