Operational Levers to Enhance Profitability

FL CET1 increased by 304bps since 2014, accumulating €18Bn of capital Capital generation between December 2014 and December 2018 (bps) FL CET1 435 35 304 214 118 186 2018 11.30% 2014 8.27% Organic capital Perimeter exc. Dividends +AT1 generation Popular¹ Organic capital generation after dividends 2015 capital increase Total capital accumulated + €25.3 Bn - €2.3Bn - €12.8Bn + €10.2Bn + €7.5Bn + €17.7Bn Santander | (1) Popular acquisition had a largely neutral impact on Group's solvency. 34 34

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