Business Priorities and Profitability Strategy in Latin America

We aim to continue generating ~40 bps per annum while remunerating our shareholders and growing the business Annual organic capital generation in the medium-term ~40 bps 13-15% ROTE² 175-190 bps 40-50% Pay-out Medium-term cumulative one-offs Headwinds to be offset with management actions 11.3% 80-100 bps 45-55 bps IFRS16 TRIM Others 11-12% 2018 FL CET1 Underlying profits 1 Shareholders & AT1- holders remuneration RWA growth & others Regulatory headwinds Management actions Medium term target High profitability drives recurrent capital generation capacity going forward Santander (1) Including minorities (2) Underlying 9.7% 2018 FL SREP 38 88

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