Operational Levers to Enhance Profitability

CIB: our corporate-centric business has delivered sustainable returns through the cycle. Strong track-record... (RORWA²; %) 1.3% C/I 39% 2015 1.8% 41% 2018 ...which is expected to continue Enhance our tailor-made services Capital light 514 model Improve DORORWA Maintain best-in-class efficiency Focused on increasing client penetration while accelerating growth Profitable business which should carry on evolving to a capital-light model Santander (1) In constant € (2) Underlying 00Û Medium-term goals c.8% c.2.1% c.40% Revenue CAGR1 RORWA² C/I 31

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