Business Priorities and Profitability Strategy in Latin America

LatAm Mexico: we have significantly improved returns while heavily investing in the franchise... Performance Significantly increase in profitability while growing our retail Underlying RoTE 13% Macro 20% High growth potential 2015 2018 customer base +3.3x1 Digital +81%¹ Loyal GDP growth potential still at sound levels Low inflation environment • Solid labour market trends Santander +31%¹ in customer deposits • Operational & IT transformation through investment plan • Strong top line growth together with flattish C/I (despite high investments) leading to a strong growth in returns (1) Variation since 2015 Industry trends Sound loan and deposit growth • Low loans-to-GDP ratio providing high growth opportunities • Stable asset quality 16

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