Santander Group Strategy Update

Strength FL CET1 increased by 304bps as the Group accumulated €18Bn of capital Capital generation between December 2014 and December 2018 (bps) FL CET1 435 35 2018 11.30% 304 214 118 186 2014 8.27% Organic capital generation Perimeter exc. Dividends +AT1 Popular¹ Organic capital generation after dividends 2015 capital increase Total capital accumulated + €25.3Bn - €2.3Bn - €12.8Bn + €10.2Bn + €7.5Bn Santander (1) Popular acquisition had a largely neutral impact on Group's solvency. + €17.7Bn 10 10

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