Operational Levers to Enhance Profitability

Europe The integration of Popular is ahead of plan and we expect €250Mn of additional efficiencies Increasing local scale 2018 loans market share Commitments Original synergy expectation (2017) Delivering ahead of target Additional cost synergies Popular 12% 18% Popular 15% 18% Santander c. €500 M n Initial cost savings 33% of Popular cost base New c.€250 Mn Increased expected cost savings from Popular integration (50% of Popular cost base) 00Û Transaction RoIC goal 13-14% 23 23

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