Business Priorities and Profitability Strategy in Latin America

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.€500Mn Initial cost savings 33% of Popular cost base New c.€250Mn Increased expected cost savings from Popular integration (50% of Popular cost base) 00Û Transaction RolC goal 13-14% 23 23

View entire presentation