Our Digital Consumer Bank Pitch

Reiterate our medium-term goals and a goal of 9-10% ROTE4 for 2021 Our 2021 goals... and the medium-term impact of the new model... allow us to reiterate our medium-term goals² Cost income ratio <47% Cost of credit <1.28% Underlying ROTE 9%-10% Best-in-class NPS LIP Mid-single digit revenue growth¹ Underlying ROTE 13-15% 11-12% CET1 40-50% cash dividend pay-out (underlying profit)³ (1) Constant euros Santander April 2019 Investor Day The board's intention is to restore in the mid-term a payout of 40-50% of the underlying profit. With respect to the remuneration against 2021 results, the intention is, in line with the announcement made in April 2020, to maintain the suspension of the dividend policy while the ECB 2020/63 recommendation of December 15th applies. (4) Underlying RoTE Note: Based on IMF World Economic outlook reports (January 2021) and OECD Economic outlook (December 2020) 99 64

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