Business Priorities and Profitability Strategy in Latin America

Our medium-term goals ROTE1 13-15% Efficiency 42-45% ][ FL CET1 11-12% Dividend pay-out ratio 40-50% • We are the leading LatAm bank Continue structural profitable growth • Mid-term ROTE1 20-22% • Laid foundations for accelerating growth • Mid-term ROTE1 11- 13%² • C/I 39-41% Leading European bank in profitability and growth • Mid-term ROTE¹ 12-14% • C/I 47-49% • ⚫ C/I 33-35% Santander (1) Underlying (2) Adjusted for excess capital 42

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