Operational Levers to Enhance Profitability

LatAm Brazil: we have significantly improved our commercial franchise and profitability since 2015... Performance Significant improvement of our commercial franchise Underlying RoTE 14% 2015 20% 2018 Macro Recovery cycle picking up • Orthodox macro reforms to unleash GDP growth potential • Structural inflation & CoE going down since 2015 +2.6x1 Digital +65% 1 Loyal Santander ⚫ C/I improving 6p.p. & catching- up vs. sector leaders' profitability Loan market share gains +110bps 1 • 3 consecutive years among Best Companies To Work FoR Industry trends High growth potential • Room for improvement in banking penetration • Low rates improving customer affordability & loan growth (1) Variation since 2015 14

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