Financial and Liquidity Management Strategy

Results Costs dropped 5% driven by the ongoing transformation process Operating expenses (EUR mn) Q3'20 Q3'19 YoY (%) QoQ (%) General and admin. 151 151 147 142 141 expenses 391 417 -6.3 +0.8 Depreciation and amortization 39 37 +6.3 +1.4 Operating Expenses 430 454 -5.3 +0.9 Efficiency ratio (with amortisations) 44.6% 44.5% +0.1pp +1.0pp Branches (#) 491 539 -48 -26 Employees (#) 6,077 6,271 -194 -194 3Q19 4Q19 1Q20 2Q20 3Q20 Santander 16

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