Market Shares and Financial Update

Results Operating expenses continued to decline, reflecting the structure optimization driven by the digital and commercial transformation process Operating expenses (EUR mn) Q1'21 Q1'20 YoY (%) QoQ (%) 147 147 142 143 141 General and admin. expenses 131 134 -2.7 -2.7 Depreciation and amortization 13 13 -0.6 -3.8 Operating Expenses 143 147 -2.5 -2.8 Efficiency ratio (with amortisations) 34.1% 41.5% -7.4pp -12.3pp Branches in Portugal (#) 386 482 -96 -41 Employees in Portugal (#) 5,954 6,169 -215 -26 1Q20 2Q20 3Q20 4Q20 1Q21 Santander 16

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