Investor Presentaiton

Near-term outlook Business environment 2021 outlook by business areas Santander • ⚫ We expect activity to increase as vaccination progresses, although at different speeds: Starting in the US and the UK in H1'21 • • • Some remaining pressure in Europe and LatAm with improvement expected in H2'21 Lower cost of credit expected amid current uncertainty, with uneven performance by segments Consumer and individual lending expected to increase strongly across markets, with more normalized transactionality that should be reflected in higher-than-normal revenue growth ⚫ No further interest rate cuts expected, already rising (Brazil) • • Europe: slight increase in profitability expected throughout the year, backed by forecasted household activity rebound, margin management, net fee income recovery and savings plan execution North America: after Q1 excellent results, underlying profit trends in the US should be better than initially expected (resilient revenue, cost control and lower cost of credit) South America: amid the challenging environment, Brazil should deliver continued PBT growth with increased revenue and cost of credit under control. Expected underlying ROTE of c. 20% • Digital Consumer Bank: once lockdown measures are fully lifted in Europe, we forecast a substantial acceleration in consumer demand, as seen in the US After the strong start of the year, we reiterate our targets for 2021: improve the efficiency ratio, reduce cost of credit and increase profitability 56

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