Operational Levers to Enhance Profitability

Europe Spain: committed to maintaining our market leadership... Performance Reinforcement of customer loyalty and experience through digital transformation Underlying RoTE 8% Macro 11% 2015 2018 +2.0x1,2 Digital +147% 1,2 Loyal • Higher quality earnings driven by strong fee growth +56% 1,2 • Ahead of plan in Popular's integration Positive cycle expected to continue in the coming years Industry trends Challenging environment driving market consolidation • >2% GDP growth above Eurozone average Falling unemployment and moderate inflation • Lower for longer rates • New lending growth sector deleveraging stabilising • More rationale pricing • Benign credit cycle Santander (1) Change since 2015 (2) Including Popular 24

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