Institutional Presentation H120 Index 1 Our business model and - - PowerPoint PPT Presentation

H1’20

Strategic and Financial Analysis. Financial Division

Institutional Presentation

2

Our business model and strategy 1 2 Group structure and businesses 3 H1’20 results & activity and key takeaways 4 Links to Grupo Santander public materials

Index

1.

Our business model and strategy

4

People Customers Communities Shareholders ... resulting in higher investment in the community … ... which drives profitability and sustainable growth ... … more motivated and engaged employees ... ... make our customers more satisfied and loyal ... Total assets (EUR billion) 1,573 Customer loans (EUR billion excluding reverse repos) 909 Customer deposits + mutual funds (EUR billion excluding repos) 958 Branches 11,847 H1’20 Net operating income (pre-provision profit) (EUR million) 11,865 H1’20 Underlying attributable profit (EUR million) 1,908 Market capitalisation (EUR billion; 30-06-20) 36 People (headcount) 194,284 Customers (millions) 146 Shareholders (millions) 4.1 Communities in 2019 (million people financially empowered) 2.0

Our strategy is built around a virtuous circle based on loyalty

Fair Personal Simple

Santander, a leading financial group

H1’20 Highlights

Note: H1’20 attributable profit of EUR -10,798 million

5

Fair Personal

The Santander Way

OUR PURPOSE OUR AIM AS A BANK OUR HOW

To help people and businesses prosper To be the best open financial services platform, by acting responsibly and earning the lasting loyalty of our people, customers, shareholders and communities Simple Everything we do should be

We continue to do business in a more responsible and sustainable way

6

Santander business model

SCOPE CUSTOMER FOCUS DIVERSIFICATION

Local scale and global reach Unique personal banking relationships strengthen customer loyalty Our geographic and business diversification make us more resilient under adverse circumstances

Our business model drives predictable and profitable growth

1 2 3

7

Market share data: as at Mar-20 and the US, Argentina, Spain and SCF latest available. The UK: includes London Branch. Poland: including SCF business in Poland. The US: in all states where Santander Bank operates. Brazil: deposits including debenture, LCA (agribusiness notes), LCI (real estate credit notes), financial bills (letras financeiras) and COE (certificates of structured operations)

Local scale based on three geographic regions with global reach backed by our global businesses

Global businesses (SCIB and WM&I) Santander Global Platform We maintain a leadership position in our 10 core markets

Top 3 auto finance 18% Loans 19% Deposits 18% Loans 15% Deposits 10% Loans 8% Deposits 12% Loans 11% Deposits

Europe

3% Loans 3% Deposits 13% Loans 14% Deposits

Top 7 in retail auto lending

North America

11% Loans 11% Deposits 10% Loans 11% Deposits 18% Loans 17% Deposits

South America Enabling greater collaboration across the Group to generate higher revenue and efficiencies

Market shares

SGP

Scope

1

8

Spain 9% SCF 13% UK 17% Poland 3% Portugal 2% US 4% Mexico 13% Brazil 32% Chile 2% Argentina 3% Others 2%

Customer focus

(1) NPS = Net Promoter Score. Customer Satisfaction internal benchmark of active customers audited by Stiga / Deloitte (2) Active customer who receive most of their financial services from the Group according to the commercial segment to which they belong. Various engaged customer levels have been defined taking profitability into account

146 million customers, in markets with a total population

• f more than one billion

Customers by market, Jun-20

The trust and loyalty of

• ur customers are the most important

assets for Santander

Top 3

in NPS1 in 5 countries

Customer satisfaction is essential to build loyalty

2

9

Customer focus

21.5 mn (+4%)

Loyal/active customers

31%

Note: data as of Jun-20 and year-on-year changes (1) Excluding Chinese banks and Sberbank of Russia

Individuals

19.7 mn (+4%)

Companies

1.8 mn (+4%)

Loyal customers

Collaborative spaces and increased digital capabilities

Santander Smart and Ágil branches The largest branch network in the international banking world1

Branches: c.12,000 Available anytime, anywhere, anyhow

Customer support services

Unique personal banking relationships with over 100,000 people talking to

• ur customers every day in our branches and other customer support services

2

10

Customer focus

39.9 mn

(+15%)

Digital sales2

as % of total sales

47%

Note: data as of Jun-20 and year-on-year changes (1) Every physical or legal person, that, being part of a commercial bank, has logged in its personal area of internet banking or mobile phone or both in the last 30 days (2) Percentage of new contracts executed through digital channels during Q2’20 (3) Private accesses. Logins of bank’s customers on Santander internet banking or apps. ATM accesses by mobile are not included (4) Customer interaction through mobile or internet banking which resulted in a change of balance. ATM transactions are not included

# Accesses3

(online & mobile)

Digital customers1

Digital adoption has accelerated resulting in increased mobile customer base and digital sales penetration

Digital technology boosting financial access

Traditional banking

Branches, ATMs, retail agents, …

Digital banking

Internet, mobiles, tablets, smartphones and smartwatches…

Guaranteeing access for all segments

 Sparsely populated communities  Most vulnerable groups  Low-income communities  University students

+27% YoY +23% YoY

# Transactions4

(monetary & voluntary)

2 32.2 mn

(+22%) Mobile customers

11

S

%

• pe

il; 32%

45%

South America N

Spain; 8% CF; 15% UK; 5% Portugal; 5% Poland; 2% US; 7% Mexico; 13% Other South America; 3% Argentina; 4% Chile; 6% Braz

(1) As a % of operating areas, excluding Corporate Centre and Santander Global Platform (2) Uruguay, Peru and Colombia (3) As a percentage of operating areas Note: customer loans excluding reverse repos. Customer funds: customer deposits excluding repos + marketed mutual funds

35 20%

Eur

• rth

America

2

Geographic diversification in three regions, with a good balance between mature and developing markets

Contribution to H1’20 underlying attributable profit1

Customer loans Customer funds

73% 13% 14%

Europe South America North America

70% 16% 13%

Europe South America North America

Higher exposure in Europe, greater

• pportunity to grow in the Americas

Well-balanced profit distribution between Europe and the Americas. SCIB and WM&I contribution: 44%

Jun-20 Group’s contribution3 by regions

Diversification

SGP 1%

3

12

Indivi de Individuals time

ds

% duals demand posits, 38% deposits, 9% Individuals mutual funds, 12% Consumer, 4% SMEs, 12 Corporates, 14% SCIB, 11%

Customer fun

Customer funds by business, Jun-20

Diversification

Note: customer loans excluding reverse repos. Customer funds: customer deposits excluding repos + marketed mutual funds

Business diversification among customer segments (individuals, SMEs, corporates and large corporates)

Home

ns

Other individuals, 10% mortgages, 35% Consumer, 17% SMEs, 12% Corporates, 13% SCIB, 13%

Loa

Customer loans by business, Jun-20

3

13

The strength of our model drives resilient and stable growth

Pre-provision profit, EUR bn EPS volatility calculated using quarterly data from Jan-99 to Q1’201

Net profit increase 1999-2019

(1) Source: Bloomberg, with GAAP criteria. Standard deviation of the quarterly EPS starting from the first available data since Jan-99

18 23 24 24 24 20 23 24 23 25 26 26

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 3.03% 3.28% 3.26% 3.25% 3.06% 2.94% 3.04% 2.90% 2.83% 2.97% 2.89% 2.80% 1.02%1.36% 1.40% 1.65% 2.44% 1.69% 1.43% 1.25% 1.18% 1.07% 1.00% 1.00%

Cost of credit Pre-provision profit / loans

Recurring pre-provision profit with the lowest earnings per share volatility

14

The Group’s medium-term strategy is based on three main pillars to drive profitable growth in a responsible way

Improve operating performance Accelerate digitalisation Optimise capital allocation

Continue building a more Responsible Bank

15

Improving operational performance: Further leveraging our diversification and scale and adding value via our global businesses and shared capabilities

North America South America Europe

Accelerating growth with sustainable profitability A region with structural growth and high profitability Building the leading European bank in customer experience and profitability, leveraging our scale & digital

IT & Operations Shared services & Others

Global capabilities to enhance operating efficiency across the Group

Medium-term efficiency expected, mainly in Europe:

16

Continuing to improve capital allocation: Ongoing capital allocation

• ptimisation to improve profitability

Rebalancing to more profitable regions and businesses Active management and senior team alignment Improved pricing, processes and governance Strong profitability improvement leading to higher capital generation capacity

17

Accelerating our digitalisation by developing global payments and financial solutions for SMEs and individuals in high-growth and large addressable markets

SMEs Individuals

Global Merchant Services Global Trade Services Banking without a bank

Focused on relevant global markets… … building

• n relevant

assets to accelerate growth

Global Digital Banking Digital payment services as a driver of customer engagement and loyalty

1

Built with global platforms, leveraging our scale for efficiency and customer experience

2

Offered to both our banks (B2C) and to third parties (B2B2C)

3

Run autonomously, with a blend of tech and banking talent

4 OneTrade

18

We continue doing business in a more responsible and sustainable way

Sustainability Financial inclusion Communities Culture 2.0 mn

people financially empowered

69 k

scholarships granted

1.6 mn

people helped through our community programmes Women

40% Group Board 23% Group leadership

(+2 pp vs. 2018)

EUR 277 mn

credit to microentrepreneurs2 (+73% vs. 2018)

EUR 1 bn

Santander first green bond issuance (Oct-19) Engagement

86% of employees

proud to work for Santander (+1 pp vs 2018)

Dow Jones index1

Leader

EUR 1 bn

Santander second green bond issuance (June-20)

>EUR 20 bn

mobilised in Green finance

(2019-Q1’20)

Note: figures as of 2019 and changes on a YoY basis (2019 vs. 2018), unless otherwise stated (1) Dow Jones Sustainability index 2019 (2) Microentrepreneurs are already included in the people financially empowered metric

19

Santander Responsible Banking goals

2018 2021 2025 2020 2019

Top 10 company to work for1 Women on the Board Women in senior leadership positions2 Equal pay gap3 Financially empowered people4 Green finance raised and facilitated5 (euros) Electricity used from renewable energy sources6 Scholarships, internships & entrepreneurs programmes7 People helped through our community programmes8 4 3% 43% 6 40%-60% 30% ~0% 100% 60% 100% 10 mn 120 bn 200 k 4 mn 0% 33 20 Becoming carbon neutral in our own operations 5 20% 2% 2.0 mn 19 bn 50% 69K 1.6 mn 75% 40% 23% 20% 33% Reduction of unnecessary single use plastic in corporate buildings and branches From…To…. Cumulative target

We are building a more Responsible Bank aligned with our commitments

(1) According to relevant external indexes in each country (Great Place to Work, Top Employer, Merco, etc.) (2) Senior positions represent 1% of total workforce (3) Calculation of equal pay gap compares employees of the same job, level and function (4) People (unbanked, underbanked or financially vulnerable), who are given access to the financial system, receive tailored finance and increase their knowledge and resilience through financial education (5) Includes Santander overall contribution to green finance: project finance, syndicated loans, green bonds, capital finance, export finance, advisory, structuring and other products to help our clients in the transition to a low carbon economy. Commitment from 2019 to 2030 is EUR 220 bn (6) In those countries where it is possible to certify renewable sourced electricity for the properties occupied by the Group (7) People supported through Santander Universities initiative (students who will receive a Santander scholarship, will achieve an internship in an SME or participate in entrepreneurship programmes supported by the bank) (8) People helped through our community investment programmes (excluded Santander Universities and financial education initiatives)

20

Response to the COVID-19 crisis

In order to support the global effort being made to combat COVID-19, Grupo Santander is implementing various measures to protect our stakeholders

21

Response to the COVID-19 crisis

2.

Group structure and businesses

Leveraging One Santander to accelerate the execution of our strategy

 Three geographic regions (with 10 core markets) to improve operating performance  Global businesses to enhance our local scale with global reach and collaboration  Santander Global Platform to accelerate digital transformation  The Corporate Centre and other functions servicing the whole Group

Group organisational and management structure

Primary segments – Operating areas

Santander

10 core markets

North America South America Europe

Other Europe

Global

Santander Wealth Management & Insurance Retail Banking

Communication, Corporate Marketing and Research Universities Compliance Audit Costs Technology and Operations General Secretariat and Human Resources Financial Accounting & Control Finance Strategy, Corporate Dev.& Financial Planning

• Exec. Chairman´s

Office & Responsible Banking

Platform

Santander Corporate & Investment Banking

Secondary segments – Global businesses Group functions and Corporate Centre activities

Risk

23

24

North America South America Europe Santander Wealt Management & Insur Santander Corporate & Investm Banking Santander Globa Platform Group functions a Corporate Centre acti h ance ent l nd vities

Three geographic regions

(with 10 core markets)

25

Building one European banking platform to enhance profitability

Europe

Other Europe

H1’20 Highlights

Branches 5,309 Employees 85,215 Loyal customers (mn) 9.8 Digital customers (mn) 14.7 Customer loans (EUR bn) 656 Customer funds (EUR bn) 672 Underlying attributable profit (EUR mn) 1,075 Underlying RoTE 4% Contribution to Group’s profit 35%

Note.- Customer loans: Gross loans excluding reverse repos. Customer funds: customer deposits excluding repos + marketed mutual funds

We continued making progress to simplify our business model and enhance our digital capabilities in order to offer better products and services: Implementation of our technological platforms and acceleration of the digital transformation to improve customer experience Simplifying the number of products to gain efficiency and agility, while maintaining a full value proposition These improvements enable us to appreciate the benefits of business units joining forces, creating One Santander Europe, accelerating and promoting agility and collaboration across countries and global businesses

Strategic priorities

26

Spain

Keep on growing SMEs, Corporates and Wealth segments with strong focus on high value added products

Santander España remains committed to maintaining its leadership by supporting individual customers, SMEs and Corporates, especially to overcome the COVID-19 crisis

H1’20 Highlights

Note.- Customer loans: Gross loans excluding reverse repos. Customer funds: customer deposits excluding repos + marketed mutual funds

Branches 3,222 Employees 27,261 Loyal customers (mn) 2.5 Digital customers (mn) 5.1 Customer loans (EUR bn) 204 Customer funds (EUR bn) 312 Underlying attributable profit (EUR mn) 251 Underlying RoTE 3% Contribution to Group’s profit 8%

for non-residents

Increase customer revenue and continue cost optimisation, whilst focusing on reducing doubtful assets and leverage our capital efficient model Contribute to the economic recovery supporting our self- employed, SMEs and Corporates Accelerate the Bank´s digital transformation towards a data driven company

Strategic priorities

27

Santander Consumer Finance

H1’20 Highlights

SCF is the consumer finance leader in Europe, with advanced captive car finance and strong foothold in consumer in 15 countries

e-commerce open platform

 Austria  Belgium  Denmark  Finland  France  Germany  Italy  Norway  Poland  Portugal  Spain  Sweden  Switzerland  The Netherlands  The United Kingdom1

Countries:

(1) UK data included in Santander UK Note.- Customer loans: Gross loans excluding reverse repos. Customer funds: customer deposits excluding repos + marketed mutual funds

Branches 407 Employees 13,716 Active customers (mn) 18.4 Point of sales (k) >130 Customer loans (EUR bn) 102 Customer funds (EUR bn) 38 Underlying attributable profit (EUR mn) 477 Underlying RoTE 11% Contribution to Group’s profit 15%

Reinforce our position in consumer finance and e-commerce. Digital business model converging on-line and off-line payments and financing to support merchant partners Provide best service to our auto partners, OEMs and car dealers, to support our dealers & brands with their transformation plans Simplification, digitalisation & transformation projects to maximise efficiency and customer experience

Strategic priorities

28

United Kingdom

Uniquely placed as the leading UK scale challenger bank with an innovative value proposition for retail customers and small businesses

H1’20 Highlights

Online mortgage

Note.- Customer loans: Gross loans excluding reverse repos. Customer funds: customer deposits excluding repos + marketed mutual funds

Branches 615 Employees 24,161 Loyal customers (mn) 4.5 Digital customers (mn) 6.1 Customer loans (EUR bn) 238 Customer funds (EUR bn) 213 Underlying attributable profit (EUR mn) 139 Underlying RoTE 2% Contribution to Group’s profit 5%

Invest in our people and ensure they have the skills and knowledge to thrive Simplify and digitalise the business for improved efficiency and returns Grow customer loyalty by providing an outstanding customer experience Further embed sustainability across our business

Strategic priorities

29

Portugal

Santander Totta is the largest privately-owned bank in Portugal by assets and loans

Note.- Customer loans: Gross loans excluding reverse repos. Customer funds: customer deposits excluding repos + marketed mutual funds

Branches 525 Employees 6,506 Loyal customers (k) 783 Digital customers (k) 866 Customer loans (EUR bn) 38 Customer funds (EUR bn) 43 Underlying attributable profit (EUR mn) 160 Underlying RoTE 9% Contribution to Group’s profit 5%

H1’20 Highlights

Maintain an appropriate risk policy, with enhanced follow-up procedures, to keep the cost of credit under control Gaining profitable market share, improving our position as the leading privately owned bank and leveraging

• ur position in the corporate sector,

especially in SMEs Deepen the digital and commercial transformation of the Bank to make it simpler, agile and closer to customers Improve efficiency, whilst keeping a solid capital and liquidity position, in the current challenging environment

Strategic priorities

30

Poland

Santander is the third largest bank in Poland, maintaining its position of the best traditional, private banking and investment bank in Poland

(1) RoTE adjusted for excess capital. Otherwise 5% Note.- Customer loans: Gross loans excluding reverse repos. Customer funds: customer deposits excluding repos + marketed mutual funds

Branches 529 Employees 10,968 Loyal customers (mn) 2.0 Digital customers (mn) 2.6 Customer loans (EUR bn) 30 Customer funds (EUR bn) 38 Underlying attributable profit (EUR mn) 73 Underlying RoTE1 8% Contribution to Group’s profit 2%

H1’20 Highlights

Anticipate and respond to customers’ needs with tailored products, services and solutions, enhancing customer experience Growth of profitable business, strengthening its position in the key market segments Modernise banking services through digital transformation and improve the operating model

Strategic priorities

#1 in mobile banking

31

North America

Investing together to improve commercial capabilities

(1) RoTE adjusted for excess capital. Otherwise 6% Note.- Customer loans: Gross loans excluding reverse repos. Customer funds: customer deposits excluding repos + marketed mutual funds

Branches 2,043 Employees 38,116 Loyal customers (mn) 3.7 Digital customers (mn) 5.7 Customer loans (EUR bn) 131 Customer funds (EUR bn) 125 Underlying attributable profit (EUR mn) 617 Underlying RoTE1 9% Contribution to Group’s profit 20%

H1’20 Highlights

The US and Mexico coordination between the countries has increased as we continue to pursue joint initiatives, such as: Continued development of the USMX trade corridor (corridor revenue growth: +19% SCIB; +16% Commercial) Commission-free same-day remittance service from Santander US branches to any bank in Mexico. At the same time, ongoing development of other payment alternatives for the USMX trade corridor, such as PagoFX Joint technology programmes between the two countries: operations know-how, digitalisation, hubs, front-office and back-office, and addressing common challenges in both countries

Strategic priorities

32

United States

Santander US combines a strong depositary base in the Northeast with its nationwide auto finance, wealth management and corporate banking capabilities

(1) RoTE adjusted for excess capital. Otherwise 3% Note.- Customer loans: Gross loans excluding reverse repos. Customer funds: customer deposits excluding repos + marketed mutual funds On 21 October 2019, it was announced that Grupo Santander has agreed to sell its retail and commercial banking franchise in Puerto Rico to FirstBank Puerto Rico for approximately USD 1.1 bn. The sale includes Santander’s 27 bank branches in Puerto Rico and total assets of USD 6.2 billion. The transaction is expected to close in Q3’20.

Branches 614 Employees 17,299 Loyal customers (k) 368 Digital customers (k) 1,052 Customer loans (EUR bn) 101 Customer funds (EUR bn) 87 Underlying attributable profit (EUR mn) 211 Underlying RoTE1 5% Contribution to Group’s profit 7%

H1’20 Highlights

Optimise funding and capital to improve results Improve margins through focus on integration of U.S. operations Improve customer experience and loyalty across segments Manage the COVID-19 crisis to support customers, employees and communities

Strategic priorities

33

Mexico

Santander México, one of the leading financial group in the country, focused on commercial transformation and innovation

Note.- Customer loans: Gross loans excluding reverse repos. Customer funds: customer deposits excluding repos + marketed mutual funds

Santander Plus

Select Me

Branches 1,429 Employees 20,817 Loyal customers (mn) 3.3 Digital customers (mn) 4.6 Customer loans (EUR bn) 30 Customer funds (EUR bn) 38 Underlying attributable profit (EUR mn) 406 Underlying RoTE 15% Contribution to Group’s profit 13%

H1’20 Highlights

Strong growth rates in loyal and digital customers, whilst increasing revenue through greater volumes and lower cost of deposits Improve customer experience by leveraging both the new tools and methodologies as well as improving

• perating processes

Strengthen our corporate businesses to continue to be the reference in the market in value-added products

Strategic priorities

34

South America

Natural reweighting and high profitable growth opportunity

Note.- Customer loans: Gross loans excluding reverse repos. Customer funds: customer deposits excluding repos + marketed mutual funds

Branches 4,494 Employees 67,652 Loyal customers (mn) 7.8 Digital customers (mn) 18.8 Customer loans (EUR bn) 116 Customer funds (EUR bn) 150 Underlying attributable profit (EUR mn) 1,383 Underlying RoTE 17% Contribution to Group’s profit 45%

H1’20 Highlights

This region remains a growth engine and aims to become a more connected region capable of capturing business opportunities, focused on improving customer experience and loyalty as well as delivering profitable growth backed by operational excellence and cost and risk control, whilst identifying growth opportunities across business units: Payments methods: exploring e-commerce strategies and instant transfers, and the roll-out of Getnet to the rest of Latin America Expand the financial entity specialised in consumer credit and auto financing across the region, exporting the experience in Brazil Prospera, our micro-credit programme to cover the demand of small businesses in Brazil, continued to expand in Uruguay as well In addition, during the second quarter we launched products and services for our customers to mitigate the effects of the pandemic

Strategic priorities

35

Brazil

Santander Brasil has a solid strategy, which benefits from being part of a large international Group

Note.- Customer loans: Gross loans excluding reverse repos. Customer funds: customer deposits excluding repos + marketed mutual funds

Santander Way

SMEs

Agribusiness

Branches 3,585 Employees 44,951 Loyal customers (mn) 5.7 Digital customers (mn) 14.5 Customer loans (EUR bn) 65 Customer funds (EUR bn) 98 Underlying attributable profit (EUR mn) 995 Underlying RoTE 17% Contribution to Group’s profit 32%

H1’20 Highlights

Acceleration of digitalisation: Self-service, combined with increased product implementation and availability Relentless quest for efficiency and profitability with another way of

• perating our business

Continuous evolution of the platform in the face of a new cycle Committed to meeting our customers’ needs. Focus on helping society and the country

Strategic priorities

36

Chile

Santander Chile is the country’s leading bank

Note.- Customer loans: Gross loans excluding reverse repos. Customer funds: customer deposits excluding repos + marketed mutual funds

Branches 367 Employees 11,405 Loyal customers (k) 690 Digital customers (k) 1,339 Customer loans (EUR bn) 39 Customer funds (EUR bn) 36 Underlying attributable profit (EUR mn) 183 Underlying RoTE 11% Contribution to Group’s profit 6%

H1’20 Highlights

Focus on mass market through Santander Life, SuperDigital and Klare (open platform insurance broker) Improve customer service quality and grow loyal and digital customer base Accelerate the commercial transformation via the new branch network model and digital banking

Strategic priorities

37

Argentina

Santander Argentina is the country's largest privately-owned bank by business volume

Note.- Customer loans: Gross loans excluding reverse repos. Customer funds: customer deposits excluding repos + marketed mutual funds

Branches 438 Employees 9,244 Loyal customers (mn) 1.3 Digital customers (mn) 2.6 Customer loans (EUR bn) 5 Customer funds (EUR bn) 10 Underlying attributable profit (EUR mn) 109 Underlying RoTE 29% Contribution to Group’s profit 4%

H1’20 Highlights

Progressing towards a simple and more efficient model, driven by digital transformation Customer-centric decisions, helping people and businesses prosper

Strategic priorities

Profitable growth increasing revenue with efficient capital allocation

38

H1’20 Highlights

Underlying att. profit (EUR mn) 69 Underlying RoTE 28%

Activity focused on corporates, the country’s large companies and the Group’s global customers (SCIB)

H1’20 Highlights

Underlying att. profit (EUR mn) 24 Underlying RoTE 19%

Peru

Focus on corporate and SCIB, and new alliances in auto finance

H1’20 Highlights

Underlying att. profit (EUR mn) 10 Underlying RoTE 14%

Colombia

Strategic priorities

Focus on improving efficiency and enhancing the quality of service, through digital transformation and commitment to the community

Strategic priorities

Digital transformation and expand our customer base, increasing customer loyalty and maintaining credit quality

Strategic priorities

Digital transformation and results growth focused

• n most segments

Uruguay

Santander Uruguay is the country’s leading privately-owned bank

39

North America South America Europe Santander Wealth Management & Insurance Santander Corporate & Investment Banking Santander Global Platform Group functions and Corporate Centre activities

Global businesses and Santander Global Platform

39

40

Santander Corporate Investment & Banking

SCIB is the global business division for corporate and institutional customers who require a tailored service and value-added wholesale products suited to their complexity and sophistication

Note.- Customer loans: Gross loans excluding reverse repos. Customer funds: customer deposits excluding repos + marketed mutual funds For more information (awards, etc.) see https://www.santandercib.com

H1’20 Highlights

32% 28% 34% 6% Global Transaction Banking Global Debt Financing Global Markets Capital & Other

Total income breakdown

Customer loans (EUR bn) 121 Customer funds (EUR bn) 108 Total income (EUR mn) 2,726 Collaboration revenue +13% YoY Underlying RoRWA 1.8% Underlying attributable profit (EUR mn) 928 Contribution to Group’s profit 30%

Fully leverage our customer-centric model, to drive greater penetration of our franchise and faster growth in retail banking business (collaboration revenue) Strengthen the global value proposition, focusing on increasing our presence in the US, the UK and Continental Europe ESG – support our customers along their transformation journey. Contribute to Group’s green finance public commitment Accelerate capital rotation and the originate to share model Continue the digital transformation to build the Digital Investment Bank

1 2 3 4 5

Recent Awards received

Strategic priorities

41

Santander Wealth Management & Insurance

Our aim: become the best and most responsible Wealth Manager in Europe and the Americas

(1) Total assets marketed and/or managed. Private Banking + SAM excluding AUM of Private Banking customers (2) Including fees generated by asset management and insurance transferred to the commercial network (3) Profit after tax + net fee income generated by this business For more information see http://www.santanderassetmanagement.com

H1’20 Highlights

Total assets under management1 EUR 355 bn; 0% YoY Total fees generated as % of the Group’s total fees2 31% Private Banking clients (k) >200 Private banking collaboration volume +37% YoY Underlying RoRWA 7.4% Underlying attributable profit (EUR mn) 427 Contribution to Group’s profit 14% Total contribution to Group’s profit3 (EUR mn) 1,085

• Boost advisory model and

product capabilities

• Investments on digital tools

and channels

• Develop a global Private

Wealth proposition

Strategic priorities

• Become the best local

partner

• Build a competitive edge on
• ur flagship products +

develop institutional capabilities

• Implement the new IT

platform

• Complete product offering
• Develop end-to-end digital

journeys and open platforms

• Smart use of the data
• Broker insurance for SMEs

and Auto

Pensions Responsible Banking; ESG

42

SGP

Note: GMS and GTS revenue include Retail Banking and excluding SCIB and WM&I More information on Group’s financial report, pages 50 and 51. See link to this document on page 66

SGP continued deploying global payments solutions for SMEs and individuals, incorporating new services and functionalities on schedule

Santander Global Platform (SGP)

Individuals SMEs

Global Merchant Services Global Trade Services Banking without a bank Global Digital Banking

OneTrade

Enhance our competitive position in E-commerce (Getnet reached a market share of around 22% in Brazil) Further additional functionalities included to complete the roll-out in Mexico and the rest of countries

• c. 1 mn active merchants. H1’20 revenue of EUR 242 mn

Santander OneTrade connected three countries (Brazil, Spain and the UK) and launched more services & products Following the completion of the operation, GTS and Ebury teams are working on a joint services and commercial plan, defining synergies and identifying complementary aspects >200 k SME customers trading internationally. H1’20 revenue of EUR 640 mn (+11% YoY) Operates in Brazil, Mexico and Chile Active customers grew 91% YoY, whereas H1’20 transactions are growing by 55% YoY Our goal is to scale the business to reach over 5 mn active customers across 7 markets in the medium term Openbank is already in Spain, Germany, the Netherlands and Portugal. Argentina obtained its banking licence and is expected to start operations in the first half of 2021 Loan growth +57% YoY, deposits +10% YoY, # of securities transactions +108% YoY and brokerage accounts x3 New customer growth +95% (H1’20 vs. H1’19) - average of 4.6 products per customer

Group functions and Corporate Centre activities

 Global T&O strategy  HR strategy  Risk management and control  Corporate governance

and internal control

 Our brand

43

North America South America Europe Santander Wealth Management & Insurance Santander Corporate & Investment Banking Santander Global Platform Group functions and Corporate Centre activities

43

44

Global T&O capabilities are key for our commercial and digital transformation

Composed of four main domains that contribute to the digital transformation

Technology Cybersecurity Operations Data

Focused on five technological pillars to respond to the changing business needs

ATMs

Robust Santander T&O allowing us to continue running the Bank and serving our customers remotely with high standards during the COVID-19 crisis

Risk Management (incl. cybersecurity)

Agile Cloud Core systems evolution Deep technology skills Data

Common Architecture Speed Innovation Security by design Cost Service quality Open business model

Business needs

Operating model oriented to develop global products and digital services, guaranteeing their quality and security

• c. 2,100

professionals

T&O strategy is aligned with our two-pronged approach: digitalising our core banks and global businesses and building SGP focusing on better serving our customers’ needs

45

Focus on employee engagement, leveraging our SPF culture to retain and attract the best talent

194,284

Employees with permanent contracts in 20191

98%

Employees, Jun-20

Average length of employment in 20191

10.2 years

The SPF culture is based on our 8 corporate behaviours and 4 leadership commitments Our corporate management evaluation model

50% what we do 40% how we do it

Show respect Truly listen Talk straight Keep promises Support people Embrace change Actively collaborate Bring passion Employees proud to work for Santander2 Openness to change, good at sharing best practices and encouraging innovation2

86% 85%

Engagement among the best in the sector

(1) Last available (2) 2019 Global engagement survey

Encouraging the team to prosper Leading by example Being open and inclusive Inspiring and executing transformation

HR strategy: our aim is to be an employer of choice

10% Risk

COVID-19. Our priority is to protect the health and safety of our employees

46

More information on the Group’s Overview of our Corporate Governance presentation. See link to this document on page 66

Santander’s risk management and control model, specially under the current circumstances, is key to ensure that we remain a robust, safe and sustainable bank that helps people and businesses

Risk management and control

3 lines of defence model with a

robust structure of risk rcommittees A clear Risk Strategy with well defined priorities Common Risk Principles which are mandatory and must be applied all times

Advanced risk management tools

with a comprehensive and forward- looking approach to all risks Clearly defined management

and control processes

Risk Profile Assessment Risk appetite & structure of limits Scenario Analysis Risk Reporting Structure

Identification and assessment of the various risks that Santander is exposed to The amounts and types

• f risks considered

prudent to assume Analysis of impacts triggered by different scenarios Complete, precise and recurring information

This model relies on:

Anticipating changes in the risk profile & defining strategies to mitigate negative impacts is key to preserve our solid position, mainly in terms of capital and liquidity

COVID-19

Climate change and risk management

Our risk management and control model is a key driver of Santander’s contribution to sustainable economic growth Our Risk culture is based on everyone’s personal accountability for managing risks, regardless of their level or role

93%

• f employees claim

that they are able to identify and feel responsible for the risks they face in their daily work

47

Diversified and well-balanced shareholder base Effective engagement with our shareholders Focus on responsible business practices and attention to all stakeholders’ interests Effective board of directors

Board committees

External advisory board International advisory board

More information on the Group’s Overview of our Corporate Governance presentation. See link to this document on page 66

Corporate governance and internal control

As a responsible bank, we have clear and robust governance with well-defined accountability and prudent management of risks and opportunities

11% 33%

40%

2011 2015 Jun-20

Non-executive directors (independent) Executive directors Non-executive directors (neither proprietary nor independent)

% 60% 20% 20

Women

• n the Board

Composition of the Board, Jun-20

Executive Audit Nominations Remuneration Risk supervision, regulation and compliance Innovation and technology Responsible banking, sustainability and culture

48

Corporate governance and internal control

• Compliance
• Audit
• Risk
• Finance
• Financial Control /

Accounting

• Others4

(1) First executive (2) Second executive (3) Europe, North America and South America, reporting to Group CEO (4) IT & Operations, Human Resources, General Secretariat, Marketing, Communications, Strategy, Santander Corporate & Investment Banking, Wealth Management & Insurance, Digital & Innovation and Global Platforms

• Compliance
• Audit
• Risk
• Finance
• Financial Control /

Accounting

• Others4

Group-subsidiary governance model

Group

Board of Directors Group Executive Chairman1 Group CEO2 Regional Heads3 Control, management and business functions

Subsidiary B

Control, management and business functions CEO / Country Head Board of Directors

Subsidiary A

A B C

Best practices on robust governance are channelled to all subsidiaries

Presence of Grupo Santander in the subsidiaries' Boards of Directors establishing guidelines for board structure, dynamics and effectiveness

A

Reporting of the CEO / Country Heads to the Group CEO / Regional Heads and Group Executive Committee

B

Interaction between the Group’s and the subsidiaries’ control, management and business functions

C The Group-subsidiary governance model enhances control and oversight through:

The Group’s Appointment and suitability assessment procedure is a key element of Governance

49

Our brand embeds the essence of the Group's culture and identity

best global bank brand by BrandZ ranking, 2020 Santander is one of the most valued brands in the world

As one of our most important strategic assets, our brand helps us connect with people and businesses, demonstrating our commitment to prosperity and determination to bring it to life in a positive and sustainable manner every day.

6th

More information: https://brand.santander.com/en

3.

H1’20 results & activity and key takeaways

51

Highlights

 Stock continued to grow. Loans: +1% QoQ and +6% YoY, deposits +5% QoQ and +9% YoY  Signs of normalisation of lending with mortgage and consumer new lending increasing in June and lending to SMEs and corporates

reducing from their peak in April

 Digital adoption accelerating rapidly with 47% of sales through our digital channels in Q2 (vs. 36% in 2019) and 40 million digital

customers (+15% YoY), of which more than 32 million now use mobile banking (+22% YoY)

Growth

 Net operating income up 2% driven by resilient customer revenue and cost reduction ahead of plan (-5% YoY1)  Underlying attributable profit in H1’20 of EUR 1,908 mn (EUR 1,531 mn in Q2) impacted by higher LLPs, totalling EUR 7 bn  Economic consequences of COVID-19 crisis, ongoing lower for longer interest rate environment and higher discount rates reflecting volatility

and risk premiums have led to impairments of goodwill and DTAs of EUR -12.6 bn, principally relating our business in the UK (EUR -6.1 bn) and in the US (EUR -2.3 bn). These write downs do not impact our capital ratios

Profitability

 The Group maintains the cost of credit of 1.4-1.5% guidance for year end, with robust credit quality thanks to mitigation measures and

volumes increase, reflected in a 25 bp improvement year-on-year in the NPL ratio and an increase in coverage to 72%

 Strong organic capital generation in Q2 (28 bps), with Group CET1 reaching 11.84%2, including dividend accrual of 6 bps towards a potential

cash dividend against 2020 results which reflects the board’s commitment to apply a full cash dividend policy as soon as conditions permit3

 Board’s intention is to propose to shareholders the payment of a scrip dividend (payable in new shares) against 2019 results, equivalent to

EUR 0.10 per share

Strength Delivered solid operating performance (net operating income +2%) and strengthened capital position as CET1 increased to 11.84%, at the top end of our 11-12% target range

Note: Changes in constant euros (1) In real terms (2) Data applying the IFRS 9 transitional arrangements (3) Subject to the normalisation of market conditions and regulatory guidance and approvals

52

Following a sharp slowdown in Q1 and early Q2, pre-COVID activity gradually began to return as lockdowns were lifted in the latter part of the quarter

Our priority is to continue to ensure the health and protection of all employees and customers as well as our business continuity

% Branches open

(1) Excluding two weeks when Financial services were not considered as an essential service by the Argentina Government in their lockdown (second half of March)

Lockdown restrictions eased Some lockdown restrictions remain

Nearly full operational activity in our:

Branches: c. 90% Group’s branches open ATMs: full availability throughout the crisis PoS: recovering to near pre-crisis levels, following 25% turnover growth from low reached in April Contact Centres: significant improvement as recovering activity levels

Europe South America North America 26% 77% 69% 97% 84% 72% 57% 74% 67% 99%1 78% 99% 83% 99% 99% 81% 77% 95% 70% 100% Peak lockdown June

Euromoney has praised Santander response to the COVID-19 crisis in Europe with an “Excellence in Leadership” award in its 2020 edition

53

We delivered strong net operating income performance (+2% in constant euros), though profit affected by COVID-19 related provisions

(1) Provisions overlay in Q1 was included in the net capital gains and provisions line, but has now been allocated by country in this line (LLPs). (2) Excluding net capital gains and provisions

Constant Euros

Resilient customer revenue even with lower business activity Accelerating the reduction in our cost base LLPs impacted by COVID-19 charges Impairments arising from the deterioration

• f the macroeconomic scenario

related to COVID-19 Strong performance in CIB in the quarter

EUR mn

H1'20 H1'19

Euros Net interest income 16,202 17,636

• 8

Net fee income 5,136 5,863

• 12
• 4

Other income 1,180 937 26 26 Total income 22,518 24,436

• 8

Operating expenses

• 10,653
• 11,587
• 8
• 2

Net operating income 11,865 12,849

• 8

2 Loan-loss provisions1

• 7,027
• 4,313

63 78 Other results

• 997
• 957

4 12 Underlying PBT 3,841 7,579

• 49
• 44

Net capital gains and provisions

• 12,706
• 814
• Attributable profit
• 10,798

3,231

• Underlying attributable profit2

1,908 4,045

• 53
• 48

% change

54

Net capital gains and provisions

H1’20

Goodwill impairment

• 10,100
• UK: -6,101
• US: -2,330
• Poland: -1,192
• SCF (Nordics and others): -477

Deferred tax assets

• 2,500

Restructuring costs + Others

• 106
• UK: -33
• SCF: -28
• Poland: -5
• Other: -40

Group total

• 12,706

Capital gains Prisma (Argentina) +150 Restructuring costs -704

• Spain: -600
• UK: -92
• Poland: -12

Property sales (Corporate Centre)

• 180

PPI1 (UK)

• 80

Group total

• 814

H1’19

Note: Data in EUR mn (1) PPI: Payment protection insurance

55

Capital ratios reinforced with Group CET1 of 11.84%, at the top end of our 11-12% target, after strong organic capital generation in the quarter

(1) Accrual of 6 basis points in the quarter to allow the flexibility to pay a cash dividend against 2020 results, as soon as market conditions normalise and subject to regulatory approvals and guidance. (2) Includes Ebury -0.05 (3) Markets -0.08, Pensions -0.06 and other deductions -0.05 Data applying the IFRS 9 transitional arrangements

CET1 ratio evolution

56

In results, resilient revenue driven by our strong customer relationships…

... and our geographic… South America +7% North America +1% Europe

• 8%

... and business diversification Corporate & Investment Banking Wealth Management & Insurance +17% +4%

Total income growth YoY (constant euros)

57

Cost reductions are ahead of plan as we capture incremental cost efficiencies

Accelerating the cost reduction trend in most markets Europe efficiencies achieved: >EUR 300 mn in H1’20 (>75% of the FY’20 initially planned)

Note: Percentage change year-on-year in constant euros (1) Excluding Argentina due to high inflation. Including it, South America: +5.1% nominal costs and –4.0% costs in real terms

Europe South America1 North America

• 5.9%

2.4%

• 0.8%

Nominal costs

• 10%
• 5%
• 6%
• 4%
• 1%
• 1%

0%

• 6.8%
• 0.9%
• 2.9%

Costs in real terms

YoY change

Group

• 1.9%
• 5.1%
• 4%
• 11%

58

Estimated year-end cost of credit of 1.4-1.5% with credit quality supported by mitigation measures and volume increases

Credit quality ratios

Jun-19 Mar-20 Cost of credit

0.98% 1.17%1 1.26%

NPL ratio

3.51% 3.25% 3.26%

Coverage ratio

68% 71% 72%

Jun-20

(1)Considering annualised YTD provisions and loan portfolio average of the period: 1.62% in Q1’20, 1.46% in H1’20

Loan-loss provisions

EUR bn

+

Percentage change in constant euros

78% YoY

59

North America South America Europe Santander Wealth Management & Insurance Santander Corporate & Investment Banking Santander Global Platform Group functions and Corporate Centre activities

59

Details by geographic regions and global businesses

60

Group net operating income growth supported by our geographic and business diversification

Global businesses

Enhancing our local scale with global reach

Underlying attributable profit (EUR mn) Net operating income (EUR mn)

4,314

• 10%

5,093

+8%

3,301 +2% 1,075

• 54%

1,383

• 13%

617

• 29%

Europe South America North America

H1’20 (vs. H1’19)

35% 20% 45%

Contribution to Group’s Underlying profit

YoY changes in constant euros Underlying profit contribution excludes Corporate Centre (EUR -1,125 mn) and Santander Global Platform. South America’s weight includes Uruguay & Andean Region (EUR 96 mn)

SCIB WM&I 1,683

+32%

928 +23% 605

+7%

427 +3%

61

Regions currently in different phases of the crisis

1,283 1,509 372 707 428 1,156 2,144 3,949 678 289

H1’20 Net operating income

EUR mn and % change vs. H1’19 in constant EUR

1,683 605

Europe South America North America Global businesses

477 251 160 139 73 406 211 995 183 109

H1’20 Underlying attributable profit

EUR mn and % change vs. H1’19 in constant EUR

928 427

Europe South America North America Global businesses +23% +3% +32% +7%

• 26%
• 64%
• 39%
• 76%
• 50%

+4%

• 56%
• 17%
• 31%

+144% +1%

• 9%
• 7%
• 25%
• 6%

+11%

• 3%

+5% +9% +64%

62

Jun-20 Customer funds

EUR bn and % change in constant EUR

Jun-20 Loans and advances to customers

EUR bn and % change in constant EUR

Strong balance sheet growth

Note: Loans and advances to customers excluding reverse repos. Customer funds: customer deposits excluding repos + marketed mutual funds Europe includes Rest of Europe (mainly SCIB) with loans: EUR 44 bn (+19% YoY), customer funds: EUR 29 bn (+39%)

Europe South America North America Global businesses Group Total

958 108 147

Group Total Europe South America North America Global businesses

121 17 909 312 213 38 43 38 87 38 98 36 10 204 238 102 38 30 101 30 65 39 5 +7%

+26% +12% +20% +4%

+6%

+1% +4% +3% +4% +4% +11% +9% +18% +13% +39%

• 2%

+5% +3% +3% +9% +23% +9% +14% +22% +44%

63

North America South America Europe Santander Wealth Management & Insurance Santander Corporate & Investment Banking Santander Global Platform Group functions and Corporate Centre activities

63

Key takeaways

64

In the first half, we have grown our net operating income by 2% and CET1 to 11.84%, at the top end of our 11-12% target range

Note: Changes in constant euros (1) Subject to the normalisation of market conditions and regulatory guidance and approvals

Strong capital position  We expect to remain at the top end of our 11-12% target range by year end  Given our capital strength and operating performance, the board intends to propose a scrip dividend

(payable in new shares) against 2019 results, equivalent to EUR 0.10 per share, and the Bank has accrued 6 bps of CET1 capital in the quarter for a potential cash dividend against 2020 results1

Strong operating performance  Total income for H1 unchanged YoY, with CIB delivering 23% growth in attributable profit for the

• period. Customer revenue expected to recover in H2’20

 Cost reduction ahead of plan, with expenses falling 5% in real terms. Disciplined cost management

expected to continue in H2’20

Robust credit quality  The Group maintains the estimation of cost of credit of 1.4-1.5% at year end Accelerating our transformation plans  Accelerating our transformation plans to leverage both our scale and the collective strengths of

• ur regions and global businesses, learning from customer behaviour changes during the pandemic

 Focus on simplifying our operations, improving customer experience to grow profitably and with

improved efficiency

Our net operating income forecast is consistent with our Investor Day RoTE target of 13-15%

4.

Links to Grupo Santander public materials

66

For additional information on the Group, please click on the images, icons or flags below

www.santander.com Follow us on

H1’20 Quarterly financial results Other information

Financial report Earnings presentation Country presentations

US Mexico Argentina Chile Portugal Spain UK Poland Brazil

Overview of our Corporate Governance presentation Series

(excel)

Press release CEO’s video

(4 minutes)

2019 Annual report Fixed income presentation Shareholders report

(interactive)

Strategic Overview & Executive Chairman and CEO’s letters Annual report Online report

Links to Grupo Santander public materials

67

Importantinformation

Non-IFRS and alternative performance measures In addition to the financial information prepared in accordance with International Financial Reporting Standards (“IFRS”) and derived from our financial statements, this presentation contains certain financial measures that constitute alternative performance measures (“APMs”) as defined in the Guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority (ESMA) on 5 October 2015 (ESMA/2015/1415en) and other non-IFRS measures (“Non- IFRS Measures”). The financial measures contained in this presentation that qualify as APMs and non-IFRS measures have been calculated using the financial information from Santander Group but are not defined or detailed in the applicable financial reporting framework and have neither been audited nor reviewed by our auditors. We use these APMs and non-IFRS measures when planning, monitoring and evaluating our performance. We consider these APMs and non-IFRS measures to be useful metrics for management and investors to facilitate operating performance comparisons from period to period, as these measures exclude items outside the ordinary course performance of our business, which are grouped in the “management adjustment” line and are further detailed in Section 3.2. of the Economic and Financial Review in our Directors’ Report included in our Annual Report on Form 20-F for the year ended 31 December 2019. While we believe that these APMs and non-IFRS measures are useful in evaluating our business, this information should be considered as supplemental in nature and is not meant as a substitute of IFRS measures. In addition, other companies, including companies in our industry, may calculate or use such measures differently, which reduces their usefulness as comparative measures. For further details of the APMs and Non- IFRS Measures used, including its definition or a reconciliation between any applicable management indicators and the financial data presented in the consolidated financial statements prepared under IFRS, please see the 2019 Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission on 6 March 2020, as well as the section “Alternative performance measures” of the annex to the Banco Santander, S.A. (“Santander”) Q2 2020 Financial Report, published as Inside Information

• n

29 July 2020. These documents are available

• n

Santander’s website (www.santander.com). Underlying measures, which are included in this presentation, are non-IFRS measures. The businesses included in each of our geographic segments and the accounting principles under which their results are presented here may differ from the included businesses and local applicable accounting principles of our public subsidiaries in such geographies. Accordingly, the results of

• perations and trends shown for our geographic segments may differ materially from those of such

subsidiaries. Forward-looking statements Santander cautions that this presentation contains statements that constitute “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as “expect”, “project”, “anticipate”, “should”, “intend”, “probability”, “risk”, “VaR”, “RoRAC”, “RoRWA”, “TNAV”, “target”, “goal”, “objective”, “estimate”, “future” and similar expressions. These forward-looking statements are found in various places throughout this presentation and include, without limitation, statements concerning our future business development and economic performance and our shareholder remuneration policy. While these forward-looking statements represent our judgment and future expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our

• expectations. The following important factors, in addition to those discussed elsewhere in this

presentation, could affect our future results and could cause outcomes to differ materially from those anticipated in any forward-looking statement: (1) general economic or industry conditions in areas in which we have significant business activities or investments, including a worsening of the economic environment, increasing in the volatility of the capital markets, inflation or deflation, changes in demographics, consumer spending, investment or saving habits, and the effects of the COVID-19 pandemic in the global economy; (2) exposure to various types of market risks, principally including interest rate risk, foreign exchange rate risk, equity price risk and risks associated with the replacement of benchmark indices; (3) potential losses associated with prepayment of our loan and investment portfolio, declines in the value of collateral securing our loan portfolio, and counterparty risk; (4) political stability in Spain, the UK, other European countries, Latin America and the US; (5) changes in laws, regulations or taxes, including changes in regulatory capital and liquidity requirements, including as a result of the UK exiting the European Union and increased regulation in light of the global financial crisis; (6) our ability to integrate successfully our acquisitions and the challenges inherent in diverting management’s focus and resources from other strategic

• pportunities and from operational matters while we integrate these acquisitions; and (7) changes

in our ability to access liquidity and funding on acceptable terms, including as a result of changes in

• ur credit spreads or a downgrade in our credit ratings or those of our more significant subsidiaries.

68

Importantinformation

Numerous factors could affect the future results of Santander and could result in those results deviating materially from those anticipated in the forward-looking statements. Other unknown

• r unpredictable factors could cause actual results to differ materially from those in the forward-

looking statements. Forward-looking statements speak only as of the date of this presentation and are based on the knowledge, information available and views taken on such date; such knowledge, information and views may change at any time. Santander does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or

• therwise.

No offer The information contained in this presentation is subject to, and must be read in conjunction with, all other publicly available information, including, where relevant any fuller disclosure document published by Santander. Any person at any time acquiring securities must do so only on the basis

• f such person’s own judgment as to the merits or the suitability of the securities for its purpose

and only on such information as is contained in such public information having taken all such professional or other advice as it considers necessary or appropriate in the circumstances and not in reliance on the information contained in this presentation. No investment activity should be undertaken on the basis of the information contained in this presentation. In making this presentation available Santander gives no advice and makes no recommendation to buy, sell or

• therwise deal in shares in Santander or in any other securities or investments whatsoever.

Neither this presentation nor any of the information contained therein constitutes an offer to sell

• r the solicitation of an offer to buy any securities. No offering of securities shall be made in the

United States except pursuant to registration under the U.S. Securities Act of 1933, as amended,

• r an exemption therefrom. Nothing contained in this presentation is intended to constitute an

invitation or inducement to engage in investment activity for the purposes of the prohibition on financial promotion in the U.K. Financial Services and Markets Act 2000. Historical performance is not indicative of future results Statements as to historical performance or financial accretion are not intended to mean that future performance, share price or future earnings (including earnings per share) for any period will necessarily match or exceed those of any prior period. Nothing in this presentation should be construed as a profit forecast. Third Party Information In particular, regarding the data provided by third parties, neither Santander, nor any of its administrators, directors or employees, either explicitly or implicitly, guarantees that these contents are exact, accurate, comprehensive or complete, nor are they obliged to keep them updated, nor to correct them in the case that any deficiency, error or omission were to be

• detected. Moreover, in reproducing these contents in by any means, Santander may introduce

any changes it deems suitable, may omit partially or completely any of the elements of this presentation, and in case of any deviation between such a version and this one, Santander assumes no liability for any discrepancy.

Our purpose is to help people and businesses prosper. Our culture is based on believing that everything we do should be:

Thank you.