institutional presentation q1’21 · 2021. 5. 18. · unique personal banking relationships with...

Strategic and Financial Analysis. Financial Division

Institutional PresentationQ1’21

2

Index

1

Our business model and

strategy

32 4 5

Group structure and businesses

Q1'21 results & activity

Key takeaways Links to Grupo Santander public materials

1. Our business model and strategy

4

Santander, a leading financial groupThe Santander Way remains unchanged,

continuing to deliver for all our stakeholders Q1’21 Highlights

Simple Personal Fair

Total assets (EUR billion) 1,563

Customer loans (EUR billion excluding reverse repos) 924

Customer deposits + mutual funds (EUR billion excluding repos) 1,007

Branches 10,817

Q1’21 Net operating income (pre-provision profit) (EUR million) 6,272

Q1’21 Underlying attributable profit (EUR million) 2,138

Q1’21 Attributable profit (EUR million) 1,608

Market capitalization (EUR billion; 31-03-21) 50

People (headcount) 190,175

Customers (millions) >148

Shareholders (millions) 3.9

Communities in 2019-2020 (million people financially empowered) 4.9

5

FairPersonal

Our corporate culture: Santander Way

OUR PURPOSE

OUR AIM

OUR HOW

To help people and businesses prosper

To become 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

SCALE

CUSTOMER FOCUS

DIVERSIFICATION

Local scale and leadership. Worldwide reach through our global businesses and PagoNxt

Unique personal banking relationships strengthen customer loyalty

Our geographic and business diversification makes us more resilient under adverse circumstances

Our business model is based on three pillars

1

2

3

7Market share data: as at Dec-20 and Argentina, USA and SCF latest available. Spain includes Santander España (public criteria) + Openbank + Hub Madrid + SCF España, and Other Resident sectors inDeposits. 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 and leadership. Worldwide reach through our global businesses and PagoNxt

Secondary segments

Santander Corporate & Investment Banking

Wealth Management & Insurance

We maintain leadership positions Enabling greater collaboration across the Group to generate higher revenue and efficiencies

Market shares

Scale1

Top 3auto

finance18%

Loans

18%Deposits

18%Loans

15%Deposits

9%Loans

7%Deposits

12%Loans

11%Deposits

3%Loans

2%Deposits

13%Loans

13%Deposits

Top 7 in retail auto lending

10%Loans

10%Deposits

11%Loans

11%Deposits

19%Loans

17%Deposits

Digital Consumer

Bank

8

Customer focus

(1) NPS = Net Promoter Score. Customer Satisfaction internal benchmark of active customers audited by Stiga / Deloitte. Data as of H2’20

The trust and loyalty of our customers are the most important

assets for Santander

Top 3 in NPS1 in 6 countries

Customer satisfaction is essential to build loyalty

2

Spain 9%

UK 16%

Portugal 2%

Poland 4%

US 3%

Mexico 13%

Brazil 33%

Chile 3%

Argentina 3%

Digital Consumer Bank 13%

Others 1%

Customers by market, Mar-21

Over 148 million customers

9

Customer focus

Unique personal banking relationships with over 100,000 people talking to our customers every day in our branches and other customer support services

2

23.4 mn (+9%) Loyal/activecustomers

33%

Note: data as of Mar-21 and year-on-year changes(1) Excluding Chinese banks and Sberbank of Russia

Individuals

21.4 mn (+9%)

Companies

2.0 mn (+10%)

Loyal customers Collaborative spaces and increased digital capabilities

Santander Smart and Ágil branches

The largest branch network in the international banking world1

Branches: >10,000

Available anytime, anywhere, anyhow

Customer support services

10

Customer focus

Note: data as of Q1’21 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(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

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

Digital technologyboosting financial access

Traditional bankingBranches, ATMs, retail agents, …

Digital bankingInternet, mobiles, tablets,

smartphones and smartwatches…

Guaranteeing access for all segments

Sparsely populated communities

Most vulnerable groups

Low-income communities

University students

2

44.2 mn(+15%)

Digital sales2

as % of total sales

50%# Accesses3

(online & mobile)

Digital customers1

+18% YoY +27% YoY

# Transactions4

(monetary & voluntary)

37.3 mn(+21%)

Mobile customers

11(1) As a % of operating areas, excluding Corporate Centre (2) As a percentage of operating areasNote: customer loans excluding reverse repos. Customer funds: customer deposits excluding repos + marketed mutual funds

Geographic diversification with a good balance between mature and developing markets

Contribution to Q1’21 underlying attributable profit1

Customer loans Customer funds

Higher exposure in Europe, greater opportunity to grow in the Americas

Mar-21 Group’s contribution2 by primary segments

Diversification3

Europe, 60%

North America,

13%

South America,

14%

Digital Consumer Bank, 13% Europe,

67%

North America,

13%

South America,

15%

Digital Consumer Bank, 5%

Well-balanced profit distribution

Europe, 31%

North America,

29%

South America,

29%

Digital Consumer Bank, 11%

12

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)

3

Other individuals, 9%

Home mortgages, 35%

Consumer, 16%SMEs, 11%

Corporates, 13%

SCIB, 13%

Other, 3%

Loans

Customer funds by business, Mar-21Customer loans by business, Mar-21

Individuals demand deposits, 42%

Individuals time deposits, 6%

Individuals mutual funds, 12%

Consumer, 4%

SMEs, 11%

Corporates, 14%

SCIB, 11%

Customer funds

13

The strength of our model drives resilient results

Pre-provision profit, EUR bn

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

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

18

23 24 24 24

2023 24 23

25 26 2624

3.03% 3.28% 3.26% 3.25% 3.06% 2.94% 3.04% 2.90% 2.83% 2.97% 2.89% 2.80% 2.49%

1.02%1.36% 1.40% 1.65%2.44% 1.69%

1.43% 1.25%1.18% 1.07% 1.00% 1.00% 1.28%

Cost of credit

Pre-provision profit / loans

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

EPS volatility calculated using quarterly data from Jan-99 to Q4’201

668% 330%

118%

104%

84% 82%75%

43% 41% 37%

12%

US IT CH CH FR FR US US NL US

2. Group structure and businesses

15

New organizational structure towards the Santander of Tomorrow

Santander Wealth Management & Insurance

Communication, Corporate

Marketing and Research

UniversitiesComplianceAudit CostsTechnology

& Operations

General Secretariat2

Financial Control /

Accounting

FinanceStrategy,

Corporate Dev.& Financial Planning

Exec. Chairman´s Office &

Responsible Banking


Secondary segments

Group functions and Corporate Centre activities

Risk

Primary segments

North America

South America

Other Europe

Europe

One Santander (Europe, North America and South America). New operating model leveraging our global scale to deliver a better customer experience, supported by common culture and higher degrees of commonality, technology being one

Digital Consumer Bank: our vision is to become the largest digital consumer bank in the world

Global businesses (SCIB and WM&I) to enhance our local scale with global reach and collaboration

PagoNxt: innovative payments solutions for both Santander and non-Santander clients

The Corporate Centre and other functions servicing the whole Group

Group organizational and management structure

Human Resources

Digital Consumer Bank1

(1) Combining Santander Consumer Finance and Openbank

(2) Includes Legal, Governance, Tax and Security & Intelligence

16

Primary segments

17

▪ Transform how we manage our mass-market business, simplifying our value proposition and improving customer experience, through the creation of Regional Business Owners

▪ Leverage our global businesses (SCIB and WM&I) and the connection with PagoNxtto accelerate profitable growth in the region

▪ Accelerate our digital agenda, with a common mobile experience across the region

▪ Deliver a significant share of the EUR 1 billion additional cost savings commitment for the next two years, transforming our operating model.

▪ Excel in risk management, maintaining and reinforcing our balance sheet strength

Q1’21 Highlights

Branches 4,108

Employees 67,189

Loyal customers (mn) 10.1

Digital Customers (mn) 15.6

Customer loans (EUR bn) 558

Customer funds (EUR bn) 675

Underlying attributable profit (EUR mn) 826

Underlying RoTE 9%

“Accelerating our business transformation in One Europe to achieve

superior growth with a more efficient operating model.”

Strategic priorities

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

More information on https://www.santander.com/en/about-us/where-we-are/europe

EUROPE

https://www.santander.com/en/about-us/where-we-are/europe

18

“The commitment to and collaboration with our customers

demonstrates the full potential of Santander España”

Spain



More information on https://www.santander.com/en/about-us/where-we-are/santander-espana

▪ Continue to develop our distribution, operational and organizational model to reduce costs and accelerate our digital transformation

▪ Boost revenue by focusing on developing the corporate segment and improving offer for individuals and customer experience. Also, strengthen our leadership position in Private Banking and CIB

▪ Adapt the risk management model and policies, strengthening the recovery management model and mitigating operational risks

▪ Optimize capital use, focusing on value-added segments and higher profitability products

Q1’21 Highlights

Branches 2,604

Employees 25,470






Underlying RoTE 6%

https://www.santander.com/en/about-us/where-we-are/santander-espana

19

“Santander UK creates value by serving more than 14 million active

customers with tailored financial products and services”

UK



More information on https://www.santander.com/en/about-us/where-we-are/santander-uk

▪ Deliver growth through customer loyalty and outstanding customer experience

▪ Simplify and digitalize the business to improve efficiency and returns

▪ Engage, motivate and develop a talented and diverse team

▪ Be a responsible and sustainable business

Q1’21 Highlights

Branches 564

Employees 21,581






Underlying RoTE 9%

https://www.santander.com/en/about-us/where-we-are/santander-uk

20

“A strategy focused on customer experience and digital

solutions for a sustained and profitable growth”

Portugal

▪ Further the digital and commercial transformation, to make it simpler, more agile and closer to customers

▪ Grow organically in terms of profitable market share, improving our lending leadership position and leveraging our position in the Corporate and SME segments

▪ Improve efficiency backed by our digital capabilities to better serve our customers

▪ Maintain an appropriate risk policy to maintain a low cost of credit, whilst maintaining a strong capital and liquidity position



More information on https://www.santander.com/en/about-us/where-we-are/santander-portugal

Q1’21 Highlights

Branches 438

Employees 6,245

Loyal customers (k) 816

Digital Customers (k) 970




Underlying RoTE 16%

https://www.santander.com/en/about-us/where-we-are/santander-portugal

21

“One of the largest and most innovative financial institutions

in Poland, maintaining its position of the best traditional,

private and investment bank in the country”

Poland

▪ Simplify the structure, based on the One Purpose - One Process approach of One Santander

▪ Improve customer satisfaction to be among the Top 3 in NPS

▪ Increase profitability through effective net interest income management, higher fee income and cost control

▪ Strengthen our employees' skills to support the transformation of Santander Polska


(1) RoTE adjusted for excess capital. Otherwise 3%


More information on https://www.santander.com/en/about-us/where-we-are/santander-polska

Q1’21 Highlights

Branches 490

Employees 10,306






Underlying RoTE¹ 5%

https://www.santander.com/en/about-us/where-we-are/santander-polska

22

NORTH AMERICA

▪ Boost the execution of our regional collaboration strategy, increasing our common value proposition and profitability, while we continue to leverage our global presence

▪ Consolidate regional IT under a single leadership

▪ Continue to reduce duplications in the operating model, platform and architecture

▪ Optimize expenses, in part through third party cost optimization

▪ Continue to boost our remittance service to drive new customer acquisition

Q1’21 Highlights

Branches 1,947

Employees 39,727








“We provide a full range of financial services with particular

focus on Retail, Private and Corporate Banking”

(1) RoTE adjusted for excess capital. Otherwise 14%


More information on https://www.santander.com/en/about-us/where-we-are/north-america

https://www.santander.com/en/about-us/where-we-are/north-america

23

“Santander US combines a strong depositary base in

the Northeast with its nationwide auto finance,

wealth management and corporate banking capabilities”

United States

▪ Execute digital and branch transformation initiatives to improve customer experience and the profitability of the Consumer Banking Business

▪ Continue leveraging the capabilities of the auto finance business and interconnectivity of CIB and Wealth Management

▪ Adapt business strategy to mitigate revenue impact from lower rates

▪ Manage costs to improve efficiency

Q1’21 Highlights

Branches 571

Employees 15,991


Digital Customers (k) 1,044






(1) Underlying RoTE adjusted for excess capital. Otherwise 16%Note: Customer loans: Gross loans excluding reverse repos. Customer funds: customer deposits excluding repos + marketed mutual fundsMore information on https://www.santander.com/en/about-us/where-we-are/santander-us

https://www.santander.com/en/about-us/where-we-are/santander-us

24

“Santander México, one of the leading financial group in the country,

focused on commercial transformation and innovation”

Mexico

▪ To become the leading bank in terms of customer experience, leveraging new tools and process improvement

▪ Maintain strong growth rates in loyal customers, as well as increase presence in high-potential businesses

▪ Strengthen our corporate business to maintain our position as market leaders in value-added products

▪ Accelerate technological transformation and digitalization, by increasing our capabilities to improve the operating model, IT performance and information security

Q1’21 Highlights

Branches 1,376

Employees 23,280






Underlying RoTE 13%



More information on https://www.santander.com/en/about-us/where-we-are/santander-mexico

https://www.santander.com/en/about-us/where-we-are/santander-mexico

25

“We remain focused on expanding, sharing positive experiences

from each country and delivering profitable growth”

SOUTH AMERICA

▪ Accelerate profitable growth, with a strategy that seeks to boost connectivity across South America through regional projects

▪ Continue to progress in digital transformation through the development of digital platforms and a more efficient model

▪ Maintain the strong growth of loyal and digital customers

▪ Conduct strict risk controls regarding the impact of covid-19

Q1’21 Highlights

Branches 4,441

Employees 65,692






Underlying RoTE 19%



More information on https://www.santander.com/en/about-us/where-we-are/south-america

https://www.santander.com/en/about-us/where-we-are/south-america

26

“The best way to grow in a profitable, recurring and sustainable

manner is by providing high quality services”

Brazil

▪ Anticipate trends through our capacity to capture business opportunities in different scenarios

▪ Increase customer base maximizing transactionality across our new businesses, while we improve and redefine the banking experience

▪ Grow the high credit quality portfolio through the expansion of core business and the consolidation of new businesses

▪ Improve operational efficiency, enhancing the high productivity culture, whilst maintaining profitability levels by adapting and innovating rapidly

Q1’21 Highlights

Branches 3,591

Employees 43,384






Underlying RoTE 21%



More information on https://www.santander.com/en/about-us/where-we-are/santander-brasil

https://www.santander.com/en/about-us/where-we-are/santander-brasil

27

“We are the leading bank in the country and we always

have the customer at the centre of our strategy”

Chile

▪ Maintaining our leadership position in local banking in an increasingly dynamic economic environment

▪ Continuing to progress in our technological developments in order to improve efficiency

▪ Expanding our digital platforms such as Life and Superdigital, improving our customer service indicators, and increasing loyal and digital customer base

Q1’21 Highlights

Branches 335

Employees 10,769


Digital Customers (k) 1,723




Underlying RoTE 17%



More information on https://www.santander.com/en/about-us/where-we-are/santander-chile

https://www.santander.com/en/about-us/where-we-are/santander-chile

28

“Towards a more digital and agile model,

with customer-centric decisions”

Argentina

▪ Increasing our customer base and loyalty, and ensuring the best customer service

▪ Further developing new businesses

▪ Continuing our process of efficiency and simplification through digital transformation

▪ Boosting profitable growth, focusing on the transactional business and optimizing the use of capital

Q1’21 Highlights

Branches 408

Employees 9,070






Underlying RoTE 20%



More information on https://www.santander.com/en/about-us/where-we-are/santander-argentina

https://www.santander.com/en/about-us/where-we-are/santander-argentina

29

Underlying att. profit (EUR mn) 26

Underlying RoTE 22%

“Activity focused on corporates, the country’s large companies and

the Group’s global customers (SCIB)”

Peru

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

ColombiaUruguay

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

Q1’21 Highlights


Underlying RoTE 20%

Q1’21 Highlights


Underlying RoTE 14%

Q1’21 Highlights

Strategic priorities Strategic priorities Strategic priorities

▪ Continue to invest in technology and process automation to further improve efficiency, accelerate digitalization and continue to increase our presence and market share

▪ Increasing Corporate Finance's activity and expanding our auto and consumer finance entity by widening our product range, improving distribution channels and diversifying funding sources while maintaining customer satisfaction

▪ Implementing different regional initiatives such as Cockpit and Pioneer, in line with the strategy of One Santander, and launch of Prospera and Superdigital

30

“Europe’s consumer finance leader: solid business model,

geographic diversification and leading market shares in

auto/mobility finance and in personal finance/e-commerce”

Digital Consumer Bank

Branches 321

Employees 15,830

Active customers (mn) 19.3

Points of sale (k) >130




Underlying RoTE 12%

▪ Auto: strengthen our auto financing leadership position, reinforce the leasing business and develop subscription services across our footprint. We will also develop digital online channels for the future and serve customers

▪ Consumer Non-Auto: gain market share in consumer financing solutions leveraging our position in offline to grow in ecommerce, checkout lending and BuyNowPayLater

▪ Retail: improve digital capabilities to increase customer loyalty among our customer base, boosting digital banking activity

▪ Cost reduction and simplification: accelerate digitalization to transform the business and improve efficiency. Main drivers: organizational simplification, streamlining IT and redefinition of our distribution model and increased process automatization

Q1’21 Highlights



More information on https://www.santander.com/en/about-us/where-we-are/digital-consumer-bank

https://www.santander.com/en/about-us/where-we-are/digital-consumer-bank

31

Secondary segments

32

Strategic prioritiesQ1’21 Highlights

“Santander CIB supports corporate and institutional customers,

offering tailored services and value-added wholesale products suited

to their complexity and sophistication”


▪ Expanding our content and product offerings to continue to become our clients' strategic advisors, while accelerating the digitalization of our businesses

▪ Developing a powerful ESG platform to support our customers in their transition towards more sustainable business models

▪ Creating a pan-European platform with the aim of becoming the benchmark wholesale bank in the regionand offering a more differentiated service to our clients

▪ Accelerating business growth in the US under a robust control environment by exploring new business opportunities

▪ Consolidate our leadership position in South America, further strengthening our franchises in Peru and Colombia

Total income (EUR mn) 1,655

Collaboration revenue +4.7% YoY

Underlying RoRWA 3.0%


Total income breakdown by business Total income YoY

growth by region

Global Transaction

Banking27%

Global Debt Financing

26%

Global Markets

43%

Other4%

+61%

+5%

+41%

Recent Awards receivedLeaders in League Tables

Structured

FinanceDebt Capital

MarketsEquity Capital

Markets

Green GlobalSource: Dealogic

More information on https://www.santander.com/en/about-us/where-we-are/santander-corporate---investment-banking

https://www.santander.com/en/about-us/where-we-are/santander-corporate---investment-banking

33

Total assets under management1 EUR 370 bn

Total fees generated as % of the Group’s total fees2 31%

Private Banking customers (k) >200

Private banking collaboration volume +35% YoY

Underlying RoRWA 6.9%


Private banking net new money (EUR bn) 3.3

Total contribution to Group’s profit3 (EUR mn) 523

Strategic prioritiesQ1’21 Highlights

“We strive to be the best wealth manager in Europe and the Americas”

Santander Wealth Management & Insurance

(1) Total assets marketed and/or managed. Private Banking + SAM excluding AUM of Private Banking customers managed by SAM(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 More information on https://www.santander.com/en/about-us/where-we-are/wealth-management-insurance

▪ Strengthen the global

platform and complete the

product offering

▪ Increase investments in

digital tools and channels

▪ Enhance our global Private

Wealth proposition

▪ Become the best local

partner for our distribution

networks

▪ Build a competitive edge on

our flagship and global

products, and boost our

institutional capabilities

▪ Develop digital platforms

for fund distribution in all

markets

▪ Complete all the end-to-end

digital journeys for our

products

▪ Streamline the customer

experience based on our

customer knowledge

▪ Become a leader in SME

and Auto insurance

Environmental, Social and Governance product range

Retirement proposition

https://www.santander.com/en/about-us/where-we-are/wealth-management-insurance

34

“Innovative payments solutions for both Santander and non-Santander clients“

More information on slide 53 and https://www.santander.com/en/about-us/where-we-are/PagoNxt

Q1’21 Highlights

Merchant Solutions

Active merchants (k) 1,125; +14% YoY

Total payments volume (EUR bn) 22.5 bn; +26% YoY

Trade Solutions

Ebury active clients (k) >15

One Trade active clients 4,119

Consumer Solutions – Superdigital in Brazil

Active users (k) 570; +16% YoY

Transaction volume (EUR mn) 72; +30% YoY

• One-stop shop providing payment solutions to merchants, SMEs & corporates and consumers

• Targeting Santander’s existing ecosystem and open market

• Technology-focused to deliver differentiated user experiences

• Strategic, close partner of Group’s local banks

• Levering on: Scale, Efficiency and Global reach

We are a fintech that combines the most disruptive payment businesses

Always with our customer at the center, we use world-class technology to deliver an innovative and comprehensive payment service for everyone

https://www.santander.com/en/about-us/where-we-are/PagoNxt

35

Group functions and Corporate Centre

activities

• Global T&O strategy

• HR strategy

• Risk management and compliance

• Corporate governance and internal control

• Our brand

36

The T&O strategy aims to enable our digital transformation by partnering with businesses and support functions, while managing risks and improving cost efficiency

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 pillarsto 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

RiskManagement

incl. cybersecurity)

Agile Cloud

CommonArchitecture

systems evolution

Core Deep technology

skills

Data

(

Speed InnovationSecurity

by designCost

Servicequality

Open business

model

Business needs

Operating model oriented to develop global products and digital services,

guaranteeing their quality and security

c. 2,700professionals

37

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

of full-time employees in 20201

95%

Employees, Mar-21of women employees in 20201

54%

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

10%Risk

Show respect Truly listen Talk straight Keep promises

Support people Embrace change Actively collaborate Bring passion

(1) Last available

Encouraging the team to prosper

Leadingby example

Being openand inclusive

Inspiring and executing transformation

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

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

190,175

38More information on the Group’s Overview of our Corporate Governance presentation. See link to this document on page 59

Risk management and compliance

Our Risk Management & Compliance function is key to making sure we remain a robust, safe and sustainable bank that helps people and businesses prosper

Our strong Risk culture is based on the principle that all employees are risk

managers, supporting long-term business sustainability

Anticipating Risk profile changes & defining strategies to mitigate impacts has been key to maintain our robust position in terms of capital and liquidity

Covid-19Climate change and risk management

Our risk management & control model is a crucial driver of Grupo Santander contribution to sustainable economic growth and the fulfilment of our environmental commitments

A Risk strategy that enhances our risk management & control model across Grupo Santander

Common Risk Principles aligned with regulatory

requirements and inspired by best market practices

3 lines of defence model with a robust risk

committees structure

Clearly defined

management and control processes

Advanced risk management tools to effectively manage and control all risks under a

forward-looking approach

Risk Profile Assessment

Risk appetite &

structure of limits

Scenario Analysis

Risk Reporting Structure

Continuous risks identification and

evaluation to address potential threats

It sets the amounts and types of risks deemed

prudent to assume

To anticipate potential impacts

and take early action

Comprehensive, versatile with deep analysis to facilitate

decision making

We rely on:

39

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

Executive

Audit

Nomination

Remuneration

Risk supervision, regulation and compliance

Innovation and technology

Responsible banking, sustainability and culture

External advisory boardInternational advisory board

More information on the Group’s Overview of our Corporate Governance presentation. See link to this document on page 59

Corporate governance and internal control

11%

33%40%

2011 2015 Mar-21

Non-executive directors (independent)

Executive directors

Non-executive directors (neither proprietary nor independent)

67%20%

13%

Womenon the board

Composition of the board of directors, Mar-21

As a responsible bank, we have a clear and robust governance which is key for guaranteeing a sustainable business model over the long term

40

Corporate governance and internal control

• Compliance

• Audit

• Risk

• Finance

• Financial Control / Accounting

• Others4

Group

Board of Directors

Group Executive Chairman1

Group CEO2

Regional Heads3

Control, management and business functions

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

• Compliance

• Audit

• Risk

• Finance

• Financial Control / Accounting

• Others4

Subsidiary B

Control, management and business functions

CEO / Country Head

Board of Directors

Subsidiary A

A

Group-subsidiary governance model

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 effectivenessA

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

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

The Group-subsidiary governance modelenhances control and oversight through:

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

41

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

https://brand.santander.com/en

https://brand.santander.com/en

3. Q1'21 results & activity

43

Highlights

Note: Changes in constant euros(1) 12 month rolling. Considering annualized 3M’21 provisions, cost of credit would be 0.84% in Q1’21 (1.62% in Q1’20)(2) The bank is accruing 40% of the underlying profit for shareholder remuneration, once supervisors allow

Growth

• Net operating income up 15% YoY driven by 8% revenue growth (volumes up: +2% loans, +8% deposits) and cost control

• Strong digital adoption: 50% of sales through digital channels in Q1’21 (41% in Q1’20) and 44 million digital customers (+15% YoY)

• We announced the intention to make a cash offer to repurchase the outstanding shares of Santander México (c. 8.3%), consistent with the Group's strategy to deploy capital in high growth markets

Profitability

• Q1’21 attributable profit of EUR 1,608 mn after recording EUR 530 mn (net of tax) in expected restructuring charges for FY21

• Q1’21 underlying attributable profit of EUR 2,138 mn. Revenue growth (+8%) with flat costs improved our efficiency ratio to 45%. Additionally, the lowest quarterly LLPs since Q1’20

• Increased profitability: underlying RoTE of 13.0% (7.4% FY20); underlying EPS of EUR 11.6 cents (EUR 1.4 cents in Q1’20)

Strength

• Cost of credit1 improved to 1.08% vs. 1.28% FY20. Loan-loss reserves stood at EUR 24 bn, with a coverage ratio of 74%

• CET1 ratio of 12.30% with continued organic generation (+28 bps, including -15 bps for shareholder remuneration, equivalent to 40% of Q1’21 underlying profit2)

• TNAVps: EUR 3.84 (+2% vs. Q4’20, including the dividend of EUR 2.75 cents per share, already deducted)

Delivered very positive performance in Q1’21

44

• Low interest rates. Brazil started to raise interest rates in Q1’21

• New sizable fiscal stimulus in the US (relaunched Paycheck Protection Program)

• Guarantee programmes extended

• The UK published a roadmap to exit lockdown from March

• Gradual easing of restrictions in the US

• Lockdowns and restrictive measures introduced in other countries

Interest-rates. Monetary policy

Fiscal stimulus programmes

Lockdown / restrictive measures

Vaccination

Activity in Q1’21 recovering at different speeds affected by the operating and financial environment

Group

Different progress by countries:

• The US and the UK lead among major economies

• EU: slow rollout; plan to accelerate in the next few months

• Brazil and Mexico are slowly accelerating

• Negative impact on NII

• This stimulus will lead to activity and revenue recovery, with better credit quality in the US

• Negative impact on revenue and supportcost of credit

• Reduced activity slowed new lending and fee income generation

• Recovery of activity at different speeds

• Positive impact on revenue and cost of credit

45

Group Performance

46

EUR mn Q1'21 Q1'20 Euros Constant euros

NII 7,956 8,487 -6 5

Net fee income 2,548 2,853 -11 0

Trading and other income 886 474 87 95

Total income 11,390 11,814 -4 8

Operating expenses -5,118 -5,577 -8 0

Net operating income 6,272 6,237 1 15

LLPs -1,992 -3,909 -49 -43

Other results -467 -372 26 42

Underlying PBT 3,813 1,956 95 133

Underlying att. profit 2,138 377 467 —

Restructuring charges² -530 -46 — —

Attributable profit 1,608 331 386 998

% change

Q1 underlying profit of EUR 2 billion driven by solid net operating income growth (+15%1 YoY) and lower cost of credit

(1) Changes in constant euros. Contribution as a % of operating areas and excluding the Corporate Centre(2) Net of tax, corresponding mainly to the UK and Portugal

31%

29%

29%

11%

Europe

South America

North America

Q1’21 (vs. Q1’20)

Contribution to Group’s

Underlying profit1

Underlying att. profit1

(EUR mn)

826 +338%

773+41%

773+205%


291+25%

47

3,4872,967

2,563 2,6501,992

Q1'20 Q2 Q3 Q4 Q1'21

5,111 4,924 5,071 5,283 5,118

5,454 5,3425,959 5,783

6,272

10,56510,266

11,030 11,06611,390

Net operating

income

Totalincome

Costs

+8%vs. Q4’20

+3%vs. Q4’20

-3%vs. Q4’20

LLPs

-25%vs. Q4’20

Strong performance in revenue, costs and LLPs in the quarter

Note: data in constant euros

192

1,4561,716

1,423

2,138

Q1'20 Q2 Q3 Q4 Q1'21

Underlying attributable profit (EUR mn)

Constant EUR mn

Underlying attributable profit

377 1,531 1,750 1,423 2,138

+50%vs. Q4’20

+50%vs. Q4’20

48

2.1%

7.4%

13.0%

Q1'20 2020 Q1'21

Our strong operating performance resulted in increased profitability and TNAVps…

Notes: The averages for the Q1 RoTE denominators are calculated on the basis of 4 months from December to March and 2020 RoTE denominator is calculated on the basis of 13 months from December to DecemberFor periods of less than a year, and in the event of non-recurring results existing, the profit used to calculate the statutory RoTE is the annualized underlying attributable profit (excluding non-recurring results), to which are added non-recurring results without annualizing them

Statutory RoTE Q1’20: 2.0%, 2020: 1.9% and Q1’21: 12.2%

Underlying RoTE

EUR

Underlying earnings per share TNAV per share

EUR cents

1.4

7.4

11.6

Q1'20 Q4'20 Q1'21

Statutory earnings per share Q1’20: EUR 1.1 cents, Q4’20: EUR 0.8 cents and Q1’21: EUR 8.5 cents

4.21

3.79 3.84

Mar-20 Dec-20 Mar-21

Dividend per share: EUR 2.75 cents

TNAV + dividend

+2% QoQ

49

…and high organic generation which enabled us to maintain our solid capital position

Note: Does not include repurchase of Santander México shares, which is expected to close in Q2 or Q3’21 (1) Includes -15 bps for shareholder remuneration, equivalent to 40% of Q1’21 underlying profit(2) IFRS 9 2021 phase-out included (-6 bps)

CET1 ratio quarterly evolution

12.30-0.13 -0.09 -0.1012.34

+0.28

Dec-20 Organic

generation

(1)

Regulatory &

Models

(2)

Markets & others Restructuring

charges

Mar-21

FL CET1 ratio 11.89 11.89

%

50

Business segments

review

51

Business and profit growth leveraging our geographic diversification

Underlying att. profit (EUR mn)

Net operating income(EUR mn)

2,077 +36%

2,320+12%

1,620+4%

826+338%

773+41%

773+205%

Europe

South America

North America

Q1’21 (vs. Q1’20)

Underlying RoTE

Customer deposits(EUR bn)

576+7%

103+17%

105+9%1

Customerloans

(EUR bn)

558 +2%

120 +10%

123-1%1


703+1%

53+7%

116-1%

8%+6.6 pp

291+25%

14%2

+9.0 pp

19%+3.4 pp

12%+2.4 pp

Digital customers

(mn)

15.6 +9%

21.6 +21%

6.3+13%

0.7+26%

Note: YoY changes in constant euros. Loans and advances to customers excluding reverse repos. Customer deposits excluding repos(1) Excluding Puerto Rico and Bluestem disposal impact. Otherwise, loans -4% and deposits +5%(2) RoTE adjusted for excess capital in the US: 22%

52

Global businesses

Wealth Management & Insurance

AUM’s up in Private Banking and SAM: EUR 4,700 mn net sales. Total Insurance fees up 5% YoY

Total contribution to Group’s profit up 1% vs. Q1’20 pre-crisis, despite PB being affected by lower interest rates, margin compression in SAM and positive non-recurring income in 2020 in Insurance

EUR 370 bn(+12% YoY)

AUMs

EUR 788 mn31% of Group’s total

Total fees

EUR 523 mn (+1% YoY)

Contribution to Group’s profit

P&L* Q1'21 vs. Q4'20 vs. Q1'20

Total income 502 -8.1 -1.7

Net operating income 281 -14.7 -2.7

Underlying att. profit 197 -17.7 -3.4

(*) EUR mn and % change in constant euros

Remarkable SCIB business growth from all core businesses and geographies

Increase in activity driving strong revenue and underlying profit growth

3.0%

RoRWAUnderlying

EUR 466 mn18% of Group’s total

Total fees

31.8%

Efficiency

Corporate & Investment Banking

P&L* Q1'21 vs. Q4'20 vs. Q1'20

Total income 1,655 29.1 43.9

Net operating income 1,130 49.4 70.6

Underlying att. profit 704 107.9 64.2

(*) EUR mn and % change in constant euros

53

One Trade is our global trade and international payments platform, addressing the needs of SMEs and Corporates with the latest technology

Trade solutions

Innovative payments solutions for both Santander and non-Santander clients

Getnet is our merchant payments global franchise offering in-store and ecommerce acquiring, processing and value-added services

Merchant solutions

(1) Brasil, Mexico, Chile and Argentina(2) Unbanked and underbanked population

PagoNxt Consumer focuses on creating compelling, integrated payment experiences, becoming deeply embedded in consumers’ financial lives

Consumer solutions

Total payments volume

+20-30%

Active merchants

CAGR mid-term (e)

Q1’21

EUR 22.5 bn

+26% YoY

Total payments volume

1,125 k

+14% YoY

Active merchants

• Getnet already available in 4 LatAm countries1 after Q1 launch in Chile

• Getnet, 3rd largest acquirer in LatAm, with higher growing rates inremote payments environment

• Volumes & commercial activity in acquiring recovered pre-covid levels

Q1’21 activity

>15 k

Transaction volume

Q1’21 CAGR mid-term (e)

4,119Active clients

Active clients

Revenue +30-40%

Note: % changes in constant euros

Transaction volumeActive users

EUR 72 mn

+30% YoY

Q1’21 in Brazil

300 mn

TAM (total addressable market)

Underserved2

in LatAm

+100%

570 k

+16% YoY

4. Key takeaways

55

Strong business in Q1’21

Solid P&L

EUR 2.1 bnunderlying

attributable profit

FY2021 restructuring charges recorded

Revenue+8%

Net operatingincome+15%

EUR 1.6 bnattributable profit

Improved efficiency

45% (-227 bps)

Strengthened balance sheet and improved profitability

Loans: +EUR 17 bnDeposits: +EUR 65 bn

CET1 above the target range of 11-12%

CET112.30%

Cost of credit1.08%

RoTE higher than cost of capital

UnderlyingRoTE

13.0%

Note: YoY changes in constant euros. Loans and advances to customers excluding reverse repos. Customer deposits excluding repos

56

Near-term outlook

Business environment

2021 outlook by business areas

• 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 transactionalitythat 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

57

Santander Responsible Banking goalsWe are building a more Responsible Bank aligned with our targets

2018 2021 202520202019

Top 10 company to work for1

Women on the board of directors

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

2%

2.0 mn

19 bn

50%

69 k

1.6 mn

75%

40%

23%20%

33%

Reduction of unnecessary single use plastic in corporate buildings and branches

From…To….Cumulative

target

33.8 bn

4.9 mn

225 k

4.0 mn

57%

Commitment Achieved

40%

6

23.7%

1.5%

98%

(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)

5.Links to Grupo Santander public materials

59

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

Links to Grupo Santander public materials

www.santander.com Follow us on

Q1’21 financial results Other information

Financial report Earnings presentation

Country presentations

Overview of our Corporate Governance presentation

Series(excel)

Press release CEO’s video (4 minutes)

2020 Annual report

Fixed income presentation

Shareholders report(interactive) Strategic Overview

& Executive Chairman and CEO’s letters

Annual report

USA

Mexico

ArgentinaChile

Portugal

Spain

UK

Poland

Brazil

Digital Consumer

Bank

2020 Online report

http://www.santander.com/

https://twitter.com/bancosantander

https://www.youtube.com/user/SantanderGroup

https://www.linkedin.com/company/banco-santander

https://www.santander.com/content/dam/santander-com/en/documentos/resultados-trimestrales/2021/1q/rt-1t-2021-series-en.xlsx

https://santanderaccionistaseinversores.com/1T21/eng/video.php

https://www.santander.com/content/dam/santander-com/en/documentos/contenidos-accionistas-e-inversores/presentacion-gobierno-corporativo/do-corporate-governance-presentation.pdf

https://www.santander.com/content/dam/santander-com/en/documentos/notas-de-prensa/2021/04/Resultados_1T_en.pdf

https://www.santander.com/content/dam/santander-com/en/documentos/resultados-trimestrales/2021/1q/rt-1t-2021-estadosunidos-en.pdf

https://www.santander.com/content/dam/santander-com/en/documentos/resultados-trimestrales/2021/1q/rt-1t-2021-mexico-en.pdf

https://www.santander.com/content/dam/santander-com/en/documentos/resultados-trimestrales/2021/1q/rt-1t-2021-argentina-en.pdf

https://www.santander.com/content/dam/santander-com/en/documentos/resultados-trimestrales/2021/1q/rt-1t-2021-chile-en.pdf

https://www.santander.com/content/dam/santander-com/en/documentos/resultados-trimestrales/2021/1q/rt-1t-2021-espana-en.pdf

https://www.santander.com/content/dam/santander-com/en/documentos/resultados-trimestrales/2021/1q/rt-1t-2021-polonia-en.pdf

https://www.santander.com/content/dam/santander-com/en/documentos/resultados-trimestrales/2021/1q/rt-1t-2021-brasil-en.pdf

https://www.santander.com/content/dam/santander-com/en/documentos/resultados-trimestrales/2021/1q/rt-1t-2021-reinounido-en.pdf

https://www.santander.com/content/dam/santander-com/en/documentos/resultados-trimestrales/2021/1q/rt-1t-2021-portugal-en.pdf

https://www.santanderaccionistaseinversores.com/1T21/eng/index.php

https://www.santander.com/content/dam/santander-com/en/documentos/resultados-trimestrales/2021/1q/rt-1t-2021-informe-financiero-en.pdf

https://www.santander.com/content/dam/santander-com/en/documentos/resultados-trimestrales/2021/1q/rt-1t-2021-presentacion-resultados-en.pdf

https://www.santander.com/content/dam/santander-com/en/documentos/presentaciones-de-renta-fija/2021/04/prf-2021-04-29-fixed-income-investors-presentation-q121-en.pdf

https://www.santander.com/content/dam/santander-com/en/documentos/informe-anual/2020/ia-2020-strategic-vision-en.pdf

https://www.santander.com/content/dam/santander-com/en/documentos/informe-anual/2020/ia-2020-annual-report-en.pdf

https://www.santander.com/content/dam/santander-com/en/documentos/resultados-trimestrales/2021/1q/rt-1t-2021-digitalcb-en.pdf

https://www.santander.com/en/shareholders-and-investors/financial-and-economic-information/annual-report/memoria-online-2020

60

Important informationNon-IFRS and alternative performance measures

This presentation contains, in addition to the financial information prepared in accordance withInternational Financial Reporting Standards (“IFRS”) and derived from our financial statements,alternative performance measures (“APMs”) as defined in the Guidelines on AlternativePerformance Measures issued by the European Securities and Markets Authority (ESMA) on 5October 2015 (ESMA/2015/1415en) and other non-IFRS measures (“Non-IFRS Measures”). Thesefinancial measures that qualify as APMs and non-IFRS measures have been calculated withinformation from Santander Group; however those financial measures are not defined or detailed inthe applicable financial reporting framework nor have been audited or reviewed by our auditors. Weuse these APMs and non-IFRS measures when planning, monitoring and evaluating ourperformance. We consider these APMs and non-IFRS measures to be useful metrics for ourmanagement and investors to compare operating performance between accounting periods, asthese measures exclude items outside the ordinary course performance of our business, which aregrouped in the “management adjustment” line and are further detailed in Section 3.2 of theEconomic and Financial Review in our Directors’ Report included in our Annual Report on Form 20-Ffor the year ended 31 December 2020. Nonetheless, these APMs and non-IFRS measures should beconsidered supplemental information to, and are not meant to substitute IFRS measures.Furthermore, companies in our industry and others may calculate or use APMs and non-IFRSmeasures differently, thus making them less useful for comparison purposes. For further details onAPMs and Non-IFRS Measures, including its definition or a reconciliation between any applicablemanagement indicators and the financial data presented in the consolidated financial statementsprepared under IFRS, please see the 2020 Annual Report on Form 20-F filed with the U.S. Securitiesand Exchange Commission on 26 February 2021, as well as the section “Alternative performancemeasures” of the annex to the Banco Santander, S.A. (“Santander”) Q1 2021 Financial Report,published as Inside Information on 28 April 2021. These documents are available on Santander’swebsite (www.santander.com). Underlying measures, which are included in this presentation, arenon-IFRS measures.

The businesses included in each of our geographic segments and the accounting principles underwhich their results are presented here may differ from the included businesses and local applicableaccounting principles of our public subsidiaries in such geographies. Accordingly, the results ofoperations and trends shown for our geographic segments may differ materially from those of suchsubsidiaries.

Forward-looking statements

Santander advises that this presentation contains “forward-looking statements” as per the meaningof the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified bywords like “expect”, “project”, “anticipate”, “should”, “intend”, “probability”, “risk”, “VaR”, “RoRAC”,“RoRWA”, “TNAV”, “target”, “goal”, “objective”, “estimate”, “future” and similar expressions. Foundthroughout this presentation, they include (but are not limited to) statements on our future businessdevelopment, economic performance and shareholder remuneration policy. However, a number ofrisks, uncertainties and other important factors may cause actual developments and results to differmaterially from our expectations. The following important factors, in addition to others discussedelsewhere in this presentation, could affect our future results and could cause materially differentoutcomes from those anticipated in forward-looking statements: (1) general economic or industryconditions of areas where we have significant operations or investments (such as a worse economicenvironment; higher volatility in the capital markets; inflation or deflation; changes indemographics, consumer spending, investment or saving habits; and the effects of the COVID-19pandemic in the global economy); (2) exposure to various market risks (particularly interest rate risk,foreign exchange rate risk, equity price risk and risks associated with the replacement of benchmarkindices); (3) potential losses from early repayments on our loan and investment portfolio, declines invalue of collateral securing our loan portfolio, and counterparty risk; (4) political stability in Spain,the United Kingdom, other European countries, Latin America and the US (5) changes in legislation,regulations, taxes, including regulatory capital and liquidity requirements, especially in view of theUK exit of the European Union and increased regulation in response to financial crisis; (6) our abilityto integrate successfully our acquisitions and related challenges that result from the inherentdiversion of management’s focus and resources from other strategic opportunities and operationalmatters; and (7) changes in our access to liquidity and funding on acceptable terms, in particular ifresulting from credit spreads shifts or downgrade in credit ratings for the entire group or significantsubsidiaries.

61

Important information

Numerous factors could affect our future results and could cause those results deviating fromthose anticipated in the forward-looking statements. Other unknown or unpredictable factorscould 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 informed bythe knowledge, information and views available on such date. Santander is not required toupdate or revise any forward-looking statements, regardless of new information, future eventsor otherwise.

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 documentpublished by Santander. Any person at any time acquiring securities must do so only on the basisof such person’s own judgment as to the merits or the suitability of the securities for its purposeand only on such information as is contained in such public information having taken all suchprofessional or other advice as it considers necessary or appropriate in the circumstances and notin reliance on the information contained in this presentation. No investment activity should beundertaken on the basis of the information contained in this presentation. In making thispresentation available Santander gives no advice and makes no recommendation to buy, sell orotherwise 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 sellor the solicitation of an offer to buy any securities. No offering of securities shall be made in theUnited States except pursuant to registration under the U.S. Securities Act of 1933, as amended,or an exemption therefrom. Nothing contained in this presentation is intended to constitute aninvitation or inducement to engage in investment activity for the purposes of the prohibition onfinancial promotion in the U.K. Financial Services and Markets Act 2000.

Historical performance is not indicative of future results

Statements about historical performance or accretion must not be construed to indicate thatfuture performance, share price or future (including earnings per share) in any future period willnecessarily match or exceed those of any prior period. Nothing in this presentation should betaken 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 document, 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.

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