Banco Santander S A : Corporate and Investment Banking

30 April 2024

Corporate & Investment Banking

Q1'24

Important Information

Non-IFRS and alternative performance measures

CIB

This presentation contains financial information prepared according to International Financial Reporting Standards (IFRS) and taken from our consolidated financial statements, as well as 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, and other non-IFRS measures. The APMs and non-IFRS measures were calculated with information from Grupo Santander; however, they are neither defined or detailed in the applicable financial reporting framework nor audited or reviewed by our auditors. We use these APMs and non-IFRS measures when planning, monitoring and evaluating our performance. We consider them to be useful metrics for our management and investors to compare operating performance between periods. APMs we use are presented unless otherwise specified on a constant FX basis, which is computed by adjusting comparative period reported data for the effects of foreign currency translation differences, which distort period-on-period comparisons. Nonetheless, the APMs and non-IFRS measures are supplemental information; their purpose is not to substitute IFRS measures. Furthermore, companies in our industry and others may calculate or use APMs and non-IFRS measures differently, thus making them less useful for comparison purposes. APMs using ESG labels have not been calculated in accordance with the Taxonomy Regulation or with the indicators for principal adverse impact in SFDR. For further details on APMs and Non-IFRSMeasures, including their 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 2023 Annual Report on Form 20-Ffiled with the U.S. Securities and Exchange Commission (the SEC) on 21 February 2024 (https://www.santander.com/content/dam/santander-com/en/documentos/informacion-sobre-resultados-semestrales-y-anuales-suministrada-a-la-sec/2024/sec-2023-annual-20-f-2023-en.pdf),as well as the section "Alternative performance measures" of Banco Santander, S.A. (Santander) Q1 2024 Financial Report, published on 30 April 2024 (https://www.santander.com/en/shareholders-and-investors/financial-and-economic-information#quarterly-results). Underlying measures, which are included in this document, are non-IFRSmeasures.

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

Non-financial information

This presentation contains, in addition to financial information, non-financial information (NFI), including environmental, social and governance-related metrics, statements, goals, commitments and opinions.

NFI is not audited nor reviewed by an external auditor. NFI is prepared following various external and internal frameworks, reporting guidelines and measurement, collection and verification methods and practices, which are materially different from those applicable to financial information and are in many cases emerging and evolving. NFI is based on various materiality thresholds, estimates, assumptions, judgments and underlying data derived internally and from third parties. NFI is thus subject to significant measurement uncertainties, may not be comparable to NFI of other companies or over time or across periods and its inclusion is not meant to imply that the information is fit for any particular purpose or that it is material to us under mandatory reporting standards. NFI is for informational purposes only and without any liability being accepted in connection with it except where such liability cannot be limited under overriding provisions of applicable law.

Forward-looking statements

Santander hereby warns that this presentation contains "forward-looking statements" as per the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such statements can be understood through words and expressions like "expect", "project", "anticipate", "should", "intend", "probability", "risk", "VaR", "RoRAC", "RoRWA", "TNAV", "target", "goal", "objective", "estimate", "future", "commitment", "commit", "focus", "pledge" and similar expressions. They include (but are not limited to) statements on future business development, shareholder remuneration policy and NFI.

2

Important Information

CIB

While these forward-looking statements represent our judgement and future expectations concerning our business developments and results may differ materially from those anticipated, expected, projected or assumed in forward-looking statements.

In particular, forward looking statements are based on current expectations and future estimates about Santander's and third-parties' operations and businesses and address matters that are uncertain to varying degrees and may change, including, but not limited to (a) expectations, targets, objectives, strategies and goals relating to environmental, social, safety and governance performance, including expectations regarding future execution of Santander's and third-parties' (including governments and other public actors) energy and climate strategies, and the underlying assumptions and estimated impacts on Santander's and third-parties' businesses related thereto; (b) Santander's and third-parties' approach, plans and expectations in relation to carbon use and targeted reductions of emissions, which may be affected by conflicting interests such as energy security; (c) changes in operations or investments under existing or future environmental laws and regulations; (d) changes in rules and regulations, regulatory requirements and internal policies, including those related to climate-related initiatives ; (e) our own decisions and actions including those affecting or changing our practices, operations, priorities, strategies, policies or procedures; and (f) the uncertainty over the scope of actions that may be required by us, governments and others to achieve goals relating to climate, environmental and social matters, as well as the evolving nature of underlying science and industry and governmental standards and regulations.

In addition, the important factors described in this presentation and other risk factors, uncertainties or contingencies detailed in our most recent Form 20-F and subsequent 6-Ks filed with, or furnished to, the SEC, as well as other unknown or unpredictable factors, could affect our future development and results and could lead to outcomes materially different from what our forward-looking statements anticipate, expect, project or assume.

Forward-looking statements are therefore aspirational, should be regarded as indicative, preliminary and for illustrative purposes only, speak only as of the date of this presentation, are informed by the knowledge, information and views available on such date and are subject to change without notice. Santander is not required to update or revise any forward-looking statements, regardless of new information, future events or otherwise, except as required by applicable law. Santander does not accept any liability in connection with forward-looking statements except where such liability cannot be limited under overriding provisions of applicable law.

Not a securities offer

This presentation and the information it contains does not constitute an offer to sell nor the solicitation of an offer to buy any securities.

Past performance does not indicate future outcomes

Statements about historical performance or growth rates must not be construed as suggesting that future performance, share price or results (including earnings per share) will necessarily be the same or higher than in a previous period. Nothing in this presentation should be taken as a profit and loss forecast.

Note: Quarterly series include adjustments relating to revenue sharing criteria between CIB and Retail & Commercial Banking to better reflect business dynamics of our new operating model with five global businesses as new primary segments; these adjustments do not affect results at the Group level, nor do they affect the full-year results of Retail & Commercial Banking and CIB. Quarterly series also include adjustments to some of the 2023 business volumes metrics in Retail & Commercial Banking, Digital Consumer Bank, CIB and Wealth Management & Insurance to better reflect our five global businesses' perimeters according to our new operating model; these adjustments do not affect business volumes metrics at the Group level.

3

Index

1

2

3

4

About us, Strategy	Results	Final remarks	Appendix
and Business

4

CIB delivering profitable growth and achieving its public commitments

CIB

KEY DATA			Q1'24	Var. YoY
Customer loans		€139bn	-1.0%
Customer deposits		€143bn	+1.3%
Attributable profit		€705mn	-5.1%
Revenue		€2,112mn	+4.8%
Total NII		€1,062mn	+25.3%
Total non-NII revenue	1	€1,051mn	-10.0%
RoTE	2		19.7%	-2.4pp
RWAs		€120bn	+6.9%
Efficiency ratio		42.0%	+5.0pp
Cost of Risk		0.14%	-0.0pp

Where we are: providing solutions

for our clients across the globe

Our worldwide reach comes with deep local knowledge of each

country in which we operate and expertise across a number of sectors

Note: all references to variations in constant euros across the presentation include Argentina in current euros to mitigate distortions from hyperinflation. Gross loans and advances to	5
customers (excluding reverse repos) and deposits excluding repos. C/I, CoR, RWAs and RoTE and their YoY changes are calculated in current euros.
(1)	Non-NII= Net Non-Financial Fees & Commissions + Net Trading Income & Other.
(2)	Annualizing the impact of the temporary levy on revenue earned in Spain. Without annualizing it, RoTE was 19.2% (-2.9pp).

Execution of the strategy: playing to our strengths to better serve our corporate clients and institutions

CIB

Customer experience	Operational leverage		Global platform		2025 target
Significant progress building new		Enhanced centres of		Increased distribution		>20% RoTE
capabilities in the US			capabilities, evolving our		19.7% Q1'24
	expertise, with new and
		strengthened industry and		originate-to-share model
Expansion on new value-added			towards a mainstream		<45% C/I
	product teams
areas of growth				end-to-end platform		42.0% Q1'24

Key

drivers

% customer	Fee growth
related revenue		(€ bn)
			+7%
82	81	0.6	0.7
	80%

• Total revenue / RWAs

+1.2pp

5.9 7.1

2022

Q1'24

Q1'23 Q1'24

2022

Q1'24

Note: data in constant euros and YoY changes in constant euros. C/I and RoTE ratios are calculated in current euros.	6
RoTE annualizing the impact of the temporary levy on revenue earned in Spain. Without annualizing it, RoTE was 19.2% (-2.9pp).

Building long-term relationships to become trusted advisor to our clients

CIB

Corporate & Investment Banking (CIB) is the global business division supporting corporate and institutional clients, offering tailored services and value-added wholesale products suited to their complexity and sophistication

CIB coverage model

Fully integrated coverage across our footprint

Santander's network effect

• Global coverage combined with local expertise and market insight
• Leading C/I ratio
• Cross-collaborationwith other global businesses

Clients

Diversified business model

• Geographical: LatAm, Europe, growing in the US, focused business in Asia
• Clients: Corporates, Financial Sponsors,
  FIG, Institutional Inv., SAN's other clients
• Products*: Global Banking, Global Transaction Banking, Global Markets,

Cross-borderTailor-made	Local	Single Entry
capabilities	solutions	expertise	Point
		Regions / Countries
Products*	Global Banking (GB)	Europe& Asia	SouthAmerica NorthAmerica
Global Markets (GM)
	Global Transaction Banking

(GTB)

Global platforms / centres of expertise

• Knowledge driven: advisory and value-addedsolutions
• Technology driven: FX, Rates, Credit...
• Product factory for SAN's client base
• Specialized global support functions

Active capital management

Originate-to-share model, rotating capital to increase origination capacity to continue growing while maintaining profitability levels

Key principles

• Holistic client view
• Global reach with local strength (cross-border execution)
• Sound risk model and integrated risk / portfolio management
• Shared infrastructure with local banks

Q1 2024 Leading positions in several product rankings (Source: Dealogic, Infralogic and Bloomberg).

• Structured Finance leader in LatAm, Spain and Mexico, #2 in Brazil, #3 green projects

	• DCM leader in Spain, Mexico and Argentina, #2 in Poland
Top 3	•	ECM leader in Poland, #3 in Brazil
	•	M&A leader in Chile

• Global leader in Export & Agency Finance (2023 year-end,latest data available)

Awards recognitions
IJGlobal	• Energy Transition Deal of the Year in Europe: Project One - Ineos
PFI	•	America's Deal of the Year: Rio Grande LNG in the US
Global Capital	•	SRT Bank of the Year
Global Finance	• World's Most Innovative Bank for Trade Finance

* For more information visit https://www.santandercib.com/solutions.	7
Global Banking includes Global Debt Financing (GDF) and Corporate Finance (CF).

CIB

CIB loans dropped 1% year-on-year, with deposits growing 1% mainly in South America

Loans (Constant € bn)1

141	137	133	139	139

Deposits (Constant € bn)1

		151	155
141	140	143

Mar-23

Jun-23

Sep-23

Dec-23

Mar-24

Mar-23

Jun-23

Sep-23

Dec-23

Mar-24

(1) Gross loans and advances to customers (excluding reverse repos) and deposits excluding repos. End period exchange rates as at Mar-24.

8

Index

1

2

3

4

About us, Strategy	Results	Final remarks	Appendix
and Business

9

CIB

NII up 25% YoY in a context of higher interest rates and volumes

Net interest income (Constant € mn)1

1,036

1,062

847	820	885

Q1'23	Q2'23	Q3'23	Q4'23	Q1'24
NII / Average total earning assets
1.12%	1.05%	1.10%	1.29%	1.20%

(1) Average exchange rates as of Q1'24.

Yields and Costs (%)

			Yield on loans
6.48%	6.86%	7.02%	6.44%	7.36%
5.88%	6.53%	6.87%	5.34%	6.62%
			Cost of deposits
Q1'23	Q2'23	Q3'23	Q4'23	Q1'24
Differential
0.6pp	0.3pp	0.2pp	1.1pp	0.7pp
				10