v

Santander Consumer Bank

Nordic Group

February 2019

Q4 2018 Investor Presentation

Who we areSantander Consumer Bank AS is a Nordic bank with more than

1,500 colleagues in Sweden, Norway, Denmark and Finland, with a long history in the Nordics, and with global strength by being a part

of Banco Santander.

We are one of the largest Nordic banks providing loans and credits, credit cards, deposits and insurance to private customers.

We work with the best people in an engaged, challenging and passionate organization, which provides great opportunities for

professional growth.

2

Regulated in Norway, owned by Banco Santander

SCB AS is

regulated

by the

Norwegian

FSA

Santander Consumer

Finance S.A.

Fitch/Moody’s/S&PA-/A2/A-

Santander Consumer Bank AS

Fitch/Moody’sA-/A3

Santander Consumer

Bank Denmark

(Branch)

Santander Consumer

Finance Finland

(Subsidiary)

Santander Consumer

Bank Sweden

(Branch)

BancoSantander S.A.

Fitch/Moody’s/S&PA-/A2/A

3

Source: SCB Group 2018 Annual Report and Management Figures

1) Adjusted for IFRS9 transitional rules

2) Headcount includes permanent and temporary employees

3) Return on Assets = PBT / ANEA

Q4 2018 | Key Figures

Gross

Outstanding

Loans

162.8NOK Billion

People2

1,535Employees

Core Capital

CET11

15.7Per cent

Customers

1.53Million

Total

Deposit

54.6NOK Billion

Return on

Assets3

2.8per cent

Profit Before

Tax

4,134NOK Million

Partners

5,051Merchants

+5,600Car Dealers

4

History

Bankia Bank acquired

(credit cards)

ELCON Finance becomes

Santander Consumer

Bank AS (SCB)

ELCON Finance

A leading Norwegian

company within equipment

leasing, factoring and auto

financing

Santander Consumer

Finance S.A. acquires

ELCON Finance

Company

demerges and auto finance is

retained in Norway and

Sweden

Launch consumer

loans Norway

Skandiabanken Bilfinans

acquired in Denmark

(auto finance)

Start up auto finance in

Finland

GE Finland acquired

(auto finance,

consumer loans)

Consumer loans in

Sweden (2012) and

Denmark (2013)

Deposits launched in

Norway and Sweden (2013)

Deposits launched in

Denmark (2014)

1963

2004

2005

2006/07

2009

2012/13

2015

SCB merges with

GE Money Bank

SCB becomes

leader within car

finance and

unsecured loans in

the Nordic region

2017

Solidified position in

sales finance with

the onboarding of

Elkjøp/Elgiganten,

Power and Media

Markt

5

Executive Committee

Bo Jakobsen

MD DenmarkBo joined Santander in 2007 and was key to start up the business in Denmark the same year. Previously, he held several leadership roles within the financial industry.

Michael Hvidsten

CEO

Michael started in GE (first in GE Capital, later in GE Money Bank) in 2000, where he held various key position within risk management. He joined Santander in 2005 as Nordic Chief Risk Officer, and was appointed Nordic CEO in 2012.

Anders Bruun-Olsen

Nordic Chief Financial Officer

Anders has held several senior positions within banking institutions like DNB, Eksportfinans and Handelsbanken. He joined Santander in 2011.

Knut Øvernes

MD NorwayKnut has held various business management positions in GE Money Bank and Santander since he started in 1996.

Juan Calvera

IT & Ops

Director

Juan has held various

leadership positions

within IT and Operations

since joined Santander

in 2011.

Peter Sjöberg

MD Finland Peter has 20 years’ experience from banking and financial services. He has held several leadership positions in SCB. Joined Santander in 2010.

Andres Diez

Chief Risk Officer

Andres has held different leadership positions within Risk and Credit. Joined Santander in 2007.

Martin Brage

MD SwedenMartin joined GE in 1999. With his long and extensive experience within the financial sector and Santander, he has built up years of experience within auto and unsecured.

Trond Debes

HR & Legal Director

Trond started in GE Money Bank in 2002. He has been responsible for Legal, Communications, Compliance and HR in various leadership positions.

6

Corporate Social ResponsibilityWe engage in a broad spectrum of activities that contribute to UN’s Sustainable Development Goals

7

Ensure healthy lives and promote well-being for all Ensure access to affordable, reliable,

sustainable and modern energy

Take action to combat climate change and its

impacts by regulating emissions and promoting

developments in renewable energy

Ensure inclusive and equitable quality education

and promote lifelong learning opportunities for all

SCB has for a long time been a Gold partner supporting Right

To Play, an organization that protects, educates and

empowers children to rise above adversity using the power of

play. Right To Play plays for change in five key areas; Quality

education, gender equality, health & well -being, child

protection and peaceful communities.

Right To Play partners with Ministries of Education and local

organizations to incorporate play-based learning into the

education system, allowing more children to rise.

Across the Nordics SCB supports people, events and

organizations that encourages, inspires and invites a broad base

of people to physical activity and camaraderie.

“Team Rynkeby” a charity cycling team that raise money for

children with critical illnesses

Engaging employees in “Kræftens Bekæmpelse”, the Danish

Cancer Society.

Supporting the Finnish “Icehearts”, an organization that uses

team sports as a tool for engaging children with social work.

We engage in collaborations to innovate new and more

environmental friendly mobility solutions, and we add the

commercial strength to bring them to the market.

In 2013 Santander pioneered the All-in-One product suite in

Finland, speeding up renewal of one of the oldest car parks in

Europe.

We developed the IT solution to enable online sales of the all

electric Nissan Leaf - helping it to be last year's single most

sold car model in Norway.

In 2018, SCB partnered with CHOOOSE, a global leader in

retiring carbon credits and a platform for climate action,

battling the core problem of climate change – emissions from

big polluters

SCB has been certified as “Miljøfyrtårn” since 2009,

meaning that we are compliant with all requirements regarding

health, environment and safety, procurement, transportation,

waste handling and energy consumption.

Auto & Leisure Unsecured InsuranceDeposits

Saving products with high interest rates provided to

private customers

Insurance products related to payment protection, auto, health and travel, offered to

private customers

Loans, credit cards and sales finance services

offered to private customers

Loans and financial services provided to private

customers and car dealers

Products

8

Gross lending and distribution by productTotal Auto and Unsecured

Source: SCB Group 2018 Annual Report and Management Figures

Auto SME

11%

Non Std. Auto

7%

Consumer

Loan

18%

Credit Card

4%

Auto Private

Persons

60%

Total

Unsecured

21%

Total Auto

79%

9

Partnerships a key success factor

5,051 merchants, 35 brokers,

+5,600 car dealers and 22 Brands

“I’ve seen Santander work in a way that is not typical to a bank. You always take and run with our targets”

— Stefan Andström, Sales Director, Nissan Nordic,

Helsinki

On the high score on the MRF2018 Dealer survey:

“Kia Finance have developed many newproducts, which have

positively impacted thescore”

— Peter Himmer, MD Kia Motors Sweden AB

10

Financials

Q4 2018 | Santander Group key figures

12

Santander Group

Total assets 1.46 (€ trillion)

Branches globally13,217

Headcount 202,713

Customers144 (million)

Profit After Tax 7,810 (€ million)

Santander Consumer Finance Subgroup

Loans 106 (€ billion)

European countries15

Headcount 15,772

Customers 20 (million)

Profit After Tax 1,421 (€ million)

Source: Banco Santander and Santander Consumer Finance Q4 2018 Institutional Presentation

Q4 2018 | SCB Group overviewPortfolio and results by region

13

Source: SCB Group 2018 Annual Report (All figures in NOK)

36% Norway

20% Denmark

23% Sweden

21% Finland

% of Gross Outstanding LoansNordic

Q4 2018

Result

163.4 BnGross Outstanding

4,134 MMProfit Before Tax

Finland

Auto Loans

Unsecured Loans

Profit Before Tax

31.4 Bn

2.8 Bn

664 MM

Sweden

Auto Loans

Unsecured Loans

Profit Before Tax

22.8 Bn

14.4 Bn

1,010 MM

Denmark

Auto Loans 26.0 Bn

6.2 Bn

854 MM

Norway

Auto Loans

Unsecured Loans

Profit Before Tax

48.2 Bn

11.0 Bn

1,606 MM

Unsecured Loans

ProfitBefore Tax

Auto market share and products

Position and market share in the Nordics

Source Norway: Internal calculations based on data from Finansieringsselskapenes Forening as per YTD Q4 2018

Source Finland: Internal calculations based on data from Finnish Transportation Safety Agency (Trafi) as per YTD Q4 2018

Source Denmark: Internal calculations based on data from Finans og Leasing as per YTD Q4 2018

Source Sweden: Internal calculations based on data from Finansbolagens Förening as YTD Q4 2018

Auto Loans & Hire Purchase

Loans and financial services provided to

private customers, SMEs and car dealers

Customers

Private Customers

Business Customers

Distribution

Online direct distribution

Indirect distribution with dealers and importers

Cross sale

Auto Leasing

Customers

Private Customers

Business Customers

Distribution

Dealers direct

SME direct

Stock & Demo Financing

Customers

Inventory financing for dealers

Distribution

New cars: Importer agreements

Used Cars: Direct to dealers

Auto & Leisure

#122%

market share

#127%

market share

#139%

market share

#49%

market share

14

Unsecured products and portfolio

Sales finance Credit cardsDirect loans

Unsecured

Loans, credit cards and sales finance

services offered to private customers

Distribution

Online

Stores

Cross sale

Portfolio Management

Distribution

Online

Stores

Cross sale

Distribution

Online

Agents

Cross sale

Distribution of Unsecured portfolio¹

Source: SCB 2018 Annual Report

1) Gross lending

32%11.4 Bn

18%6.3 Bn

41%14.6 Bn

9%3.0 Bn

15

Steady loan growth in the Nordics

59,575(mNOK)

71,891(mNOK)

83,322(mNOK)

116,297(mNOK)

124,625(mNOK)

143,615(mNOK)

71 89183 322

118 991127 8521

147 9701

162 802

2013 2014 2015 2016 2017 2018

mNOK

mNOK

mNOK

mNOK

mNOK

mNOK

16%

43%7%

16%

10%

Source: SCB Group Annual Reports (2013 – 2018)

1) SCB Group has reclassified Consignment from the financial statement line “Consignment” to “Loans to customers” in 2018. Comparison figures are changed similarly. As of December 31 2018 the

Consignment portfolio constitute NOK 4.2 billion of the financial statement line “Loans to customers”. Please see principle 6) on page 57 in the 2018 Annual Report for further details.

Driven by organic growth, particularly in the Auto portfolio

16

Solid profitability

1 393 1 321

1 942

3 2502

3 9952 4 134

2013 2014 2015 2016 2017 2018

Source: SCB Annual Reports (2013 – 2018)

1) Compound Annual Growth Rate

2) The Group reclassified issued AT1 capital of NOK 2.25 billion from liabilities to equity in 2017. Interest expenses for 2017 of NOK 169 million are consequently presented in equity instead of

profit and loss, with related tax impact presented as part of other equity. Comparison figures are changed similarly. Please see principle 6) on page 40 in the 2017 Annual Report for further details.

Year-on-year growth in margins

mNOKmNOK

mNOK

mNOK

mNOKmNOK

CAGR1

24%

17

Stable financial performance

4.6 4.44.7

5.34.9

4.6

2013 2014 2015 2016 2017 2018

4244

50

3840

44

2013 2014 2015 2016 2017 2018

2.1

1.71.8

2.7

3.02.8

2013 2014 2015 2016 2017 2018

Return on Assets1

Per cent

Net Interest Income Ratio2

Per cent

Cost / Income Ratio3

Per cent

Source: SCB Annual Reports (2013 – 2018)

1) ROA = PBT / ANEA

2) NII Ratio = Net Interest Income / ANEA

3) Cost/Income Ratio = OPEX / Gross Margin (OPEX: Total Operating Costs)

Normalised KPI’s as a results of higher growth in Auto portfolio

18

Group Balance Sheet summaryHealthy balance sheet driven by loan growth

Source: SCB Group 2018 Annual Report

Key changes year-on-year

Deposits with external institutions: Reduction in reverse repo

transactions towards the end of 2018

Loans to customers: Increase driven by portfolio growth, mainly

from the auto business

Other financial assets: Increased liquidity portfolio due to net

purchase of bonds during 2018

Other assets: Reduction as a result of reclassification of

consignment from the financial statement line “Consignment” to

“Loans to customers” in 2018. Comparison figures are changed

similarly.

Debt to credit institutions: Increased levels of intragroup funding

due to weaker credit markets in Q4

Deposits from customers: Increase in deposits in accordance

with funding strategy

Debt established by issuing securities: increase in senior

unsecured and commercial paper issuances throughout 2018

NOK million Q4 2018 Q4 2017 Δ 18/17 %

Deposits with external institutions 3 047 3 291 -244 -7 %

Loans to customers (net) 159 284 145 148 14 135 10 %

Other financial assets 10 453 7 132 3 321 47 %

Other assets 3 325 3 528 -204 -6 %

Total assets 176 108 159 100 17 008 11 %

Debt to credit institutions 40 253 31 020 9 233 30 %

Deposits from customers 54 645 50 617 4 028 8 %

Debt established by issuing securities 52 929 51 270 1 659 3 %

Other liabilities 3 213 3 260 -47 -1 %

Subordinated loan capital 1 731 1 753 -22 -1 %

Total equity 23 336 21 179 2 157 10 %

Total liabilities and equity 176 108 159 100 17 008 11 %

19

Group Income Statement summaryP&L showing steady growth with increasing profits

Source: SCB Group 2018 Annual Report

Key changes year-on-year

Net Interest Income: Increased due to higher volumes and

lower cost of funding

Other product and funding related income and cost:

Increase mainly due to value change and gains on FX

Salaries personnel and administrative expenses: Due to

restructuring provision of NOK 200 million in Q4 2018 and

closing of defined benefit plan in Norway of NOK 113 million in

2017

Other income and losses: Increase mainly due to recognition

of loss allowance on off-balance exposure

Total losses: Lower impairment losses due to increased bad

debt sales in 2018

NOK million FY 2018 FY 2017 Δ 18/17 %

Interest income and similar income 8 158 7 850 308 4 %

Interest expenses and similar expenses -1 239 -1 243 4 0 %

Net interest income 6 919 6 607 312 5 %

Commissions and fees 429 442 -13 -3 %

Other product and funding related income and cost 36 -60 96 -159 %

Gross margin 7 384 6 989 395 6 %

Salaries and personnel expenses -1 538 -1 125 -412 37 %

Administrative expenses -1 545 -1 587 42 -3 %

Depreciations and amortisation -162 -106 -55 52 %

Net operating income 4 139 4 171 -32 -1 %

Other incomes and costs -189 -63 -126 201 %

Total losses on loans, guarantees etc. 184 -113 297 -263 %

Profit before tax 4 134 3 995 139 3 %

Income tax -995 -941 -54 6 %

Profit after tax 3 139 3 055 84 3 %

20

Credit Risk PerformanceFavourable product mix and stable customer behaviour

Source: SCB Group Risk Department

1) NPL ratio = Non-performing loans / Gross loans

2) Coverage Ratio = Loan Loss Reserves (Write Downs) / NPL

Risk Portfolio - Total (mNOK) 2015 2016 2017 2018

Current 110 186 92,4 % 118 837 92,7 % 136 821 92,2 % 150 284 92,5 %

5-30 dpd 5 127 4,3 % 5 451 4,2 % 6 806 4,6 % 7 258 4,5 %

31-60 dpd 1 066 0,9 % 1 041 0,8 % 1 329 0,9 % 1 218 0,7 %

61-90 dpd 423 0,4 % 393 0,3 % 510 0,3 % 462 0,3 %

NPL 2 444 2,0 % 2 577 2,0 % 2 912 2,0 % 3 320 2,0 %

Total 119 246 100,0 % 128 299 100,0 % 148 378 100,0 % 162 541 100,0 %

21

NPL ratio1

Coverage ratio2

1.61 1.482.05 2.01 1.96 2.03

2013 2014 2015 2016 2017 2018

98.6126.9

107.7 113.696.9

109.7

2013 2014 2015 2016 2017 2018

Per cent

Per cent

Risk Portfolio - Secured (mNOK) 2015 2016 2017 2018

Current 82 783 94,3 % 91 510 94,3 % 106 859 93,9 % 119 752 93,9 %

5-30 dpd 3 356 3,8 % 3 720 3,8 % 4 787 4,2 % 5 389 4,2 %

31-60 dpd 586 0,7 % 615 0,6 % 753 0,7 % 691 0,5 %

61-90 dpd 177 0,2 % 170 0,2 % 231 0,2 % 226 0,2 %

NPL 887 1,0 % 1 052 1,1 % 1 211 1,1 % 1 435 1,1 %

Total 87 789 100,0 % 97 067 100,0 % 113 841 100,0 % 127 492 100,0 %

Risk Portfolio - Unsecured (mNOK) 2015 2016 2017 2018

Current 27 403 87,1 % 27 327 87,5 % 29 963 86,8 % 30 532 87,1 %

5-30 dpd 1 770 5,6 % 1 731 5,5 % 2 019 5,8 % 1 869 5,3 %

31-60 dpd 480 1,5 % 426 1,4 % 576 1,7 % 526 1,5 %

61-90 dpd 246 0,8 % 224 0,7 % 279 0,8 % 237 0,7 %

NPL 1 557 4,9 % 1 525 4,9 % 1 700 4,9 % 1 885 5,4 %

Total 31 456 100,0 % 31 233 100,0 % 34 537 100,0 % 35 049 100,0 %

Capital and

Funding

Strict capital requirements in NorwayEnsuring strong capitalization of the bank

Source: SCB Group 2018 Annual Report

Capital requirements in Norway

Strict requirements in Norway with the

inclusion of additional buffer requirements

and a high countercyclical buffer

requirement

Pillar 2 requirement for SCB Group was set

to 2.3% by the Norwegian FSA, applicable

from January 2018.

During 2019, the Countercyclical buffer

requirement for SCB Group will increase to

1.37%. Denmark, Sweden and Norway will

increase with 50bps, from 0% to 0.5% in

Denmark and from 2% to 2.5% in Sweden

and Norway. Finland will maintain the buffer

at 0%.

Group CET1-ratio requirement for 2018

~11.1%

Pillar 1 CET1-requirement

2.3%

Pillar 2 CET1-requirement

~13.4%

Minimum CET1 requirement 4.5%

Conservation buffer 2.5%

Countercyclical buffer 1.14%

Systemic risk buffer 3%

~11.1%

23

Strong Capital PositionCET1 ratio of 15.7%

2018 Capital developments

• SCB Group is using the transitional rules for

IFRS9 capital impact when calculating capital

ratios

• SCB Group had a CET1-ratio of 15.7% per

financial year-end using transitional rules for

IFRS9. The CET1-ratio is 229bps higher than

the regulatory requirement

• SCB Group had a strong Leverage Ratio of

12.0%

• In October 2018, SCB Group called its existing

Hybrid loan of NOK 2.25 billion and replaced it

with three new Hybrid loans of NOK 750 million

each

• SCB Group paid a dividend for 2018 of NOK 1

billion to its parent

Capital ratios evolution SCB GroupPer cent

Source: SCB Group 2018 Annual Report

15.3 15.1 15.5 15.7

17.8 17.4 17.5 17.6

19.1 18.7 19.1 19.0

11.4 11.5 12.0 12.0

2015 2016 2017 2018

CET 1 Tier 1 Tier 2 Leverage ratio

24

Self-funding is a strategic focusThree pillars approach provides funding flexibility

2011 2012 2013 2014 2015 2016 2017 2018

Unsecured Bonds

Deposits

Securitization

Parent funding

22% 28%

50%62%

70% 70% 77% 73%

2011 2012 2013 2014 2015 2016 2017 2018

Funding Composition1

Self-funding ratio

27%

25%

37%

11%

Source: SCB Group 2018 Annual Report

1) Outstanding amounts/transactions as per Q4 2018

In Norway deposits are guaranteed up to NOK 2

million

In EU countries the guarantee is up to EUR 100,000

NOK 54.6 billion in total deposits across Norway,

Sweden and Denmark

Deposits

NOK 9.701 billion outstanding in the bond market

including NOK 900 million in Commercial Paper

SEK 7.075 billion outstanding in the bond market

market including SEK 875 million in Commercial

Paper

DKK 500 million outstanding in the bond market

EUR 2.00 billion outstanding from four Benchmark

transactions

Unsecured

6 outstanding transactions across Nordics

Represents a low-cost and stable funding sourceSecuritization

25

Deposits at a glanceConsolidated total balance: NOK 54.6 billion

26

Distribution of Deposit portfolio and products

40%of total balance

Savings account

32%of total balance

Savings account

Notification product

Term deposits

28%of total balance

Savings account

Notification product

N/A

Source: SCB Group 2018 Annual Report

Deposit guarantees: Norway NOK 2 million | Sweden SEK 950,000 | Denmark EUR 100,000 equivalent

Deposit balance development NOK billion

9,9

14,9

18,6

20,922,1

4,9

14,4

11,9

15,4 15,4

3,2

8,0

10,5

14,3

17,2

2014 2015 2016 2017 2018

Norway Sweden Denmark

Unsecured Senior & Commercial Paper Funding2018 summary

Source: Bloomberg

1) Outstanding amounts as per Q4 2018

New Issuances Volume

New Issuances #

Taps #

Maturities

Outstanding Volume¹

Outstanding bonds #

Format

Preferred Tenor

2,200 million

2

6

1,600 million

8,801 million

8

FRN

3 – 5 year

2,750 million

5

1

1,000 million

6,200 million

8

FRN

3 – 5 year

500 million

1

-

750 million

2,000 million

4

FXD

3 – 5 year

NOK SEK EUR

500 million

1

-

-

500 million

1

FRN

3 - 5 year

DKK2018

1,750 million

8

-

1,750 million

900 million

4

FXD/FRN

6 – 12 months

NOK

875 million

5

1

-

875 million

6

FXD

3 – 6 months

SEK

Senior Unsecured Commercial Paper

27

28

Unsecured FundingMaturity profile 2019 – 2023 for Senior Unsecured and Commercial Paper

Total Maturity (EUR MM)

437

211136

191

227

98 195 49

122

1000

500

50067

2019 2020 2021 2022 2023

DKK

EUR

SEK

NOK1000

500 500

2019 2020 2021 2022 2023

4351

21001350

1900

2019 2020 2021 2022 2023

Commercial Paper Senior

2325

1000

2000

500

1250

2019 2020 2021 2022 2023

Commercial Paper Senior

NOK million

SEK million

EUR million

Source: Bloomberg, Management Figures (outstanding amounts as per Q4 2018)

FX: EURNOK 9.9483 | EURSEK 10.2548 | EURDKK 7.4673

500

2019 2020 2021 2022 2023

DKK millionTotal Maturity

(EUR million)

Key takeaways

Anchored by a global banking franchise

Sustained market leader in auto

Building out position in unsecured space

Robust financial results

Stable credit risk

29

Santander & Santander Consumer Finance

Appendix

Section divider

1. Santander

Santander, a leading financial group

32

Headcount 202,713

Branches (units) 13,217

Shareholders (millions) 4.13

Customers (millions) 144

Total assets (trill. €) 1.46

Key Figures Dec’18

Attributable Profit 2017 (mill. €) 6,619

Attributable Profit 2018 (mill. €) 7,810

Well diversified between Europe and the Americas

33

(1) Excluding Corporate Centre and Spain Real Estate Activity.

NOTE: SCF excluding SCUK

Americas Europe

48% 52%

2018 Underlying attributable profit1

With leading positions in its core markets

34

(1) Lending (2) UK mortgages (excluding Social Housing), Consumer credit and commercial lending (excluding Financial Institutions) (3) Including Santander Consumer Finance business (SCF) (4) In the states where the Group operates (5) Countries in Europe, including UK

Data: Jun-18 or latest available. Branches do not include Santander Consumer Finance business

Mkt. share1: 18%

Branches: 672

Portugal United Kingdom

Mkt. share2: 10%

Branches: 780

Mkt. share1: 18%

Branches: 4,469

Spain

Mkt. share1,3: 10%

Branches: 540

Poland

United States

Mkt. share1,4: 3%

Branches: 670

Argentina

Mkt. share1: 11%

Branches: 482

Brazil

Mkt. share1: 9%

Branches: 3,490

Mkt. share1: 19%

Branches: 420

Chile

Mkt. share1: 13%

Branches: 1,402

Mexico

Americas Europe

Nº of countries5: 15

Points of sale: >130,000

SCF

2018 was an excellent year

35

Group performance 2018

Strong results in a sustainable way

36

Group performance 2018

(1) Constant euros

Successfully completed the 3 year plan

37

Group performance 2018

(1) % change (constant euros), 2018 figure relates to 2015-18 CAGR (2) 2018 figure relates to 2015-18 average (3) Total dividend charged to 2018 earnings is subject to the Board and 2019 AGM approval

(4) Underlying RoTE 2015: 11.0%. Underlying RoTE 2018 12.1%

Note: 2015 metrics have been re-stated to reflect the capital increase

Section divider

2. Santander Consumer Finance

39

PoS partners (thousand) >130

Market positions1 Top 3

Loans (bill. €) 106

Deposits (bill. €) 37

European countries 15

Underlying Attrib. Profit 2018 (mill. €) 1,421

Customers (million) 20

Grupo Santander is the

main and unique

shareholder of SCF ...

… and at the same time,

SCF acts as a holding

for its subsidiaries

through a banking license

Operations are mainly

done through points-of-

sale (dealers and

retailers)

Key Figures Dec’18

Santander Consumer Finance, European leader in the consumer finance industry

Underlying Attrib. Profit 2017 (mill. €) 1,373

SCF: Management perimeter (i.e. including SCUK)

Attributable profit without non-recurring (provisions or capital gains) (1) In its main geographies by market share in New Business car loans or durables

40

Recurrent profits through the cycle

SCF: Management perimeter (i.e. including SCUK)

Attributable profit without non-recurring (provisions or capital gains)

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

472555

744825

895 908

1 093

1 238

1 373 1 421

Underlying Attributable Profit€ Million

41

Significant contributor to Santander’s results, representing 13% of the Group’s profit1 in 2018

SCF, 13%

SCF excluding SCUK. Including SCUK, SCF represents 14% of SAN profit1.

(1) Percentage over SAN underlying attributable profit in 2018, excluding Corporate Centre and Spain Real Estate Activity

2018 Underlying attributable profit1

42

Well spread across Europe and well balanced between car and consumer loans

SCF Portfolio: €106 bnDec’18

Well spread across 15 European

countries

Important foothold in the largest

economies

73% portfolio in AAA & AA countries

Car financing represents the biggest

share of the portfolio: 72%

Consumer lending (durables financing,

cash loans and credit cards): 20%

SCF: Management perimeter (i.e. including SCUK). NOTE: SCF’s portfolio also includes mortgages (6%), corporate loans (1%) and other loans (1%).

43

Advanced car financing platform and strong foothold in consumer finance

TOP retail chain agreements throughout

Europe

>55,000 POS partners

>4 MM consumer loans per year

TOP 3 in core geographies

Digital direct business platforms

Strong foothold in consumer finance

Consumer Finance: Durable financing, Personal loans and Credit Cards

Presence in all main European markets

TOP positions in its geographies,

including the 5 biggest European auto

markets: Germany, France, UK, Italy

and Spain

>75.000 POS (captive and non-captive)

The longest European captive

agreements base: more than 100

agreements with 15 manufacturers

Advanced car financing platform

44

Sound risk metrics

SCF: Management perimeter (i.e. including SCUK)

3,02%

6,26%

2,14%

0,99%

2,53%

0,39%

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

SCF Cost of Risk (LLPs over ANEAS %)

SCF NPL Ratio (%) Risk KPIs better than sector average

Strong capacity to balance adverse

economic cycles across geographies

Low cost of risk, despite important

increase in SCF’s loan portfolio

Adaptation of risk management for the

growing digital business while being

involved in the ecosystem platforms

initiatives

45

Funding diversification

SCF’s funding structure (%)

High diversification of funding

sources

Capacity to do issuances in all

countries

Diversification of deposits in

many countries

Increasing long-term finance vs

short term

Dec’18

31%

4%

12%7%

21%

3%

22%

Retail

Deposits

Non Retail

Deposits

Secured fundingECB

Interbank

Short

Term

Unsecured

Issuances

M/L Term Unsecured

Issuances

46

Clear strategic priorities

Our purpose is to help people

and business prosper.

Our culture is based on believing

that everything we do should be:

Thank You.

Nordics