28 April 2020

Q1’20

Earnings Presentation

United Kingdom

2

Important InformationNon-IFRS and alternative performance measures

In addition to the financial information prepared in accordance with International Financial Reporting Standards (“IFRS”) and derived from our financial statements, this presentation contains certainfinancial measures that constitute alternative performance measures (“APMs”) as defined in the Guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority(ESMA) on 5 October 2015 (ESMA/2015/1415en) and other non-IFRS measures (“Non-IFRS Measures”). The financial measures contained in this presentation that qualify as APMs and non-IFRS measureshave been calculated using the financial information from Santander Group but are not defined or detailed in the applicable financial reporting framework and have neither been audited nor reviewed byour auditors. We use these APMs and non-IFRS measures when planning, monitoring and evaluating our performance. We consider these APMs and non-IFRS measures to be useful metrics formanagement and investors to facilitate operating performance comparisons from period to period. While we believe that these APMs and non-IFRS measures are useful in evaluating our business, thisinformation should be considered as supplemental in nature and is not meant as a substitute of IFRS measures. In addition, other companies, including companies in our industry, may calculate or use suchmeasures differently, which reduces their usefulness as comparative measures. For further details of the APMs and Non-IFRS Measures used, including its definition or a reconciliation between anyapplicable management indicators and the financial data presented in the consolidated financial statements prepared under IFRS, please see the 2019 Annual Financial Report, filed with the ComisiónNacional del Mercado de Valores of Spain (CNMV) on 28 February 2020, as well as the section “Alternative performance measures” of the annex to the Banco Santander, S.A. (“Santander”) 2020 1QFinancial Report, published as Relevant Fact on 28 April 2020. These documents are available on Santander’s website (www.santander.com).

The businesses included in each of our geographic segments and the accounting principles under which their results are presented here may differ from the included businesses and local applicableaccounting 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 suchsubsidiaries

Forward-looking statements

Santander cautions that this presentation contains statements that constitute “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as “expect”, “project”, “anticipate”, “should”, “intend”, “probability”, “risk”, “VaR”, “RoRAC”, “RoRWA”, “TNAV”, “target”, “goal”, “objective”, “estimate”,“future” and similar expressions. These forward-looking statements are found in various places throughout this presentation and include, without limitation, statements concerning our future businessdevelopment and economic performance and our shareholder remuneration policy. While these forward-looking statements represent our judgment and future expectations concerning the developmentof our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. The following important factors, inaddition to those discussed elsewhere in this presentation, could affect our future results and could cause outcomes to differ materially from those anticipated in any forward-looking statement: (1)general economic or industry conditions in areas in which we have significant business activities or investments, including a worsening of the economic environment, increasing in the volatility of thecapital markets, inflation or deflation, and changes in demographics, consumer spending, investment or saving habits; (2) exposure to various types of market risks, principally including interest rate risk,foreign exchange rate risk, equity price risk and risks associated with the replacement of benchmark indices; (3) potential losses associated with prepayment of our loan and investment portfolio, declinesin the value of collateral securing our loan portfolio, and counterparty risk; (4) political stability in Spain, the UK, other European countries, Latin America and the US (5) changes in laws, regulations ortaxes, including changes in regulatory capital and liquidity requirements, including as a result of the UK exiting the European Union and increased regulation in light of the global financial crisis; (6) ourability to integrate successfully our acquisitions and the challenges inherent in diverting management’s focus and resources from other strategic opportunities and from operational matters while weintegrate these acquisitions; and (7) changes in our ability to access liquidity and funding on acceptable terms, including as a result of changes in our credit spreads or a downgrade in our credit ratings orthose of our more significant subsidiaries. Numerous factors could affect the future results of Santander and could result in those results deviating materially from those anticipated in the forward-lookingstatements. Other unknown or unpredictable factors could cause actual results to differ materially from those in the forward-looking statements.

3

Important Information

Forward-looking statements speak only as of the date of this presentation and are based on the knowledge, information available and views taken on such date; such knowledge, information and viewsmay change at any time. Santander does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or 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 basis of such person’s own judgment as to the merits or the suitability of the securities for its purpose and onlyon such information as is contained in such public information having taken all such professional or other advice as it considers necessary or appropriate in the circumstances and not in reliance on theinformation contained in this presentation. No investment activity should be undertaken on the basis of the information contained in this presentation. In making this presentation available Santander givesno advice and makes no recommendation to buy, sell or otherwise deal in shares in Santander or in any other securities or investments whatsoever.

Neither this presentation nor any of the information contained therein constitutes an offer to sell or the solicitation of an offer to buy any securities. No offering of securities shall be made in the UnitedStates 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 an invitation orinducement to engage in investment activity for the purposes of the prohibition on financial promotion in the U.K. Financial Services and Markets Act 2000.

Historical performance is not indicative of future results

Statements as to historical performance or financial accretion are not intended to mean that future performance, share price or future earnings (including earnings per share) for any period will necessarilymatch or exceed those of any prior period. Nothing in this presentation should be construed as a profit forecast.

Third Party Information

In particular, regarding the data provided by third parties, neither Santander, nor any of its administrators, directors or employees, either explicitly or implicitly, guarantees that these contents are exact, accurate, comprehensive or complete, nor are they obliged to keep them updated, nor to correct them in the case that any deficiency, error or omission were to be detected. Moreover, in reproducing these contents in by any means, Santander may introduce any changes it deems suitable, may omit partially or completely any of the elements of this presentation, and in case of any deviation between such a version and this one, Santander assumes no liability for any discrepancy.

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5

Appendix

41Financial system

2Strategy and business

3

Index

Concluding remarks

Results

5

1,947 1,974 1,994 2,022 2,009

3.6 3.4 3.8 3.9 3.1

Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 (e)

Loan growth expected to slow sharply

Mortgage lending growth is expected to decline in 2020, as the COVID-19 lockdown measures impact house purchase activity

Consumer credit growth slowed to c.6% in 2019, and is expected to slow further

Given the fall in demand and supply chain disruptions, we expect this to underpin negative corporate lending growth in 2020

Retail deposit growth is expected to slow to c.3% this year

Given the uncertainty over jobs and incomes during the COVID-19 lockdown period, we expect households to run down their deposits in order to cover essential expenditure

Corporate deposit growth is expected to slow to c.1% this year

Total loans (GBP bn1)

Total deposits (GBP bn2)

2,043 2,058 2,081 2,092 2,101

4.0 3.9 4.1 3.6 3.2

Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 (e)

YoY (%)

YoY (%)

Source: Bank of England Bankstats (Monetary and Financial Statistics) published at end-March 2020, internal estimates for latest month. Annual growth rates are calculated using Bank of England methodology(1) Total loans includes household (mortgages and consumer credit) plus corporate loans.(2) Total deposits include household deposits (with banks and NS&I) and corporate deposits, excluding cash holdings.

Financial system

6

5

Appendix

41Financial system

2Strategy and business

3

Index

Concluding remarks

Results

7

Strategy and business

*Note: Group criteria. Following the new organisational structure of the Group as published in the Relevant Fact on 4 July 2019, better aligning the UK to the segregated model according to the requirements of the Banking Reform Act (ring-fenced business), i.e. excluding UK Hub (including London Branch), Q1 2019 data have been restated for better QoQ and YoY comparability. (1) Gross loans excluding reverse repos.(2) Excluding repos.(3) As at Dec-19. Includes London Branch.

STRATEGIC PRIORITIES

Grow customer loyalty by providing an outstanding customer experience

Simplify and digitalise the business for improved efficiency and returns

Invest in our people and ensure they have the skills and knowledge to thrive

Further embed sustainability across our business

UK scale challenger with proven stability and a resilient balance sheet

KEY DATA* Q1’20 YoY Var.

Customer loans1 GBP 215.9 bn

Customer funds2 GBP 186.4 bn

Underlying att. profit GBP 162 mn

Underlying RoTE 5.2% -175 bps

Efficiency ratio 65.0% +376 bps

Loans market share3 9.6% -1 bp

Deposits market share3 8.4% -13 bps

Loyal customers 4.5 mn

Digital customers 6.0 mn

Branches 615

Employees 24,500

-27.1%

+4.7%

+3.5%

+0.6%

+5.5%

-18.4%

-3.9%

8

Strategy and business

Loyal (mn)

Digital customers (mn)

Loyalty continues to increase supported by our enhanced digital offering

Mobile only customers: +21% YoY

Enhanced digital capability attracted a further 313,000 customers, growth of 6% YoY

64% of our refinanced mortgages were retained online (+6 pp YoY), 55% of current account openings (+11 pp YoY) and 79% of credit card openings were made through digital channels (+6 pp YoY)

Our loyal customers continue to grow, as we continued to develop and improve our customer experience and our products and services. Loyal individuals grew 1% and loyal corporates 2%

We are continuing to support our customers during the COVID-19 crisis; our branch network and contact centres remain operational, with a focus on prioritising access for our most vulnerable customers. Additionally, we have made significant capacity improvements to our digital platform to reduce call centre and branch volumes.

In NPS, 1st for Business and Corporates and Top 4 in Retail1,2

Digital sales / total: 65% (+7 pp YoY)

Loyal / Active: 32% (+1 pp YoY)

4.5 4.5

Mar-19 Mar-20

5.6 6.0

Mar-19 Mar-20

1%

6%

(1) Net Promoter Score measures customer experience and predicts business growth. Source: Business and Corporate NPS is measured by the MarketVue Business Banking from Savanta. (2) Retail NPS is measured by IPSOS MORI.

9

Strategy and business

Business transformation is supported by deeper customer relationships

Well established UK market position

Digitalising for improved customer experience

First time buyer events

We launched free events in our branches across the country in H2 2019, offering practical guidance and information about home buying and mortgages for first time buyers

>80 mnTotal digital transactions1

in Q1’20

14% YoY

1.7 kNew mobile users per day

largest mortgage lender2

3rd

largest commercial lender2

5th c. 80% coverageof UK financial centres

14 mnActive customers

First UK Work Café launched

(1) Total retail customer with financial transactions made online or on mobile. These transactions include internal transfers, third party payments and Paym(2) Santander UK analysis, as at Q3’19. Commercial lending refers to loans to SME and mid corporate clients by UK retail and commercial banks and building societies.

10

Strategy and business

We are focused on embedding sustainability across our business – 2019 highlights

(1) Breakthrough business events total is both breakthrough in branch and our other workshop, masterclass and partnership events. (2) In 2019 changed our reporting to look at no. of people 'financially empowered' as opposed to helped. Includes beneficiaries from DigiWise, FutureWise, Discovery Days and Community Workshops by branches (3) Published in March 2020

santandersustainability.co.uk

Santander UK Sustainability Review (in 2019 ARA) and ESG Supplement3

Upholding the highest ethical standards and fighting financial crime

96%Colleagues understand our Anti-Financial Crime Vision better after attending our internal roadshows

>4 millionYoung people reached infraud and scams campaigns

Driving sustainable economic growth and financial inclusion

191Breakthrough events in 20191

248,090People financiallyempowered2

Driving inclusive digitalisation

>25,000Students mentored; focused on moneymanagement and digital skills

Creating a thriving workplace

Top 20Employer in Social Mobility Index 2019

GBP 745,000Raised for Alzheimer’s Society, exceeding our target with record employee engagement

> 1.4 million Voice ID activations in 2019

11

Adapted our retail banking offering including

payment holidays1:

c. 200 k mortgages

> 14 k UPLs

> 13 k credit cards

Delivering tailored solutions to business and

corporate customers, including repayment

holidays and additional liquidity across

overdrafts, working capital, trade finance and

loan facilities1:

> GBP 1 bn of credit facilities accessed

> 400 payment holidays

Donated GBP 1 mn to Age UK and

Alzheimer’s Society to support the most

vulnerable people

Santander Cycles made free of charge for

NHS, police, social care and critical workers

Supporting our customers, colleagues and communities during the COVID-19 crisis

(1) Applications, requests, balances as at 20 April 2020.

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20 k employees working from home;

implemented social distancing measures in

offices and branches

Full pay for colleagues unable to work;

regular communication and updated HR

policies

Enhanced wellbeing support, including

access to qualified psychologists

Our branch network and contact centres

remain operational, with a focus on most

vulnerable customers

Significant capacity improvements to our

digital platform, to reduce call centre and

branch volumes

Looking after our people and changing the way we work Helping our customers and our communities

12

Growth in mortgages based on 2019 flows; while significant slowdown seen in March expected to continue

Strategy and business

Total customer loans (GBP bn)1

Group criteria.(1) Excludes reverse repos.(2) Includes Private Banking.(3) Mortgages refers to residential retail mortgages only and excludes social housing and commercial mortgage assets.

206.3208.1 208.9

212.0215.9

Mar-19 Jun-19 Sep-19 Dec-19 Mar-20

Mar-20 Mar-19 YoY (%) QoQ (%)

Individuals2 173.3 164.2 5.5 1.3

o/w Mortgages3 166.4 156.5 6.3 1.5

Consumer Finance 8.1 7.7 4.8 4.9

SMEs 1.9 1.8 2.6 0.4

Corporates 16.5 17.6 -6.0 1.1

CIB 6.7 5.1 30.6 11.7

Other 9.5 9.9 -4.3 5.5

Total customer loans 215.9 206.3 4.7 1.8

13

Strategy and business

Total customer funds (GBP bn)

Group criteria.(1) Time deposits include ISAs.(2) Third-party off-balance sheet assets originated by Santander Asset Management in the United Kingdom.

Customer funds increased with growth in both demand and time deposits

Mar-20 Mar-19 YoY (%) QoQ (%)

Demand 161.7 155.9 3.8 0.8

Time1 18.6 17.1 8.7 -1.0

Total deposits 180.3 173.0 4.3 0.6

Mutual Funds2 6.1 7.1 -14.6 -13.2

Total customer funds 186.4 180.1 3.5 0.1

180.1183.9 185.0 186.3 186.4

Mar-19 Jun-19 Sep-19 Dec-19 Mar-20

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Appendix

41Financial system

2Strategy and business

3

Index

Concluding remarks

Results

15

Continued pressure on mortgage book from lower margins and SVR attrition

Results

(1) Group criteria. NIM is calculated as Net Interest Income / Total Average Assets.

Net interest income (GBP mn) Yields and Costs (%)

Yield on loans

Cost of deposits

850 825 820 827 774

Q1'19 Q2'19 Q3'19 Q4'19 Q1'20

NIM1

1.17% 1.14% 1.12% 1.13% 1.05%

Central Bank interest rate

0.75% 0.75% 0.75% 0.75% 0.10%

2.72% 2.67% 2.63% 2.59% 2.52%

0.67% 0.70% 0.70% 0.69% 0.69%

Q1'19 Q2'19 Q3'19 Q4'19 Q1'20

Differential

204 bps 197 bps 193 bps 190 bps 182 bps

16

Net fee income impacted by lower volumes across core businesses

Results

Net fee income (GBP mn)

189 181

195 194

166

Q1'19 Q2'19 Q3'19 Q4'19 Q1'20

Q1'20 Q1'19 YoY (%) QoQ (%)

Transactional fees 147 162 -9.0 -7.1

Account admin. and

maintenance63 63 1.0 -1.7

Transfers, drafts, cheques

and other orders9 20 -54.2 -45.8

Overdraft fees 56 66 -15.7 -11.4

Other transactional 19 13 47.0 33.6

Investment and pension

funds18 18 -2.2 -2.2

Insurance 12 13 -4.8 -2.9

Other (10) (4) 181.9 -

Total net fee income 166 189 -11.8 -14.4

17

Results

Total income (GBP mn)

(1) Other includes gains/losses on financial transactions and other operating income .

Total income down in the quarter due to asset margin pressures

1,052 1,034 1,011 1,050

946

Q1'19 Q2'19 Q3'19 Q4'19 Q1'20

Q1'20 Q1'19 YoY (%) QoQ (%)

Net interest income 774 850 -9.0 -6.4

Net fee income 166 189 -11.8 -14.4

Customer revenue 940 1,039 -9.5 -7.9

Other1 5 13 -57.2 -80.8

Total income 946 1,052 -10.1 -9.9

18

Operating expenses down 5% YoY reflecting efficiency savings from our transformation programme

Results

Operating expenses (GBP mn)

644 615 615 612 615

Q1'19 Q2'19 Q3'19 Q4'19 Q1'20

Q1'20 Q1'19 YoY (%) QoQ (%)

Operating Expenses 615 644 -4.6 0.4

Efficiency ratio 65.0% 61.3% 376 bps

Branches (#) 615 754 -18.4 -0.2

Employees (#) 24,500 25,485 -3.9 0.0

19

Results

Net LLPs (GBP mn)

(1) Cost of credit based on 12 month loan-loss provisions divided by average customer loans.

Loan-loss provisions remain low, expect an increase as a result of the COVID-19 crisis

53

17

68

83

42

Q1'19 Q2'19 Q3'19 Q4'19 Q1'20

Q1'20 Q1'19 YoY (%) QoQ (%)

Net operating income 331 407 -18.8 -24.4

Loan-loss provisions (42) (53) -19.6 -49.0

Net operating income after

provisions288 355 -18.7 -18.6

NPL ratio 0.96% 1.17% -21 bps -5 bps

Cost of credit1 0.09% 0.07% 2 bps -1 bps

Coverage ratio 38% 31% 6.8 pp 1.2 pp

20

Results

Underlying Attributable Profit (GBP mn)

Underlying profit continues to be impacted by asset margin pressures

222

286

223 214

162

Q1'19 Q2'19 Q3'19 Q4'19 Q1'20

Q1'20 Q1'19 YoY (%) QoQ (%)

PBT 224 311 -27.9 -24.4

Tax on profit (57) (85) -32.4 -26.0

Consolidated profit 167 227 -26.3 -23.8

Minority interests (5) (5) 13.7 -0.3

Underlying attributable

profit162 222 -27.1 -24.4

Effective tax rate 25.5% 27.2% -1.7 pp -0.6 pp

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Appendix

41Financial system

2Strategy and business

3

Index

Concluding remarks

Results

22

Concluding remarks

Delivering for customers in a competitive and uncertain environment

The economic outlook for the UK has changed dramatically since the end of 2019 with the COVID-19 crisis and the ensuing lockdown affecting the UK economy.

We expect a likely sharp fall in growth for H1'20. However, the extent of this fall and future recovery remains highly uncertain, even with the unprecedented levels of government support currently being provided.

Financial System

In volume terms, continued growth in lending (+5%) driven in by mortgages (+6% YoY), benefitting from new business stemming from end-2019. 4% increase in deposit volumes, supported by both time and demand products.

Focus on digital continues with digital customers increasing 6%. We retained 64% of refinanced mortgage loans online, an increase of 6 pp year-on-year. We also opened 55% of current accounts (+11 pp) and 79% of credit cards through digital channels (+6 pp).

Strategy &

Business

Total income lower, mainly due to asset margin pressures and net fee income, in part from overdrafts and other transactional fees.

Costs continue to reflect efficiency savings from our transformational investment programme, down 5% (-6% in real terms). Provisions also improved and the cost of credit was just 9 bps.

As a result of the pressures on income, underlying attributable profit decreased 27% year-on-year.

Results

23

5

Appendix

41Financial system

2Strategy and business

3

Index

Concluding remarks

Results

24

Balance sheet

Appendix

GBP million Variation

Mar-20 Mar-19 Amount %

Loans and advances to customers 237,530 226,219 11,311 5.0

Cash, central banks and credit institutions 33,301 32,427 874 2.7

Debt securities 15,019 20,353 (5,335) (26.2)

Other financial assets 978 647 331 51.1

Other assets 10,882 8,806 2,075 23.6

Total assets 297,710 288,453 9,257 3.2

Customer deposits 191,521 186,121 5,400 2.9

Central banks and credit institutions 26,787 21,664 5,124 23.7

Debt securities issued 56,790 57,990 (1,200) (2.1)

Other financial liabilities 2,759 3,795 (1,036) (27.3)

Other liabilities 4,495 3,924 571 14.6

Total liabilities 282,353 273,494 8,859 3.2

Total equity 15,356 14,959 397 2.7

Other managed and marketed customer funds 6,138 7,199 (1,061) (14.7)

Mutual funds 6,069 7,108 (1,039) (14.6)

Pension funds — — — -

Managed portfolios 69 91 (22) (24.2)

25

Income statement

Appendix

GBP million Variation

Q1'20 Q1'19 Amount %

Net interest income 774 850 (76) (9.0)

Net fees 166 189 (22) (11.8)

Gains (losses) on financial transactions (6) 0 (6) -

Other operating income 11 12 (1) (8.1)

Gross income 946 1,052 (106) (10.1)

Operating expenses (615) (644) 29 (4.6)

Net operating income 331 407 (77) (18.8)

Net loan-loss provisions (42) (53) 10 (19.6)

Other income (64) (43) (21) 47.5

Underlying profit before taxes 224 311 (87) (27.9)

Tax on profit (57) (85) 27 (32.4)

Underlying profit from continuing operations 167 227 (60) (26.3)

Net profit from discontinued operations — — — -

Underlying consolidated profit 167 227 (60) (26.3)

Minority interests (5) (5) (1) 13.7

Underlying attributable profit to the Group 162 222 (60) (27.1)

26

Quarterly income statements

Appendix

GBP million Q1'20 / Q4'19

Q1'19 Q2'19 Q3'19 Q4'19 Q1'20

Net interest income 850 825 820 827 774

Net fees 189 181 195 194 166

Gains (losses) on financial transactions 0 17 (13) 6 (6)

Other operating income 12 10 9 23 11

Gross income 1,052 1,034 1,011 1,050 946

Operating expenses (644) (615) (615) (612) (615)

Net operating income 407 419 396 437 331

Net loan-loss provisions (53) (17) (68) (83) (42)

Other income (43) (22) (39) (58) (64)

Underlying profit before taxes 311 380 288 296 224

Tax on profit (85) (89) (61) (77) (57)

Underlying profit from continuing operations 227 291 228 219 167

Net profit from discontinued operations — — — — —

Underlying consolidated profit 227 291 228 219 167

Minority interests (5) (5) (5) (5) (5)

Underlying attributable profit to the Group 222 286 223 214 162

Thank you.

Our purpose is to help people and business prosper.

Our culture is based on believing that everything we do should be: