EUR 13 cents/share - to be paid in May 2020

The Board of Directors of the Bank has resolved to submit to the next annual general shareholders meeting that the second payment of the remuneration against the results of 2019 amounts to EUR 0.13 per share by means of a final dividend in cash of EUR 0.10 per share and a scrip dividend (under the Santander Dividendo Elección scheme) that will entail the payment in cash, for those shareholders who so choose, of EUR 0.03 per share. Santander’s cash dividend would thereby increase to EUR 0.20, a year-on-year increase of c.3%, and the total dividend for 2019 would be EUR 0.23 per share (EUR 0.20 in cash and EUR 0.03 in scrip).

If shareholders approve this proposal, the percentage of 2019 underlying attributable profit applied to shareholder remuneration (payout) will be of 46.3% (within the 40-50% range indicated at the beginning of 2019) and the proportion of cash dividend will be 89.6%¹ (thus exceeding that of 2018, also as announced at the beginning of the year).

(1) Assuming a ratio of cash options in the Santander Dividendo Elección scheme of 80%.