Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 331

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 331
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 January 2027 (exclusive) (to calculate the final value). The peer group consists of BBVA, BNP Paribas, Citi, Crédit Agricole, HSBC, ING, Itaú, Scotia Bank and Unicredit.

B. Straight-line increase in the RoTE ratio based on the percentage of specific RoTE in 2026 within this bracket of the scale.

C. Proportional increase in the TSR ratio based on the number of positions moved up in the ranking.

D. Increase of the coefficient is proportional to its position on this line of the scale.

E. Financial inclusion: the banking proposals or tailored finance refer to the number of people unbanked, underbanked, in financial distress or with difficulty to access credit to whom we provide tailored access and finance solutions, aiming to meet local financial inclusion needs in a recurrent, comprehensive, affordable and effective way.

F. Assets under management that meet the criteria of Santander’s Sustainable Finance and Investment Classification System (SFICS) as a percentage of total assets under management.

G. Grupo Santander's contribution to our customers’ transition (2024-2026): CIB green finance raised and facilitated (target), Retail & Commercial banking green finance and sustainable linked-loans, and Digital Consumer Bank green finance.

To determine the annual amount of the deferred portion linked to objectives corresponding to each executive director in 2028, 2029 and 2030, the following formula shall be applied to each of these payments ('final annuity') without prejudice to any adjustment deriving from the malus clauses:

<div align='center'>Final annuity = Amt. x (2/5 x A + 2/5 x B + 1/5 x C)</div>

where:

• 'Amt.' is one third of the variable remuneration amount deferred conditional on performance (i.e. Amt. will be 12% of the total variable pay set in early 2025).

• 'A' is the RoTE coefficient according to the scale in the table above, based on RoTE at year-end 2026.

• 'B' is the TSR ratio calculated as the scale in the table above, according to the relative performance of Banco Santander’s TSR within its peer group in 2024- 2026.

• 'C' is the coefficient resulting from the sum of weighted coefficients for each of the four sustainability targets for 2026 described above.

• In any event, if the result of (