SANTANDER HOLDINGS USA, INC.         Fixed Income Investor Presentation                    Second Quarter 2019                         August 21, 2019
 2 Disclaimer This presentation of Santander Holdings USA, Inc. (“SHUSA”) contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act  of 1995 regarding the financial condition, results of operations, business plans and future performance of SHUSA. Words such as “may,” “could,” “should,” “will,”  “believe,” “expect,” “anticipate,” “estimate,” “intend,” “plan,” “goal” or similar expressions are intended to indicate forward-looking statements.  Although SHUSA believes that the expectations reflected in these forward-looking statements are reasonable as of the date on which the statements are made, these  statements are not guarantees of future performance and involve risks and uncertainties based on various factors and assumptions, many of which are beyond  SHUSA’s control. Among the factors that could cause SHUSA’s financial performance to differ materially from that suggested by forward-looking statements are: (1)  the effects of regulation and/or policies of the Board of Governors of the Federal Reserve System (the “Federal Reserve”), the Federal Deposit Insurance Corporation  (the "FDIC"), the Office of the Comptroller of the Currency (the “OCC”) and the Consumer Financial Protection Bureau (the “CFPB”), and other changes in monetary  and fiscal policies and regulations, including policies that affect market interest rates and money supply, as well as in the impact of changes in and interpretations of  generally accepted accounting principles in the United States of America ("GAAP"), the failure to adhere to which could subject SHUSA to formal or informal  regulatory compliance and enforcement actions and result in fines, penalties, restitution and other costs and expenses, changes in our business practices, and  reputational harm; (2) the slowing or reversal of the current U.S. economic expansion and the strength of the U.S. economy in general and regional and local  economies in which SHUSA conducts operations in particular, which may affect, among other things, the level of non-performing assets, charge-offs, and provisions  for credit losses; (3) SHUSA’s ability to manage credit risk that may increase to the extent our loans are concentrated by loan type, industry segment, borrower type  or location of the borrower of collateral; (4) inflation, interest rate, market and monetary fluctuations, which may, among other things, reduce net interest margins,  and impact funding sources and the ability to originate and distribute financial products in the primary and secondary markets; (5) Santander Consumer USA Inc.’s  (“SC’s”) agreement with Fiat Chrysler Automobiles US LLC (“FCA”) may not result in currently anticipated levels of growth, is subject to performance conditions that  could result in termination of the agreement, and is also subject to an option giving FCA the right to acquire an equity participation in the Chrysler Capital portion of  SC’s business; (6) the pursuit of protectionist trade or other related policies, including tariffs by the U.S., its global trading partners, and/or other countries; (7)  adverse movements and volatility in debt and equity capital markets and adverse changes in the securities markets, including those related to the financial condition  of significant issuers in SHUSA’s investment portfolio; (8) SHUSA's ability to grow revenue, manage expenses, attract and retain highly-skilled people and raise capital  necessary to achieve its business goals and comply with regulatory requirements; (9) SHUSA’s ability to effectively manage its capital and liquidity, including approval  of its capital plans by its regulators and its ability to continue to receive dividends from its subsidiaries or other investments; (10) changes in credit ratings assigned to  SHUSA or its subsidiaries; (11) the ability to manage risks inherent in our businesses, including through effective use of systems and controls, insurance, derivatives  and capital management; (12) SHUSA’s ability to timely develop competitive new products and services in a changing environment that are responsive to the needs of  SHUSA's customers and are profitable to SHUSA, the success of our marketing efforts to customers, and the potential for new products and services to impose  additional unexpected costs, losses or other liabilities not anticipated at their initiation, and expose SHUSA to increased operational risk; (13) competitors of SHUSA  may have greater financial resources or lower costs, or be subject to different regulatory requirements than SHUSA, may innovate more effectively, or may develop  products and technology that enable those competitors to compete more successfully than SHUSA and cause SHUSA to lose business or market share; (14) consumers  and small businesses may decide not to use banks for their financial transactions, which could impact our net income; (15) changes in customer spending, investment  or savings behavior; (16) loss of customer deposits that could increase our funding costs; (17) the ability of SHUSA and its third-party vendors to convert, maintain and  upgrade, as necessary, SHUSA’s data processing and other information technology (“IT”) infrastructure on a timely and acceptable basis, within projected cost  estimates and without significant disruption to our business; (18) SHUSA’s ability to control operational risks, data security breach risks and outsourcing risks, and the  possibility of errors in quantitative models SHUSA uses to manage its business, including as a result of cyber-attacks, technological failure, human error, fraud or  malice, and the possibility that SHUSA’s controls will prove insufficient, fail or be circumvented;
 3 Disclaimer         (cont.) (19) the ability of certain European member countries to continue to service their debt and the risk that a weakened European economy could negatively affect U.S.- based financial institutions, counterparties with which SHUSA does business, as well as the stability of global financial markets, including economic instability and  recessionary conditions in Europe and the eventual exit of the United Kingdom from the European Union; (20) changes to income tax laws and regulations and the  outcome of ongoing tax audits by federal, state and local income tax authorities that may require SHUSA to pay additional taxes or recover fewer overpayments  compared to what has been accrued or paid as of period-end; (21) the costs and effects of regulatory or judicial proceedings, including possible business restrictions  resulting from such proceedings; and (22) adverse publicity and negative public opinion, whether specific to SHUSA or regarding other industry participants or  industry-wide factors, or other reputational harm; and (23) acts of terrorism or domestic or foreign military conflicts; and acts of God, including natural disasters.  Because this information is intended only to assist investors, it does not constitute investment advice or an offer to invest, and in making this presentation available,  SHUSA gives no advice and makes no recommendation to buy, sell, or otherwise deal in shares or other securities of Banco Santander, S.A. (“Santander”), SHUSA,  Santander Bank, N.A. (“Santander Bank” or “SBNA”), SC or any other securities or investments. It is not our intention to state, indicate, or imply in any manner that  current or past results are indicative of future results or expectations.  As with all investments, there are associated risks, and you could lose money investing.  Prior  to making any investment, a prospective investor should consult with its own investment, accounting, legal, and tax advisers to evaluate independently the risks,  consequences, and suitability of that investment. No offering of securities shall be made in the United States except pursuant to registration under the U.S. Securities  Act of 1933, as amended, or an exemption therefrom.    In this presentation, we may sometimes refer to certain non-GAAP figures or financial ratios to help illustrate certain concepts.  These ratios, each of which is defined  in this document, if utilized, may include Pre-Tax Pre-Provision Income, the Tangible Common Equity to Tangible Assets Ratio, and the Texas Ratio. This information  supplements our results as reported in accordance with GAAP and should not be viewed in isolation from, or as a substitute for, our GAAP results. We believe that  this additional information and the reconciliations we provide may be useful to investors, analysts, regulators and others as they evaluate the impact of these items  on our results for the periods presented due to the extent to which the items are indicative of our ongoing operations.  Where applicable, we provide GAAP  reconciliations for such additional information.  The enhanced prudential standards mandated by Section 165 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "DFA") (the “Final Rule") were  enacted by the Federal Reserve System (the "Federal Reserve") to strengthen regulatory oversight of foreign banking organizations ("FBOs"). Under the Final Rule,  FBOs with over $50 billion of U.S. non-branch assets, including Santander, were required to consolidate U.S. subsidiary activities under an intermediate holding  company (“IHC”). Due to its U.S. non-branch total consolidated asset size, Santander is subject to the Final Rule. As a result of this rule, Santander transferred  substantially all of its equity interests in U.S. bank and non-bank subsidiaries previously outside the Company to the Company, which became an IHC effective July 1,  2016. These subsidiaries included Santander BanCorp (“SBC”), Banco Santander International (“BSI”), Santander Investment Securities, Inc. (“SIS”), Santander  Securities LLC (“SSLLC”), as well as several other subsidiaries.   Effective July 2, 2018, Santander transferred Santander Asset Management, LLC ("SAM") to SHUSA. The contribution of SAM to the Company transferred  approximately $5.4 million of assets, $1.0 million of liabilities, and $4.4 million of equity to SHUSA. Although SAM is an entity under common control, its results of  operations, financial condition, and cash flows are immaterial to the historical financial results of SHUSA. As a result, SHUSA elected to report the results of SAM on a  prospective basis beginning July 2, 2018. As a result of the consolidation of SAM SHUSA's net income is understated $0.6 million for the three month period ended  June 30, 2018.  This amount is immaterial to the overall presentation of the Company's financial statements for each of the periods presented.
 2Q 2019 Executive Summary1                                                          4                        •  2Q19 net income of $407MM2 vs. $360MM2 for 2Q18       Earnings        •  1H19 net income of $646MM2 vs. $620MM2 for 1H18                        •  SHUSA’s balance sheet increased QoQ from $138.9BN to $143.9BN, primarily due to                           growth in commercial and industrial (“C&I”) and auto loans at SBNA    Balance Sheet      •  SBNA originated $1.9BN of prime auto loans through the program with SC                       •  Loan growth at SBNA funded through deposits and FHLB3 advances                        •  SHUSA, on an unconsolidated basis, held $4.2BN in high-quality liquid assets (“HQLA”)     Liquidity and     •  SHUSA’s LCR4 of 166%       Funding         •  On June 7, 2019, SHUSA issued $1.0BN five-year debt at 3.50%                       •  In July 2019, SHUSA redeemed $0.76BN and issued $0.72BN floating rate private debt                        •  CET15 ratio of 15.04%        Capital        •  SHUSA paid a regular dividend of $75MM to Santander                       •  ISC repurchased $87MM of its stock, completing its 2Q19 program                        •  SBNA’s credit metrics remain in line with large bank peers    Credit Quality     •  SC’s 30-59 days delinquency ratio declined 20bps YoY while >59 days delinquency ratio                           increased 20bps YoY                       •  SC’s TDR balances declined $0.4BN vs. 1Q19 and have declined $1.6BN vs. 2Q18  1Data as of June 30, 2019 unless otherwise noted. 4Liquidity coverage ratio 2Includes noncontrolling interest. Refer to page 23 for additional detail.   5Common Equity Tier 1 3Federal Home Loan Bank
 Introduction                                                                  5 SHUSA is a bank holding company wholly owned by Santander (NYSE:  SAN)                                                •  SHUSA and its subsidiaries include:                        SIS      SBNA                                                  •  Well-established banking franchises                                                      in the Northeast U.S. and Puerto Rico                                                  •  A nationwide auto finance business                                                  •  An international private banking                                                      business                                                  •  A wholesale broker-dealer                                              •  Headquartered in Boston                                              •  Regulated by the Federal Reserve                SC              BSI                           1            NYSE:  SC                         •  SEC registered                                              •  Bloomberg ticker: SOV                                   SBC         •  Website www.santanderus.com   1SHUSA’s SEC filings are accessible on the SEC website at  www.sec.gov and are also accessible through SHUSA’s website  at www.santanderus.com.
 Corporate Structure1                                                                                          6 SHUSA ownership of SC increased from 69.8% to 70.5% during 2Q19                                                   Santander                                             100% ownership                                                      SHUSA                                                  $143.9BN Assets                                   70.5%                                ownership           SBNA                   SC                   BSI                  BSPR2                 SIS       $81.4BN Assets        $46.4BN Assets        $6.0BN Assets         $6.2BN Assets        $1.8BN Assets         Retail Bank          Auto Finance         Private Banking        Retail Bank         Broker Dealer   1Balances as of June 30, 2019. 2Banco Santander Puerto Rico.
 7 Management Changes •  On July 24, 2019, SHUSA, SBNA, and SC announced the following management     changes effective September 16, 2019:                                                                            2      At SHUSA/SBNA:     •  Timothy Wennes will become President and Chief Executive Officer (“CEO”) of SBNA.  He         joins SBNA from MUFG Union Bank in California. Mr. Wennes succeeds Duke Dayal, who         was named Chief Financial Officer (“CFO”) of Santander UK on July 10, 2019.     •  Juan Carlos Alvarez will become SHUSA and SBNA CFO.  Mr. Alvarez currently serves as the         CFO at SC.  Mr. Alvarez succeeds Mr. Dayal in this role.      At SC:     •  Fahmi Karam, SC’s Head of Pricing and Analytics, will succeed Mr. Alvarez as CFO of SC.  He         will continue to lead the Pricing and Analytics group in addition to his new role.     •  Shawn Allgood, currently Executive Vice President at Chrysler Capital, succeeds Richard         Morrin as Head of Chrysler Capital and Auto Relationships at SC.  Mr. Morrin has resigned         to assume a CEO role with a privately held company outside of the auto finance industry.
 Santander US Key Initiatives                                                   8                       •  Integrate U.S. operations and support functions to improve efficiency        SHUSA         •  Optimize balance sheet and capital across U.S. businesses                        •  Continue to improve loyalty and the customer experience across digital                          and physical channels         SBNA         •  Invest in people, products and technology in Corporate Investment                          Banking and Commercial Banking                      •  Enhance earning asset mix                        •  Increase non-prime originations ensuring appropriate risk-return profile          SC          •  Leverage SBNA for prime originations                      •  Enhance dealer and customer experience to drive originations growth
 Quarterly Profitability1,2                                                                                                               9  2Q19 net income improved QoQ and YoY   1Net income includes noncontrolling interest. Refer to page 23 for additional detail. 2See Page 21 for the consolidating income statement.
 Net Interest Margin (“NIM”) and Interest Rate Risk (“IRR”) Sensitivity 10 SHUSA’s asset sensitive position has decreased modestly since 4Q18                                                          2               NIM                          SHUSA IRR                                    (Change in annual net interest income for parallel rate                                             movements)
 Balance Sheet Overview1,2                                                                                                              11    SHUSA’s balance sheet reflects the combination of depository institutions funded by core     deposits and an auto finance company financed with diversified wholesale funding sources                                                                                             $119.4BN Liabilities                         $143.9BN Assets                                                                                                $24.5BN Equity                                                                                                 Money Market Deposit                         Home      CRE3                                                           Accounts (“MMDA”)                        Equity              Multi-Family            Residential                                                                                                       17%                   Non Interest-Bearing              Mortgage             6%                           4%            6%                                                                                    Demand Deposits                       6%                                                                                               10%       (“NIB DDA”)        Goodwill                                          C&I and Other                   3%                                       Commercial          Equity                                                   17%                                                                              Savings                                                                                       17%                                   4% Other Assets4 7%                                                                                                                                    Interest-Bearing                                                                                                                                7%   Demand Deposits               5%                                         1%  Other Consumer                                                            (“IB DDA”)       Cash                                            3%                                                             Auto Loans                                                                             Other     5%                                                                SBNA                                                                           Liabilities                                       6%                                                   11%                                  5%                                         Certificates                   11%                                                                                                              of Deposit   Investments                                                                                                           5%                                                                                FHLB                                                         Auto Leases -                       6%                                                             SC                                                                Revolving                                                                                                                                 Credit                                    20%                                                 Other                18%                                                                                                                               Facilities                                                                                    Borrowings                               Auto Loans - SC                                                            Secured                                                                                                          Structured                                                                                                          Financings    1Balances as of June 30, 2019.               3Commercial real estate (“CRE”).   2See page 22 for the consolidating balance sheet. 4Includes loans held for sale and allowance for loan and lease losses.
 Balance Sheet Trend                                                                12 Balance sheet trend reflects loan and lease growth funded by deposits and borrowed  funds                 Assets ($BN)                              Liabilities and Equity ($BN)                                    $144                                          $144                           $139                                          $139           $132    $136             $8                    $132    $136   $130             $8      $8                    $130    $6      $8                     $16                           $15            $15     $15                                                           $49    $17                                                           $47     $48                                                   $47    $46                                                                                   $15                                                                          $15                                                          $15     $14                                   $92             $15                           $90    $85     $86     $88                                                                          $46     $49                                                   $39    $42     $45                                                    $5      $5      $5      $5     $6            $13     $14    $14     $15    $12                                            $24    $24     $24     $24     $25    $10     $10     $10     $11    $12   2Q18    3Q18    4Q18    1Q19    2Q19           2Q18    3Q18   4Q18    1Q19    2Q19        Short Term Funds Gross Loans Other Assets        IB Deposits Borrowed Funds Equity        Investments Leases                               NIB Deposits Other Liabilities
 13 Balance Sheet Trend (cont.) •  Loan increase primarily due to SBNA C&I and prime auto loans1 •  Deposit growth in core customers              Loans and Leases ($BN)                                      Deposits ($BN)                                          $107                      $102     $104    $96      $99                                $16      $15                       $16                                                                      $64    $15      $16                                           $62      $61       $61      $63                                         $17                                $17                       $17                                                    $14      $15      $15    $17      $17                                           $15      $15                                         $25                                           $9       $10                       $23      $24                         $9       $8       $9    $22      $23                                                            $6       $6       $6       $6        $6                                          $32             $28       $29      $30                                                    $24      $24    $27                                                    $25      $25       $24     $12      $13       $14      $14      $15                                                            $6       $6       $8       $8        $9    2Q18      3Q18     4Q18     1Q19     2Q19              2Q18      3Q18     4Q18     1Q19     2Q19            Res. Mtg    C&I       Leases                           NIB DDA     Savings      Time             CRE         Auto       Other                           IB DDA      MMDA         Other    1See slides 32 and 33 for trend detail on SBNA loan portfolio
 Borrowed Funds Profile1                                                                                                                14  Public issuances consist of SHUSA unsecured debt and SC auto asset-backed securities                           SHUSA Consolidated  ($BN)                                                 SHUSA HOLDCO ($BN)                                                   $48.9                                                                 $9.2                           $45.6                                                                 $8.4                                                   $9.2         SHUSA Debt        $8.4                                                    $19.1             SC ABS       $18.5                                                                                SHUSA Debt                                                    $7.2  SC Private Amortizing    $8.6             rd                                    $6.5          SC 3 Party       $5.1              SBNA         $5.1                    $6.9                          1Q19                     2Q19                                           1Q19                   2Q19                                    SBNA ($BN)                                                             SC ($BN)                                                                                                 $35.6                   $36.8                                                    $6.9               FHLB              0.8%         $5.1                                                                   $18.5                   $19.1                                                                                       ABS             FHLB                                    $6.8                                                                                                                          $7.2                           $4.9                                            Private Amortizing      $8.6                                                                                    rd                                                                                  3  Party         $5.1                   $6.5                                                                                        2         Bank Debt                                                              Intragroup                                $4.0                           $0.2                     $0.1                                           $3.5                          1Q19                     2Q19                                           1Q19                    2Q19  1As of June 30, 2019. 2Intragroup balance includes lending from SHUSA to SC, which is eliminated in consolidation.
 15  SHUSA Debt and Total Loss Absorbing Capacity (“TLAC”) Rule  • In June 2019 SHUSA issued $1.0BN 3.50% debt due 2024 and in July 2019 redeemed     $0.7BN floating rate debt due 2019 and issued $0.7BN floating rate debt due 2023  • As of 2Q19 SHUSA met the Federal Reserve TLAC and Long term Debt (“LTD”)     requirements with 21.2% TLAC and 6.2% LTD1                        $1.9                       $0.4  $1.7                         Sr.  $0.7           $1.4        L+100           $0.4        $1.44                              Sr.            Sr.                          $1.1                             L+110                  $1.05           L+100 $1.0              $1.0                             $1.0           $1.0              Sr    Sr    Sr    Sr    Sr    Sr          Sr           Debt  Debt  Debt  Debt  Debt  Debt        Debt            2.65% 4.45% 3.70% 3.40% 3.50% 4.50%      4.40%      2019  2020  2021  2022  2023  2024  2025  2026  2027  2028 2029  L = 3 month U.S. Libor. Public issuance Private placement  1SHUSA’s requirement is 20.5% for TLAC and 6.0% for LTD as a percentage of risk-weighted assets
 Capital Ratios1                                                                                                                        16  •    SHUSA capital ratios remain at the top of peers2  •    Modest decline in ratios due to asset growth and regulator approved capital actions   1Capital ratios calculated under the U.S. Basel III framework on a transitional basis. 2See page 24 for comparison of SHUSA capital ratios to peers.
 Asset Quality:  SBNA                                                                                                                                       17  SBNA asset quality metrics remain in line with large bank peers                       Annualized Net Charge off Ratio                                                               NPL Ratio1      0.60%                                                                                      1.50%                  1.28%                                                                                                                    1.20%                                                                                              1.25%              0.44%          0.45%                                                                    1.06%                1.07%  1.05%                      0.40%                               0.39%         0.41%         1.20%                                              0.97%  1.00%                                    0.37%  0.36%                 0.37%                                                                                 0.92%      0.40%  0.41%                                0.35%                                                                                      0.90%   1.06%                                                                                                      1.02%                          0.24%     0.34%                               0.36%                                0.96%  0.91%                                                                                      0.60%                                0.83%  0.79%      0.20%           0.27%                                      0.27%                                                                   0.76%  0.78%  0.76%                                                          0.21%                                                                                      0.30%                                           0.14%  0.14%      0.00%                                                                           0.00%               2Q17   3Q17   4Q17    1Q18   2Q18   3Q18   4Q18   1Q19    2Q19                  2Q17   3Q17   4Q17   1Q18   2Q18   3Q18   4Q18   1Q19   2Q19                                  Large Banks       SBNA                                                                                                                  Large Banks       SBNA                             ALLL2    to Total Loans                                                   Reserve Coverage (ALLL/NPL)     1.50%                                                                            200.0%              1.17%  1.16%                                                                                                                              153.5%                            1.13%  1.16%   1.10%                       1.10%                                                143.5%149.0%149.4%148.0%     1.20%                                        1.09%  1.07%   1.09%                                               134.5%                                                                                      150.0%           124.4%126.8%                                   1.11%                                                        120.1%                            1.13%          1.12%  1.06%  1.06%  1.05%     0.90%    1.06%  1.06%                                             1.02%                                                                                      100.0%                                                                                                                            104.3%        108.3%104.6%110.4%     0.60%                                                                                             100.3%        96.7%         101.4%                                                                                                85.1%         88.2%                                                                                       50.0%     0.30%      0.00%                                                                               0.0%              2Q17   3Q17    4Q17   1Q18   2Q18   3Q18   4Q18    1Q19   2Q19                     2Q17   3Q17   4Q17   1Q18   2Q18   3Q18   4Q18   1Q19   2Q19                                   Large Banks       SBNA                                                           Large Banks       SBNA   **Source: SNL Bank level data; Large Bank = BAC, COF, C, KEY, BMO, HSBA, PNC, RBS, JPM, UNB, TD, USB, and WFC  1NPLs = Non accruing loans plus accruing loans 90+ days past due  (“DPD”). 2ALLL = Allowance for loan and lease losses.
 Asset Quality:  SC –                   Loss and Delinquency                                                                                                18    •    YoY gross charge-offs increased 90 basis points while YoY net charge-offs increased 30          basis points     •    YoY 30-59 day delinquency rates  decreased 20 basis points while YoY >59 day delinquency          rates increased 20 basis points               Credit: Individually Acquired Retail Installment Contracts (“RICs”),                        Delinquency: Individually Acquired RICs                                    Held for Investment                                                            Held for Investment   23.0%                                                                        120.0%                                     20.2%                                                   19.5%                                                                 11.0%                                                                              110.0%                        10.5%                       17.6%                                                                  9.6% 18.0%                                                                                                                                               9.4%                                                                 16.1%        100.0%         15.2%                                                                                                                         8.4%                                                                               90.0% 13.0%                                           10.6%                              80.0%                                             6.0%                                                                                                                  5.5%                             8.8%                         8.6%                                                                                             4.7%                                                                              70.0%                 4.5%                                     4.2%  8.0%               6.1%                                                     6.4%                                                                              60.0%           60.2%                                                  60.3%  3.0%                                              55.9%                     50.0%                        50.0%                                       47.3%                                   40.0%  -2.0%     Q2 2018       Q3 2018       Q4 2018       Q1 2019       Q2 2019    30.0%             Q2 2018       Q3 2018      Q4 2018       Q1 2019       Q2 2019                               Gross Charge-off Ratio                              Net Charge-off Ratio                                                                       30-59   >59                              Recovery Rate (as % of recorded investment)     SOURCE:  SC Second Quarter 2019 presentation in its Form 8-K filed on July 24, 2019.   See http://investors.santanderconsumerusa.com/financial-info/quarterly-results.
 19   Rating Agencies                          On August 9, 2018, S&P affirmed SHUSA’s ratings at BBB+/A-2 and SBNA’s                          ratings at A-/A-2.  The outlook for both remains Stable. 2                           On December 14, 2017, Moody’s upgraded SBNA’s long-term rating by 1                          notch from Baa2 to Baa1.  SHUSA’s rating remained at Baa3.                          On July 15, 2019, Fitch affirmed the ratings for SHUSA and SBNA at                          BBB+/F-2 and the outlook at Stable.                      SBNA                                           SANTANDER    July                                     SHUSA    2019 Te           S&P   Moody’s  Fitch    S&P    Moody’s   Fitch   S&P    Moody’s   Fitch  Short Term                A-2    P-1     F-2     A-2      N/A     F-2     A-1      P-1     F-2   Deposits   Long-Term                A-2    A2      A-      N/A      N/A     N/A     A-1      A2       A-   Deposits   Senior Debt  A-     Baa1   BBB+     BBB+     Baa3    BBB+     A       A2       A-    Outlook    Stable Stable  Stable  Stable   Stable   Stable Stable   Stable   Stable
 Appendix
 Consolidating Income Statement                                                                              21                                                         For the three-month period ended June 30, 2019                                                                              (1)               (2)      (US $ Millions)                              SBNA         SC       Other       IHC Entities   SHUSA       Interest income                           $        719 $    1,324  $          13 $          120 $     2,176        Interest expense                                   (172)          (332)             (34)              (16)          (554)       Net interest income                                   547            992             (21)              104         1,622       Fees & other income/(expense)                        142            714             (16)              121            961       Other non interest income                                2             -             -               -                2      Net revenue/(loss)                                    691        1,706             (37)              225         2,585       General, administrative and other expenses           (539)          (795)             (53)            (155)       (1,542)        Other expenses                                        -             -             -               -             -       Provision for credit losses                           (47)          (431)                 1                 (4)           (481)      Income/(loss) before taxes                            105            480             (89)                66            562       Income tax (expense)/benefit                          (20)          (112)               (3)               (20)           (155)      Net income/(loss)                                       85            368             (92)                46            407       Less: Net Income Attributable to NCI                  -            111             -               -            111      Net income Attributable to SHUSA           $           85 $        257 $          (92) $             46 $         296   1Includes holding company activities, IHC eliminations, eliminations and purchase accounting marks related to SC consolidation. 2The entities acquired in the formation of the IHC are presented within "other" in  SHUSA’s financial statement segment  presentation due to immateriality.
 Consolidating Balance Sheet                                                                                                            22   1Includes holding company eliminations, IHC eliminations and purchase accounting marks related to SC consolidation. 2The entities acquired in the formation of the IHC are presented within "other" in SHUSA’s financial statement segment  presentation due to immateriality. 3Other investment securities include trading securities.
 Quarterly Trended Statement of Operations                23
 24 Capital Ratios Peer Comparison (as of 6/30/19)                              CET1                                                               Tier 1 Risk-Based Capital                      Total Risk-Based Capital                                                           Tier 1 Leverage      - - - - Peer Median           Peer data from SNL  Peers:  ALLY, BBT, BBVA, BMO, BNP, COF, CIT, CFG, CMA, DFS, FITB, HBAN, KEY, MTB, MUFG, RF, STI, TD
 25 Non-GAAP to GAAP Reconciliations
 26 Non-GAAP to GAAP Reconciliations (cont.)
 SBNA: Quarterly Profitability                            27    US $ millions
 SBNA: Quarterly Trended Statement of Operations          28
 SBNA: Quarterly Average Balance Sheet                    29 Quarterly Averages
 SBNA: Funding –         Deposits*                                                                           30    Average Non-Maturity Deposit Balances1 ($Bn)                 Average Total Deposit Balances1 ($Bn)                                                  1.00%                                                 1.10%                                                0.95%                                                 1.05%      $48.1    $47.7   $47.7   $47.0   $47.3                                                  $54.5                                                0.90%       $53.1   $53.0    $53.5    $53.7           1.00%                                                                                              0.93%                                                0.85%                                                 0.95%                                       0.77%    0.80%                                0.87%            0.90%                               0.74%                                                0.75%                                                 0.85%                       0.68%                                                 0.79%                                                0.70%                                                 0.80%                                                0.65%                                                 0.75%               0.61%                                                0.70%                                                0.60%                                                 0.70%       0.55%                                                            0.63%                                                0.55%                                                 0.65%                                                0.50%                                                 0.60%      2Q18     3Q18    4Q18    1Q19    2Q19                 2Q18    3Q18     4Q18    1Q19     2Q19         Non-Maturity Deposit Balances Avg. Interest Cost           Total Deposits    Avg. Interest Cost    *SBNA total deposits less the SHUSA cash deposit held at SBNA.     1Represents average quarterly balances.
 SBNA: Asset Quality                                                                                                                                        31                                        NPLs                                                                Criticized Balances1                                         -17%                         $ MM                                Criticized Balances       Criticized Ratio                                                                                                                                                      $ MM                                                                                                                      13%       $613             $618                                 $570                                                                 $535                                                                                    $2,230                $517                     $522    $523    $504            $508                                                                    $2,142                                                                                       $1,969  $2,008  $2,011                   $2,008                                                                                                               $1,945                   $1,903                                                                                                                        $1,796                                                                                         4.01%   4.13%   4.18%    4.11%           4.03%            4.02%   4.05%                                                                                                                       3.68%            3.68%       2Q17    3Q17     4Q17    1Q18    2Q18    3Q18    4Q18    1Q19    2Q19          2Q17     3Q17    4Q17    1Q18    2Q18     3Q18    4Q18    1Q19     2Q19                                   Delinquency2                                                                   Texas Ratio3                                                                                      11.38%                                    4                        0.81%                   3       0.82%                                 10.97%  10.69%    Texas Ratio                0.77%           Deliquency      0.75%           0.75%                                         10.19%         0.72%                  0.70%                                                                                 9.49%                                        0.69%                           0.70%                                                 9.27%   9.02%   8.95%                                                                                                                                                      8.44%                                                                                       9.00%                                                                                                      8.90%   8.50%                                                                0.62%                         8.00%                   8.10%                                                                                                                              7.76%   7.45%   7.48%                        0.55%   0.52%                                                                                                                 7.02%                0.50%                   0.49%   0.51%   0.50%         0.45%                                                          0.47%           2Q17    3Q17    4Q17    1Q18    2Q18    3Q18    4Q18    1Q19    2Q19          2Q17    3Q17    4Q17    1Q18    2Q18    3Q18    4Q18    1Q19    2Q19                                    Large Banks       SBNA                                                        Large Banks       SBNA         **Source: SNL Bank level data; Large Bank = BAC, COF, C, KEY, BMO, HSBA, PNC, RBS, JPM, UNB, TD, USB, and WFC  1Criticized = loans that are categorized as special mention, substandard, doubtful, or loss. 2Delinquency = accruing loans 30-89 DPD plus accruing loans 90+ DPD. 3See below for detail and non-GAAP measurement reconciliation of Texas Ratio.
 SBNA:     Asset Quality (cont.)                                                                                          32                           Mortgages                                                      Home Equity                                               $9.0  $9.1   $9.0                                 $8.6  $8.9                           $5.8   $5.7  $5.7                    $7.9  $8.2                                                            $5.6  $5.5   $5.4  $5.3       $7.2  $7.4                                                                                                  $5.2   $5.0                                                                       1.8%  1.8%   1.8%  1.9%   1.8%  1.8%   1.8%  1.8%   1.8%       1.9%  1.8%                    1.6%  1.4%   1.2%  1.1%   1.1%  1.1%   1.0%         0.1%  0.0%   0.0%  0.0%   0.0%  0.0%   0.0%  0.0%   0.0%       0.2%  0.2%   0.2%  0.2%   0.2%                                                                                                      0.2%   0.0%  -0.1% -0.1%       2Q17  3Q17   4Q17  1Q18   2Q18  3Q18   4Q18  1Q19   2Q19       2Q17  3Q17   4Q17  1Q18   2Q18  3Q18   4Q18  1Q19   2Q19                              CRE1                                              Santander Real Estate Capital (“SREC”)                $5.5                                                    $8.8   $8.7  $8.7                                   $8.5        $5.4         $5.2  $5.1   $5.3  $5.3  $5.3   $5.4  $5.3                           $8.4  $8.5  $8.4   $8.3  $8.4                                          0.8%                                                          0.4%       0.5%   0.5%  0.5%   0.5%  0.4%         0.0%   0.0%  0.0%       0.0%  0.1%   0.1%  0.1%   0.3%         0.1%  0.1%  0.0%        -0.1%  0.1%  0.1%  0.1%   0.0%  0.0%   0.1%  0.1%   0.1%       0.0%  0.0%   0.0%  0.0%   0.0%  0.0%   0.0%  0.0%  0.0%       2Q17   3Q17  4Q17   1Q18  2Q18   3Q18  4Q18  1Q19   2Q19       2Q17  3Q17   4Q17  1Q18   2Q18  3Q18  4Q18   1Q19  2Q19                       Outstandings                        NPLs* to Total Loans                      Net Charge-Offs**               *NPL = Nonaccruing loans plus accruing loans 90+ DPD      **NCO = Rolling 12-month average for that quarter and the prior 3 quarters                                                                                                               US $ Billions  1Commercial real estate (“CRE”) is comprised of the commercial real estate and continuing care retirement communities   business segments (SREC segment included in separate graph).
 SBNA:        Asset Quality (cont.)                                                                                                                         33                            Commercial Banking1                                                         Corporate and Investment Banking      $14.6    $14.4                                      $14.6   $14.9    $15.0                      $14.4    $13.7   $14.1    $14.3                                                                                                                                                            $6.9                                                                                                                                                   $6.4                                                                                        $5.7                                              $5.8                                                                                                $5.2                     $5.3     $5.4                                                                                                        $4.7     $4.7                       1.8%                                                                                                               1.6%      1.7%    1.5%             1.7%                               1.5%                                                   1.2%    1.1%             1.4%                                        1.3%    1.2%     1.2%             1.4%         1.2%     0.8%   1.3%     1.3%                                       1.2%                                                                                        0.8%      0.8%                                                                                                      0.3%              0.7%             0.4%                                                                     0.3%                       0.4%             0.3%    0.2%     0.2%     0.1%    0.3%                  0.0%                     0.0%    0.0%     0.0%    0.0%     0.0%     2Q17     3Q17     4Q17    1Q18     2Q18    3Q18     4Q18    1Q19     2Q19         2Q17    3Q17     4Q17    1Q18     2Q18    3Q18     4Q18    1Q19    2Q19                           Other Consumer2                                                                       Indirect Chrysler3                                                                                                                                                            $3.8                                                                                                                                                     $2.3                                                                          4.8%                                                 4.4%    4.6%     4.7%                                        4.2%                                                                                               $1.6       3.8%    3.7%     3.7%    4.0%                                                 $1.5     $1.7    $1.6     $1.5      $1.5                      $1.5     $1.5               $1.6    $1.6                                                                                                        $0.7                                                                                        $0.0     $0.0    $0.0     $0.0     $0.0                     0.5%     0.6%                                                                                                                                           0.2%            0.3%      1.8%     1.7%    1.7%     1.7%    1.6%             1.3%     1.3%    1.3%         0.0%     0.0%    0.0%     0.0%    0.0%     0.0%             0.3%                                                 1.4%                                  0.0%    0.0%      0.0%    0.0%    0.1%     0.0%    0.2%      2Q17    3Q17     4Q17    1Q18     2Q18     3Q18    4Q18     1Q19    2Q19         2Q17     3Q17    4Q17     1Q18    2Q18     3Q18    4Q18     1Q19    2Q19                           Outstandings                                   NPLs* to Total Loans                                  Net Charge-Offs** *NPL = Nonaccruing loans plus accruing loans 90+ DPD    **NCO = Rolling 12-month average for that quarter and the prior 3 quarters 1Commercial Banking = Equipment Finance & Leasing, Commercial Equipment Vehicle Finance-Strategic, Financial Institutions Coverage, International Trade Banking, Middle Market,  Asset-Based Lending, Institutional-NonProfit, Government Banking, Life Sciences & Technology, Professional & Business Services, Energy Finance, Mortgage Warehouse, Other Non- Core Commercial, Chrysler Auto Finance, Footprint Dealer Floorplan and Commercial Banking Not Classified Elsewhere and all other Commercial Business segments.                                                                                                                                                    US $ Billions 2Other Consumer =  Direct Consumer, Indirect Consumer, Recreational Vehicle/Marine, Credit Cards, & Retail. run-off. 3Indirect Chrysler =  Prime auto loans originated by SBNA through program with SC.
 SBNA: Capital Ratios1                                                                                                                  34    1Capital ratios calculated under the U.S. Basel III framework on a transitional basis.
 SBNA: Non-GAAP to GAAP Reconciliations                   35
 36 SBNA: Non-GAAP to GAAP Reconciliations (cont.)   1Mortgage servicing rights.
 37 SBNA: Non-GAAP to GAAP Reconciliations (cont.)
 38      SC: Auto Industry Analysis                                                   Used Vehicle Indices1                                                                                         SC Recovery Rates                              Manheim: Seasonally Adjusted         JD Power: Not Seasonally Adjusted                                                                         %                                            Manheim                   JDP Used-Vehicle Price Index                                               Auction Recovery Rate       2            SC Recovery Rate (Quarterly)        3                 145                                                                                                       65%                                                                                                                 140.5                 140                                                                                                                                                                                     60.2%             60.3%                                                                                           134.9                                                                                                                           60%                 135                  130                                                                                                       55%                 125                                                                                             123.7                                                                                                      50.8%                                                                                             120.1                         50%                   120            SEVERITY                 115                                                                                                       45%                                                                            46.5%                 110                                                                                                                           40%                 105                  100                                                                                                       35%                                                   Industry Net Loss Rates4                                                                          Industry 60+ Day Delinquency Rates4                                                                   %                                                                                                         %                                                                  Subprime                                                                                                   Subprime                                                                                                     Max: 10.2%                                                                                                   Max: 5.9%                                                                                                                                                                                                                              4.3                                                                                                 6.4                6.6                                                                                         4.0            CREDIT                                                                                                                                                                                                                     Min: 1.6%                                                                                                        Min: 4.0%         1   Manheim, Inc. :  indexed to a basis of 100 at 1995 levels; JD Power Used-Vehicle Price Index (not seasonally adjusted)       2   Auction Only - includes all auto-related recoveries including inorganic/purchased receivables from auction lanes only       3   Recovery Rate –   Per the financial statements includes insurance proceeds, bankruptcy/deficiency sales, and timing impacts        4   Standard & Poor’s Rating Services (ABS Auto Trust Data –     two-months lag on data, as of April 30, 2019) SOURCE:  SC Second Quarter 2019 presentation in its Form 8-K filed on July 24, 2019. See http://investors.santanderconsumerusa.com/financial-info/quarterly-results.
 39  SC: TDR Balance Composition by Vintage                                                       TDR Balance by Origination Vintage                                                                   ($ billions)                            6.3           6.3                                                        6.1           6.1              5.9                                                        2%                          5.8                            16%                                       6%              8%                         20%                                                     5.4                                                                                   10%                                                       24%                                                     4.9                                                                                                 14%           1%                                                                     26%                                                     4.5                                                                                                                             3%              37%                                                                  27%                         17%                            37%                                                                                                                            19%                                         37%                                                     27%                                                        36%                                                     27%                                                                     34%                                                                                                                            27%                                                                                   32%              27%                                                                                                 31%                            24%                                         22%                                                                   29%                                                       20%                                                                  28%                                                                     18%                                                                                   17%                                                                                                 16%              28%                                                                                              15%                            23%          21%                                                                                14%                                                       18%           16%                                                                                   14%           12%                                                                                                               11%           9%              2Q17          3Q17          4Q17          1Q18          2Q18         3Q18          4Q18          1Q19          2Q19                                              2013 & Prior   2014    2015     2016    2017    2018  SOURCE:  SC Second Quarter 2019 presentation in its Form 8-K filed on July 24, 2019. See http://investors.santanderconsumerusa.com/financial-info/quarterly-results.