SANTANDER HOLDINGS USA, INC.          Fixed Income Investor Presentation                       First Quarter 2018                           May 18, 2018
 Disclaimer                                                                                                                               2  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,” “looking forward,” “will,” “would,” “believe,” “expect,” “hope,” “anticipate,” “estimate,” “intend,” “plan,” “assume” 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 the 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 interest rate policies of the Federal Reserve, 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; (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) 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; (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)  regulatory uncertainties and changes faced by financial institutions in the U.S. and globally arising from the U.S. presidential administration and Congress and the  potential impact those uncertainties and changes could have on SHUSA's business, results of operations, financial condition or strategy; (6) 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; (7) 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; (8) 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; (9) changes in credit  ratings assigned to SHUSA or its subsidiaries; (10) the ability to manage risks inherent in our businesses, including through effective use of systems and controls,  insurance, derivatives and capital management; (11) 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 or collateral; (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 acceptance of such products and services by  customers, and the potential for new products and services to impose additional unexpected costs or losses not anticipated at their initiation, and expose SHUSA  to increased operational risk; (13) competitors of SHUSA that may have greater financial resources or lower costs, may innovate more effectively, or may  develop products and technology that enable those competitors to compete more successfully than SHUSA; (14) changes in customer spending or savings  behavior; (15) the ability of SHUSA and its third-party vendors to convert and maintain SHUSA’s data processing and related systems on a timely and acceptable  basis and within projected cost estimates; (16) SHUSA's ability to control operational risks, data security breach risks, 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; (17) 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; (18)  changes to income tax laws and regulations; (19) acts of terrorism or domestic or foreign military conflicts; and acts of God, including natural disasters; (20) the  costs and effects of regulatory or judicial proceedings; and (21) adverse publicity and negative public opinion, whether specific to SHUSA or regarding other  industry participants or industry-wide factors, or other reputational harm.
 Disclaimer (cont.)                                                                                                                       3   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”), Santander Consumer Holdings USA, Inc. (“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 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.
 Introduction                                                                                                             4  SHUSA is a bank holding company (“BHC”) wholly owned by Santander (NYSE: SAN)                                Santander                                  •   SHUSA consists of:                              Investment       Santander                                Securities        Bank                          •    Well-established banking franchises in                                                                                       the Northeast U.S. and Puerto Rico                                                                               •    A nationwide auto finance business                                                                               •    A wholesale broker-dealer in New York                                                                               •    International private banking business                                                                         •   Headquartered in Boston                                                                         •   Regulated by the Federal Reserve                                                                          •   SEC registered1               Santander                   Banco                Consumer                  Santander                       •   Bloomberg ticker: SOV                  USA                   International                NYSE:  SC                                                •   Website www.santanderus.com                                                Santander                                                Puerto Rico    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                                                                                                                     5     SHUSA is the intermediate holding company (“IHC”) for Santander’s U.S. operations                                                                    Santander                                                           100% ownership                                                                         SHUSA                                                                 $129.2BN Assets                                                                                                                                                                                                                 SBNA2                        SC3                       BSI4                      BSPR5                       SIS6             $74.6BN Assets             $40.0BN Assets             $6.1BN Assets              $5.2BN Assets              $1.5BN Assets               Retail Bank               Auto Finance           Wealth Management               Retail Bank              Broker Dealer                                          Approximately                                         68.0% ownership    1Balances as of March 31, 2018.                             4Banco Santander International.                2Santander Bank, N.A.                                       5Banco Santander Puerto Rico.  3Santander Consumer USA Holdings Inc.                       6Santander Investment Securities.
 1Q 2018 Highlights and Subsequent Events                                      6    •  Net Income for 1Q18 was  $258MM1  vs. $164MM1 for 1Q17    •  Continued management of SHUSA’s debt structure through $0.4BN tender of non-TLAC eligible      debt maturing in 2018 and 2019    •  SBNA’s Net Interest Margin (NIM) improved by 13bps QoQ to 3.10% and is now above FBO peers      and approaching regional peers              •  SBNA and SC launched a pilot program for SC to facilitate the origination and provide servicing      for prime auto loans to be held by SBNA.  Volume under the program was $24MM in 1Q18    •  SC demonstrated strong access to the ABS market through the issuance of 3 ABS transactions      totaling $3.3BN    •  On April 6, 2018, S&P upgraded SHUSA from BBB to BBB+ and upgraded SBNA from BBB+ to A-.    •  On April 18, 2018, SC completed its fourth ABS issuance of 2018, issuing $1.0BN      •  On April 30, 2018, SBNA’s CRA rating was upgraded to Satisfactory.  The new rating makes it      easier for SBNA to open additional branches within its eight-state northeast footprint and will      remove some limitations on accepting public deposits.   1Includes noncontrolling interest.
 1Q 2018 Executive Summary1                                                          7                         •  1Q18 net income of $258MM2 vs. $164MM2 for 1Q17        Earnings        •  SHUSA NIM of 5.68% vs. 5.56% for 1Q17                        •  SBNA NIM of 3.10% vs 2.62% for 1Q17                                                                                                                        •  SHUSA’s balance sheet increased QoQ from $128.3BN to $129.2BN  primarily due to                           growth in consumer deposits and short-term funds     Balance Sheet      •  In February 2018, SC completed the sale of $1.5BN prime auto loans to Santander                        •  In March 2018, SBNA sold its mortgage warehouse lending portfolio (balance $0.5BN)                                                                                                                                       Liquidity and     •  Holding company held $4.2BN in high quality liquid assets (“HQLA”)                        •  SHUSA maintains an LCR3 in excess of regulatory requirements        Funding         •  SHUSA conducted $0.4BN tender on its 2018 and 2019 debt                                                                            •  CET14 ratio of 16.65% as of 1Q18                        •  SHUSA continued dividend payments to Santander with $5MM paid         Capital        •  SC completed its second dividend since 2014 with a dividend of $0.05 per share                        •  On April 5, 2018, SHUSA submitted its 2018 Capital Plan to the Federal Reserve                          •  SBNA’s credit metrics remain in line with large bank peers                        •  SC’s TDRs5 declined by $0.3BN from 4Q17 to 1Q18     Credit Quality     •  SC’s 2016 vintage loans continue to outperform the 2015 vintage loans on a gross and                           net loss basis    1Data as of March 31, 2018 unless otherwise noted.  4Common equity Tier 1.    2Includes noncontrolling interest.   5Troubled debt restructuring.  3Liquidity coverage ratio.
 Quarterly Profitability1,2                                                                                                                                   8  SHUSA net income improved on YoY basis; 1Q18 slightly lower than 4Q17 which was  impacted by the tax law change and non-recurring items                                                                                    1,250    2,000                                                                                            978         985         982              1,603        1,642       1,574        1,516       1,496             1,000                                                       856     1,500                                                                                   750                                                                                                                                526     1,000                                                                                   500      500                                                                                   250        0                                                                             0             1Q17         2Q17        3Q17         4Q17        1Q18                        1Q17        2Q17         3Q17        4Q17        1Q18                                                                                                           288                     284       500                                                                                   300                                                        258                             380                                                                                       237                                         330                     353       350              243                                                                                     200      164       200       50                                                                           100               1Q17        2Q17         3Q17        4Q17         1Q18     -100                                                                                     0                                                   (132)                                   1Q17         2Q17        3Q17         4Q17        1Q18     -250   1Net income includes noncontrolling interest.  2See Page 23 for the consolidating income statement.
 NIM and Interest Rate Risk (IRR) Sensitivity                     9  • SBNA’s NIM has improved 48bps YoY due to balance sheet optimization actions    • SHUSA remains modestly asset sensitive and positioned to benefit from higher interest2     rates                                                       2                Net Interest Margin                 SHUSA IRR                                           (Change in annual NII for parallel rate movement)
 Balance Sheet Overview1,2                                                                                                              10     SHUSA’s balance sheet represents the combination of banks funded by core deposits and     an auto finance company financed with diversified funding sources                                                                                              $105.4BN Liabilities                             $129.2BN Assets                                                                                                 $23.8BN Equity                                                                                                          Money                                  Home                                             CRE                                                         Market                      Residential Equity                       Mortgage                         Multi-Family                                                             Non Interest-                                  5%      7%                                                              20%                     Bearing              Goodwill      7%                     6%                                                                              Demand                                                                                                                                   Deposits      Other Assets     4%                                                                                                 12%                                                                              Equity                                                                   C&I                  18%                    7%                                    16%                                                                          Savings                                                                                                                               5%            Cash    6%                                                                                                                Interest-                                                                                                                             6%       Bearing                                                            2%               Other      4%                                            Demand                                                                 Other      Liabilities   1%                                                                 Loans                                                                Deposits                                                                                                                           5%       Investments     13%                              8%                      FHLB         7%                                                                                                                      4%           Certificates                                                                                                                                    of Deposit                                                              Auto Leases           Other                                          19%                                     Borrowings              18%                  Revolving                                                                                                                               Credit                                                                                                                              Facilities                                      Auto Loans                                                        Secured                                                                                                       Structured                                                                                                       Financings   1Balances as of March 31, 2018.  2See page 22 for the consolidating balance sheet.
 Balance Sheet Trend                                                                                         11  Balance sheet trend reflects optimization efforts to reduce short-term (ST) funds,  investments, and certain loans offset by lower wholesale deposits and borrowed funds                       Assets                                               Liabilities & Equity                     Assets ($BN)                                          Liabilities and Equity ($BN)      $136      $135                          $132                $129                $136      $135      $9         $8                 $128                                              $132      $128      $129                           $8        $7        $8     $21       $21                         $20       $17        $17                                                                 $51        $47                                                                                      $46       $45       $46                                                                             $16                                                                 $16                  $16       $15       $16     $86       $85       $83       $83        $82                                                                  $41        $43       $41       $39       $38                                                                   $5        $5        $5         $5        $5      $10       $10       $10       $11        $11                                                                 $23        $23       $23       $24       $24     $11       $11       $11        $11       $11    1Q17      2Q17      3Q17       4Q17      1Q18                1Q17      2Q17      3Q17      4Q17      1Q18              ST Funds    Gross Loans  Other Assets                        IB Deposits  Borrowed Funds Equity              Investments Leases                                           NIB Deposits Other Liabilities
 12  Balance Sheet Trend (cont.)   • Loan decline primarily due to reduction in SBNA C&I loans1   • Deposit decline reflects reduction in wholesale and brokered deposits at SBNA               Assets                           Liabilities & Equity          Loans and Leases ($BN)                    Deposits ($BN)      $96           $95   $93    $94   $93         $67                                                 $63   $62          $62     $14   $14   $14    $15                                   $61                              $15          $16                                                $16    $18   $18                                         $16    $15   $16                $18    $18   $17                                          $12                                                $9     $9    $9    $8    $24   $23   $22    $22   $21          $6                                                $6     $6    $6    $6                                           $25    $27   $28   $26    $26   $27                $25   $25    $25   $26     $10   $10    $10   $11   $11                                          $8    $7     $6    $5    $6    1Q17   2Q17  3Q17  4Q17   1Q18        1Q17  2Q17   3Q17  4Q17  1Q18          Res. Mtg  C&I  Leases                 DDA NIB Savings  Time           CRE     Auto    Other                 DDA IB  MMDA     Other     1See slide 34 for trend detail on SBNA C&I portfolio.
 Borrowed Funds Profile1                                                                                                                13   Debt issuances planned at HoldCo to meet TLAC and liquidity management requirements                                                                                                                                      2                            SHUSA Consolidated  ($BN)                                                 SHUSA HOLDCO ($BN)                             $39.0                   $38.4                                                               $7.1          HoldCo Debt                                                                             $6.2                             $8.1                   $7.7              SC ABS                            $15.0                   $16.0                                                                                                  $8.1                                                                             HoldCo Debt                                $7.7  SC Private Amortizing                             $7.6                   $6.9              rd          SC 3  Party       $4.1                   $4.6            All Other       $4.2                   $3.2                           4Q17                    1Q18                                          4Q17                   1Q18                                    SBNA ($BN)                                                             SC ($BN)                           $2.6                                                                    $31.2                $31.3                FHLB                               $2.1               0.8%                                                                    ABS        $15.0                  $16.0              FHLB                            $2.0                                                  $1.5                                                                           Private Amortizing     $7.6                  $6.9                                                                             rd                                                                           3  Party Revolving     $4.1                  $4.6         Bank Debt         $0.6                   $0.6                 Repurchase Agreement       $0.7                  $0.6                                                                                Intragroup2       $3.8                  $3.2                           4Q17                  1Q18                                            4Q17                   1Q18  1As of  March 31, 2018.  2Intragroup  balance includes lending from SHUSA to SC which is eliminated at the consolidated level.
 HoldCo Debt Profile                                                                                         14  •   As of 1Q18 HoldCo held $4.2BN in HQLA                                                                                                            2  •   During 1Q18 HoldCo redeemed $63MM of the 3.45% due 2018 debt and $337MM of2                                 the 2.70% due 2019 debt                 $1.4   $1.4            $1.4               $0.7    $0.4                                                               $1.1               Sr                      L+100                                                    $1.05              Debt                             $1.0                               L+100                       $1.0                $0.7                  Sr      Sr              Sr      Sr              Sr              Sr      $0.2     Debt    Debt            Debt    Debt            Debt            Debt                     $0.2                                                                                                $0.2      Debt    2.70%   2.65%           3.70%   3.40%            4.50%           4.40%           Trust    Pref      3.45%                                                                                      Pfd    Stock      2018    2019    2020    2021    2022     2023    2024    2025    2026    2027      ...     2036    Perp
 HoldCo Issuance and TLAC Rule                                       15  •  In 2018 HoldCo expects to issue approximately $2.0BN in debt to meet TLAC LTD     requirement  •  Net increase of $1.6BN from 1Q18 as issuances replace maturities at HoldCo and SBNA                         SHUSA and SBNA Public Debt Outstanding1      2                                                                    2               $1.6BN    1Chart does not include SHUSA private placements ($1.1BN).
 Capital Ratios1                                                                                             16  SHUSA capital ratios remain at the top of peers2                                                                                                             2                          CET1                                              Tier 1 Leverage Ratio                                                                                             14.2%     14.4%                                     16.4%    16.6%                                 13.4%                           15.7%                                12.6%     13.0%       14.6%     14.6%          1Q17     2Q17      3Q17      4Q17     1Q18              1Q17      2Q17      3Q17      4Q17     1Q18             Tier 1 Risk-Based Capital Ratio                            Total Risk-Based Capital Ratio                                      17.8%    18.3%                                 19.1%     19.5%     19.9%                           17.4%                                18.1%     18.1%        16.2%     16.3%          1Q17      2Q17     3Q17      4Q17     1Q18              1Q17      2Q17      3Q17      4Q17      1Q18   1Capital ratios calculated under the U.S. Basel III framework on a transitional basis.   2See page 25 for comparison of SHUSA capital ratios to peers.
 Asset Quality:  SBNA                                                                                                                                       17   SBNA Asset quality metrics continue to be in line with large bank peers                      Annualized Net Charge off Ratio1                                                              NPL Ratio2                                    0.91%      1.00%                                                                          1.50%   1.30%                                             1.28%                                                                                                    1.26%   1.22%                1.25%                 1.20%                                                                                                                   1.20%  1.13%      0.80%                                                                          1.20%                                              1.06%                                                                                             1.28%  1.26%                                                                                                            1.16%      0.60%                                                      0.45%               0.90%                         1.12%  1.12%  1.06%                      0.41%  0.43%  0.44%  0.41%  0.44%  0.40%                                                                          1.02%              0.39%                                                     0.37%                                                                  0.96%   0.91%      0.40%                                                                          0.60%                                                 0.41%      0.20%                                                             0.34%        0.30%                            0.25%                       0.27%   0.24%                      0.15%                0.21%      0.00%   0.12%                                                                  0.00%              1Q16   2Q16   3Q16   4Q16   1Q17    2Q17   3Q17   4Q17   1Q18                  1Q16   2Q16   3Q16   4Q16   1Q17   2Q17    3Q17   4Q17   1Q18                                  Large Banks       SBNA                                                         Large Banks       SBNA                              ALLL3 to Total Loans                                                   Reserve Coverage (ALLL/NPL)       1.50%                                                                         150.0%                                                           134.5%               1.29%  1.27%  1.26%                                                                                                      124.4% 126.8%                                     1.22%  1.20%  1.17%                1.16%                                                    120.1%                                                          1.16%  1.13%                               109.0% 110.4% 109.0% 114.1%       1.20%                                                                                  106.0%                                                                                     100.0%              1.18%  1.17%  1.16%                               1.13%       0.90%                                1.07%  1.06%  1.06%         1.11%                                     1.02%                                                                  100.2%                      100.3%         96.7%                                                                                              90.6%  93.2%         91.4%  94.7%                 88.2%       0.60%                                                                                                                     85.1%                                                                                      50.0%      0.30%       0.00%                                                                           0.0%              1Q16    2Q16   3Q16   4Q16   1Q17   2Q17   3Q17   4Q17    1Q18                  1Q16   2Q16   3Q16   4Q16   1Q17   2Q17   3Q17   4Q17   1Q18                                   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      14Q16 impacted by two commercial clients. Excluding these clients, the charge-off ratio would have been  0.31%.  2NPLs = Non accruing loans plus accruing loans 90+ days past due  (“DPD”).  3ALLL = Allowance for loan and lease losses.
 Asset Quality:  SC – Loss and Delinquency                                                                                              18   •    YoY gross charge-offs increased 40 basis points while YoY net charge-offs decreased        50 basis points    •    YoY delinquency rates flat            SOURCE:  SC First Quarter 2018 Presentation in Form 8-K filed on April 24, 2018.  See http://investors.santanderconsumerusa.com/financial-info/quarterly-results.
 Asset Quality:  SC – Vintage Loss Performance                                                                                          19   2016 vintage continues to outperform the 2015 vintage on a gross and net loss basis        *Retained originations only          SOURCE:  SC First Quarter 2018 Presentation in Form 8-K filed on April 24, 2018.  See http://investors.santanderconsumerusa.com/financial-info/quarterly-results.
 Rating Agencies                                                              20                           On April 6, 2018, S&P upgraded SHUSA from BBB to BBB+ and upgraded                                                                               2                          SBNA from BBB+ to A-.  The short term rating and outlook for SHUSA2 and                          SBNA remained at A-2 and stable, respectively                                                    On December 14, 2017, Moody’s upgraded SBNA’s long-term ratings by 1                          notch from Baa2 to Baa1.  SHUSA’s ratings were not impacted                                                     On November 17, 2017, Fitch initiated coverage of SHUSA and assigned                          ratings of BBB+/F-2/Stable to SHUSA and SBNA                        SBNA                    SHUSA                   Santander     April      2018  Te           S&P   Moody’s  Fitch    S&P    Moody’s   Fitch  S&P1    Moody’s2  Fitch   Short Term                A-2    P-1     F-2     A-2      N/A     F-2     A-1      P-1     F-2    Deposits    Senior Debt  A-     Baa1   BBB+     BBB+     Baa3    BBB+     A       A2       A-     Outlook    Stable Stable  Stable  Stable   Stable   Stable Stable   Stable   Stable     1On April 6, 2018 S&P upgraded Santander from A-/A-2/Stable to A/A-1/Stable.   2On April 17, 2018 Moody’s upgraded Santander from A3/P-2/Stable to A2/P-1/Stable.
 Appendix
 Consolidating Balance Sheet                                                                                                            22     1Includes holding company eliminations, IHC eliminations and purchase accounting marks related to SC consolidation.   2The IHC entities are presented within "other" in SHUSA’s financial statement segment presentation due to immateriality.   3Other investment securities include trading securities.
 Consolidating Income Statement                                                            23                                           For the three-month period ended March 31, 2018                                                                (1)               (2) (US $ Millions)                      Bank         SC      Other       IHC Entities   SHUSA  Interest income                   $        594 $    1,172 $             8 $          102 $     1,876   Interest expense                             (93)          (251)             (28)                 (8)          (380)  Net interest income                           501            921             (20)                94         1,496  Fees & other income/(expense)                169            532               (2)              105            804  Equity investment income/(expense)               (2)             -             -               -               (2)  Other non interest income/(loss)              -             -                 0                 (1)               (1) Net revenue/(loss)                            668        1,453             (22)              198         2,297  General & administrative expenses           (492)          (691)             (82)            (141)       (1,406)   Other expenses                                (18)               (4)             (11)                 (3)             (36)  Provision for credit losses                   (27)          (459)             (11)                 (6)           (503) Income/(loss) before taxes                    131            299           (124)                48            353  Income tax (expense)/benefit                  (27)             (57)              10               (21)             (95) Net income/(loss)(3)               $         104 $        242 $        (115) $             27 $         258    1Includes holding company activities, IHC eliminations, eliminations and purchase accounting marks related to SC consolidation.   2The IHC entities are presented within "other" in  SHUSA’s financial statement segment presentation due to immateriality.   3SHUSA net income includes non-controlling interest.
 Quarterly Trended Statement of Operations                                24    (US $ Millions)                    1Q17     2Q17    3Q17     4Q17    1Q18  Interest income                 $    1,956 $   1,999 $  1,954 $  1,877 $1,876  Interest expense                        (353)        (357)       (380)       (362) (380) Net interest income                    1,603      1,642     1,574     1,516 1,496  Fees & other income                      728         720         788        669 804  Equity investment (expense)/income             (2)             1            1          28          (2)  Other non interest income                    1             9            7         (19) (1) Net revenue                            2,330      2,372     2,370     2,194 2,297  General & administrative expenses      (1,311)     (1,342)    (1,344)    (1,575) (1,406)  Other expenses                            (41)          (45)          (44)         (93) (36)  Provision for credit losses            (735)       (605)       (652)       (658) (503) Income before taxes                       243         380         330       (132) 353  Income tax (expense)/benefit              (79)          (92)          (93)        417 (95) Net income(1)                    $       164 $      288 $     237 $     284 $258     1Represents net income including noncontrolling interest.
 25  Capital Ratios Peer Comparison (as of 3/31/18)                               CET1                                                               Tier 1 Risk-Based Capital                                                                                                                                       2                       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
 Non-GAAP to GAAP Reconciliations                                                   26    $ Millions                                 1Q17     2Q17    3Q17     4Q17     1Q18  SHUSA Pre-Tax Pre-Provision Income    Pre-tax income, as reported            $        243 $        380 $        330 $      (132) $           353    Add back:       Provision for credit losses                   735           605           652           658              503    Pre-tax pre-provision income           $        978 $        985 $        982 $        526 $           856
 27  Non-GAAP to GAAP Reconciliations (cont.)                                                              2                                                         2
 SBNA: Quarterly Profitability                                                      28          Net Interest Income ($MM)                Pre-Tax Pre-Provision Income ($MM)                                                                                     2                                                                                   2          Pre-Tax Income/(Loss) ($MM)                      Net Income/(Loss) ($MM)       US $ millions    1See non-GAAP to GAAP reconciliation of pre-tax pre-provision income.
 SBNA: Quarterly Trended Statement of Operations                                    29    (US$ in Millions)                1Q17       2Q17       3Q17       4Q17        1Q18  Interest income               $             557 $             585 $             590 $             583 $           2   594  Interest expense                              (97)                 (90)                 (91)                 (86)                 (93) Net interest income                           460                495                499                497                501  Fees & other income                          197                199                210                174                169  Other non-interest income                     -                     9                     7                 (16)                 - Net revenue                                   654                703                716                655                670  General & administrative expenses               (517)               (523)               (495)               (523)               (492)  Other expenses                                (24)                 (25)                 (21)                 (63)                 (20)  Release of/(provision for) credit losses                 (27)                 (33)                 (34)                 (51)                 (27) Income before taxes                             86                122                166                  18                131  Income tax expense                            (16)                 (31)                 (49)                 (75)                 (27) Net income/(loss)              $               70 $               91 $             117 $              (57) $             104                                   1Q17       2Q17       3Q17       4Q17        1Q18 Net interest margin              2.62%      2.87%      2.88%      2.97%      3.10%
 SBNA: Quarterly Average Balance Sheet                                                             30  Quarterly Averages                                                                                                    2  (In millions)                        1Q18             4Q17             Change              1Q17 2                                  Average   Yield/  Average   Yield/ Average   Yield/   Average   Yield/                                 Balance   Rate   Balance   Rate   Balance    Rate    Balance    Rate Deposits and investments        $ 18,511 2.25%   $ 19,115  2.07%   $    (604) 0.18%   $ 21,504 1.89% Loans                              47,588 4.19%     48,373 4.00%         (785) 0.19%     50,765 3.68% Allowance for loan losses              (542) ---        (517) ---          (25)  ---         (531) --- Other assets                         8,761   ---      8,863   ---        (102)   ---       9,649   --- TOTAL ASSETS                    $ 74,318 3.24%   $ 75,834  3.07%   $(1,516)   0.17%   $ 81,387 2.79%  Interest-bearing demand deposits      8,336 0.31%      8,736 0.29%       (400) 0.02%       9,601 0.29% Noninterest-bearing demand deposits    11,975 ---    12,247   ---        (272)   ---     11,215    --- Savings                              4,011 0.32%      4,031 0.08%          (20) 0.24%      4,081 0.08% Money market                       27,878 0.71%     27,482 0.55%          396 0.16%      27,494 0.55% Certificates of deposit              4,881 1.35%      4,775 1.28%         106 0.07%        7,104 1.28% Borrowed funds                       2,186 3.86%      3,391 2.96%     (1,205) 0.90%        6,899 2.96% Other liabilities                    1,579   ---      1,428   ---         151    ---       1,493   --- Equity                             13,472    ---    13,744    ---        (272)   ---     13,500    --- TOTAL LIABILITIES & SE          $ 74,318 0.51%   $ 75,834  0.45%   $(1,516)   0.06%   $ 81,387 0.48%  NET INTEREST MARGIN                      3.10%             2.97%              0.13%            2.62%
 SBNA: Funding – Deposits*                                                                                   31     Average Non-Maturity Deposit Balances1 ($Bn)                   Average Total Deposit Balances1 ($Bn)                                                                                                            2                                                                                                           2                                             0.53%    $49.8                                                                                               0.60%            $49.2           $48.4                             $56.9                     $48.1           $48.0                              $55.1                                                                                $52.9    $53.2   $52.8                                             0.48%                                                       0.55%                                                                                                0.52%                                     0.44%                                              0.43%                                                       0.50%                                             0.38%                                       0.43%           0.45%                            0.35%                                              0.33%              0.39%                                    0.40%    0.30%           0.31%                                              0.37%   0.38%             0.29%                                              0.28%                                                       0.35%    1Q17    2Q17    3Q17    4Q17    1Q18                      1Q17     2Q17    3Q17     4Q17    1Q18      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                                                                                                                                        32                                       NPLs1                                                                 Criticized Balances2                                          -20%                            $ MM                            Criticized Balances       Criticized Ratio     $ MM                                                                                                                                                                     $710                 $687                                                                                                       -26%                        $615                     $613            $618                 $2,626                                  $583    $565                            $570                                                          $517                                 $2,376  $2,337                                                                                                                        $2,108                                                                                                                $2,018                  $2,008   $2,011                                                                                                                                $1,969                   $1,945                                                                                        4.81%                                                                                              4.36%   4.42%                                                                                                                       4.22%            4.13%   4.18%   4.11%                                                                                                               3.87%           4.01%        1Q16    2Q16    3Q16    4Q16    1Q17     2Q17    3Q17    4Q17    1Q18         1Q16     2Q16    3Q16    4Q16    1Q17     2Q17    3Q17    4Q17     1Q18                                   Delinquency3                                                                   Texas Ratio4                                                                                                                                 4                                                 3                                      14.26%  13.66%           Texas Ratio                                Deliquency                                                             13.11%  12.93%                                                                  0.81%                                  0.80%                   0.77%                                                         12.11%          0.76%   0.75%   0.73%           0.74%   0.72%                                                                         11.38%  10.97%                                                                          0.70%                                                                 10.69%  10.19%                                                                                         10.70%  10.30%                                                                                                        9.60%                                                                                                                9.50%   9.20%   9.00%           8.90%                                                                  0.55%                                                                                 8.50%                                                          0.50%           0.52%                                                         8.00%          0.43%                   0.47%           0.45%                  0.37%   0.39%           0.41%             1Q16    2Q16    3Q16    4Q16    1Q17    2Q17    3Q17    4Q17    1Q18          1Q16    2Q16    3Q16   4Q16    1Q17    2Q17    3Q17    4Q17    1Q18                                     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 = Nonaccruing loans plus accruing loans 90+ DPD.  2Criticized = loans that are categorized as  special mention, substandard, doubtful, or loss.  3Delinquency = accruing loans 30-89 DPD plus accruing loans 90+ DPD.  4See Appendix for definition and non-GAAP measurement reconciliation of Texas Ratio.
 33   SBNA: Asset Quality (cont.)                                 Mortgages                                                              Home Equity                                                          $7.9    $8.2                                           $7.2   $7.4                     $6.7   $7.0   $6.8                                        $5.9   $5.9      $6.4   $6.6                                                                             $5.9   $5.9    $5.8   $5.8    $5.7   $5.7   $5.6       2.6%             2.4%   2.2%    2.3%   2.3%   1.9%                                                  1.8%   1.6%   1.4%           1.8%   1.7%   1.7%    1.7%   1.7%    1.8%   1.8%    1.8%   1.9%        0.2%   0.2%   0.1%    0.1%   0.1%   0.1%    0.0%   0.0%   0.0%           0.3%   0.3%   0.3%    0.2%   0.2%    0.2%   0.2%    0.2%   0.2%      1Q16    2Q16   3Q16   4Q16    1Q17   2Q17   3Q17    4Q17   1Q18          1Q16    2Q16   3Q16    4Q16   1Q17    2Q17   3Q17    4Q17   1Q18                      Commercial Real Estate1                                             Santander Real Estate Capital (SREC)                                                                              $10.3  $10.1                                                                                             $9.8    $9.3                                                                                                            $9.1   $8.8    $8.7              $5.5           $5.4   $5.5   $5.4    $5.5                                                                           $8.7    $8.4       $5.4          $5.4                                 $5.2    $5.1        1.3%    1.4%                     1.1%    1.0%   0.8%                                           0.5%    0.5%   0.5%   0.5%         0.1%   0.1%    0.1%   0.1%    0.0%   0.0%    0.1%   0.1%    0.1%                                                          0.1%     0.1%        0.0%   0.0%    0.0%   0.0%    0.0%   0.0%    0.0%   0.0%    0.0%      0.2%   0.0%   -0.2%   -0.1%  -0.2%  -0.1%  0.1%      1Q16    2Q16   3Q16   4Q16    1Q17   2Q17   3Q17    4Q17   1Q18         1Q16   2Q16    3Q16   4Q16    1Q17   2Q17   3Q17    4Q17   1Q18                          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).
 34   SBNA: Asset Quality (cont.)                                                         1                                                                                                                 Commercial Banking                                          $10.1              Global Corporate Banking            $12.4    $12.2    $12.0                                                             $9.4     $11.8                             $11.5    $11.7   $11.6    $11.6                                                                         $10.9                            $8.4                                                                                                                   $7.9                                                                                                                           $6.8                                                                                                                                    $5.7                                                                                                                                            $5.2                                                                                                                                                     $4.7     $4.7     1.7%                                       1.6%             1.7%                                                                               1.3%      1.3%              1.5%             1.3%    1.5%              1.4%             1.5%                                                      1.2%                      1.1%                                                              0.6%     0.7%     0.8%                              0.7%                                                                                                                  0.4%     0.4%                               0.6%     0.7%    0.8%                                                                                 0.6%                                                         0.8%             0.4%          0.3%     0.3%     0.3%                                       0.3%    0.3%    0.1%     0.0%    0.1%                                        0.3%                                             0.0%    0.1%             0.0%     1Q16    2Q16     3Q16     4Q16    1Q17     2Q17    3Q17     4Q17     1Q18          1Q16     2Q16    3Q16     4Q16     1Q17    2Q17     3Q17     4Q17    1Q18                             Other Commercial2                                                                    Other Consumer3      $2.9              $3.0    $3.0     $2.9    $3.0               $2.9                                       $2.8     $2.8    $2.8                                                                                         $1.6     $1.6    $1.6                               $1.6    $1.6     $1.6                                                                                                                  $1.6     $1.5    $1.5                                                                                                                                           3.8%     3.7%     4.0%      2.4%                                                                 2.4%                                           3.4%     3.7%               2.3%    2.4%     2.3%    2.1%     2.1%     2.2%    2.4%                                            3.1%                                                                                        2.7%    2.8%     2.9%       1.0%     0.9%    0.8%     0.8%    0.7%     0.6%     0.6%    0.7%      0.6%         1.7%    1.7%     1.8%     1.9%    1.8%     1.8%    1.7%     1.7%     1.7%       1Q16    2Q16     3Q16     4Q16    1Q17     2Q17    3Q17     4Q17     1Q18         1Q16    2Q16     3Q16    4Q16     1Q17     2Q17    3Q17     4Q17    1Q18                             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 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 (sold 1Q18),  Other Non-Core Commercial, Chrysler Auto Finance, Footprint Dealer Floorplan and Commercial Banking Not Classified Elsewhere.   2Other Commercial =  All other Commercial Business segments.  3Other Consumer =  Direct Consumer, Indirect Consumer, RV/Marine, Indirect Chrysler, Credit Cards, and Retail run-off.
 SBNA: Capital Ratios1                                                                                                                                      35                                 CET1                                                                      Tier 1 Leverage Ratio                                                                                                                                                        2                                                                                                                                                        2                                                                                                                                                   14.2%                                                                18.7%                                       13.4%       13.7%        13.9%                      17.6%         18.1%         18.2%                                       12.9%         17.0%           1Q17          2Q17          3Q17         4Q17          1Q18                           1Q17        2Q17         3Q17         4Q17         1Q18                Tier 1 Risk-Based Capital Ratio                                                      Total Risk-Based Capital Ratio                                                                 18.7%                                                                             19.9%                                    18.1%         18.2%                                                                 19.2%        19.4%         17.0%         17.6%                                                                   18.2%        18.7%            1Q17         2Q17          3Q17         4Q17          1Q18                           1Q17         2Q17         3Q17         4Q17         1Q18    1Capital ratios calculated under the U.S. Basel III framework on a transitional basis.
 SBNA: Non-GAAP to GAAP Reconciliations                   36                                                           2                                                         2
 37  SBNA: Non-GAAP to GAAP Reconciliations (cont.)     1Mortgage servicing rights.   2Troubled debt restructurings.
 38  SBNA: Non-GAAP to GAAP Reconciliations (cont.)      $ Millions                                     1Q17    2Q17     3Q17    4Q17    1Q18    SBNA Pre-Tax Pre-Provision Income                                                     2             Pre-tax income, as reported         $         86 $       122 $       166 $         18 $       131            Add back:               (Release of)/provision for credit losses            27            33            34            51            27             Pre-tax pre-provision income        $       113 $       155 $       200 $         69 $       158
 SC: Auto Industry Analysis                                                                                                                                                                                              39                                                                                                                                                                                                                       2                                                                                                                                                                                                                     2    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  2 Auction Plus – Per the financial statements includes insurance proceeds, bankruptcy/deficiency sales, and timing impacts   3 Standard & Poor’s Rating Services (ABS Auto Trust Data – two-month lag on data, as of January 31, 2018)    SOURCE:  SC First Quarter 2018 Presentation in Form 8-K filed on April 24, 2018.  See http://investors.santanderconsumerusa.com/financial-info/quarterly-results.
 SC: Originations diversified across credit spectrum                                                                                    40                                                                                                                                                2    SOURCE:  SC First Quarter 2018 Presentation in Form 8-K filed on April 24, 2018.  See http://investors.santanderconsumerusa.com/financial-info/quarterly-results.
 SC: Asset Quality – Provisions and Reserves                                                                 41              .  QoQ allowance decreased $80 million          .  New volume and TDR migration1 were offset             by performance adjustment and  liquidations             and other              .  Allowance to loans ratio decreased 30 bps to 12.3% QoQ       .  Provision for credit losses decreased $176 million YoY            1 TDR migration – the allowance for assets classified as TDRs takes into consideration expected lifetime losses, typically requiring additional coverage  2 Explanation of quarter over quarter variance are estimates  SOURCE:  SC First Quarter 2018 Presentation in Form 8-K filed on April 24, 2018.  See http://investors.santanderconsumerusa.com/financial-info/quarterly-results.
 SC: TDR Balance Composition by Vintage                                                                                                                     42                                                     TDR balances down two consecutive quarters                                              TDR Balance by Origination Vintage (% of total balance)                                                                                                               $ 6.3           $ 6.3                                                                                               $ 5.9                                        $ 6.0                                                                                $ 5.8                                                                                                               16%                            1%                                                                 $ 5.6           4%             9%                                                  $ 5.3                                                                       20%                                2                                   $ 5.0                                                                                                     24%                    $ 4.7                         22%            30%                     5%            13%                                           35%                                                                                                37%                                                                                                               37%                                                                                                                              37%                    36%                                   36%                                                                                                       35%                                                  34%                                                                 32%                                                                                 29%                                                                                                26%                                                                                                               24%                                                                                                                              22%                                                                                                                                             21%                    59%                                   51%            44%                                                                 38%             32%                                                                                                28%            23%                                                                                                                              21%            19%                     1Q16           2Q16           3Q16           4Q16           1Q17           2Q17           3Q17           4Q17           1Q18                                                              2013 & Prior   2014    2015    2016    2017   SOURCE:  SC First Quarter 2018 Presentation in Form 8-K filed on April 24, 2018.  See http://investors.santanderconsumerusa.com/financial-info/quarterly-results.