#1March 3, 2023 SANTANDER HOLDINGS USA, INC. Fourth Quarter and Full Year 2022 Fixed Income Investor Presentation Santander#2Important Information 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. 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 generally accepted accounting principles ("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. SHUSA's subsidiaries include Banco Santander International ("BSI"), Santander Securities LLC ("SSLLC"), Santander US Capital Markets LLC ("SanCap"), as well as several other subsidiaries. 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, actions and/or policies of the Board of Governors of the Federal Reserve System ("Federal Reserve"), the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau, 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 GAAP, the failure to adhere to which could subject SHUSA and/or its subsidiaries to formal or informal regulatory compliance and enforcement actions and result in fines, penalties, restitution and other costs and expenses, changes in our business practice, and reputational harm; (2) SHUSA's ability to manage credit risk may increase to the extent our loans are concentrated by loan type, industry segment, borrower type or location of the borrower or collateral, and changes in the credit quality of SHUSA's customers and counterparties; (3) adverse economic conditions in the United States and worldwide, including the extent of recessionary conditions in the U.S. 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 credit loss expense; (4) inflation, interest rate, market and monetary fluctuations, including effects from the discontinuation of the London Interbank Offered Rate ("LIBOR") as an interest rate benchmark, may, among other things, reduce net interest margins, and impact funding sources, revenue and expenses, the value of assets and obligations, and the ability to originate and distribute financial products in the primary and secondary markets; (5) the pursuit of protectionist trade or other related policies, including tariffs and sanctions by the U.S., its global trading partners, and/or other countries, and/or trade disputes generally; (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) risks SHUSA faces implementing its growth strategy, including SHUSA's ability to grow revenue, manage expenses, attract and retain highly-skilled people, successfully complete and integrate mergers and acquisitions 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 subsidiaries' ability to continue to pay dividends to it; (9) reduction in SHUSA's access to funding or increases in the cost of its funding, such as in connection with changes in credit ratings assigned to SHUSA or its subsidiaries, or a significant reduction in customer deposits; (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 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; (12) 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 and impact our net income adversely; (13) Santander Consumer USA Inc.'s ("SC's") agreement with FCA US LLC ("Stellantis") may not result in currently anticipated levels of growth; (14) changes in customer spending, investment or savings behavior; (15) the ability of SHUSA and its third-party vendors to convert, maintain and upgrade, as necessary, SHUSA's data processing and other information technology infrastructure on a timely and acceptable basis, within projected cost estimates and without significant disruption to our business; (16) SHUSA's ability to control operational risks, data security breach risks and outsourcing risks, and the possibility of errors in quantitative models and software SHUSA uses in its business, including as a result of cyber-attacks, technological failure, human error, fraud or malice by internal or external parties, and the possibility that SHUSA's controls will prove insufficient, fail or be circumvented; (17) changing federal, state, and local tax laws and regulations, which may include tax rates changes that could materially adversely affect our business, including changes to 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; (18) the costs and effects of regulatory or judicial actions or proceedings, including possible business restrictions resulting from such actions or proceedings; (19) adverse publicity and negative public opinion, whether specific to SHUSA or regarding other industry participants or industry-wide factors, or other reputational harm; (20) SHUSA's ability to implement its environmental, social and governance strategy and appropriately address social, environmental and sustainability matters that may arise from it activities; (21) the adverse impact of COVID-19 on our business, financial condition, liquidity, reputation and results of operations; (22) natural or man-made disasters, including pandemics and other significant public health emergencies, outbreaks or escalations of hostilities or effects of climate change, and SHUSA's ability to deal with disruptions caused by such disasters and emergencies; (23) acts of terrorism or domestic or foreign military conflicts. In this regard, during the first quarter SHUSA assessed its exposure to clients in Russia and Belarus and does not believe it has any significant risk with respect to these clients; and (24) the other factors that are described in Part I, Item IA - Risk Factors of SHUSA's Annual Report on Form 10-K for 2022. 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. ("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, 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 Securities Act of 1933, as amended, or an exemption therefrom. Santander 2#3Index 1 2 3 4 5 At a Glance Results Capital & Liquidity Santander Investor Day Appendix#4SHUSA Q4 2022 Highlights SUMMARY 15% ATTRIBUTABLE PROFIT TO SANTANDER Down from high levels of 21% FY 2021 FINANCIAL METRICS $1.56B NET INTEREST INCOME ("NII") Up 3.8% YoY CAPITAL 13.2% COMMON EQUITY TIER 1 ("CET1") $1.75B dividends paid to Santander in Q4 TOP 10 TOTAL LOAN ORIGINATOR #1 Originator of non-prime auto' TOP 10 COMMERCIAL REAL ESTATE LENDER² With focus on multifamily housing 4.4% NET INTEREST MARGIN ("NIM") Decreased from 4.5% QoQ and 4.6% YoY 8.33% 30-89 DAYS DELINQUENT Compared to 9.75% in 4Q18 for consumer class of financing receivables $79 billion DEPOSITS Down 4% YoY 7.1% ALLOWANCE RATIO Slight increase QoQ Santander 1 From JD Power 2 Data as of Q3 2022 from S&P Capital IQ Pro#5SHUSA SHUSA is the intermediate holding company ("IHC") for Santander US entities, is SEC-registered and issues under the ticker symbol "SANUSA" Ɖo to SHUSA Highlights 8 major locations ~13,700 employees ATM 1 $168B in assets ~4.5M customers SBNA - Retail Bank ~$99B Assets Products include: • Commercial and • industrial ("C&I") Commercial Real Estate ("CRE") Multi-family Auto and dealer floorplan financing Santander SC - Auto Finance ~$41B Assets • Leading auto loan & lease originator & servicer • #1 retail auto ABS issuer 2021 in US Santander SC operates in all 50 states SHUSA² Company locations SC BSI BSI Private Banking - ~$8B Assets • Private wealth management for high net worth ("HNW") and ultra-high net worth clients SANCAP³- Broker Dealer ~$20B Assets Institutional fixed income broker-dealer: . US fixed-income capital markets market making Self-clearing of fixed- income securities globally ⚫ Expands the structuring and advisory capabilities for asset originators 1 Data as of December 31, 2022 2 Includes SSLLC, which offers personal investment & financial planning services to clients 3 Amherst Pierpont Securities ("APS") and Santander Investment Securities ("SIS") merged to form the new SanCap on February 6, 2023 SBNA SANCAP#6Index 1 2 3 4 5 At a Glance Results Capital & Liquidity Santander Investor Day Appendix#7SHUSA Overview Strategic focus 号 CIB FY 2022 Income Assets before tax ($BN) ($BN) Consumer Market-leading full spectrum auto lender and consumer finance franchise, funded by attractive consumer deposits $76 $1.7 Commercial Top 10 CRE and multifamily lender $27 $0.3 CIB Global hub for capital markets and investment banking $30 ($0.1) Wealth Management Leading brand in LatAm higher net worth, leveraging connectivity with Santander $48 $0.2 Santander 1 ❘Client assets and liabilities represents customer deposits and securities and loans and letters of credit.#8Quarterly Profitability & NII SHUSA reported net income of $122.5 million in Q4 compared to $227.8 million in Q3 Lower NII due to higher short-term interest rates Reduction in total fees and other income driven by a decrease in operating lease income and deposit fees Continued build of the Allowance of Credit Losses ("ACL") in response to market deterioration, increased charge-offs in the RIC portfolio, and new originations in the personal unsecured portfolios NET INTEREST INCOME (NII) ($M) PPNR ($M) Santander $1,505 $1,480 $1,533 $1,599 $1,562 $917 $995 $950 $940 $882 4Q21 1Q22 2Q22 3Q22 4Q22 PRE-TAX INCOME ($M) $903 $778 $546 $304 $121 4Q21 1Q22 4Q21 1Q22 2Q22 3Q22 4Q22 NET INCOME ATTRIBUTABLE TO SHUSA 1,2 ($M) $570 $616 $439 $228 $123 2Q22 3Q22 4Q22 4Q21 1Q22 2Q22 3Q22 4Q22 8 1 Net income includes noncontrolling interest ("NCI"). 2 See Appendix for the consolidating income statement.#9Q4 Balance Sheet Overview Other Consumer Goodwill and Other Loans, 2% Cash, 6% Residential, 5% Intangibles, 2% Auto Leases 2, 8% $168B Assets CRE, 11% Other Assets, 12% Santander Investments, 14% Other Borrowings, 8% Auto Loans, 26% CDs³, 8% IB Demand, 8% C&I, 14% Equity, 11% 1 Includes restricted cash and federal funds sold and securities purchased under resale agreements or similar arrangements 2 Operating leases 3 Includes federal funds purchased and securities loaned or sold under repurchase agreements 4 Includes Federal Home Loan Bank ("FHLB") borrowings 5 Certificates of deposit Revolving Credit Trading Savings, Facilities, Liabilities, 3% 2% 2% Money market, 17% $150B Liabilities $18B Equity Secured structured financings, 15% NIB Demand, 11% Other Liabilities³, 15% 6#10Balance Sheet Trends - Liabilities LIABILITIES & EQUITY ($B) IB Deposits Borrowed Funds. Other Liabilities' ■NIB Deposits ■Equity $159 $165 $167 $168 $154 21 19 18 2 22 20 20 18 23 22 27 27 27 12 13 41 40 43 45 45 44 59 555 57 54 56 4Q21 1Q22 2Q22 DEPOSITS ($B) 61 19 3Q22 4Q22 Liabilities & equity of $168B up 1% QoQ and 6% YoY Deposits of $79B were up 4% QoQ and down 4% YoY Decline in money market, NIB, and IB deposits was offset by growth in CD balances The yield on CDs has increased to 2.21% for FY 2022 compared to 0.78% for FY 2021 and rates on total IB deposits were up 0.38% YoY COST OF DEPOSITS (%) Money Market $82 NIB Deposits IB Deposits CD ■Savings 2.50% $79 $79 $76 2.00% 6 $74 6 5 5 6 6 1.50% 13 16 33 13 14 14 13 1.00% 23 22 222 20 20 20 20 0.50% 18 0.00% 34 35 55 32 22 31 30 2018 2019 30 IB Demand Deposits 4Q21 1Q22 2Q22 3Q22 4Q22 CDs Santander 1 Other liabilities includes securities sold under repurchase agreements 2020 2021 2022 Money market Savings ---Total IB Deposits 10#11Balance Sheet Trends ASSETS ($B) Gross Loans ■Investments Other Assets¹ ■Leases ■Short-Term Funds $165 $167 $168 $159 $154 9 10 19 14 15 15 14 15 15 23 23 22 14 14 19 19 24 23 24 92 92 93 97 98 4Q21 1Q22 2Q22 3Q22 4Q22 LOANS & LEASES ($B) 20.00% Auto C&I ■CRE ■Leases Res. Mtg Other $107 $107 $109 $112 $112 17.50% 8 8 15.00% 9 9 9 15 15 55 15 14 15 15 12.50% 17 18 15 16 10.00% 23 22 21 21 23 23 23 23 7.50% 5.00% 43 4Q21 Santander 3 43 44 1Q22 2Q22 Loan and lease outstanding amounts were flat QoQ, but increased 5% YoY driven by Auto and CRE Short-term funds increased 11% QoQ and decreased 47% YoY Investments increased 4% QoQ and increased 26% YoY due to APS purchase Yields on total Consumer, which include retail installment contracts ("RICS") and Auto, have decreased 74 bps from prior year due to higher mix of better credit quality originations in Auto YIELD ON LOANS (%) 45 45 45 45 2.50% 0.00% 2018 2019 2020 3Q22 4Q22 Total commercial HELOAN & LOC RICS & Auto 2021 Residential mortgages 2022 Total consumer Total consumer loans secured by real estate 11 Other Consumer Total loans 1 Other assets includes securities purchased under repurchase agreements#12NIM & Interest Rate Risk Sensitivity NIM declined slightly driven by increase in deposit betas and higher spreads on wholesale funding Santander SHUSA NIM 4.6% 4.5% 4.5% 4.4% 4.3% INTEREST RATE RISK SENSITIVITY (Change in annual net interest income for parallel rate movements) Up 100bps 4.3% 3.6% 2.3% 2.2% 2.1% 4Q21 1Q22 2Q22 3Q22 4Q22 -2.3% -2.6% -2.6% -2.4% -3.5% Down 100bps 4Q21 1Q22 2Q22 3Q22 4Q22 12#13Auto Originations ■ Q4 auto originations of $6.2 billion were down 18% YoY FY 2022 auto originations of $30.1 billion were down 13% compared to FY 2021 SBNA originations were up 21% FY 2022 compared to FY 2021 Three Months Ended Originations ($ in Millions) Q4 2022 Q3 2022 Q4 2021 Twelve Months Ended FY 2022 FY 2021 % Variance QoQ YOY FYOFY Total Core Retail Auto $3,063 $3,489 $3,234 $13,441 $12,989 (12%) (5%) 3% Chrysler Capital Loans (<640)¹ $966 $1,296 $1,162 $4,795 $5,238 (25%) (17%) (8%) Chrysler Capital Loans (≥640)1 $1,052 $2,058 $1,728 i $5,929 $8,778 (49%) (39%) (32%) Total Chrysler Capital Retail $2,018 $3,354 $2,890 $10,725 $14,016 (40%) (30%) (23%) Total Leases² $1,159 $1,336 $1,514 $5,939 $7,570 (13%) (23%) (22%) Total Auto Originations³ $6,240 $8,179 $7,638 i $30,104 $34,575 (24%) (18%) (13%) SBNA Originations* $2,490 $2,925 $2,055 $10,120 $8,362 (15%) 21% 21% Santander 1 Approximate FICO® scores 2 Includes nominal capital lease originations 3 Includes SBNA loan originations of $1.8 billion and lease originations of $1.1 billion for Q3 2022 4 SBNA originations remain off SC's balance sheet in the service for others portfolio 13#14Auto Delinquency and Portfolio The percentage of > 640 FICO loans in the loan portfolio has increased since 2016 from 14% to 41% The higher mix of the prime loans implies a better credit profile and decreases the total delinquency rates 7.00% 6.00% ☐ Deposit funding increased to 30% for 2022 from 17% in 2019 as a result of One-Auto Strategy SC and SBNA 60+ Delinquency Rates US RICS and Auto Loan Distribution by FICO Segment¹ 5.00% 4.00% 3.00% 2.00% 1.00% 0.00% Q1'19 Q1'20 Q1'21 Q1'22 Q1'23 (e) Total -SBNA SC Santander 14% 15% 21% 34% 38% 39% 41% 17% 17% 18% 16% 16% 16% 17% >=640 53% 51% Estimated to be below pre-pandemic 51% 600-639 41% 38% 38% "normal levels" 35% <600 No FICO 16% 17% 11% 9% 9% 7% 7% 2016 2017 2018 2019 2020 2021 2022 % funded with deposits 17% 18% 22% 30% Note: NCOs are in IFRS. (1) Consumer RICS and auto loans, excludes commercial fleet. Excludes LHFS. 14#155.00% 4.00% 3.00% 2.00% 1.00% 0.00% Consumer: 30-89 Days Past Due¹ Consumer and Commercial Loan Delinquency The increase in consumer loans delinquencies is primarily due to normal seasonality experienced in the RIC and auto loan portfolio as well as pressures from the economic factors. 16.00% 14.00% 12.00% 10.00% 8.00% 6.00% 4.00% 2.00% 0.00% 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 Residential Mortgage ...... Home Equity Personal Unsecured Consumer: 90+ Days Past Due¹ 2Q20 3Q20 1020 1021 RIC & Auto Loans Other Consumer 2 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 Personal Unsecured Santander 4018 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 Residential Mortgage ... Home Equity Other Consumer 3 RIC² & Auto Loans 1 Based on a percentage of financing receivables for their respective loan business 2 Other Consumer primarily includes recreational vehicle ("RV") and marine loan 3 Other Commercial includes commercial equipment vehicle financing leveraged leases and loans 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3022 4Q22 4Q22 1.20% 1.00% 0.80% 0.60% 0.40% 0.20% 0.00% 4Q18 1Q19 2.50% 2.00% 1.50% 1.00% 0.50% 0.00% 4Q18 1Q19 2Q19 Commercial: 30-89 Days Past Due¹ 3Q19 4Q19 1Q20 2Q20 CRE C&I Multifamily Other Commercial ³ Commercial: 90+ Days Past Due¹ 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 2Q19 ......CRE 3Q19 4Q19 1Q20 2Q20 C&I 3Q20 4Q20 Multifamily 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 Other Commercial 4 15#16Charge-offs and Recoveries by Portfolio Segment Consumer net charge-offs increased from 4Q21 to 4Q22 as prior year activity partially reflected the effects of stimulus payments received by customers while current year activity reflects the normalization in credit performance Commercial net charge-offs increased from 4Q21 to 4Q22, primarily due to deterioration of the C&I portfolio. Consumer 3.50% 3.00% 2.50% 2.00% 1.50% 1.00% 0.50% 0.00% NCOs¹ 120.00% 0.14% 0.12% 100.00% 2.00% 1.80% 0.10% 80.00% 1.60% 0.08% 60.00% 1.40% 1.20% 1.00% 0.80% 0.60% 0.40% 0.20% 0.00% 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 Consumer Santander Charge-offs and NCOs are based on a percentage of their respective loan business 2 Recoveries are based on a percentage of gross charge-offs 4Q20 1Q21 2Q21 Commercial 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 0.06% 40.00% 0.04% 20.00% 0.02% 0.00% 0.00% 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 Consumer 4020 1Q21 2Q21 3Q21 Recoveries² Commercial 4Q21 1Q22 2Q22 3Q22 4Q22 Charge Offs¹ 0.18% 0.16% 0.14% 0.12% 0.10% 0.08% 0.06% 0.04% 0.02% 0.00% Commercial 4Q18 1019 2019 3Q19 4019 1Q20 2Q20 Consumer 3Q20 4Q20 1Q21 Commercial 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 16#17Allowance For Credit Losses ("ACL") Allowance ratio stable QoQ December 31, September 30, December 31, Allowance Ratios 2022 2022 2021 (Dollars in Millions) (Unaudited) (Unaudited) (Audited) Total loans held for investment $97,338 $96,826 $92,076 ("LHFI") Total ACL1 $6,866 $6,757 $6,566 Total Allowance Ratio 7.1% 7.0% 7.1% Under the Federal Reserve's April 2022 stress test (severely adverse scenario): ■ Q4 2022 ending ACL represents ~72% of stress test losses ■ SHUSA's stressed capital ratio² of 18.7% ranked in the top quartile among participating banks ■ PPNR³ of $7.3B (4.6% of average assets) ranked in the top quartile among participating banks Santander Includes ACL for unfunded commitments. 2 Projected minimum CET1 ratio (minimum and ending) under the severely adverse scenario over the nine-quarter projection horizon, 2022:Q1-2024:Q1 3 Projected PPNR under the severely adverse scenario through the nine-quarter projection horizon, 2022:Q1-2024:Q1 17 77#18Index 1 2 3 4 5 At a Glance Results Capital & Liquidity Santander Investor Day Appendix#19Borrowed Funds Profile Third-party secured funding and amortizing notes in Q4 increased due to favorable pricing and execution SBNA has $11.1B of advances available through FHLB with $4.0B outstanding Credit-linked note issuance increased YoY for continued capital relief For Tier 1 Capital, SHUSA issued $500 million of Preferred stock to Santander Intragroup Santander QoQ YOY 4Q22 3Q22 4Q21 (%) (%) Senior Unsecured Debt 9.5 9.7 9.7 (2.7) (2.1) FHLB 4.0 5.0 0.3 (20.0) 1500.0 Credit Linked Notes 1.3 1.0 0.3 30.0 342.6 Third-Party Secured Funding 4.0 2.6 0.0 54.2 0.0 Amortizing Notes 4.6 3.8 3.4 22.0 37.6 Securitizations 20.2 22.7 23.5 (10.8) (14.0) 0.0 0.0 4.0 0.0 (100.0) Total SHUSA Funding 43.6 44.8 41.1 9.0 6.0 Preferred Stock Issuance to Santander 0.5 0.0 0.0 0.0 0.0 19#20Debt & TLAC As of Q4 2022, SHUSA met the Federal Reserve's TLAC and LTD requirements' with 20.8% TLAC, 6.4% eligible LTD and a CET1 ratio of 13.2% In December, SHUSA executed two private issuances with Santander ■ $500 million of fixed-rate non-cumulative perpetual preferred stock, Series E which counts towards Tier 1 capital $500 million of subordinated debt which counts towards Tier 2 capital SHUSA Debt Maturity Schedule² ($ in billions) $2.6 $1.0 3.45% $1.9 $1.8 $0.8 2.88% $0.95 3.24% $1.1 $1.1 $1.0 4.50% $0.5 $1.0 $1.1 5.81% $1.0 $0.5 $0.5 $0.5 3.50% 4.40% 2.49% $0.5 4.26% $0.5 $0.4 SOFR+135bps 2.88% $0.5 7.18% $0.5 8.41% 2024 2025 2026 2027 2028 2031 2032 Perpetual Santander Private placement Public issuance Internal TLAC 1 SHUSA's requirement is 20.5% for TLAC and 6.0% for LTD as a percentage of risk-weighted assets 2 Senior debt issuance. Data as of December 31, 2022 3-Month LIBOR 20 20#21Capital Ratios ■ CET1 decreased 200bps QoQ due to dividend of $1.75B paid to Santander in Q4. SHUSA paid a total of $4.75B in 2022 to Santander ☐ Preferred stock was issued to Santander for Tier 1 capital Subordinated debt was issued to Santander for Tier 2 capital CET1 18.8% 18.5% 16.9% 15.2% 13.2% 4Q21 1Q22 2Q22 3Q22 TIER 1 LEVERAGE RATIO 15.0% 13.6% 4Q22 4Q21 TIER 1 RISK-BASED CAPITAL RATIO 20.7% 18.8% 17.2% 15.5% 13.9% 1Q22 11.8% 11.1% 10.2% 2Q22 3Q22 TOTAL RISK-BASED CAPITAL RATIO 4Q22 22.7% 20.6% 18.9% 17.2% 15.9% 4Q21 1Q22 2Q22 3Q22 4Q22 4Q21 1Q22 2Q22 3Q22 4Q22 Santander 21 21#22SHUSA Capital Ratios vs. Peer Group ■ SHUSA ratios remain near the top of their peer group in risk-based ratios 20% 18% Peer Group Median = 10.03% 16% 14% 12% 10% 8% 6% KEY Common Equity Tier 1 FITB HBAN ALLY RF Total Capital CFG MTB COF 24% Peer Group Median = 13.09% 22% 20% 18% 16% 14% 12% 10% ALLY RF Santander Source: S&P Capital IQ Pro FITB KEY CFG HBAN MTB I 22% 20% 18% 16% 13.21% 14% 12% 10% 8% SYF SHUSA DFS 16% 14% 12% 15.94% 10% SYF COF SHUSA DFS 8% 6% 6% Peer Group Median = 11.12% FITB KEY HBAN Peer Group Median = 9.23% FITB HBAN KEY ALLY Tier 1 Capital Ratio RF CFG Tier 1 Leverage Ratio MTB SYF COF SHUSA ALLY RF MTB 10.20% CFG SHUSA I COF SYF DFS 22 22 13.90% DFS#23Rating Agencies SHUSA and SBNA ratings outlook remained “stable” Santander Fitch Ratings Stable outlook (June 14, 2022) SR. DEBT RATINGS BY SANTANDER ENTITY Santander¹ A/A- SHUSA BBB+ SBNA BBB+ Santander¹ A2/Baa1 Stable outlook MOODY'S. SHUSA Baa3 (June 25, 2021) SBNA² Baa1 Santander¹ A+/A- STANDARD Stable outlook SHUSA BBB+ & POOR'S (July 22, 2022) SBNA A- 1 Senior preferred debt / senior non-preferred debt 2 SBNA long-term issuer rating 23#24Index 1 2 3 4 5 At a Glance Results Capital & Liquidity Santander Investor Day Appendix#25The following slides were discussed at Santander Investor Day in London¹ Santander INVESTOR 28 February DAY LONDON 2023 Santande For more information on Investor Day please visit: https://santanderaccionistaseinversores.com/investor/ID/2023/ Santander 1 Following figures in International Financial Reporting Standards ("IFRS") 25#26US | Focused model committed to profitable growth across core businesses4 Targeting segments with proven competitive advantage and strong Group network contribution Not trying to be a Universal Bank Consumer Winning Factors Adj. ROTE 1,2 US1 Market leading full-spectrum Auto lender increasingly funded by bank deposits; 13.5K dealers and $30bn+annual originations Front-to-back solutions to transform into digital-first omnichannel bank with branches Mid to High teens Commercial Top 10 CRE and Multifamily lender serving leading US developers and investors Leverage Group capital markets, trade and cross-border payment solutions CIB Global hub for USD-based capital markets and investment banking; c.$800mn in revenue in 2022 Leading with our strengths in energy transition, infrastructure, project finance & trade finance Wealth Management Leading brand in LatAm high net worth leveraging Group network contribution 6,000+ customers and $40bn CAL³ Santander 1 Adjusted return on tangible equity target, based on Group's deployed capital calculated as contribution of RWAs at 12% 2 Through-the-cycle 3 CAL customer assets and liabilities 4 Figures in International Financial Reporting Standards ("IFRS") Mid teens ≥15% Adjusted Return on Tangible Equity through-the-cycle Low teens c.100% 26#27US | Focus on improving deposit cost to serve and scalability³ Simplification Rationalize businesses and products with limited scale and profitability 10% additional growth in consumer deposits equates to 10bp reduction in cost to serve Transformation Leverage Group digital capabilities to upgrade depository platform & drive significant operating leverage 2022 2025 2022 2025 Retail deposit cost to serve² c.205bps c.-20% Retail products on sale1 c.314 <20 Profitable growth anchored on four key pillars Branch count c.480 C.-25% Network contribution Leverage Group's network to drive top line growth and achieve scale synergies CIB US revenue Wealth Mgmt. CAL growth 2022 $779mn 2025 c.20% YoY³ $40bn CAL +18% Santander Profitable growth Support growth across target businesses while maintaining disciplined capital management Auto funded with deposits 2022 30% 2025 45-50% >100% payout Dividend payout $4,750mn in 2023 1 Number of products on sale driven by multiple variations within each category (retail vs commercial deposit and money market accounts, CDs with different tenures, etc.) 2 Non-interest expense assigned to retail deposit servicing (excluding marketing costs) based on $41B of average retail consumer deposits in 2022 and -3% CAGR through 2025 3 Figures in International Financial Reporting Standards ("IFRS") 27#28Balance sheet: US Auto Finance, shifting to Prime and more deposit funding³ Auto loan portfolio mix shift Illustrative US auto loan contribution margin (CM)1% Deposit funding allows us to consistently compete across credit spectrum Yield 16% 15% 15% NCO 6.6% 5.8% 5.8% Prime Near-Prime 34% 41% 40% 16% 17% 20% CM 2.9% 50% Non-Prime 42% 40% 2019 2022 2025 2.9% Prior Mix of Current Mix of Credit and Funding Credit and Funding 3.4% target % auto balance funded with deposits 17% 30% 45-50% Manheim index² 238 198 185 182 177 124 133 138 159 142 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Target Mix of Credit and Funding Portfolio credit performance and profitability will benefit from credit mix shift and increased customer deposits, lowering funding costs Recovery sensitivity 1% decrease in used car prices represents a 1% to 2% increase in Net Charge Offs ($) Santander 1 Using constant rates as of 01/31/2023. Illustrative Pre-Tax through-the-cycle contribution of Auto lending (excluding leases), applying wholesale or deposit funding as appropriate given credit mix shift and booking entity. "NCO" represents normal net charge off rate levels through-the-cycle. Not reflective of segment reporting 2 Data labels represent year-end Manheim index values. Actual and forecasted values based on the 1995 Manheim based index. Projections based on Moody's Baseline scenario 3 Figures in International Financial Reporting Standards ("IFRS") 28#29One Transformation | Accelerating execution in US5 Retail products (#)1 Simplification Retail & Administrative Costs² (USD bn) 2022 2025 c.314 <20 Process automation and redesign 2022 2025 % Operations in Branch c.50 <15 Reduction & automation of c.500 c.100 high cost branch processes Cost-to serve4 c.205bps c.-20% Q1 2024: Launch of national deposit savings 1 Excludes business lending products Santander 2 Total expense for retail bank (SBNA) and administrative US support costs (Hold Co) 3 Efficiency ratio for retail bank 2.0 0.3 0.7 1.7 33% from simplification 2022 Total Cost Inflation Simplification 2025 Total Costs C/I 74% ratio³ 4 Non-interest expense assigned to retail deposit servicing (excluding marketing costs) based on $41bn of average retail consumer deposits in 2022 and c.3% compound annual growth rate target through 2025 5 Figures in International Financial Reporting Standards ("IFRS") <45% 29#30Index 1 2 3 4 5 At a Glance Results Capital & Liquidity Santander Investor Day Appendix#31Consumer Activities YTD Ended December 31, ($ in 000's) 2022 2021 Total Consumer Activities Auto CBB Total Consumer Activities Auto CBB Total Consumer Activities Dollar Increase / (Decrease) Percentage Net interest income Non-interest income 4,041,002 $ 1,403,871 $ 5,444,873 4,335,818 2,779,138 300,983 3,080,121 3,412,388 1,300,240 $ 5,636,058 325,103 $ (191,185) 3,737,491 (657,370) -3.4% -17.6% Credit losses expense/(benefit) 1,730,062 216,600 1,946,662 (118,670) 29,339 (89,331) 2,035,993 2279.2% Total expenses 3,294,863 1,548,098 4,842,961 3,464,615 1,590,148 5,054,763 (211,802) -4.2% Income/(loss) before income taxes $ 1,795,215 $ (59,844) $ 1,735,371 $ 4,402,261 $ 5,856 $ 4,408,117 $ (2,672,746) -60.6% Total assets 62,645,083 13,107,982 75,753,065 63,061,949 12,561,672 75,623,621 129,444 0.2% Santander 1| Consumer and Business Banking 31#32Commercial Activities YTD Ended December 31, ($ in 000's) 2022 2021 Total Commercial Activities C&I CRE Total Commercial Activities C&I CRE Total Commercial Activities Dollar Increase/ (Decrease) Percentage Net interest income $ 311,808 $ Non-interest income 69,328 357,676 38,190 669,484 107,518 $ 291,550 $ 69,742 341,362 42,933 $ 632,912 36,572 5.8% 112,675 (5,157) -4.6% Credit losses expense/(benefit) 47,821 Total expenses 258,178 7,321 120,752 55,142 378,930 (78,402) (7,186) (85,588) 140,730 164.4% 252,769 113,474 366,243 12,687 3.5% Income/(loss) before income taxes $ 75,137 $ 267,793 $ 342,930 $ 186,925 $ 278,007 $ 464,932 $ (122,002) -26.2% Total assets 6,345,307 20,546,103 26,891,410 6,915,480 17,379,967 24,295,447 2,595,963 10.7% Santander 32 32#33CIB Santander CIB YTD Ended December 31, ($ in 000's) 2022 YTD Change 2021 Dollar Increase/ (Decrease) Percentage Net interest income 178,435 107,568 70,867 65.9% Non-interest income 237,000 246,141 (9,141) -3.7% Credit losses expense/ (benefit) 19,652 (27,641) 47,293 171.1% Total expenses 459,145 278,733 180,412 64.7% Income/(loss) before income taxes (63,362) $ 102,617 $ (165,979) -161.7% Total assets 30,478,602 16,016,527 14,462,075 90.3% 33#34Wealth Management Santander Wealth Management YTD Ended December 31, YTD Change ($ in 000's) 2022 2021 Dollar Increase/ (Decrease) Percentage Net interest income 177,627 $ Non-interest income 258,939 95,014 255,200 $ 82,613 86.9% 3,739 1.5% Credit losses expense / (benefit) (351) 351 100.0% Total expenses 244,863 223,831 21,032 9.4% Income/(loss) before income taxes 191,703 $ 126,734 $ 64,969 51.3% Total assets 7,854,953 8,051,489 (196,536) -2.4% 34#35Other Santander Other Year-To-Date Ended December 31, ($ in 000's) 2022 2021 YTD Change Dollar Increase / (Decrease) Percentage Net interest income Non-interest income (295,956) (282,031) (13,925) -4.9% Credit losses expense / (benefit) 45,685 (2,639) 100,680 (54,995) -54.6% (4,438) 1,799 40.5% Total expenses 210,880 Income/(loss) before income taxes $ 220,597 (458,512) $ (397,510) $ (9,717) -4.4% (61,002) -15.3% Total assets 27,216,290 35,834,147 (8,617,857) -24.0% Other includes the results of immaterial entities, earnings from non-strategic assets, the investment portfolio, interest expense on SBNA's and SHUSA's borrowings and other debt obligations, amortization of intangible assets and certain unallocated corporate income and indirect expenses. 35#36SHUSA: Quarterly Trended Statement Of Operations ($ in Millions) Interest income Interest expense Net interest income S 4Q21 1Q22 2Q22 3Q22 4Q22 1,758 1,722 1,908 $ 2,238 2,554 (253) (242) (375) (639) (992) 1,505 $ 1,480 $ 1,533 $ 1,599 $ 1,562 Fees & other income Other non interest income Net revenue 1,018 967 939 934 871 $ (1) 14 11 $ (19) 12 2,522 $ 2,461 $ 2,483 $ 2,514 $ 2,445 General, administrative, and other expenses (1,605) (1,466) (1,533) (1,574) (1,563) Credit loss (expense) / benefit (14) (217) (404) (636) (761) Income before taxes 69 903 $ 778 $ 546 304 $ 121 Income tax (expense)/benefit (198) (162) (107) (76) 2 Net income 705 616 439 228 123 Less: Net income attributable to NCI 135 Net income attributable to SHUSA 570 616 439 228 123 Santander NIM 4Q21 1Q22 2Q22 3Q22 4Q22 4.6% 4.5% 4.3% 4.5% 4.4% 36#37SHUSA: Non-GAAP Reconciliations ($ in Millions) 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 SHUSA pre-tax pre-provision income Pre-tax income, as reported $ 1,539 $ 1,084 $ 903 $ 778 $ 546 $ 304 $ 121 (Release of)/provision for credit losses (317) 20 14 217 404 636 761 Pre-tax pre-provision Income 1,222 1,104 917 995 950 940 882 CET1 to risk-weighted assets CET1 capital $ EA Risk-weighted assets Ratio 19,895 $ 113,295 17.6% 20,573 $ 112,068 18.4% 21,068 $ 111,820 18.8% 20,576 $ 111,181 18.5% 19,565 $ 115,655 16.9% 18,025 $ 16,256 118,818 15.2% 123,031 13.2% Tier 1 leverage Tier 1 capital Avg total assets, leverage capital purposes Ratio Tier 1 risk-based $ 21,868 $ 22,631 $ 23,175 148,072 14.8% 152,058 14.9% 154,429 15.0% 20,921 154,305 13.6% 19,910 168,042 11.8% 18,370 $ 17,101 165,054 167,686 11.1% 10.2% Tier 1 capital $ 21,868 $ Risk-weighted assets Ratio 113,295 19.3% 22,631 $ 23,175 112,068 111,820 20.2% 20.7% 20,921 111,181 18.8% 19,910 115,655 17.2% $ 18,370 $ 17,101 118,818 15.5% 123,031 13.9% Total risk-based Risk-based capital $ 23,446 $ 24,192 $ 25,333 Risk-weighted assets Ratio 113,295 20.7% 112,068 21.6% 111,820 22,848 111,181 21,896 115,655 20,396 118,818 22.7% 20.6% 18.9% 17.2% Santander $ 19,607 123,031 15.9% 37#38SC DELINQUENCY AND LOSS Delinquency Ratios: 30-59 Days Delinquent, RICS, Held For Investment ("HFI") 11.4% 11.0% 9.7% 8.3% 9.4% 6.0% 6.8% 7.4% 7.3% 8.0% 8.3% 4.3% 5.0% 5.5% 4.4% Delinquency Ratios: >59 Days Delinquent, RICS, HFI Delinquencies and charge-offs continue to normalize Early stage delinquencies increased 200 bps YoY 6.3% 6.0% 5.1% 5.5% 4.6% 4.6% Late stage delinquencies increased 140 bps YoY 4.1% 4.1% 3.1% 3.3% 3.4% 2.4% 2.4% 2.2% 2.4% Gross Charge-off Rates 19.2% 20.2% 17.3% 15.5% 11.1% 9.9% 9.7% 6.8% 6.6% 7.7% 9.6% 10.4% 9.5% 12.5% 14.2% Gross charge-off rate increased 460 bps YoY SC Recovery Rates1 (% of Gross Loss) 46.3% 47.3% 52.2% 50.1% 45.7% Net Charge-off Rates² 114.9% 91.4% 64.2% 69.1% 74.4% 65.7% 67.8% 69.1% 55.2% 53.0% SC's Q3 recovery rate of 53% continues to normalize 10.3% 10.6% 8.3% 7.7% 6.0% 5.6% 6.7% 3.5% 3.0% 2.0% 3.3% 3.4% 2.9% 0.6% -1.0% þ Q4 Q4 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2017 2018 2019 2020 2020 2020 2020 2021 2021 Q3 4Q Q1 Q2 Q3 Q4 2021 2021 2022 2022 2022 2022 Santander Recovery rate - Includes insurance proceeds, bankruptcy/deficiency sales, and timing impacts Net charge-off rates on RICS, HFI Net charge-off rate increased 340 bps YoY 38#39Thank You. Our purpose is to help people and businesses prosper. Our culture is based on believing that everything we do should be: Simple Personal Fair. Santander MEMBER OF Dow Jones Sustainability Indices In Collaboration with RobecoSAM FTSE4Good