Non-GAAP to GAAP Reconciliations

SHUSA Debt and Total Loss Absorbing Capacity ("TLAC") Rule • In June 2019 SHUSA issued $1.0BN 3.50% debt due 2024 and in July 2019 redeemed $0.7BN floating rate debt due 2019 and issued $0.7BN floating rate debt due 2023 As of 2019 SHUSA met the Federal Reserve TLAC and Long term Debt ("LTD") requirements with 21.2% TLAC and 6.2% LTD¹ $1.9 $0.4 $1.7 $0.7 Sr. L+100 $1.4 $0.4 $1.44 Sr. Sr. L+100 $1.1 L+110 $1.05 $1.0 $1.0 $1.0 $1.0 Sr Sr Sr Sr Sr Sr Sr Debt Debt Debt Debt Debt Debt Debt 2.65% 4.45% 3.70% 3.40% 3.50% 4.50% 4.40% 15 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 L = 3 month U.S. Libor. Public issuance Private placement Santander ¹SHUSA's requirement is 20.5% for TLAC and 6.0% for LTD as a percentage of risk-weighted assets

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