Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 29

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 29
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For each Interest Period, the interest rate on the 2030 Floating Rate Notes is based on a daily compounded SOFR rate calculated
using the specific formula set forth herein, not the SOFR rate published on or in respect of a particular date during the related Observation Period or an average of SOFR rates during such period. For this and other reasons, the interest rate on the
2030 Floating Rate Notes during any Observation Period will not be the same as the interest rate on other SOFR-linked investments that use an alternative basis to determine the applicable interest rate. Further, if the SOFR rate in respect of a
particular date during an Observation Period is negative, the inclusion of such SOFR rate to determine Compounded SOFR for the related Interest Period will reduce the interest rate payable on the 2030 Floating Rate Notes on the related Floating
Interest Payment Date; provided that in no event will the interest payable on the 2030 Floating Rate Notes for any Interest Period be less than zero.

In addition, limited market precedent exists for securities that use SOFR as the interest rate and the method for calculating an interest rate
based upon SOFR in those precedents varies. Accordingly, the specific formula for the daily compounded SOFR rate used in the 2030 Floating Rate Notes may not be widely adopted by other market participants, if at all. If the market adopts a different
calculation method, this would likely adversely affect the return on, value of and market for the 2030 Floating Rate Notes.

The amount of interest payable in respect of the 2030 Floating Rate Notes with respect to each Interest Period will be determined near the end of the Interest Period.

For the 2030 Floating Rate Notes, the Compounded SOFR applicable to each Interest Period and, therefore, the amount of interest payable with
respect to such Interest Period will be determined near the end of such Interest Period. Therefore, you will not know the amount of interest payable with respect to each such Interest Period until shortly prior to the related Floating Interest
Payment Date and it may be difficult for you to reliably estimate the amount of interest that will be payable on each such Floating Interest Payment Date. This inability to estimate the amount of interest payable on a Floating Interest Payment Date
may cause some investors to be unwilling or unable to trade in the 2030 Floating Rate Notes, which could adversely affect the liquidity and value of the 2030 Floating Rate Notes. In addition, with respect to the final Interest Period, holders of the
2030 Floating Rate Notes