Company: BCDRF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003514
Chunk: 120

Company: Banco Santander, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 120
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 only out Available Distributable Items (as defined below). To the extent that:

(i) Banco Santander has insufficient Available Distributable Items to make Distributions on the contingent convertible capital securities of
any series scheduled for payment in the then current financial year and any

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equivalent payments scheduled to be made in the then current financial year in respect of any other Parity Securities and Common Equity Tier 1 Instruments then outstanding, in each case excluding
any portion of such payments already accounted for in determining the Available Distributable Items; and/or

(ii) the relevant Regulator,
in accordance with Applicable Banking Regulations, requires Banco Santander to cancel the relevant Distribution in whole or in part,

then Banco Santander
will, without prejudice to the right above to cancel the payment of all such Distributions on the contingent convertible capital securities of such series, make partial or, as the case may be, no payment of the relevant Distribution on the
contingent convertible capital securities of such series.

The level of Banco Santander’s Available Distributable Items may also be
affected by changes to accounting rules, regulation or the requirements and expectations of applicable regulatory authorities. Any such potential changes could adversely affect the Banco Santander’s Available Distributable Items in the future.

Banco Santander’s Available Distributable Items, and therefore the Banco Santander’s ability to make Distributions under the
contingent convertible capital securities, may be adversely affected by the performance of the business of the Group in general, factors affecting its financial position (including capital and leverage), the economic environment in which the issuer
and the Group operates and other factors outside of Banco Santander’s control. In addition, adjustments to earnings, as determined by the management of Banco Santander, may fluctuate significantly and may materially adversely affect Available
Distributable Items.

In addition, no payment will be made on the contingent convertible capital securities of any series (whether by way
of a repayment of the Liquidation Preference, the payment of any Distribution or otherwise) if and to the extent that such payment would cause a breach of any regulatory restriction or prohibition on payments on Additional Tier 1 Instruments
pursuant to Applicable Banking Regulations, including, without limitation (i) any such restriction or prohibition relating to any Maximum Distributable Amount under Article 48 of Law 10/2014 and any provisions implementing such Article, Article
16 bis of Law 11/2015 and any other provision of Spanish law transposing or implementing Article 141(2) of the CR