Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 97

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 97
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 de 5 de mayo, por el que se aprueba el texto refundido de la Ley Concursal) (as amended, the “Spanish Insolvency Law”) read in conjunction with Additional
Provision 14.3 of Law 11/2015, Banco Santander will meet subordinated claims after payment in full of unsubordinated claims, but before distributions to shareholders, in the following order and pro-rata within
each class: (i) late or incorrect claims; (ii) contractually subordinated liabilities in respect of principal (except for those under instruments of Banco Santander that qualify as Additional Tier 1 Capital or Tier 2 Capital, such as the
contingent convertible capital securities and the subordinated securities, respectively); (iii) interest (including accrued and unpaid interest due on the securities, except for interest under contingent convertible or subordinated securities
qualifying as Additional Tier 1 Capital or Tier 2 Capital); (iv) fines; (v) claims of creditors which are specially related to Banco Santander (if applicable) as provided for under the Spanish Insolvency Law; (vi) detrimental claims
against Banco Santander where a Spanish court has determined that the relevant creditor has acted in bad faith (rescisión concursal); (vii) claims arising from contracts with reciprocal obligations as referred to in Articles 156 to 158
and 160 to 167 of the Spanish Insolvency Law, wherever the court rules, prior to the administrators’ report of insolvency (administración concursal) that the creditor repeatedly impedes the fulfilment of the contract against the
interest of the insolvency; (viii) subordinated obligations (créditos subordinados) of Banco Santander under instruments qualifying as Tier 2 Capital (such as the subordinated securities) and (ix) subordinated obligations
(créditos subordinados) of Banco Santander under instruments qualifying as Additional Tier 1 Capital (such as the contingent convertible capital securities).

In addition, Second paragraph of Article 48(7) of BRRD, as implemented in Spain through Additional Provision 14.3 of Law 11/2015, clarified
that if an instrument is only partly recognised as an own funds

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instrument and, in the event of insolvency, the whole instrument shall be treated as a claim resulting from an own funds instrument and shall rank junior to any claim that does not result from an
own funds instrument.

The Spanish Insolvency Law provides, among other things, that