Company: BCDRF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003514
Chunk: 152

Company: Banco Santander, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 152
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 any unsubordinated obligations (créditos ordinarios) of Banco Santander                                                                                                                                                    
 (including any claim of Banco Santander in respect of Senior Non Preferred Liabilities), (b) any other subordinated obligations (créditos subordinados) which by law and/or by their terms, to the extent permitted by Spanish law, rank 
 senior to Banco Santander’s obligations under the Tier 2 Instruments; and                                                                                                                                                                |

| (iii) | senior to (a) any claims in respect of Additional Tier 1 Instruments of Banco Santander and (b) any                                                                                                                               
 other subordinated obligations (créditos subordinados) of Banco Santander which by law and/or by their terms, to the extent permitted by Spanish law, rank junior to the obligations of Banco Santander under Tier 2 Instruments. |

Banco Santander agrees with respect to any series of subordinated debt securities and each holder of subordinated debt securities of any series, by his or her acquisition of a subordinated debt security, will be 54

deemed to have agreed to the above described subordination. Each such holder will be deemed to have irrevocably waived his or her rights of priority which would otherwise be accorded to him or her under the laws of Spain, to the extent necessary to effectuate the subordination provisions of the subordinated debt security. In addition, each holder of subordinated debt securities of any series by his or her acquisition of the securities authorizes and directs the Trustee on his or her behalf to take such action as may be necessary or appropriate to effectuate the subordination of the relevant subordinated debt securities as provided in the subordinated indenture and as summarized herein and appoints the Trustee his or her attorney-in-factfor any and all such purposes. The obligations of Banco Santander under the subordinated debt securities are subject to the Bail-inPower. Additional Amounts Unless otherwise specified in the relevant prospectus supplement, all amounts payable (whether in respect of principal, redemption amount, interest or otherwise) in respect of any series of debt securities will be made free and clear of and without withholding or deduction for or on account of any present or future taxes, duties, assessments or governmental charges (collectively, the “Taxes”) of whatever nature imposed or levied by or on behalf of the Kingdom of Spain or any political subdivision thereof or any authority or agency therein or thereof having power to tax, unless the withholding or deduction of such Taxes, is required by law. In that event