Company: BCDRF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003514
Chunk: 295

Company: Banco Santander, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 295
---
 the dealers will be liable for any damage or loss suffered by any holder of contingent convertible capital securities who would otherwise be entitled to an exemption from Spanish withholding tax but whose income payments are nonetheless paid net of Spanish withholding tax because these procedures prove ineffective. Moreover, Banco Santander will not pay any additional amounts with respect to any such withholding. 6. Indirect taxation The acquisition and transfer of the contingent convertible capital securities will be exempt from indirect taxes in Spain, i.e., exempt from Transfer Tax, Stamp Duty and Value Added Tax, in accordance with Article 314 of the Consolidated Text of the Spanish Securities Market Law and related provisions. C. TAXATION IN SPAIN OF THE CONVERSION OF THE CONTINGENT CONVERTIBLE CAPITAL SECURITIES INTO ORDINARY SHARES 1. Individuals with Tax Residency in Spain

| 1.1 | Individual Income Tax (Impuesto sobre la Renta de las Personas Físicas) |

Income obtained on the conversion of the contingent convertible capital securities into ordinary shares, computed as the difference between the market value of the ordinary shares received and the acquisition or subscription value of the contingent convertible capital securities delivered in exchange, will be considered as a return on investment obtained from the transfer of own capital to third parties in accordance with the provisions of Section 25.2 of the IIT Law. The tax treatment will be the one referred to in section B.1.1 above. 2. Legal Entities with Tax Residency in Spain

| 2.1 | Corporate Income Tax (Impuesto sobre Sociedades) |

Subject to the applicable accounting regulations, income derived from the conversion of the contingent convertible capital securities into ordinary shares will be computed as the difference between the market value of the ordinary shares received and the book value of the contingent convertible capital securities delivered in exchange. Such income will be subject to CIT at the current general rate of 25%, in accordance with the rules for this tax. The tax treatment will be the one referred to in section B.2.1 above. 148

3. Individuals and Legal Entities with no tax residency in Spain

| 3.1 | Non-resident Income Tax (Impuesto sobre la renta de No 
 Residentes)                                            |

(a) Non-Spanishtax resident investors acting through a permanent establishment in Spain Non-Spanishtax resident investors operating through a permanent establishment in Spain are subject to the same tax treatment that applies to Spanish CIT taxpayers. (b) Non-Spanishtax resident investors not operating through a