Company: BCDRF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003514
Chunk: 95

Company: Banco Santander, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 95
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 is likely to be inherently unpredictable and may depend on a number of
factors which may be outside of Banco Santander’s control. Although there are proposed pre-conditions for the exercise of the Spanish Bail-in Power or Non-Viability Loss Absorption, there remains uncertainty regarding the specific factors which the Relevant Resolution Authority would consider in deciding whether to exercise the Spanish Bail-in Power or Non-Viability Loss Absorption with respect to the financial institution and/or securities issued or guaranteed by that institution. In addition, as the
Relevant Resolution Authority will retain an element of discretion, holders of debt securities of any series may not be able to refer to publicly available criteria in order to anticipate a potential exercise of any such Spanish Bail-in Power and/or, in case of subordinated debt, Non-Viability Loss Absorption. Because of this inherent uncertainty, it will be difficult to predict when, if at all, the
exercise of any such powers, may occur which would result in a principal amount write off or conversion to equity.

This uncertainty may
adversely affect the value of holders’ investments in the debt securities of any series and the price and trading behavior of the debt securities may be affected by the threat of a possible exercise of any power under Law 11/2015 (including any
early intervention measure before any resolution) or any suggestion of such exercise, even if the likelihood of such exercise is remote. Moreover, the Relevant Resolution Authority may exercise any such power without providing any advance notice to
the holders of debt securities.

Changes in law or the official interpretation by regulatory authorities such as the Bank of Spain or the European Central Bank may adversely affect holders’ rights under the debt securities of any series or may adversely affect the Group’s business, financial performance and capital plans.

Changes in law or the official interpretation by regulatory authorities such as the Bank of Spain or the European Central Bank after the date
hereof may affect holders’ rights under the debt securities of any series and effective remedies of holders, as well as the market value of the debt securities of such series. Such changes in law may include changes in statutory, tax and
regulatory regimes during the life of the debt securities of any series, or changes that could have a significant impact on the future legal entity structure, business mix (including a potential exit of certain business activities) and management of
the Group, and use of capital and requirements for loss-absorbing capacity within the Group, which may have an adverse effect on an investment in the debt securities of such series.

Any change