Company: BCDRF
Filing Date: 2025-06-24
Form Type: 6-K
Source: 0000950103-25-007723
Chunk: 10

Company: Banco Santander, S.A.
Filing Date: 2025-06-24
Form: 6-K
Chunk 10
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. For these purposes, a retail investor means a person who is one (or more) of: (i) a
retail client as defined in point (11) of Article 4(1) of MiFID II; or (ii) a customer within the meaning of Directive (EU) 2016/97 (the
"Insurance Distribution Directive"), where that customer would not qualify as a professional client as defined in point
(10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in the Prospectus Regulation. Consequently no key information
document (KID) required by Regulation (EU) No. 1286/2014 on key information documents for packaged and retail and insurance-based investment
products (the "PRIIPs Regulation") for offering or selling the New Preferred Securities or otherwise making them available
to retail investors in the EEA has been prepared and therefore offering or selling the New Preferred Securities or otherwise making them
available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation.

PROHIBITION OF SALES TO UK RETAIL INVESTORS –
The New Preferred Securities are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise
made available to any retail investor in the UK. For these purposes, a retail investor means a person who is one (or more) of: (i) a retail
client, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of the UK domestic law by virtue of the UK
domestic law by virtue of European Union (Withdrawal) Act of 2018 (the "EUWA"); or (ii) a customer within the meaning
of the provisions of the Financial Services and Markets Act 2000 (the "FSMA") and any rules or regulations made under
the FSMA to implement Insurance Distribution Directive, where that customer would not qualify as a professional client, as defined in
point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of the UK domestic law by virtue of the EUWA ("UK MiFIR");
or (iii) not a qualified investor as defined in Article 2 of the Prospectus Regulation as it forms part of UK domestic law by virtue of
the EUWA.

Consequently no key information document required