Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 222

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 222
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 —Conversion Upon Trigger Event” below is still to take place, holders of the contingent convertible capital securities of such series will be entitled to receive out of the relevant assets of Banco Santander a monetary amount equal to that which holders of such contingent convertible capital securities of such series would have received on any distribution of the assets of Banco Santander if such conversion had taken place immediately prior to such liquidation. After payment of the relevant entitlement in respect of a contingent convertible capital security as described in this section, such contingent convertible capital security will confer no further right or claim to any of the remaining assets of Banco Santander. Subordination Unless previously converted into Common Shares pursuant to section “ —Conversion Upon Trigger Event” below, the payment obligations of Banco Santander under the contingent convertible capital securities constitute direct, unconditional, unsecured and subordinated obligations ( créditos subordinados)of Banco Santander according to Article 281.1 of the Spanish Insolvency Law and, in accordance with Additional Provision 14.3 of Law 11/2015, but subject to any other ranking that may apply as a result of any mandatory provision of law (or otherwise), upon the insolvency of Banco Santander, for so long as the contingent convertible capital securities constitute Additional Tier 1 Instruments, rank:

| (a) | pari passu among themselves and with (i) all other subordinated obligations (créditos                                                                                                                                              
 subordinados) of Banco Santander under Additional Tier 1 Instruments and (ii) 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 pari passu with Banco Santander’s obligations under Additional Tier 1 Instruments;                                                                                                                                       |

| (b) | junior to (i) any unsubordinated obligations (créditos ordinarios) of Banco Santander,                                                                                                                            
 (ii) any subordinated obligations (créditos subordinados) of Banco Santander under Tier 2 Instruments and (iii) 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 Additional Tier 1 Instruments; and                                                                                        |

| (c) | senior to (i) any claims for the liquidation amount of the Common Shares and (ii) any other                                                                                                                                       
 subordinated obligations (créditos subordinados) of Banco Santander which by law