Company: BCDRF
Filing Date: 2025-06-24
Form Type: 6-K
Source: 0000950103-25-007723
Chunk: 11

Company: Banco Santander, S.A.
Filing Date: 2025-06-24
Form: 6-K
Chunk 11
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by the PRIIPs regulation as it forms part of UK domestic law by virtue of the EUWA (the "UK PRIIPs Regulation") for offering
or selling the New Preferred Securities or otherwise making them available to retail investors in the UK has been prepared and therefore
offering or selling the New Preferred Securities or otherwise making them available to any retail investor in the UK may be unlawful under
the UK PRIIPs Regulation.

MIFID II PRODUCT GOVERNANCE / PROFESSIONAL INVESTORS
AND ECPs ONLY TARGET MARKET – Solely for the purposes of each manufacturer's product approval process, the target market assessment
in respect of the New Preferred Securities has led to the conclusion that: (i) the target market for the New Preferred Securities is eligible
counterparties and professional clients only, each as defined in MiFID II; and (ii) all channels for distribution of the New Preferred
Securities to eligible counterparties and professional clients are appropriate. The target market assessment indicates that the New Preferred
Securities are incompatible with the needs, characteristic and objectives of retail clients (as defined in MiFID II). Any person subsequently
offering, selling or recommending the New Preferred Securities (a "distributor") should take into consideration the manufacturers'
target market assessment. However, a distributor subject to MiFID II is responsible for undertaking its own target market assessment in
respect of the New Preferred Securities (by either adopting or refining the manufacturers' target market assessment) and determining appropriate
distribution channels.

UK MiFIR product governance / Professional investors and ECPs only target market –
Solely for the purposes of each manufacturer’s product approval process, the target market assessment in respect of the New Preferred
Securities has led to the conclusion that: (i) the target market for the New Preferred Securities is only eligible counterparties, as
defined in the COBS, and professional clients, as defined UK MiFIR; and (ii) all channels for distribution of the New Preferred Securities
to eligible counterparties and professional clients are appropriate. Any distributor should take into consideration the manufacturers’
target market assessment; however, a distributor subject to the FCA Handbook Product Intervention and Product Governance Sourcebook is
responsible for undertaking its own target market assessment in respect of the New Preferred Securities (by either adopting or refining
the manufacturers’ target market assessment) and determining appropriate distribution channels.

The New Preferred Securities are being offered
outside the United States to non-U.S. persons,