Company: BCDRF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003514
Chunk: 121

Company: Banco Santander, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 121
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D IV, (ii) any restrictions that could be imposed if a G-SII does not meet at the leverage
ratio buffer under Article 48ter of Law 10/2014 or (iii) any other restrictions contained in the Applicable Banking Regulations.

There can, therefore, be no assurances that a holder of contingent convertible capital securities of any series will receive payments of
Distributions in respect of the contingent convertible capital securities of such series. Unpaid Distributions are not cumulative or payable at any time thereafter and, accordingly, if any Distribution (or part thereof) is not made in respect of the
contingent convertible capital securities of any series as a result of any requirement for, or election of, Banco Santander to cancel such Distributions then the right of the holders of contingent convertible capital securities of such series to
receive the relevant Distribution (or part thereof) in respect of the relevant Distribution Period will be extinguished and Banco Santander will have no obligation to pay such Distribution (or part thereof) or to pay any interest thereon, whether or
not Distributions on the contingent convertible capital securities of any series are paid in respect of any future Distribution Period.

As set forth in the terms of the contingent convertible capital securities, if practicable, Banco Santander will provide notice of any
cancellation or deemed cancellation of Distributions. However, the cancellation of any Distributions on the contingent convertible capital securities could occur without prior notice or warning. Any such cancellation or any perceived risk that
Distributions may be cancelled may have a negative impact on the value of the contingent convertible capital securities.

No such election
to cancel the payment of any Distribution (or part thereof) or non-payment of any Distribution (or part thereof) will constitute an event of default, a breach of any obligations of Banco Santander under the
contingent convertible capital securities of such series, or the occurrence of any event related to the insolvency of Banco Santander or entitle holders to take any action to cause the liquidation, dissolution or winding up of Banco Santander.

34

If, as a result of any of the conditions set out above being applicable, only part of the
Distributions under the contingent convertible capital securities of any series may be paid, Banco Santander may proceed, in its sole discretion, to make such partial Distributions under the contingent convertible capital securities of such series.

As a holding company, the level of Banco Santander’s Available Distributable Items is affected by a number of factors and insufficient Available Distributable