Company: BCDRF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003514
Chunk: 43

Company: Banco Santander, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 43
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 the maturity of the Notes or amendment of the interest payable on the Notes, or 
 the date on which the interest becomes payable, including by suspending payment for a temporary period; and    |

| (ii) | that the terms of the Notes are subject to, and may be varied, if necessary, to give effect to, the exercise of 
 the Bail-in Power by the Relevant Resolution Authority.                                                         |

Each holder of the Notes also acknowledges and agrees that the foregoing description of the Bail-inPower and its exercise is exhaustive on the matters described herein to the exclusion of any other agreements, arrangements or understandings relating to the application of any Bail-inPower to the Notes. See “ Description of Debt Securities—Agreement and Acknowledgement with Respect to the Exercise of the Bail-inPower” in the accompanying prospectus. S-25

TAXATION Spanish Taxation The following discussion supplements or supersedes, as applicable, the description of material Spanish tax considerations contained in the accompanying prospectus under the heading “Taxation” that are relevant to the Notes. If there is any inconsistency between the following discussion and the description in the accompanying prospectus, the following discussion governs. The following is a general description of material Spanish tax considerations relating to the holders who are the beneficial owners of the securities (the“ holders,” the“ investors,” the“ purchasers” or the“ shareholders,” as the case may be). It does not purport to be a complete analysis of all tax considerations relating to these securities. Prospective investors should consult their own tax advisors as to the consequences under the tax laws of the country of which they are resident for tax purposes and the tax laws of Spain of acquiring, holding and disposing of securities and receiving any payments under the securities. The information contained within this section is based upon the law as in effect on the date of this document and is subject to any change in law that may take effect after such date (which may have retroactive effects). Investors should consider the legislative changes which could occur in the future. This analysis is a general description of the tax treatment under the currently in force Spanish legislation applicable in the common territory of Spain and, hence, it does not describe the regional tax regimes in the Historical Territories of the Basque Country and the Community of Navarre or the provisions passed by Autonomous Regions (Comunidades Autónomas) which may apply to investors for certain taxes. In addition, investors should note that the appointment by an investor in securities or any person through which an investor holds securities, of