Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 105

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 105
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 not materially modified thereafter, including, in certain circumstances, by reason of a substitution
or variation by Banco Santander). Investors should consult their tax advisors as to whether and how these rules may apply to payments they receive on the debt securities, contingent convertible capital securities, ADSs or Conversion Shares.

The scope of the proposed European financial transaction tax is uncertain.

The European Commission published in February 2013 a proposal (the “Commission’s Proposal”) for a Directive for a common
financial transaction tax (the “EU FTT”) in Belgium, Germany, Estonia, Greece, Spain, France, Italy, Austria, Portugal, Slovenia and Slovakia (excluding Estonia, the participating Member States). Estonia has since stated that it will not
participate.

The Commission’s Proposal has very broad scope and could, if introduced, apply to certain dealings in financial
instruments (including secondary market transactions) in certain circumstances. The issuance and subscription of financial instruments should, however, be exempt.

Under the Commission’s Proposal, the EU FTT could apply in certain circumstances to persons both within and outside of participating
Member States. Generally, it would apply to certain dealings in financial instruments where at least one party is a financial institution, and at least one party is established in a participating Member State. A financial institution may be, or be
deemed to be, “established” in a participating Member State in a broad range of circumstances, including (i) by transacting with a person established in a participating Member State or (ii) where the financial instrument which
is subject to the dealings is issued in a participating Member State.

Under the Commission’s Proposal, the EU FTT involves a
minimum 0.1% tax rate for transactions in all types of financial instruments, except for derivatives that would be subject to a minimum 0.01% tax rate.

On December 3, 2018, the finance ministers of France and Germany outlined a joint proposal for a limited FTT based on a system already in
place in France. Under the new proposal, the tax obligation would apply only to transactions involving shares issued by participating Member State’s companies with a market capitalization of over €1 billion.

However, the Commission’s Proposal remains subject to negotiation between the participating Member States and the scope of any such tax
is uncertain. It may therefore be changed prior to any implementation, the timing of which remains unclear. Additional EU Member States may decide to participate and participating Members States may withdraw.

Prospective investors are advised to seek their own professional