Company: BCDRF
Filing Date: 2025-06-24
Form Type: 6-K
Source: 0000950103-25-007750
Chunk: 7

Company: Banco Santander, S.A.
Filing Date: 2025-06-24
Form: 6-K
Chunk 7
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 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, pursuant to the provisions of Regulation S ("Regulation S") of the United
States Securities Act of 1933, as amended (the "Securities Act"). The New Preferred Securities will not be registered
under the Securities Act or the securities laws of any state or other jurisdiction of the United States and may