Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 75

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 75
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 be offered are rated in one of the four highest generic rating categories by one of the nationally recognized statistical rating organizations. Santander US Capital Markets LLC will not confirm sales of the notes to any account over which it exercises discretionary authority without the specific written approval of the account holder. Selling Restrictions PRIIPs Regulation / Prohibition of Sales to EEA Retail Investors The Notes which are the subject of the offering contemplated by this prospectus supplement are not offered, sold or otherwise made available to and will not be offered, sold or otherwise made available to any retail investor in the EEA. For the purposes of this provision

| (a) | the expression “retail investor” means a person who is one (or more) of the following: |

| (i) | a retail client as defined in point (11) of Article 4(1) of MiFID II; |

S-46

| (ii) | a customer within the meaning of the IDD, where that customer would not qualify as a professional client as 
 defined in point (10) of Article 4(1) of MiFID II; or                                                       |

| (iii) | not a qualified investor as defined in the Prospectus Regulation; and |

| (b) | the expression “offer” includes the communication in any form and by any means of sufficient                                                   
 information on the terms of the offer and the Notes to be offered so as to enable an investor to decide to purchase or subscribe to the Notes. |

Prohibition of Sales to UK Retail Investors The Notes which are the subject of the offering contemplated by this prospectus supplement are not offered, sold or otherwise made available to and will not be offered, sold or otherwise made available to any retail investor in the UK. For the purposes of this provision

| (a) | the expression “retail investor” means a person who is one (or more) of the following: |

| (i) | a retail client, as defined in point (8) of Article 2 of Regulation (EU) No. 2017/565 as it forms 
 part of domestic law by virtue of the EUWA; or                                                    |

| (ii) | a customer within the meaning of the provisions of the FSMA and any rules or regulations made under the FSMA to                                                                                                                      
 implement Directive (EU) 2016/97, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU)