Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 19

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 19
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 copy thereof to the Trustee, elect to redeem in whole but not                      
 in part the outstanding Notes of such series at their principal amount, together with any accrued and unpaid interest thereon to (but excluding) the date fixed for redemption.                                                           |

| Redemption of the Notes on the basis of a TLAC/MREL Disqualification Event is subject to Banco Santander obtaining prior |

S-7

| Supervisory Permission if and as required under Applicable Banking Regulations and may only take place in accordance with Applicable Banking Regulations (including, without limitation, in 
 accordance with Articles 77 and 78a of the CRR) in force at the relevant time.                                                                                                              |

| “TLAC/MREL Disqualification Event” means any time that all or part of the outstanding principal amount of a series of Notes does not fully qualify as TLAC/MREL Eligible Instruments of Banco Santander and/or                                     
 the Group, except where such non-qualification (i) is due solely to the remaining maturity of the Notes of such series being less than any period prescribed for TLAC/MREL Eligible Instruments by the                                             
 Applicable Banking Regulations as at the issue date of the Notes of such series, or (ii) is as a result of the Notes of such series being bought back by or on behalf of Banco Santander or a buy back of the Notes of such series which is funded 
 by or on behalf of Banco Santander.                                                                                                                                                                                                                |

| “TLAC/MREL Eligible Instrument” means an instrument that is eligible to be counted towards the TLAC and/or MREL, and, for the avoidance of doubt, irrespective of the quantum limitation that may be applicable 
 to certain types of instruments by the Applicable Banking Regulations.                                                                                                                                          |

| See “Description of Debt Securities—Redemption and Repurchase—Early Redemption of Senior Debt Securities for a TLAC/MREL Disqualification Event” in the accompanying prospectus. |

| Clean-up Redemption | If 75% or more of the initial aggregate principal amount of a series of Notes (which, for the avoidance of doubt, includes any additional issuances issued subsequently and constituting a single series of securities under the Base Indenture, as 
 described under “Description of Debt Securities—Additional Issuances” in the accompanying prospectus) have been redeemed or purchased by, or on behalf of, Banco Santander and cancelled, Banco Santander may, on any date that                     
 is an Interest Payment Date on the Notes of the relevant series, at its option and having