Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 212

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 212
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 prior to the Scheme of Arrangement;                                                                                                                                                          |

| (c) | immediately after completion of the Scheme of Arrangement, Newco is (or one or more wholly-owned Subsidiaries 
 of Newco are) the only ordinary shareholder (or shareholders) of Banco Santander;                             |

| (d) | all Subsidiaries of Banco Santander immediately prior to the Scheme of Arrangement (other than Newco, if Newco                         
 is then a Subsidiary) are Subsidiaries of Banco Santander (or of Newco) immediately after completion of the Scheme of Arrangement; and |

| (e) | immediately after completion of the Scheme of Arrangement, Banco Santander (or Newco) holds, directly or                                                                                    
 indirectly, the same percentage of the ordinary share capital and equity share capital of those Subsidiaries as was held by Banco Santander immediately prior to the Scheme of Arrangement. |

83

“Non-Cash Dividend” means any Dividend
which is not a Cash Dividend, and shall include a Spin-Off;

“Parity Securities” means
any Additional Tier 1 Instrument or any other securities of Banco Santander ranking pari passu with the contingent convertible capital securities;

“Paying and Conversion Agent” means the Principal Paying Agent and any other paying and conversion agent appointed in accordance
with the contingent convertible capital securities indenture or any supplemental indenture and includes any successors thereto appointed from time to time in accordance with the contingent convertible capital securities indenture or any supplemental
indenture;

“Payment Business Day” means (i) a day on which commercial banks and foreign exchange markets settle payments
and are open for general business (including dealing in foreign exchange and foreign currency deposits) in New York City and London and (ii) in the case of contingent convertible capital securities in definitive form only, a day on which
commercial banks and foreign exchange markets settle payments and are open for general business (including dealing in foreign exchange and foreign currency deposits) in the relevant place of presentation;

“Prevailing Rate” means, in respect of any currencies on any day, the spot rate of exchange between the relevant currencies
prevailing as at 12 noon (CET) on that date as appearing on or derived from the Reference Page or, if such a rate cannot be determined at such time, the rate prevailing as at 12 noon (CET) on the immediately preceding day on which such rate can be
so determined or, if such