Company: BCDRF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003514
Chunk: 53

Company: Banco Santander, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 53
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 Valores y de los Servicios de Inversión) and related provisions. E. SPANISH FTT The Spanish tax on financial transactions (the “Spanish FTT”) came into force on January 16, 2021. Spanish FTT charges a 0.2% rate on specific onerous acquisitions of listed shares issued by Spanish companies admitted to trading on a Spanish or other EU-regulatedmarket, or on an equivalent market of a non-EUcountry, with a market capitalization that exceeds €1 billion on December 1 of the year prior to the acquisition, regardless of the jurisdiction of residence of the parties involved in the transaction. The taxpayers ( contribuyentes) are the acquirers of the shares on which the Spanish FTT is levied. However, the taxable persons ( sujetos pasivos) are those investment services firms or credit institutions acquiring the shares on their own account. Furthermore, the financial intermediaries taking part in the transaction are the substitute taxpayers ( sustitutos del contribuyente). In principle, the tax base of the Spanish FTT will be determined by the consideration paid, excluding transaction costs, or, when the amount of the consideration is not known, the market value of the shares. The Spanish FTT will accrue on the date when the shares are registered in the acquirer’s name. S-31

The Spanish tax authorities published on their website the list of the Spanish companies
with a market capitalization exceeding €1 billion at December 1, 2023 and Banco Santander was included in such list. Therefore, onerous acquisitions of Banco Santander’s shares carried out during 2024 would fall within the scope
of the Spanish FTT.

According to the criterion of the Spanish tax authorities, the Spanish FTT would not apply in relation to the
acquisition of debt securities or contingent convertible capital securities. Additionally, the conversion of the contingent convertible capital securities into ordinary shares falls within the Spanish FTT although it may be exempt of such tax if it
consists in a primary market transaction. However, the Spanish FTT would apply (at a fixed rate of 0.2%) to other financial transactions involving Banco Santander’s shares, regardless of the jurisdiction of residence of the parties involved in
the transaction.

Prospective investors are advised to seek their own professional advice in relation to the Spanish FTT.

U.S. Federal Income Tax Considerations

See the section of the accompanying prospectus entitled “Taxation—U.S. Federal Income Tax