Company: BCDRF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003514
Chunk: 199

Company: Banco Santander, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 199
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 Arrangement which effects the interposition of a limited liability company (“Newco”)) between the Shareholders of Banco Santander immediately prior to the Scheme of Arrangement (the “Existing Shareholders”) and Banco Santander, provided that:

| (a) | only ordinary shares of Newco or depositary or other receipts or certificates representing ordinary shares of 
 Newco are issued to Existing Shareholders;                                                                    |

| (b) | immediately after completion of the Scheme of Arrangement the only shareholders of Newco or, as the case may                                                                                                                                       
 be, the only holders of depositary or other receipts or certificates representing ordinary shares of Newco, are Existing Shareholders and the Voting Rights in respect of Newco are held by Existing Shareholders in the same proportions as their 
 respective holdings of such Voting Rights immediately 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. |

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“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