Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 307

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 307
---
 in Spain

| 1.1 | Individual Income Tax (Impuesto sobre la Renta de las Personas Físicas) |

Income obtained on the conversion of the contingent convertible capital securities into ordinary shares, computed as the difference between the market value of the ordinary shares received and the acquisition or subscription value of the contingent convertible capital securities delivered in exchange, will be considered as a return on investment obtained from the transfer of own capital to third parties in accordance with the provisions of Section 25.2 of the IIT Law. The tax treatment will be the one referred to in section B.1.1 above. 2. Legal Entities with Tax Residency in Spain

| 2.1 | Corporate Income Tax (Impuesto sobre Sociedades) |

Subject to the applicable accounting regulations, income derived from the conversion of the contingent convertible capital securities into ordinary shares will be computed as the difference between the market value of the ordinary shares received and the book value of the contingent convertible capital securities delivered in exchange. Such income will be subject to CIT at the current general rate of 25%, in accordance with the rules for this tax. The tax treatment will be the one referred to in section B.2.1 above. 148

3. Individuals and Legal Entities with no tax residency in Spain

| 3.1 | Non-resident Income Tax (Impuesto sobre la renta de No 
 Residentes)                                            |

(a) Non-Spanishtax resident investors acting through a permanent establishment in Spain Non-Spanishtax resident investors operating through a permanent establishment in Spain are subject to the same tax treatment that applies to Spanish CIT taxpayers. (b) Non-Spanishtax resident investors not operating through a permanent establishment in Spain Income obtained by non-Spanishtax resident investors on the conversion of the contingent convertible capital securities into ordinary shares will be exempt from such NRIT and from withholding tax on account of NRIT, provided the contingent convertible capital securities are admitted to trading on an regulated market, a multilateral trading facility or an organized market and that the procedures for delivering to Banco Santander the information described in Exhibit 99.1 of this prospectus are complied with in timely manner. The tax treatment applicable to the income obtained will be the one described in section B.3.1.(b) above. In the event that, upon the conversion of the contingent convertible capital securities into ordinary shares, such contingent convertible capital securities are not listed on a regulated market, a multilateral trading facility or an organized