Company: BCDRF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003514
Chunk: 315

Company: Banco Santander, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 315
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 the value, as of the issue date, of SOFR plus the applicable fixed spread. The qualified stated interest
allocable to an accrual period will be increased (or decreased) if the interest actually paid during an accrual period exceeds (or is less than) the interest assumed to be paid during the accrual period pursuant to the foregoing sentence.

Short-Term Debt Securities

A debt security that matures one year or less from its date of issuance taking into account the last possible date on which the debt security
could be outstanding (a “short-term debt security”) will be treated as being issued with OID and none of the interest paid on the short-term debt security will be treated as qualified stated interest. In general, a cash-method U.S. Holder
of a short-term debt security is not required to accrue the OID for U.S. federal income tax purposes unless it elects to do so (but will be required to include in income any interest paid to such U.S. Holder). U.S. Holders who so elect and certain
other U.S. Holders, including those who report income on the accrual method of accounting for U.S. federal income tax purposes, are required to include the OID in income as it accrues on a straight-line basis, unless another election is made to
accrue the discount according to a constant-yield method based on daily compounding. In the case of a U.S. Holder who is not required and who does not elect to include the OID in income currently, any gain realized on the sale, exchange or
retirement of the short-term debt security will be ordinary income to the extent of the OID accrued on a straight-line basis (or, if elected, according to a constant-yield method based on daily compounding) through the date of sale, exchange or
retirement. In addition, such U.S. Holders will be required to defer deductions for any interest paid on indebtedness incurred to purchase or carry short-term debt securities to the extent of the accrued OID that has not been included in income.

Prior Accrued Interest on Additional Debt Securities

Under the terms of the debt securities, if Banco Santander issues additional debt securities that have the same CUSIP, ISIN or other
identifying number of the outstanding debt securities (“additional debt securities”), the additional debt securities and the outstanding debt securities must be fungible for U.S. federal income tax purposes. U.S. Holders that purchase
additional debt securities upon their issuance may exclude from