Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 143

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 143
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 indebtedness. Although the contingent convertible capital securities of any series may pay a higher rate of
interest than other comparable securities which are not as deeply subordinated, there is a risk that holders of contingent convertible capital securities of such series will lose all or some of their investment should Banco Santander become
insolvent since Banco Santander’s assets would be available to pay such amounts only after all of Banco Santander’s senior creditors have been paid in full.

No security or guarantee of whatever kind is, or shall at any time be, provided by Banco Santander or any other person securing the rights of
the holders under the contingent convertible capital securities.

Second paragraph of Article 48(7) of BRRD, as implemented in Spain
through Additional Provision 14.3 of Law 11/2015, clarified that if an instrument is only partly recognised as an own funds instrument and, in the event of insolvency, the whole instrument shall be treated as a claim resulting from an own funds
instrument and shall rank junior to any claim that does not result from an own funds instrument.

In addition, if Banco Santander were
wound up, dissolved or liquidated, Banco Santander’s liquidator would first apply the assets of Banco Santander to satisfy all claims of holders of unsubordinated obligations of Banco Santander and other creditors ranking ahead of holders of
convertible capital securities of any series. If Banco Santander does not have sufficient assets to settle claims of prior ranking creditors in full, the claims of the holders of convertible capital securities of any series will not be satisfied.
Holders of convertible capital securities of any series will share equally in any distribution of assets with the holders of any other Parity Securities if Banco Santander does not have sufficient funds to make full payment to all of them. In such a
situation, convertible capital securities of such series could lose all or part of their investment.

Furthermore, if the Trigger Event
occurs but the relevant conversion of the convertible capital securities of any series into Common Shares is still to take place before the dissolution, liquidation or winding-up of Banco Santander, the
entitlement of holders of convertible capital securities of any series will be to receive out of the relevant assets of Banco Santander a monetary amount equal to that which holders of convertible capital securities of such series would have
received on any distribution of the assets of Banco Santander if the Trigger Conversion had taken place immediately prior to such dissolution, liquidation or winding-up.

Therefore, if the Trigger Event occurs,