Company: BCDRF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003514
Chunk: 153

Company: Banco Santander, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 153
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, Banco Santander shall pay such additional amounts (“Additional Amounts”) as will result in receipt by the holders of the debt securities of the particular series of such amounts as would have been received by them had no such withholding or deduction been required. However, Banco Santander shall not be required to pay any Additional Amounts in respect of any debt securities:

| (i) | to, or to a third party on behalf of, a holder if the holder or the beneficial owner of debt securities is                                                                                                                                 
 liable for such Taxes, in respect of such debt securities by reason of his having some connection with Spain other than (i) the mere holding of such debt security or (ii) the receipt of any payment in respect of such debt security; or |

| (ii) | to, or to a third party on behalf of, a holder or a beneficial owner in respect of whose series of debt                                                                                                                                                
 securities Banco Santander does not receive such information as may be required in order to comply with the applicable Spanish tax reporting obligations, including but not limited to the receipt in a timely manner of a duly executed and completed 
 certificate in accordance with Law 10/2014 and Royal Decree 1065/2007, as amended, and any implementing legislation or regulation; or                                                                                                                  |

| (iii) | to, or to a third party on behalf of, a holder or a beneficial owner of debt securities in respect of whom                                                                                                                                      
 Banco Santander does not receive such information concerning such holder’s or beneficial owner’s identity and tax residence as may be required in order to comply with the procedures that may be implemented to comply with the interpretation 
 of Royal Decree 1065/2007 eventually made by the Spanish tax authorities; or                                                                                                                                                                    |

| (iv) | presented for payment (where presentation is required) more than 30 days after the Relevant Date, except to the                                                    
 extent that the relevant holder would have been entitled to such Additional Amounts on presenting the same for payment on the expiry of such period of 30 days; or |

| (v) | in relation to any estate, inheritance, gift, sales, transfer or similar taxes; or |

| (vi) | to, or to a third party on behalf of, individuals resident for tax purposes in the Kingdom of Spain if the                                            
 Spanish tax authorities determine that payments made to such individuals are not exempt from withholding tax and require a withholding to be made; or |

| (vii) | to, or to a third party on behalf of