Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 116

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 116
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 prospectus supplement for a series of senior preferred debt securities specifies that

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such senior preferred debt securities are subject to redemption and a TLAC/MREL Disqualification Event or a tax event that would entitle Banco Santander to redeem the senior preferred debt
securities as set forth under “Description of Debt Securities—Redemption and Repurchase—Early Redemption for Taxation Reasons” occurs, Banco Santander may, at its option, and without the consent or approval of the
holders of the relevant debt securities, elect either (i) to substitute all (but not only some) of the relevant debt securities or (ii) to modify the terms of all (but not only some) of the relevant debt securities, in each case so that
they are substituted for, or varied to, become, or remain, Qualifying Notes. While Qualifying Notes generally must contain terms that are materially no less favorable to holders of the relevant debt securities as the original terms of the relevant
debt securities, there can be no assurance that the terms of any Qualifying Notes will be viewed by the market as equally favorable, or that the Qualifying Notes will trade at prices that are equal to the prices at which the relevant debt securities
would have traded on the basis of their original terms.

Further, prior to the making of any such substitution or variation, Banco
Santander, shall not be obliged to have regard to the tax position of individual holders of the relevant debt securities or to the tax consequences of any such substitution or variation for any such individual holder. No holder of the relevant debt
securities shall be entitled to claim, whether from the Trustee, Banco Santander, or any other person, any indemnification or payment in respect of any tax consequence of any such substitution or variation upon an individual holder of the relevant
debt securities.

Certain senior preferred debt securities may be redeemed prior to maturity upon the occurrence of a TLAC/MREL Disqualification Event

When so specified in the prospectus supplement, Banco Santander may, at its option, redeem all, but not
some only, of the senior preferred debt securities, at any time at their early redemption amount, together with accrued but unpaid interest up to (but excluding) the date of redemption, upon or following the occurrence of a TLAC/MREL
Disqualification Event.

The early redemption of the senior preferred debt securities may be subject to the prior consent of the Relevant
Resolution Authority if and as required under Applicable Banking Regulations and may only take place in accordance with