Company: BCDRF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003514
Chunk: 93

Company: Banco Santander, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 93
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 clause, includes each holder of a
beneficial interest in the debt securities of any series) acknowledges, accepts, consents to and agrees to be bound by the exercise of any Spanish Bail-in Power and, in the case of subordinated debt
securities, any Non-Viability Loss Absorption by the Relevant Resolution Authority that may result in the write-down or cancellation of all or a portion of the Amounts Due on the debt securities and/or the
conversion of all or a portion of the Amounts Due on the debt securities into shares or other securities or other obligations of Banco Santander or another person, including by means of a variation to the terms of the debt securities to give effect
to the exercise by the Relevant Resolution Authority of such powers. Each holder of the debt securities further acknowledges and agrees that the rights of the holders of the debt securities are subject to—and will be varied, if necessary, so as
to give effect to—the exercise of any Spanish Bail-in Power and, in the case of subordinated debt securities, any Non-Viability Loss Absorption by the Relevant
Resolution Authority.

For these purposes, the “Amounts Due” are the principal amount of, premium, if any, together with any
accrued but unpaid interest, and Additional Amounts, if any, due on the debt securities of any series. References to such amounts will include amounts that have become due and payable, but which have not been paid, prior to the exercise of the
Spanish Bail-in Power by the Relevant Resolution Authority.

Any Spanish Bail-in Power or Non-Viability Loss Absorption may be exercised in such a manner as to result in holders of debt securities of the relevant series losing the value of all or a
part of their investment in the securities of such series or receiving a different security from the securities of such series, which may be worth significantly less than the securities of such series and which have significantly fewer protections
than those typically afforded to those kinds of securities. Moreover, the Relevant Resolution Authority may exercise its authority to implement the Spanish Bail-in Power or
Non-Viability Loss Absorption without providing any advance notice to the holders of the debt securities of such series. For more information, see “Description of Debt Securities—Agreement and Acknowledgement with Respect to the Exercise of the Bail-inPower.”

Holders of the debt securities of any series are likely to have limited rights to challenge the exercise of the Spanish Bail-inPower or Non-ViabilityLoss Absorption by the Relevant Resolution Authority.

Law 11/201