Company: BCDRF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003514
Chunk: 98

Company: Banco Santander, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 98
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Credit ratings may not reflect the potential impact of all risks related to structure and market of the debt securities of any series, and do
not address the price, if any, at which the debt securities of any series may be resold prior to maturity (which may be substantially less than the original offering price of the debt securities of

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such series), and other factors that may affect the value of the debt securities of such series. A credit rating is not a recommendation to buy, sell or hold the debt securities of any series and
may be revised or withdrawn by the rating agency at any time. Potential investors should not rely on any rating of the debt securities and should make their investment decision on the basis of considerations such as those outlined above.

In general, European regulated investors are restricted under Regulation (EC) No. 1060/2009 (as amended) (the “CRA Regulation”)
from using credit ratings for regulatory purposes in the EEA, unless such ratings are issued by a credit rating agency established in the EU and registered under such regulation (and such registration has not been withdrawn or suspended), subject to
transitional provisions that apply in certain circumstances whilst the registration application is pending. Such general restriction will also apply in the case of credit ratings issued by third-country
non-EEA credit rating agencies, unless the relevant credit ratings are endorsed by an EEA-registered credit rating agency or the relevant third-country rating agency is
certified in accordance with the CRA Regulation (and such endorsement action or certification, as the case may be, has not been withdrawn or suspended). Investors regulated in the United Kingdom are subject to similar restrictions under the CRA
Regulation as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (the “UK CRA Regulation”). Certain information with respect to the credit rating agencies and ratings will be disclosed in the relevant
prospectus supplement.

The debt securities may not be a suitable investment for investors.

Prospective investors should determine whether an investment in any series of debt securities is appropriate in light of their own particular
circumstances after carefully considering, in conjunction with their legal, business and tax advisors, the consequences of an investment in the debt securities of such series and the other information set out in this prospectus and the relevant
prospectus supplement, to arrive at their own evaluation of the investment. Banco Santander does not make any recommendation as to whether any series of debt securities are a suitable investment for any person.

The