Company: BCDRF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003514
Chunk: 110

Company: Banco Santander, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 110
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 Banco Santander has no obligation to operate its business in such a way, or take any mitigating actions, to maintain or restore its CET1 ratio to avoid a Trigger Event and any actions Banco Santander may take now or in the future could result in its CET1 ratio failing” below. The holders of the contingent convertible capital securities will not have any claim against Banco Santander or any other member of the Group in relation to any such decision. 27

Furthermore, any determination of the capital of Banco Santander and/or the Group and the
compliance by Banco Santander and/or the Group with the respective capital requirements that may be imposed from time to time will involve consideration of a number of factors any one or combination of which may not be easily observable or capable
of calculation by the holders of the contingent convertible capital securities and some of which may also be outside of the control of Banco Santander and/or the Group. The risk of any cancellation (in whole or in part) of Distributions on the
contingent convertible capital securities may not, therefore, be possible to predict in advance and any such cancellation of Distributions on the contingent convertible capital securities could occur without warning.

Finally, as explained above, a breach of the “combined buffer requirement” when considered in addition to the applicable minimum
TLAC/MREL requirements (Article 16bis of Law 11/2015) or a breach of the leverage ratio buffer (Article 48ter of Law 10/2014) could also result in a requirement to determine a Maximum Distributable Amount.

Under the terms of the contingent convertible capital securities of any series, holders of contingent convertible capital securities of such series shall have agreed to be bound by the exercise of any Spanish Bail-inPower or Non-ViabilityLoss Absorption by the Relevant Resolution Authority.

Pursuant to Article 46 of Law 11/2015, which implements Article 55 of the BRRD and Article 52 of CRR, subject to limited
exceptions, unsecured liabilities of an institution governed by the laws of a third-country (which include the contingent convertible capital securities of any series) must contain a contractual acknowledgment whereby the holders recognize that such
liability may be subject to the Spanish Bail-in Power and Non-Viability Loss Absorption and agree to be bound by the exercise of those powers by the Relevant Resolution
Authority.

Notwithstanding any other term of the contingent convertible capital securities of any series or any other agreements,
arrangements, or understandings between Banco Santander and any