Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 94

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 94
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 under Law 11/2015 (each, a “Relevant Resolution Authority”), even against the will or without the consent of those holding the relevant securities.
Measures include repurchases of the debt securities at a certain price determined by the FROB, their exchange for other securities, the exercise of any Spanish Bail-in Power (as defined below) or Non-Viability Loss Absorption (as defined below).

The “Spanish
Bail-in Power” means any write-down, conversion, transfer, modification, or suspension power existing from time to time under, and exercised in compliance with any laws, regulations, rules or
requirements in effect in Spain, relating to the transposition of the Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms, as may be amended or superseded from time to time or
come into effect in place thereof (the “BRRD”), including, but not limited to (i) Law 11/2015 (as defined herein), (ii) Royal Decree 1012/2015, of 6 November developing Law 11/2015, as amended or superseded from time to time
(“RD 1012/2015”), (iii) the Regulation (EU) No. 806/2014 of the European Parliament and of the Council of 15 July 2014, establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain
investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No. 1093/2010, as amended or superseded from time to time (“SRM Regulation”), and (iv) any other
instruments, rules or standards made in connection with either (i), (ii) or (iii), pursuant to which any obligations of an institution can be reduced, cancelled, modified, or converted into shares, other securities, or other obligations of such
institution or any other person (or suspended for a temporary period).

In accordance with Article 48 of Law 11/2015 (and subject to any
exclusions that may be applied by the Relevant Resolution Authority under Article 43 of Law 11/2015), in the case of any application of the Spanish Bail-in Power, the sequence of any resulting write-down or
conversion by the Relevant Resolution Authority shall be as follows: (i) instruments qualifying as CET1 Capital (“Common Equity Tier 1 Instruments”); (ii