EX-4.1





 Exhibit 4.1 

 
  

BANCO SANTANDER, S.A. 
 as
Issuer, 
 THE BANK OF NEW YORK MELLON, 

London Branch 
 as Trustee,

 and 
 THE BANK OF NEW YORK
MELLON SA/NV, 
 Luxembourg Branch 

as Senior Non Preferred Debt Securities Registrar 
  

 
 SECOND
SUPPLEMENTAL INDENTURE 
 dated as of March 25, 2021 

to 
 SENIOR NON PREFERRED DEBT
SECURITIES INDENTURE 
 dated as of May 28, 2020 
  

 
  












 SECOND SUPPLEMENTAL INDENTURE (“Second Supplemental Indenture”), dated as
of March 25, 2021, among BANCO SANTANDER, S.A., a sociedad anónima incorporated under the laws of The Kingdom of Spain (the “Company”), having its principal executive office located at Ciudad Grupo Santander,
Avenida de Cantabria s/n, 28660 Boadilla del Monte, Madrid, Spain, THE BANK OF NEW YORK MELLON, London Branch, a banking corporation duly organized and existing under the laws of the State of New York, as Trustee (the “Trustee”),
having its Corporate Trust Office at One Canada Square, London, E14 5AL, United Kingdom and THE BANK OF NEW YORK MELLON SA/NV, Luxembourg Branch, a société anonyme/naamloze vennootschap, incorporated under the laws of Belgium,
as Senior Non Preferred Debt Securities Registrar (the “Senior Non Preferred Debt Securities Registrar”), having its principal office at 2-4 Rue Eugène Ruppert, L-2453 Luxembourg, Luxembourg. 
 WITNESSETH 

WHEREAS, the Company and the Trustee have executed and delivered a Senior Non Preferred Debt Securities Indenture dated as of May 28,
2020, as heretofore supplemented and amended (the “Base Indenture” and, the Base Indenture, as supplemented and amended by this Second Supplemental Indenture, the “Senior Non Preferred Indenture”), to provide for
the issuance of the Company’s senior non preferred debt securities (the “Senior Non Preferred Debt Securities”), including the Senior Non Preferred Notes (as defined below). 

WHEREAS, Section 9.01(d) of the Base Indenture permits the Company and the Trustee to change or eliminate any provisions of the Base
Indenture without the consent of Holders, subject to certain conditions; 
 WHEREAS, Section 9.01(f) of the Base Indenture permits the
Company and the Trustee to enter into a supplemental indenture to establish the forms or terms of Senior Non Preferred Debt Securities of any series as permitted under Sections 2.01 and 3.01 of the Base Indenture without the consent of Holders; 

WHEREAS, there are no debt securities Outstanding of any series created prior to the execution of this Second Supplemental Indenture that are
entitled to the benefit of the provisions set forth herein or that would be adversely affected by such provisions; 
 WHEREAS, the Executive
Committee of the Company has authorized the entry into this Second Supplemental Indenture and the establishment of the Senior Non Preferred Notes (as defined below), as required by Section 9.01 of the Base Indenture; 

WHEREAS, the parties hereto desire to establish (i) a series of Senior Non Preferred Debt Securities to be known as the Series 106 1.849%
Senior Non Preferred Fixed Rate Notes due 2026 (the “2026 Fixed Rate Notes”) and (ii) a series of Senior Non Preferred Debt Securities to be known as the Series 107 2.958% Senior Non Preferred Fixed Rate Notes due 2031 (the
“2031 Fixed Rate Notes” and, together with the 2026 Fixed Rate Notes, the “Senior Non Preferred Notes”), each pursuant to Sections 2.01 

  
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and 3.01 of the Base Indenture. Each of the 2026 Fixed Rate Notes and the 2031 Fixed Rate Notes may be issued from time to time, and any 2026 Fixed Rate Notes and 2031 Fixed Rate Notes issued as
part of the relevant series created herein will constitute a single series of Senior Non Preferred Debt Securities under the Senior Non Preferred Indenture and shall be included in the definition of “2026 Fixed Rate Notes” or “2031
Fixed Rate Notes,” as applicable, where the context requires; 
 WHEREAS, the Company has requested and hereby requests that the
Trustee execute and deliver this Second Supplemental Indenture and the Company has provided the Trustee with an Executive Committee Resolution authorizing the execution of this Second Supplemental Indenture; 

WHEREAS, all actions required by the Company to be taken in order to make this Second Supplemental Indenture a valid, binding and enforceable
instrument in accordance with its terms, have been taken and performed, and the execution and delivery of this Second Supplemental Indenture has been duly authorized in all respects; and 

WHEREAS, where indicated, this Second Supplemental Indenture shall amend and supplement the Base Indenture; and to the extent that the terms
of the Base Indenture are inconsistent with such provisions of this Second Supplemental Indenture, the terms of this Second Supplemental Indenture shall govern. 

NOW, THEREFORE, the Company and the Trustee mutually covenant and agree as follows: 

ARTICLE 1 
 DEFINITIONS 

Section 1.01. Definition of Terms. For all purposes of this Second Supplemental Indenture: 

(a)    a term defined anywhere in this Second Supplemental Indenture has the same meaning throughout; 

(b)    capitalized terms used herein but not otherwise defined shall have the meanings assigned to them in the Base
Indenture; 
 (c)    the singular includes the plural and vice versa; 

(d)    headings are for convenience of reference only and do not affect interpretation; and 

(e)    for the purposes of this Second Supplemental Indenture and the Base Indenture, the term “series” shall
mean a series of the Senior Non Preferred Debt Securities. 

  
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 ARTICLE 2 

FORM OF SENIOR NON PREFERRED NOTES 

Section 2.01.     Terms of the 2026 Fixed Rate Notes. The following terms relating to the 2026 Fixed Rate
Notes are hereby established pursuant to Section 3.01 of the Base Indenture: 
 (a)     The 2026 Fixed Rate Notes
shall be designated as: the Series 106 1.849% Senior Non Preferred Fixed Rate Notes due 2026; 
 (b)     The price at
which the 2026 Fixed Rate Notes shall be issued is 100.000% of the principal amount thereof; 
 (c)     The aggregate
principal amount of the 2026 Fixed Rate Notes that may be authenticated and delivered under the Senior Non Preferred Indenture shall not exceed $1,500,000,000, except as otherwise provided in the Senior Non Preferred Indenture, including
Section 2.01(t) hereof; 
 (d)     Principal on the 2026 Fixed Rate Notes shall be payable on March 25, 2026
(the “2026 Fixed Rate Maturity Date”); 
 (e)     The 2026 Fixed Rate Notes shall be issued in global
registered form on March 25, 2021 and shall bear interest from and including March 25, 2021 payable semi-annually in arrears on March 25 and September 25 (each, a “2026 Fixed Rate Interest Payment Date”), commencing
September 25, 2021. The 2026 Fixed Rate Notes shall bear an annual interest rate of 1.849%; 
 Interest on the 2026 Fixed Rate Notes
will be calculated on the basis of a 360-day year divided into twelve months of 30 days each and, in the case of an incomplete month, the actual number of days elapsed in such month. The Regular Record Dates
for the 2026 Fixed Rate Notes will be 15 calendar days immediately preceding the relevant 2026 Fixed Rate Interest Payment Date, whether or not a Business Day; 

(f)     No premium, upon redemption or otherwise, shall be payable by the Company on the 2026 Fixed Rate Notes; 

(g)     Principal of and any interest on the 2026 Fixed Rate Notes shall be paid to the Holder through The Bank of New
York Mellon, as paying agent of the Company having offices in London, United Kingdom and the Borough of Manhattan, The City of New York; 

(h)     The 2026 Fixed Rate Notes shall not be redeemable except as provided in Article 11 of the Senior Non Preferred
Indenture; 
 (i)     The Company shall have no obligation to redeem or purchase the 2026 Fixed Rate Notes pursuant to
any sinking fund or analogous provision; 

  
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 (j)     The 2026 Fixed Rate Notes shall be issued only in minimum
denominations of $200,000 and integral multiples of $200,000 in excess thereof; 
 (k)     The principal amount of the
2026 Fixed Rate Notes shall be payable upon the declaration of acceleration thereof pursuant to Section 5.02 of the Base Indenture; 

(l)     Additional Amounts in respect of the 2026 Fixed Rate Notes shall be payable as set forth in the Senior Non
Preferred Indenture; 
 (m)     The 2026 Fixed Rate Notes shall be denominated in, and payments thereon shall be made
in, U.S. Dollars only; 
 (n)     The payment of principal of or interest, if any, on the 2026 Fixed Rate Notes shall be
payable only in the coin or currency in which the 2026 Fixed Rate Notes are denominated; 
 (o)     The 2026 Fixed Rate
Notes will be issued in the form of one or more global securities in registered form, without coupons attached, and initially registered in the name of Cede & Co., as nominee of The Depository Trust Company, the Depositary; 

(p)     The 2026 Fixed Rate Notes will not be initially issued in definitive form; 

(q)     The Events of Default on the 2026 Fixed Rate Notes are as provided for in the Senior Non Preferred Indenture; 

(r)     The Company agrees with respect to the 2026 Fixed Rate Notes and each Holder of the 2026 Fixed Rate Notes, by his
or her acquisition of the 2026 Fixed Rate Notes will be deemed to have agreed to the ranking as described in Section 12.01 of the Senior Non Preferred Indenture. Each such Holder will be deemed to have irrevocably waived his or her rights of
priority which would otherwise be accorded to him or her under the laws of Spain, to the extent necessary to effectuate the ranking provisions of the 2026 Fixed Rate Notes. In addition, each Holder of the 2026 Fixed Rate Notes by his or her
acquisition of such 2026 Fixed Rate Notes authorizes and directs the Trustee on his or her behalf to take such action as may be necessary or appropriate to effectuate the ranking of such 2026 Fixed Rate Notes as provided in the Senior Non Preferred
Indenture, and appoints the Trustee as his or her attorney-in-fact for any and all such purposes; 

(s)     The form of the 2026 Fixed Rate Notes to be issued on the date hereof shall be substantially in the form of
Exhibit A hereto; 
 (t)     The Company may issue additional 2026 Fixed Rate Notes (“Additional 2026
Fixed Rate Notes”) after the date hereof having the same ranking and same interest rate, maturity date, redemption terms and other terms, except for the price to the public, original interest accrual date, issue date and first 2026 Fixed
Rate Interest Payment Date, as the 2026 Fixed Rate Notes; provided, however, that such Additional 2026 Fixed Rate Notes will not have the same CUSIP, ISIN or other identifying number as the outstanding


  
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2026 Fixed Rate Notes unless the Additional 2026 Fixed Rate Notes are fungible with the 2026 Fixed Rate Notes for U.S. federal income tax purposes. Any such Additional 2026 Fixed Rate Notes,
together with the 2026 Fixed Rate Notes, will constitute a single series of securities under the Senior Non Preferred Indenture; 

(u)     There is no Calculation Agent for the 2026 Fixed Rate Notes; 

(v)     The Company appoints The Bank of New York Mellon SA/NV, Luxembourg Branch as the Senior Non Preferred Debt
Securities Registrar for the 2026 Fixed Rate Notes pursuant to Section 3.05 of the Base Indenture; 
 (w)     If a
TLAC/MREL Disqualification Event or a tax event that would entitle the Company to redeem the 2026 Fixed Rate Notes as set forth in Section 11.08 of the Base Indenture occurs and is continuing, the Company may substitute all (but not some) of
the 2026 Fixed Rate Notes or modify the terms of all (but not some) of the 2026 Fixed Rate Notes as provided for in Section 8.04 of the Senior Non Preferred Indenture; 

(x)     Subject to applicable law, neither any Holder or beneficial owner of the 2026 Fixed Rate Notes nor the Trustee
acting on behalf of the Holders of the 2026 Fixed Rate Notes may exercise, claim or plead any right of set-off, netting, compensation or retention in respect of any amount owed to it by the Company in respect
of, or arising under, or in connection with, the 2026 Fixed Rate Notes as provided for in Section 12.04 of the Senior Non Preferred Indenture; 

(y)     Each Holder of the 2026 Fixed Rate Notes acknowledges, accepts, consents to and agrees to be bound by effect of
the exercise of the Bail-in Power by the Relevant Resolution Authority as provided for in Article 13 of the Senior Non Preferred Indenture; and 

(z)     The Bank of New York Mellon SA/NV, Luxembourg Branch, as the Senior Non Preferred Debt Securities Registrar for
the 2026 Fixed Rate Notes acknowledges, accepts, consents to and agrees to be bound by effect of the exercise of the Bail-in Power by the Relevant Resolution Authority as provided for in Article 13 of the
Senior Non Preferred Indenture. 
 Section 2.02.     Terms of the 2031 Fixed Rate Notes. The following terms
relating to the 2031 Fixed Rate Notes are hereby established pursuant to Section 3.01 of the Base Indenture: 

(a)     The 2031 Fixed Rate Notes shall be designated as: the Series 107 2.958% Senior Non Preferred Fixed Rate Notes due
2031; 
 (b)     The price at which the 2031 Fixed Rate Notes shall be issued is 100.000% of the principal amount
thereof; 
 (c)     The aggregate principal amount of the 2031 Fixed Rate Notes that may be authenticated and delivered
under the Senior Non Preferred Indenture shall not exceed $750,000,000, except as otherwise provided in the Senior Non Preferred Indenture, including Section 2.02(t) hereof; 

  
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 (d)     Principal on the 2031 Fixed Rate Notes shall be payable on
March 25, 2031 (the “2031 Fixed Rate Maturity Date”); 
 (e)     The 2031 Fixed Rate Notes shall
be issued in global registered form on March 25, 2021 and shall bear interest from and including March 25, 2021 payable semi-annually in arrears on March 25 and September 25 (each, a “2031 Fixed Rate Interest Payment
Date”), commencing September 25, 2021. The 2031 Fixed Rate Notes shall bear an annual interest rate of 2.958%; 
 Interest on
the 2031 Fixed Rate Notes will be calculated on the basis of a 360-day year divided into twelve months of 30 days each and, in the case of an incomplete month, the actual number of days elapsed in such month.
The Regular Record Dates for the 2031 Fixed Rate Notes will be 15 calendar days immediately preceding the relevant 2031 Fixed Rate Interest Payment Date, whether or not a Business Day; 

(f)     No premium, upon redemption or otherwise, shall be payable by the Company on the 2031 Fixed Rate Notes; 

(g)     Principal of and any interest on the 2031 Fixed Rate Notes shall be paid to the Holder through The Bank of New
York Mellon, as paying agent of the Company having offices in London, United Kingdom and the Borough of Manhattan, The City of New York; 

(h)     The 2031 Fixed Rate Notes shall not be redeemable except as provided in Article 11 of the Senior Non Preferred
Indenture; 
 (i)     The Company shall have no obligation to redeem or purchase the 2031 Fixed Rate Notes pursuant to
any sinking fund or analogous provision; 
 (j)     The 2031 Fixed Rate Notes shall be issued only in minimum
denominations of $200,000 and integral multiples of $200,000 in excess thereof; 
 (k)     The principal amount of the
2031 Fixed Rate Notes shall be payable upon the declaration of acceleration thereof pursuant to Section 5.02 of the Base Indenture; 

(l)     Additional Amounts in respect of the 2031 Fixed Rate Notes shall be payable as set forth in the Senior Non
Preferred Indenture; 
 (m)     The 2031 Fixed Rate Notes shall be denominated in, and payments thereon shall be made
in, U.S. Dollars only; 

  
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 (n)     The payment of principal of or interest, if any, on the 2031
Fixed Rate Notes shall be payable only in the coin or currency in which the 2031 Fixed Rate Notes are denominated; 

(o)     The 2031 Fixed Rate Notes will be issued in the form of one or more global securities in registered form, without
coupons attached, and initially registered in the name of Cede & Co., as nominee of The Depository Trust Company, the Depositary; 

(p)     The 2031 Fixed Rate Notes will not be initially issued in definitive form; 

(q)     The Events of Default on the 2031 Fixed Rate Notes are as provided for in the Senior Non Preferred Indenture; 

(r)     The Company agrees with respect to the 2031 Fixed Rate Notes and each Holder of the 2031 Fixed Rate Notes, by his
or her acquisition of the 2031 Fixed Rate Notes will be deemed to have agreed to the ranking as described in Section 12.01 of the Senior Non Preferred Indenture. Each such Holder will be deemed to have irrevocably waived his or her rights of
priority which would otherwise be accorded to him or her under the laws of Spain, to the extent necessary to effectuate the ranking provisions of the 2031 Fixed Rate Notes. In addition, each Holder of the 2031 Fixed Rate Notes by his or her
acquisition of such 2031 Fixed Rate Notes authorizes and directs the Trustee on his or her behalf to take such action as may be necessary or appropriate to effectuate the ranking of such 2031 Fixed Rate Notes as provided in the Senior Non Preferred
Indenture, and appoints the Trustee as his or her attorney-in-fact for any and all such purposes; 

(s)     The form of the 2031 Fixed Rate Notes to be issued on the date hereof shall be substantially in the form of
Exhibit B hereto; 
 (t)     The Company may issue additional 2031 Fixed Rate Notes (“Additional 2031
Fixed Rate Notes”) after the date hereof having the same ranking and same interest rate, maturity date, redemption terms and other terms, except for the price to the public, original interest accrual date, issue date and first 2031 Fixed
Rate Interest Payment Date, as the 2031 Fixed Rate Notes; provided, however, that such Additional 2031 Fixed Rate Notes will not have the same CUSIP, ISIN or other identifying number as the outstanding 2031 Fixed Rate Notes unless the
Additional 2031 Fixed Rate Notes are fungible with the 2031 Fixed Rate Notes for U.S. federal income tax purposes. Any such Additional 2031 Fixed Rate Notes, together with the 2031 Fixed Rate Notes, will constitute a single series of securities
under the Senior Non Preferred Indenture; 
 (u)     There is no Calculation Agent for the 2031 Fixed Rate Notes; 

(v)     The Company appoints The Bank of New York Mellon SA/NV, Luxembourg Branch as the Senior Non Preferred Debt
Securities Registrar for the 2031 Fixed Rate Notes pursuant to Section 3.05 of the Base Indenture; 

  
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 (w)     If a TLAC/MREL Disqualification Event or a tax event that would
entitle the Company to redeem the 2031 Fixed Rate Notes as set forth in Section 11.08 of the Base Indenture occurs and is continuing, the Company may substitute all (but not some) of the 2031 Fixed Rate Notes or modify the terms of all (but not
some) of the 2031 Fixed Rate Notes as provided for in Section 8.04 of the Senior Non Preferred Indenture; 

(x)     Subject to applicable law, neither any Holder or beneficial owner of the 2031 Fixed Rate Notes nor the Trustee
acting on behalf of the Holders of the 2031 Fixed Rate Notes may exercise, claim or plead any right of set-off, netting, compensation or retention in respect of any amount owed to it by the Company in respect
of, or arising under, or in connection with, the 2031 Fixed Rate Notes as provided for in Section 12.04 of the Senior Non Preferred Indenture; 

(y)     Each Holder of the 2031 Fixed Rate Notes acknowledges, accepts, consents to and agrees to be bound by effect of
the exercise of the Bail-in Power by the Relevant Resolution Authority as provided for in Article 13 of the Senior Non Preferred Indenture; and 

(z)     The Bank of New York Mellon SA/NV, Luxembourg Branch, as the Senior Non Preferred Debt Securities Registrar for
the 2031 Fixed Rate Notes acknowledges, accepts, consents to and agrees to be bound by effect of the exercise of the Bail-in Power by the Relevant Resolution Authority as provided for in Article 13 of the
Senior Non Preferred Indenture. 
 ARTICLE 3 

ADDITIONAL TERMS APPLICABLE TO THE SENIOR NON PREFERRED NOTES 

Section 3.01.    Addition of Definitions. With respect to the Senior Non Preferred Notes only,
Section 1.01 of the Base Indenture is amended to include the following definitions (which shall be deemed to arise in Section 1.01 in their proper alphabetical order): 

“2026 Fixed Rate Maturity Date” has the meaning provided in Section 2.01(d) hereof. 

“2031 Fixed Rate Maturity Date” has the meaning provided in Section 2.02(d) hereof. 

“Issue Date” means March 25, 2021, being the date of the initial issue of the Senior Non Preferred Notes.

 “RD 1012/2015” means Royal Decree 1012/2015, of 6 November developing Law 11/2015, as amended or
superseded from time to time. 

  
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 Section. 3.02.     Deletion of Definitions. With respect to the
Senior Non Preferred Notes only, the following definitions shall be deleted in their entirety in Section 1.01 of the Base Indenture: 

“Foreign Currency” means the euro or any currency issued by the government of any country (or a group of
countries or participating member states) other than the United States which as at the time of payment is legal tender for the payment of public and private debts. 

“Foreign Government Securities” means with respect to Senior Non Preferred Debt Securities of any series that
are denominated in a Foreign Currency, non-callable (i) direct obligations of the participating member state or government that issued such Foreign Currency for the payment of which obligations its full
faith and credit is pledged or (ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of such participating member state or government, the payment of which obligations is unconditionally guaranteed
as a full faith and credit obligation of such participating member state or government. For the avoidance of doubt, for all purposes hereof, euro shall be deemed to have been issued by each participating member state from time to time. 

“U.S. Government Obligations” means securities that are non-callable
and nonredeemable at the option of the issuer and that are (i) direct obligations of the United States for which its full faith and credit are pledged and/or (ii) obligations of a Person controlled or supervised by and acting as an agency
or instrumentality of the United States, the payment of which is unconditionally guaranteed as a full faith and credit obligation of the United States, and shall also include a depository receipt issued by a bank (as defined in Section 3(a)(2)
of the Securities Act of 1933, as amended), which may include the Trustee, as custodian with respect to any such U.S. Government Obligation or a specific payment of principal of or interest on any such U.S. Government Obligation held by such
custodian for the account of the holder of such depository receipt, provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount
received by the custodian in respect of the U.S. Government Obligation or the specific payment of principal of or interest on or other amount with respect to the U.S. Government Obligation evidenced by such depository receipt. 

Section 3.03.    Replacement of Definitions. With respect to the Senior Non Preferred Notes only,
Section 1.01 of the Base Indenture is amended to replace in their entirety the following definitions: 
 “Bail-in Power” means any power existing from time to time under, and exercised in compliance with, any laws, regulations, rules or requirements in effect in the Kingdom of Spain, relating to (i) the
transposition of the BRRD, and in particular its article 59 (including but not limited to, Law 11/2015, RD 1012/2015 and any other implementing regulations), (ii) the SRM Regulation and (iii) the instruments, rules or standards created
thereunder, pursuant to which any obligation of a 

  
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Regulated Entity (or an affiliate of such Regulated Entity) can be reduced, cancelled, suspended, modified, or converted into shares, other securities, or other obligations of such Regulated
Entity (or affiliate of such Regulated Entity). 
 “Qualifying Notes” means, with respect to each series of
Senior Non Preferred Debt Securities, at any time, any securities issued directly by the Company that have terms not otherwise materially less favorable to the Holders of the Senior Non Preferred Debt Securities of such series than the terms of the
Senior Non Preferred Debt Securities of such series, provided that such securities shall: 

(i)    contain terms which comply with the then current requirements for TLAC/MREL-Eligible Instruments as
embodied in the Applicable Banking Regulations; 
 (ii)    carry the same rate of interest as the Senior
Non Preferred Debt Securities of such series prior to the relevant substitution or variation pursuant to Section 8.04; 

(iii)    have the same denomination and aggregate outstanding principal amount as the Senior Non Preferred
Debt Securities of such series prior to the relevant substitution or variation pursuant to Section 8.04; 

(iv)    have the same date of maturity and the same dates for payment of interest as the Senior Non
Preferred Debt Securities of such series prior to the relevant substitution or variation pursuant to Section 8.04; 

(v)    have at least the same ranking as the Senior Non Preferred Debt Securities of such series; 

(vi)    not, immediately following such substitution or variation, be subject to a TLAC/MREL
Disqualification Event and/or a tax event that would entitle the Company to redeem the Senior Non Preferred Debt Securities of such series as set forth under Section 11.08; and 

(vii)    be listed or admitted to trading on any stock exchange as selected by the Company, if the Senior
Non Preferred Debt Securities of such series were listed or admitted to trading on a stock exchange immediately prior to the relevant substitution or variation pursuant to Section 8.04. 

“Regulated Entity” means any entity to which BRRD, as implemented in the Kingdom of Spain (including but not
limited to, Law 11/2015, RD 1012/2015 and any other implementing regulations), or any other Spanish law relating to the Bail-in Power, applies, which includes, certain credit institutions, investment firms,
and certain of their parent or holding companies. 

  
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 “Relevant Resolution Authority” means the Spanish Fund for
the Orderly Restructuring of Banks, the Bank of Spain, the European Single Resolution Board, as the case may be, according to Law 11/2015, and any other entity with the authority to exercise the Bail-in Power
or any other resolution power from time to time. 
 “Spanish Insolvency Law” means the restated text of the
Spanish Insolvency Law (Ley Concursal) approved by the Royal Decree-Legislative 1/2020, of 5 May, as amended from time to time. 

Section 3.04.    [Reserved]. 

Section 3.05. Payment. Notwithstanding Section 3.07 of the Base Indenture, payments of interest, if any, and any Additional
Amounts on the Senior Non Preferred Notes may be made by wire transfer of immediately available funds. 

Section 3.06.    Deletion of Satisfaction and Discharge Provisions. With respect to the Senior Non Preferred
Notes only, Article 4 of the Base Indenture is deleted in its entirety. 
 Section 3.07. Replacement of Provisions with Respect to
Events of Default. With respect to the Senior Non Preferred Notes only, Section 5.01(ii) of the Base Indenture is hereby replaced with the following: 

Winding up: any order is made by any competent court or resolution passed for the winding up or liquidation of the
Company (except in any such case for the purpose of reconstruction or amalgamation or a merger, spin-off or any other structural modification (modificación estructural) which has been previously
approved by the Holders of at least a majority of the outstanding principal amount of the Senior Non Preferred Debt Securities of that series or a merger with, or spin-off or other structural modification
into, another institution in this case even without being approved by Holders of the Senior Non Preferred Debt Securities of such series, provided that such merger, spin-off or other structural modification is
carried out in compliance with the requirements set forth in Section 8.01). 
 Section 3.08.    Collection
of Indebtedness and Suits for Enforcement by the Trustee. With respect to the Senior Non Preferred Notes only, Section 5.03 of the Base Indenture is amended in part to add the following sentences at the end of the section: 

No remedy against the Company other than as referred to in this Article 5 shall be available to the Holders, whether for the
recovery of amounts owing to the Holders in respect of the Senior Non Preferred Debt Securities or under this Senior Non Preferred Debt Securities Indenture or in respect of any breach by the Company of any of its other obligations under or in
respect of the Senior 

  
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Non Preferred Debt Securities or under this Senior Non Preferred Debt Securities Indenture, except that the Holders shall have such rights and powers as they are required to have under the Trust
Indenture Act. 
 Section 3.09. Replacement of Provisions with Respect to Substitution and Variation. With respect to the Senior
Non Preferred Notes only, the first paragraph of Section 8.04 of the Base Indenture is hereby replaced with the following: 

Substitution and Variation. If a TLAC/MREL Disqualification Event or a tax event that would entitle the Company to
redeem the Senior Non Preferred Debt Securities of any series as set forth in Section 11.08 occurs and is continuing, the Company may substitute all (but not some) of the Senior Non Preferred Debt Securities of any series or modify the terms of
all (but not some) of the Senior Non Preferred Debt Securities of such series, without any requirement for the consent or approval of the Holders of the Senior Non Preferred Debt Securities of such series, so that they are substituted for, or varied
to, become, or remain, Qualifying Notes, subject to having given not less than 15 nor more than 30 days’ notice to the Holders of such series in accordance with Section 1.06 and to the Trustee (which notice shall be irrevocable and shall
specify the date for substitution or, as applicable, variation), and subject to obtaining Supervisory Permission therefor, if and as required under Applicable Banking Regulations. 

Section 3.10. Replacement of Provisions with Respect to Election to Redeem; Notice to Trustee. With respect to the Senior Non
Preferred Notes only, Section 11.02 of the Base Indenture is hereby replaced with the following: 
 Election to
Redeem; Notice to Trustee. The election of the Company to redeem any Senior Non Preferred Debt Securities shall be evidenced by a Board Resolution. The Company shall, at least 15 days prior, but not nor more than 30 days prior to the Redemption
Date fixed by the Company (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date, of the principal amount of Senior Non Preferred Debt Securities of such series to be redeemed and, if applicable,
the tenor of the Senior Non Preferred Debt Securities to be redeemed. In the case of any redemption of Senior Non Preferred Debt Securities of any series prior to the expiration of any provision restricting such redemption provided in the terms of
such Senior Non Preferred Debt Securities or elsewhere in this Senior Non Preferred Debt Securities Indenture, the Company shall furnish the Trustee with respect to such Senior Non Preferred Debt Securities with an Officer’s Certificate
evidencing compliance with or waiver of such provision. 
 Section 3.11. Deletion of Provisions with Respect to Selection by the
Trustee of Senior Non Preferred Debt Securities to Be Redeemed. With respect to the Senior Non Preferred Notes only, the first paragraph of Section 11.03 of the Base Indenture is deleted in its entirety. 

  
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 Section 3.12. Replacement of Provisions with Respect to Notice of Redemption.
With respect to the Senior Non Preferred Notes only, the first paragraph of Section 11.04 of the Base Indenture is hereby replaced with the following: 

Notice of Redemption. Notice of redemption shall be given not less than 15 days nor more than 30 days prior to the
Redemption Date to each Holder of Senior Non Preferred Debt Securities to be redeemed in the manner and to the extent provided in Section 1.06. 

Section 3.13. Replacement of Provisions with Respect to Optional Redemption Due to Changes in Tax Treatment. With respect
to the Senior Non Preferred Notes only, Section 11.08 of the Base Indenture is hereby replaced with the following: 

Optional Redemption Due to Changes in Tax Treatment. If (i) as a result of any change in, or amendment to,
the laws or regulations of Spain or of any political subdivision thereof or any authority or agency therein or thereof having power to tax or in the interpretation or administration of any such laws or regulations which becomes effective on or after
the date of issue of the first issued Senior Non Preferred Debt Securities of such series, the Company shall determine that (a) the Company would be required to pay Additional Amounts pursuant to Section 10.04 or (b) the Company would
not be entitled to claim a deduction in computing tax liabilities in Spain in respect of any interest to be paid on the next interest payment date on such series of Senior Non Preferred Debt Securities or the value of such deduction to the Company
would be materially reduced or (c) the applicable tax treatment of the Senior Non Preferred Debt Securities of such series changes in a material way that was not reasonably foreseeable at the issue date and (ii) such circumstances are
evidenced by the delivery by the Company to the Trustee of a copy of the Supervisory Permission for the redemption, if and as required, the Company may, at its option and having given no less than 15 nor more than 30 days’ notice to the Holders
of the Senior Non Preferred Debt Securities of such series in accordance with Section 11.04 (which notice shall be irrevocable) and a concurrent copy thereof to the Trustee, redeem in whole, but not in part, the Outstanding Senior Non Preferred
Debt Securities of such series (in accordance with the requirements of Applicable Banking Regulations in force at the relevant time) at their early tax redemption amount (the “Early Redemption Amount (Tax)”) (which shall be their
principal amount), together with any accrued interest thereon to (but excluding) the date fixed for redemption; provided, however, that (i) in the case of (i)(a) above, no such notice of redemption may be given earlier than 90 days prior to the
earliest date on which the Company would be obliged to pay such Additional Amounts were a payment in respect of the Senior Non Preferred Debt Securities of such series then due and (ii) redemption due to changes in tax treatment pursuant to
this Section 11.08 may only take place in accordance with Applicable Banking Regulations in force at the relevant time and subject to the Company obtaining Supervisory Permission therefor, if and as required. 

  
 13 













 Section 3.14. Replacement of Provisions with Respect to Optional Redemption For
TLAC/MREL Disqualification Event. With respect to the Senior Non Preferred Notes only, Section 11.09 of the Base Indenture is hereby replaced with the following: 

Optional Redemption For TLAC/MREL Disqualification Event. If, in relation to the Senior Non Preferred Debt
Securities of any series, a TLAC/MREL Disqualification Event has occurred and is continuing, then the Company may, at its option and having given not less than 15 nor more than 30 days’ notice to the Holders of the Senior Non Preferred Debt
Securities of such series in accordance with Section 11.04 above (which notice shall be irrevocable and shall specify the date for redemption) and a concurrent copy thereof to the Trustee, elect to redeem in whole but not in part the
Outstanding Senior Non Preferred Debt Securities of such series at their principal amount, together with any accrued and unpaid interest thereon to (but excluding) the date fixed for redemption (“Early Redemption Amount (TLAC/MREL
Disqualification Event)”). 
 Redemption for a TLAC/MREL Disqualification Event is subject to the Company obtaining
Supervisory Permission if and as required under Applicable Banking Regulations and may only take place in accordance with Applicable Banking Regulations in force at the relevant time. 

Section 3.15. Deletion of Provisions with Respect to Optional Early Redemption (Call). With respect to the Senior Non Preferred
Notes only, Section 11.10 of the Base Indenture is deleted in its entirety. 
 Section 3.16. Replacement of Provisions with
Respect to Ranking of Senior Non Preferred Debt Securities. With respect to the Senior Non Preferred Notes only, Section 12.01 of the Base Indenture is hereby replaced with the following: 

Ranking of Senior Non Preferred Debt Securities. The Company, for itself, its successors and assigns, covenants and
agrees, and each Holder of the Senior Non Preferred Debt Securities of any series by his acceptance thereof, likewise covenants and agrees, that the payment obligations of the Company under the Senior Non Preferred Debt Securities of such series on
account of principal constitute direct, unconditional, unsubordinated and unsecured senior non preferred obligations (créditos ordinarios no preferentes) of the Company and, in accordance with Additional Provision 14.2o of Law
11/2015, but subject to any other ranking that may apply as a result of any mandatory provision of law (or otherwise), upon the insolvency of the Company, such payment obligations in respect of principal rank (i) pari passu among
themselves and with any Senior Non Preferred Liabilities, (ii) junior to the Senior Higher Priority Liabilities (and, accordingly, upon the insolvency of the Company, the claims in respect of principal under the Senior Non Preferred Debt
Securities will be met after payment in full of the Senior Higher Priority Liabilities) and (iii) senior to any present and future subordinated obligations (créditos subordinados) of the Company in accordance with Article 281 of
the Spanish Insolvency Law. 

  
 14 













 Claims of Holders of Senior Non Preferred Debt Securities of any series in
respect of interest accrued but unpaid as of the commencement of any insolvency procedure in respect of the Company shall constitute subordinated claims (créditos subordinados) against the Company ranking in accordance with the
provisions of Article 281.1.3o of the Spanish Insolvency Law and no further interest shall accrue from the date of the declaration of insolvency of the Company. 

The provisions of this Article 12 shall apply only to rights or claims payable under any Senior Non Preferred Debt Securities
of any series and nothing herein shall affect or prejudice the payment of the costs, charges, expenses, liabilities, indemnity or remuneration of the Trustee, the first lien rights of the Trustee under Section 6.08 hereof, or the rights and
remedies of the Trustee in respect thereof. 
 Section 3.17. Replacement of Provisions with Respect to Waiver of Right of Set-off. With respect to the Senior Non Preferred Notes only, Section 12.04 of the Base Indenture is hereby replaced with the following: 

Waiver of Right of Set-off. Subject to applicable law, neither any Holder or
beneficial owner of the Senior Non Preferred Debt Securities of any series nor the Trustee acting on behalf of the Holders of the Senior Non Preferred Debt Securities of such series may exercise, claim or plead any right of set-off, netting, compensation or retention in respect of any amount owed to it by the Company in respect of, or arising under, or in connection with, the Senior Non Preferred Debt Securities of such series or this
Senior Non Preferred Debt Securities Indenture and each Holder and beneficial owner of the Senior Non Preferred Debt Securities of such series, by virtue of its holding of any Senior Non Preferred Debt Securities of such series or any interest
therein, and the Trustee acting on behalf of the Holders of the Senior Non Preferred Debt Securities of such series, shall be deemed to have waived all such rights of set-off, netting, compensation or
retention. If, notwithstanding the above, any amounts due and payable to any Holder or beneficial owner of a Senior Non Preferred Debt Security of any series or any interest therein by the Company in respect of, or arising under, the Senior Non
Preferred Debt Securities of such series are discharged by set-off, such Holder or beneficial owner shall, subject to applicable law, immediately pay an amount equal to the amount of such discharge to the
Company (or, if the event of any voluntary or involuntary liquidation of the Company shall have occurred, the liquidator or administrator of the Company, as the case may be) and, until such time as payment is made, shall hold an amount equal to such
amount in trust (where possible) or otherwise for the Company (or the liquidator or administrator of the Company, as the case may be) and, accordingly, any such discharge shall be deemed not to have taken place. 

  
 15 













 Section 3.18. Replacement of Provisions with Respect to Agreement and
Acknowledgement with Respect to the Exercise of the Bail-in Power. With respect to the Senior Non Preferred Notes only, Section 13.01(a)(i) of the Base Indenture is hereby replaced with the following:

  

	 	(i)	 to be bound by effect of the exercise of the Bail-in Power by the
Relevant Resolution Authority, which may include and result in any of the following, or some combination thereof: 


  

	 	•	 	 the reduction of all, or a portion, of the Amounts Due on a permanent basis; 



 

	 	•	 	 the conversion of all, or a portion, of the Amounts Due into Common Equity Tier 1 instruments, other securities
or other obligations of the Company or another person (and the issue to the Holder of such Common Equity Tier 1 instruments, securities or obligations), including by means of an amendment, modification or variation of the terms of the Senior Non
Preferred Debt Securities, in which case the Holder agrees to accept in lieu of its rights under such Senior Non Preferred Debt Securities any such Common Equity Tier 1 instruments, other securities or other obligations of the Company or another
person; 


  

	 	•	 	 the cancellation of the Senior Non Preferred Debt Securities or Amounts Due; 



 

	 	•	 	 the amendment or alteration of the maturity of the Senior Non Preferred Debt Securities or amendment of the
interest payable on the Senior Non Preferred Debt Securities, or the date on which the interest becomes payable, including by suspending payment for a temporary period; and 



ARTICLE 4 
 MISCELLANEOUS 

Section 4.01.    Effect Of Supplemental Indenture. Upon the execution and delivery of this Second Supplemental
Indenture by each of the Company and the Trustee, the Base Indenture shall be supplemented in accordance herewith, and this Second Supplemental Indenture shall form a part of the Base Indenture for all purposes in respect of the Senior Non Preferred
Notes or otherwise as applicable. 
 Section 4.02.    Confirmation Of Indenture. The Senior Non Preferred
Indenture with respect to the Senior Non Preferred Notes or otherwise as applicable, is in all respects ratified and confirmed, and the Base Indenture, this Second Supplemental Indenture and all indentures supplemental thereto shall, in respect of
the Senior Non Preferred Notes or otherwise as applicable, be read, taken and construed as one and the same instrument. This Second Supplemental Indenture constitutes an integral part of the 

  
 16 













 
Senior Non Preferred Indenture and, where applicable, with respect to the Senior Non Preferred Notes. In the event of a conflict between the terms and conditions of the Base Indenture and the
terms and conditions of this Second Supplemental Indenture, the terms and conditions of this Second Supplemental Indenture shall prevail where applicable. 

Section 4.03.    Concerning The Trustee. The Trustee does not make any representations as to the validity,
sufficiency or adequacy of this Second Supplemental Indenture or the Senior Non Preferred Notes. The recitals and statements herein and in the Senior Non Preferred Notes are deemed to be those of the Company and not the Trustee. In entering into
this Second Supplemental Indenture, the Trustee shall be entitled to the benefit of every provision of the Base Indenture relating to the conduct of or affecting the liability of or affording protection to the Trustee. 

Section 4.04.    Governing Law. The Senior Non Preferred Indenture and the Senior Non Preferred Notes shall be
governed by and construed in accordance with the laws of the State of New York (without giving effect to the choice of law provisions), except for Section 12.01 of the Senior Non Preferred Indenture, Sections 2.01(r) and 2.02(r) of this Second
Supplemental Indenture and the status provisions of the Senior Non Preferred Notes, which shall be governed by and construed in accordance with the laws of the Kingdom of Spain, and except that the authorization and execution by the Company of the
Senior Non Preferred Indenture and the Senior Non Preferred Notes shall be governed by (in addition to the laws of the State of New York relevant to execution) the respective jurisdictions of organization of the Company and the Trustee, as the case
may be. 
 Section 4.05.    Separability. In case any provision contained in this Second Supplemental
Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 4.06.    Counterparts. This Second Supplemental Indenture may be executed in any number of
counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. The exchange of copies of this Second Supplemental Indenture and of signature pages by
facsimile, email or other electronic format (i.e., “pdf”, “tif” or “jpg”) transmission and other electronically imaged signatures (including, without limitation, DocuSign and AdobeSign) shall constitute effective
execution and delivery of this Second Supplemental Indenture as to the parties hereto and may be used in lieu of the original Second Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or electronic
format (i.e., “pdf” or “tif”) shall be deemed to be their original signatures for all purposes. This Second Supplemental Indenture and any indenture supplemental hereto and any other document, certificate or opinion delivered in
connection with this Second Supplemental Indenture, such supplemental indenture or the issuance and delivery of the Senior Non Preferred Debt Securities may be signed by or on behalf of the Company and the Trustee by manual, facsimile or pdf or
other electronically imaged signature (including, without limitation, DocuSign and AdobeSign). 

  
 17 













 Section 4.07.    Electronic Means. The Trustee shall have
the right to accept and act upon instructions, including funds transfer instructions (“Instructions”) given pursuant to this Second Supplemental Indenture and related financing documents and delivered using e-mail, facsimile transmission, secure electronic transmission containing applicable authorization codes, passwords and/or authentication keys issued by the Trustee, or another method or system specified by the
Trustee as available for use in connection with its services hereunder (collectively, the “Electronic Means”); provided, however, that the Company shall provide to the Trustee an incumbency certificate listing officers with
the authority to provide such Instructions (“Authorized Officers”) and containing specimen signatures of such Authorized Officers, which incumbency certificate shall be amended by the Company whenever a person is to be added
or deleted from the listing. If the Company elects to give the Trustee Instructions using Electronic Means and the Trustee in its discretion elects to act upon such Instructions, the Trustee’s understanding of such Instructions shall be deemed
controlling. The Company understands and agrees that the Trustee cannot determine the identity of the actual sender of such Instructions and that the Trustee shall conclusively presume that directions that purport to have been sent by an Authorized
Officer listed on the incumbency certificate provided to the Trustee have been sent by such Authorized Officer. The Company shall be responsible for ensuring that only Authorized Officers transmit such Instructions to the Trustee and that the
Company and all Authorized Officers are solely responsible to safeguard the use and confidentiality of applicable user and authorization codes, passwords and/or authentication keys upon receipt by the Company. The Trustee shall not be liable for any
losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such Instructions notwithstanding such directions conflict or are inconsistent with a subsequent written instruction. The Company
agrees: (i) to assume all risks arising out of the use of Electronic Means to submit Instructions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized Instructions, and the risk of interception and misuse
by third parties; (ii) that it is fully informed of the protections and risks associated with the various methods of transmitting Instructions to the Trustee and that there may be more secure methods of transmitting Instructions than the
method(s) selected by the Company; (iii) that the security procedures (if any) to be followed in connection with its transmission of Instructions provide to it a commercially reasonable degree of protection in light of its particular needs and
circumstances; and (iv) to notify the Trustee immediately upon learning of any compromise or unauthorized use of the security procedures. 

Section 4.08.    Recognition of Bail-In. Notwithstanding and to the
exclusion of any other term of this Second Supplemental Indenture or any other agreements, arrangements, or understanding between the Senior Non Preferred Debt Securities Registrar and the Company or any Holder, the Company and each Holder
acknowledges and accepts that a BRRD Liability arising under this Second Supplemental Indenture may be subject to the exercise of Bail-in Powers by the Relevant Resolution Authority, and acknowledges, accepts,
and agrees to be bound by: 
 (a) the effect of the exercise of Bail-in Powers by the Relevant
Resolution Authority in relation to any BRRD Liability of the Senior Non Preferred Debt Securities 

  
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Registrar to the Company or to any Holder under this Second Supplemental Indenture, that (without limitation) may include and result in any of the following, or some combination thereof: 

(i) the reduction of all, or a portion, of the BRRD Liability or outstanding amounts due thereon; 

(ii) the conversion of all, or a portion, of the BRRD Liability into shares, other securities or other obligations of the
Senior Non Preferred Debt Securities Registrar or another person, and the issue to or conferral on the Company or on any Holder of such shares, securities or obligations; 

(iii) the cancellation of the BRRD Liability; 

(iv) the amendment or alteration of any interest, if applicable, thereon, the maturity or the dates on which any payments are
due, including by suspending payment for a temporary period; 
 (b) the variation of the terms of this Second Supplemental Indenture, as
deemed necessary by the Relevant Resolution Authority, to give effect to the exercise of Bail-in Powers by the Relevant Resolution Authority in respect of the Senior Non Preferred Debt Securities Registrar.

 Solely as used in this Section 4.08: 

“Bail-in Legislation” means in relation to a member state of the European Economic Area
which has implemented, or which at any time implements, the BRRD, the relevant implementing law, regulation, rule or requirement as described in the EU Bail-in Legislation Schedule from time to time. 

“Bail-in Powers” means any Write-down and Conversion Powers as defined in the EU Bail-in Legislation Schedule, in relation to the relevant Bail-in Legislation. 

“BRRD” means Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment
firms or such other directive as may amend or come into effect in place thereof (including BRRD II), as amended or replaced from time to time and including any other relevant implementing regulatory provisions. 

“BRRD II” means Directive (EU) 2019/879 of the European Parliament and of the Council of 20 May 2019 amending Directive
2014/59/EU as regards the loss-absorbing and recapitalization capacity of credit institutions and investment firms and Directive 98/26/EC. 

“BRRD Liability” means a liability in respect of which the relevant Write-down and Conversion Powers in the applicable Bail-in Legislation may be exercised. 

  
 19 













 “EU Bail-in Legislation Schedule” means
the document described as such, then in effect, and published by the Loan Market Association (or any successor person) from time to time at http://www.lma.eu.com/pages.aspx?p=499. 

“Relevant Resolution Authority” means the resolution authority with the ability to exercise any
Bail-in Powers in relation to the Senior Non Preferred Debt Securities Registrar. 
 [Signature Pages
Follow] 

  
 20 













 IN WITNESS WHEREOF, the parties hereto have caused this Second Supplemental Indenture to be duly executed as
of the date first written above. 
  

			
	BANCO SANTANDER, S.A., as Issuer
		
	By:	 	 /s/ Juan Urigoen Irusta

	Name:	 	Juan Urigoen Irusta
	Title:	 	Authorized Signatory














 
					
	THE BANK OF NEW YORK MELLON, London Branch, as Trustee
		
	By:	 	 /s/ Martin Olcese

		 	Name:	 	Marin Olcese
		 	Title:	 	Vice President














 
					
	THE BANK OF NEW YORK MELLON SA/NV, Luxembourg Branch, as Registrar
		
	By:	 	 /s/ Martin Olcese

		 	Name:	 	Marin Olcese
		 	Title:	 	Vice President














 EXHIBIT A 

FORM OF GLOBAL NOTE 
 THIS NOTE IS A
GLOBAL SECURITY AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY AS THE DEPOSITARY (AS DEFINED IN THE SENIOR NON PREFERRED INDENTURE GOVERNING THIS NOTE), OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS
NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO THE BASE INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT
TO SECTION 3.05 OF THE BASE INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 3.09 OF THE BASE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE
PRIOR WRITTEN CONSENT OF THE COMPANY. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SENIOR NON PREFERRED NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A
NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS GLOBAL SECURITY IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITARY TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY GLOBAL SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITARY (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 THE RANKING OF THIS NOTE IS SET FORTH IN
SECTION 12.01 OF THE SENIOR NON PREFERRED INDENTURE, AND SECTION 2.01(r) OF THE SECOND SUPPLEMENTAL INDENTURE, AND THIS NOTE IS ISSUED SUBJECT TO THE PROVISIONS OF SUCH SECTIONS 12.01 AND 2.01(r), RESPECTIVELY, AND THE HOLDER OF THIS NOTE, BY
ACCEPTING THE SAME, AGREES TO AND SHALL BE BOUND BY SUCH PROVISIONS. THE PROVISIONS OF SECTION 12.01 OF THE SENIOR NON PREFERRED INDENTURE, SECTION 2.01(r) OF THE SECOND SUPPLEMENTAL INDENTURE AND THE TERMS OF THIS PARAGRAPH ARE GOVERNED BY, AND
SHALL BE CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE KINGDOM OF SPAIN. 

  
 A-1 













 CUSIP No. 05964H AL9 

ISIN No. US05964HAL96 
 SERIES 106
1.849% SENIOR NON PREFERRED FIXED RATE NOTES DUE 2026 
 Issued by 

BANCO SANTANDER, S.A. 
  

			
	No.    	  	$        

 BANCO SANTANDER, S.A., a sociedad anónima, incorporated under the laws of the Kingdom of Spain (herein called
the “Company”, which term includes any successor person under the Senior Non Preferred Indenture (as defined on the reverse hereof)), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal
sum of $     ( dollars) on March 25, 2026 or on such earlier date as the principal hereof may become due in accordance with the terms hereof and to pay interest thereon semi-annually in arrears on March 25 and
September 25 of each year, commencing on September 25, 2021, and ending on March 25, 2026 (each, a “Payment Date”). Interest so payable on any Payment Date shall be paid to the Holder in whose name this Note is registered on
the 15th calendar day immediately preceding the relevant Payment Date, whether or not such day is a Business Day, as defined in the Senior Non Preferred Indenture (each a “Regular Record Date”). 

Interest shall accrue on this Note from day to day from the date of issuance hereof or from the most recent Payment Date at the rate of 1.849%
per annum, until the principal amount hereof is paid or made available for payment. 
 Payments of interest on this Note shall be computed
on the basis of a 360-day year divided into twelve months of 30 days each and, in the case of an incomplete month, the actual number of days elapsed in such month. 

Payment of the principal amount of and any interest on, this Note will be made by wire transfer of immediately available funds in such coin or
currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. Such payment shall be made to the Holder including through a Paying Agent of the Company for collection by the Holder. If the
date for payment of the principal amount hereof or interest thereon is not a Business Day, then (subject as provided in the Senior Non Preferred Indenture) such payment shall be made on the next succeeding Business Day with the same force and effect
as if made on such date for payment, provided that no interest shall accrue on such payment for the period from and after such payment date. 

The 2026 Fixed Rate Notes are issuable in minimum denominations of $200,000 and integral multiples of $200,000 in excess thereof. 

  
 A-2 













 For information purposes only, without any substantive effect whatsoever and solely in order
to comply with Article 413(d) of the Spanish Companies Law (Ley de Sociedades de Capital), approved by Royal Decree 1/2010, of July 2, to the extent applicable, it is hereby noted that the initial aggregate principal amount of the 2026
Fixed Rate Notes, i.e., US$1,500,000,000, was equivalent to approximately €1,262,307,500, at the European Central Bank reference exchange rate as of March 23, 2021 of US $1.1883 per €1.00. Amounts due on the Notes shall not under any
circumstances whatsoever be payable in any currency other than U.S. Dollars. 
 Prior to due presentment of this Note for registration of
transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner of such Note for the purpose of receiving payment of principal and interest, if any, on and any
Additional Amounts with respect to such Note and for all other purposes whatsoever, whether or not such Note be overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the contrary.

 Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the
Trustee referred to on the reverse hereof by manual signature, this Note shall not be entitled to any benefit under the Senior Non Preferred Indenture or be valid or obligatory for any purpose. 

Notwithstanding any other term of this Note or any other agreements, arrangements, or understandings between the Company and any Holder of the
2026 Fixed Rate Notes, by its acquisition of this Note, each Holder (which includes each holder of a beneficial interest in this Note) acknowledges, accepts, consents to and agrees: (i) to be bound by effect of the exercise of the Bail-in Power by the Relevant Resolution Authority, which may include and result in any of the following, or some combination thereof: the reduction of all, or a portion, of the Amounts Due on a permanent basis; the
conversion of all, or a portion, of the Amounts Due into Common Equity Tier 1 instruments, other securities or other obligations of the Company or another person (and the issue to the Holder of such Common Equity Tier 1 instruments, securities or
obligations), including by means of an amendment, modification or variation of the terms of the 2026 Fixed Rate Notes, in which case the Holder agrees to accept in lieu of its rights under this Note, any such Common Equity Tier 1 instruments, other
securities or other obligations of the Company or another person; the cancellation of this Note or Amounts Due; the amendment or alteration of the maturity of this Note or amendment of the interest payable on this Note, or the date on which the
interest becomes payable, including by suspending payment for a temporary period; and (ii) that the terms of this Note are subject to, and may be varied, if necessary, to give effect to, the exercise of the
Bail-in Power by the Relevant Resolution Authority: 
 “Amounts Due” means the principal
amount of, premium, if any, together with any accrued but unpaid interest, and Additional Amounts, if any, due on the 2026 Fixed Rate Notes. 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 Bail-in Power by the Relevant Resolution Authority. 
 “Bail-in Power” means any power existing from time to time under, and exercised in compliance with, any laws, regulations, rules or requirements in effect in the Kingdom of Spain,


  
 A-3 













 
relating to (i) the transposition of the BRRD, and in particular its article 59 (including but not limited to, Law 11/2015, RD 1012/2015 and any other implementing regulations), (ii) the SRM
Regulation and (iii) the instruments, rules or standards created thereunder, pursuant to which any obligation of a Regulated Entity (or an affiliate of such Regulated Entity) can be reduced, cancelled, suspended, modified, or converted into
shares, other securities, or other obligations of such Regulated Entity (or affiliate of such Regulated Entity). 
 “BRRD” means
Directive 2014/59/EU of 15 May establishing the framework for the recovery and resolution of credit institutions and investment firms or such other directive as may amend or come into effect in place thereof (including the BRRD II), as
implemented into law by Law 11/2015 and RD 1012/2015, as amended or replaced from time to time and including any other relevant implementing regulatory provisions. 

“BRRD II” means Directive (EU) 2019/879 of the European Parliament and of the Council of 20 May 2019 amending Directive
2014/59/EU as regards the loss-absorbing and recapitalisation capacity of credit institutions and investment firms and Directive 98/26/EC. 

“Law 11/2015” means Law 11/2015 of 18 June, on recovery and resolution of credit institutions and investment firms (Ley
11/2015, de 18 de junio, de recuperación y resolución de entidades de crédito y empresas de servicios de inversión) as amended or replaced from time to time. 

“RD 1012/2015” means Royal Decree 1012/2015, of 6 November developing Law 11/2015, as amended or superseded from time to time.

 “Regulated Entity” means any entity to which BRRD, as implemented in the Kingdom of Spain (including but not limited to, Law
11/2015, RD 1012/2015 and any other implementing regulations), or any other Spanish law relating to the Bail-in Power, applies, which includes, certain credit institutions, investment firms, and certain of
their parent or holding companies. 
 “Relevant Resolution Authority” means the Spanish Fund for the Orderly Restructuring of
Banks, the Bank of Spain, the European Single Resolution Board, as the case may be, according to Law 11/2015, and any other entity with the authority to exercise the Bail-in Power or any other resolution power
from time to time. 
 “SRM Regulation” means 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 the Single Resolution Mechanism and the Single Resolution Fund and amending Regulation
(EU) No. 1093/2010, as amended or replaced from time to time (including by the SRM Regulation II). 
 “SRM Regulation II”
means Regulation (EU) 2019/877 of the European Parliament and of the Council of 20 May 2019 amending Regulation (EU) No 806/2014 as regards the loss-absorbing and recapitalization capacity of credit institutions and investment firms. 

The public deed of issuance (escritura de emisión) related to the 2026 Fixed Rate Notes represented hereby was executed on
March 24, 2021 before Mr. Miguel Ruiz-Gallardón García de la Rasilla with the number 1433 of his records. 

  
 A-4 













 IN WITNESS WHEREOF, the Company has caused this Note to be duly executed. 

Dated:                     

 

			
	BANCO SANTANDER, S.A.
		
	By:	 	
                     
                    

	Name:	 	
	Title:	 	


 [Global Note Signature Page] 

  
 A-5 













 CERTIFICATE OF AUTHENTICATION 

This is one of the Senior Non Preferred Debt Securities of the series designated herein referred to in the within-mentioned Senior Non
Preferred Debt Securities Indenture. 
 Dated: 
  

			
	THE BANK OF NEW YORK MELLON,
	London Branch, as Trustee
		
	By:	 	  

		 	Authorized Signatory


 [Global Note Signature Page] 

  
 A-6 













 [REVERSE OF SECURITY] 

This Note is one of a duly authorized issue of securities of the Company of the series designated Series 106 1.849% Senior Non Preferred Fixed
Rate Notes due 2026 (herein called the “2026 Fixed Rate Notes”) issued and to be issued in one or more series under a Senior Non Preferred Debt Securities Indenture, dated as of May 28, 2020, as heretofore supplemented and amended
(herein called the “Base Indenture”), between the Company, as issuer and The Bank of New York Mellon, London Branch, as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Base Indenture), as
amended and supplemented by the Second Supplemental Indenture, dated as of March 25, 2021, among the Company, the Trustee and The Bank of New York Mellon, Luxembourg Branch, as Senior Non Preferred Debt Securities Registrar (the “Second
Supplemental Indenture”, and, the Base Indenture, as amended and supplemented by the Second Supplemental Indenture, the “Senior Non Preferred Indenture”) to which Senior Non Preferred Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company and the Trustee and the Holders of the 2026 Fixed Rate Notes and of the terms upon which the 2026 Fixed Rate
Notes are, and are to be, authenticated and delivered. Capitalized terms used herein are used as defined in the Senior Non Preferred Indenture unless otherwise indicated. The terms of the 2026 Fixed Rate Notes include those stated in the Senior Non
Preferred Indenture. The 2026 Fixed Rate Notes are subject to all such terms, and Holders are referred to the Senior Non Preferred Indenture for a statement of all such terms. To the extent permitted by applicable law, in the event of any
inconsistency between the terms of this 2026 Fixed Rate Note and the terms of the Senior Non Preferred Indenture, the terms of the Senior Non Preferred Indenture will control. 

This Note is one of the series designated on the face hereof, initially limited in aggregate principal amount to $1,500,000,000; provided,
that the Company may, from time to time, without the consent of the Holders of the 2026 Fixed Rate Notes, issue additional Senior Non Preferred Debt Securities under the Senior Non Preferred Indenture, having the same ranking and same interest rate,
maturity, redemption terms and other terms, except for the price to the public, original interest accrual date, issue date and first interest payment date, as the 2026 Fixed Rate Notes; provided, however, that such additional 2026 Fixed Rate
Notes will not have the same CUSIP, ISIN or other identifying number as the outstanding 2026 Fixed Rate Notes unless the additional 2026 Fixed Rate Notes are fungible with the 2026 Fixed Rate Notes for U.S. federal income tax purposes. Any such
additional 2026 Fixed Rate Notes, together with the 2026 Fixed Rate Notes, will constitute a single series of 2026 Fixed Rate Notes under the Senior Non Preferred Indenture and shall be included in the definition of “Senior Non Preferred Debt
Securities” in the Base Indenture where the context requires. 
 The payment obligations of the Company under the 2026 Fixed Rate Notes
on account of principal constitute direct, unconditional, unsubordinated and unsecured senior non preferred obligations (créditos ordinarios no preferentes) of the Company and, in accordance with Additional Provision 14.2o of Law
11/2015, but subject to any other ranking that may apply as a result of any mandatory provision of law (or otherwise), upon the insolvency of the Company, such payment obligations in respect of principal rank (i) pari passu among
themselves and with any Senior Non Preferred Liabilities (as defined below), (ii) junior to the Senior Higher Priority Liabilities (as defined below) (and, accordingly, upon the insolvency of the Company, the claims in respect of the 2026 Fixed Rate
Notes will be met after payment in full of the Senior Higher 

  
 A-7 













 
Priority Liabilities) and (iii) senior to any present and future subordinated obligations (créditos subordinados) of the Company in accordance with Article 281 of the Spanish
Insolvency Law (as defined below). 
 Claims of Holders of 2026 Fixed Rate Notes in respect of interest accrued but unpaid as of the
commencement of any insolvency procedure in respect of the Company shall constitute subordinated claims (créditos subordinados) against the Company ranking in accordance with the provisions of Article 281.1.3o of the Spanish
Insolvency Law and no further interest shall accrue from the date of the declaration of insolvency of the Company. 
 The obligations
of the Company under the 2026 Fixed Rate Notes are subject to the Bail-in Power. 
 “Law
11/2015” means Law 11/2015 of 18 June, on recovery and resolution of credit institutions and investment firms (Ley 11/2015, de 18 de junio, de recuperación y resolución de entidades de crédito y empresas de
servicios de inversión) as amended or replaced from time to time. 
 “Senior Higher Priority Liabilities” means the
unsubordinated and unsecured obligations (créditos ordinarios) of the Company (which will include, among others, the senior preferred debt securities), other than the Senior Non Preferred Liabilities. 

“Senior Non Preferred Liabilities” means any unsubordinated and unsecured senior non preferred obligations (créditos
ordinarios no preferentes) of the Company under Additional Provision 14.2o of Law 11/2015 (including any 2026 Fixed Rate Notes) and any other obligations which, by law and/or by their terms, and to the extent permitted by Spanish law, rank
pari passu with the Senior Non Preferred Liabilities. 
 “Spanish Insolvency Law” means the restated text of the Spanish
Insolvency Law (Ley Concursal) approved by the Royal Decree-Legislative 1/2020, of 5 May, as amended from time to time. 
 The
provisions of Section 12.01 of the Senior Non Preferred Indenture, and Section 2.01(r) of the Second Supplemental Indenture shall apply only to rights or claims payable with respect to the 2026 Fixed Rate Notes and nothing herein shall
affect or prejudice the payment of the costs, charges, expenses, liabilities, indemnity or remuneration of the Trustee, the first lien rights of the Trustee under Section 6.08 of the Base Indenture, or the rights and remedies of the Trustee in
respect thereof. 
 The Company agrees with respect to the 2026 Fixed Rate Notes and each Holder of the 2026 Fixed Rate Notes, by his or her
acquisition of the 2026 Fixed Rate Notes will be deemed to have agreed to the ranking as described herein. Each such Holder will be deemed to have irrevocably waived his or her rights of priority which would otherwise be accorded to him or her under
the laws of Spain, to the extent necessary to effectuate the ranking provisions of the 2026 Fixed Rate Notes. In addition, each Holder of the 2026 Fixed Rate Notes by his or her acquisition of such 2026 Fixed Rate Notes authorizes and directs the
Trustee on his or her behalf to take such action as may be necessary or appropriate to effectuate the ranking of such 2026 Fixed Rate Notes as provided in the Senior Non Preferred Indenture, and as summarized herein and appoints the Trustee as his
or her attorney-in-fact for any and all such purposes. 

  
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 Notwithstanding any other term of this Note or any other agreements, arrangements, or
understandings between the Company and any Holder of the 2026 Fixed Rate Notes, by its acquisition of this Note, each Holder (which includes each holder of a beneficial interest in this Note) acknowledges, accepts, consents to and agrees:
(i) to be bound by effect of the exercise of the Bail-in Power by the Relevant Resolution Authority, which may include and result in any of the following, or some combination thereof: the reduction of
all, or a portion, of the Amounts Due on a permanent basis; the conversion of all, or a portion, of the Amounts Due into Common Equity Tier 1 instruments, other securities or other obligations of the Company or another person (and the issue to the
Holder of such Common Equity Tier 1 instruments, securities or obligations), including by means of an amendment, modification or variation of the terms of the 2026 Fixed Rate Notes, in which case the Holder agrees to accept in lieu of its rights
under this Note, any such Common Equity Tier 1 instruments, other securities or other obligations of the Company or another person; the cancellation of this Note or Amounts Due; the amendment or alteration of the maturity of this Note or amendment
of the interest payable on this Note, or the date on which the interest becomes payable, including by suspending payment for a temporary period; and (ii) that the terms of this Note are subject to, and may be varied, if necessary, to give
effect to, the exercise of the Bail-in Power by the Relevant Resolution Authority: 
 “Amounts
Due” means the principal amount of, premium, if any, together with any accrued but unpaid interest, and Additional Amounts, if any, due on the 2026 Fixed Rate Notes. 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 Bail-in Power by the Relevant Resolution Authority. 

“Bail-in Power” means any power existing from time to time under, and exercised in
compliance with, any laws, regulations, rules or requirements in effect in the Kingdom of Spain, relating to (i) the transposition of the BRRD, and in particular its article 59 (including but not limited to, Law 11/2015, RD 1012/2015 and any
other implementing regulations), (ii) the SRM Regulation and (iii) the instruments, rules or standards created thereunder, pursuant to which any obligation of a Regulated Entity (or an affiliate of such Regulated Entity) can be reduced,
cancelled, suspended, modified, or converted into shares, other securities, or other obligations of such Regulated Entity (or affiliate of such Regulated Entity). 

“BRRD” means Directive 2014/59/EU of 15 May establishing the framework for the recovery and resolution of credit institutions
and investment firms or such other directive as may amend or come into effect in place thereof (including the BRRD II), as implemented into law by Law 11/2015 and RD 1012/2015, as amended or replaced from time to time and including any other
relevant implementing regulatory provisions. 
 “BRRD II” means Directive (EU) 2019/879 of the European Parliament and of the
Council of 20 May 2019 amending Directive 2014/59/EU as regards the loss-absorbing and recapitalisation capacity of credit institutions and investment firms and Directive 98/26/EC. 

“Law 11/2015” means Law 11/2015 of 18 June, on recovery and resolution of credit institutions and investment firms (Ley
11/2015, de 18 de junio, de recuperación y resolución de entidades de crédito y empresas de servicios de inversión) as amended or replaced from time to time. 

  
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 “RD 1012/2015” means Royal Decree 1012/2015, of 6 November developing Law
11/2015, as amended or superseded from time to time. 
 “Regulated Entity” means any entity to which BRRD, as implemented in the
Kingdom of Spain (including but not limited to, Law 11/2015, RD 1012/2015 and any other implementing regulations), or any other Spanish law relating to the Bail-in Power, applies, which includes, certain
credit institutions, investment firms, and certain of their parent or holding companies. 
 “Relevant Resolution Authority” means
the Spanish Fund for the Orderly Restructuring of Banks, the Bank of Spain, the European Single Resolution Board, as the case may be, according to Law 11/2015, and any other entity with the authority to exercise the
Bail-in Power or any other resolution power from time to time. 
 “SRM Regulation” means
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 the
Single Resolution Mechanism and the Single Resolution Fund and amending Regulation (EU) No. 1093/2010, as amended or replaced from time to time (including by the SRM Regulation II). 

“SRM Regulation II” means Regulation (EU) 2019/877 of the European Parliament and of the Council of 20 May 2019 amending
Regulation (EU) No 806/2014 as regards the loss-absorbing and recapitalization capacity of credit institutions and investment firms. 
 The
exercise of the Bail-in Power by the Relevant Resolution Authority with respect to the 2026 Fixed Rate Notes shall not constitute an event of default and the terms and conditions of the 2026 Fixed Rate Notes
shall continue to apply in relation to the residual principal amount of, or outstanding amount payable with respect to, the 2026 Fixed Rate Notes subject to any modification of the amount of distributions payable to reflect the reduction of the
principal amount, and any further modification of the terms that the Relevant Resolution Authority may decide in accordance with applicable laws and regulations relating to the resolution of credit institutions, investment firms and/or Company
entities incorporated in the relevant member state. 
 No repayment or payment of Amounts Due, if any, on the 2026 Fixed Rate Notes, will
become due and payable or be paid after the exercise of any Bail-in Power by the Relevant Resolution Authority if and to the extent such amounts have been reduced, converted, cancelled, amended or altered as a
result of such exercise. 
 By its acquisition of this Note, each Holder of this Note, (which, for the purposes of this clause, includes
each Holder of a beneficial interest in this Note), to the extent permitted by the Trust Indenture Act, will waive any and all claims, in law and/or in equity, against the Trustee for, agree not to initiate a suit against the Trustee in respect of,
and agree that the Trustee will not be liable for, any action that the Trustee takes, or abstains from taking, in either case in accordance with the exercise of the Bail-in Power by the Relevant Resolution
Authority with respect to this Note. 

  
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 Additionally, by its acquisition of this Note, each Holder of this Note acknowledges and
agrees that, upon the exercise of the Bail-in Power by the Relevant Resolution Authority: 
 (i) the
Trustee will not be required to take any further directions from the Holders of the 2026 Fixed Rate Notes with respect to any portion of the 2026 Fixed Rate Notes that are written-down, converted to equity and/or cancelled under the Senior Non
Preferred Indenture, which authorizes Holders of a majority in aggregate outstanding principal amount of the outstanding 2026 Fixed Rate Notes to direct certain actions relating to the 2026 Fixed Rate Notes; and 

(ii) the Senior Non Preferred Indenture will not impose any duties upon the Trustee whatsoever with respect to the exercise of the Bail-in Power by the Relevant Resolution Authority; 
 provided, however, that notwithstanding the
exercise of the Bail-in Power by the Relevant Resolution Authority, so long as the 2026 Fixed Rate Notes remain outstanding, there will at all times be a Trustee for the 2026 Fixed Rate Notes in accordance
with the Senior Non Preferred Indenture, and the resignation and/or removal of the Trustee and the appointment of a successor Trustee will continue to be governed by the Base Indenture, including to the extent no additional supplemental indenture or
amendment is agreed upon in the event the 2026 Fixed Rate Notes remain outstanding following the completion of the exercise of the Bail-in Power. 

By its acquisition of this Note, each Holder of this Note acknowledges and agrees that neither a cancellation or deemed cancellation of the
principal or interest (in each case, in whole or in part), nor the exercise of the Bail-in Power by the Relevant Resolution Authority with respect to the 2026 Fixed Rate Notes will give rise to a default for
purposes of Section 315(b) (Notice of Default) and Section 315(c) (Duties of the Trustee in Case of Default) of the Trust Indenture Act. 

By purchasing this Note, each Holder (including each beneficial owner) of this Note shall be deemed to have authorized, directed and requested
DTC and any direct participant in DTC or other intermediary through which it holds this Note to take any and all necessary action, if required, to implement the exercise of the Bail-in Power with respect to
the 2026 Fixed Rate Notes as it may be imposed, without any further action or direction on the part of such Holder. 
 Each Holder of this
Note also acknowledges and agrees that the foregoing description of the Bail-in Power and its exercise is exhaustive on the matters described herein to the exclusion of any other agreements, arrangements or
understandings relating to the application of any Bail-in Power to the 2026 Fixed Rate Notes. 

Each Holder of this Note that acquires such 2026 Fixed Rate Notes in the secondary market (including each beneficial owner) shall be deemed to
acknowledge, agree to be bound by and consent to the same provisions specified herein to the same extent as the Holders of the 2026 Fixed Rate Notes that acquire the 2026 Fixed Rate Notes upon their initial issuance, including, without limitation,
with respect to the acknowledgment and agreement to be bound by and consent to the terms of the 2026 Fixed Rate Notes, including in relation to the Bail-in-Power. 

Additional terms of the 2026 Fixed Rate Notes, including but not limited to events of default, remedies, payment of additional amounts in
respect of withholding tax, substitution and variation of the 2026 Fixed Rate Notes upon certain regulatory events, and amendment are set forth in the Senior Non Preferred Indenture. 

  
 A-11 













 The Senior Non Preferred Indenture and the 2026 Fixed Rate Notes shall be governed by and
construed in accordance with the laws of the State of New York (without giving effect to the choice of law provisions), except for Section 12.01 of the Senior Non Preferred Indenture, Sections 2.01(r) and 2.02(r) of the Second Supplemental
Indenture and the status of the 2026 Fixed Rate Notes, which shall be governed by and construed in accordance with the laws of The Kingdom of Spain, and except that the authorization and execution by the Company of the Senior Non Preferred Indenture
and the 2026 Fixed Rate Notes shall be governed by (in addition to the laws of the State of New York relevant to execution) the respective jurisdictions of organization of the Company and the Trustee, as the case may be. 

The 2026 Fixed Rate Notes and this Note have been issued in the State of New York. 

  
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 EXHIBIT B 

FORM OF GLOBAL NOTE 
 THIS NOTE IS A
GLOBAL SECURITY AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY AS THE DEPOSITARY (AS DEFINED IN THE SENIOR NON PREFERRED INDENTURE GOVERNING THIS NOTE), OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS
NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO THE BASE INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT
TO SECTION 3.05 OF THE BASE INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 3.09 OF THE BASE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE
PRIOR WRITTEN CONSENT OF THE COMPANY. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SENIOR NON PREFERRED NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A
NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS GLOBAL SECURITY IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITARY TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY GLOBAL SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITARY (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 THE RANKING OF THIS NOTE IS SET FORTH IN
SECTION 12.01 OF THE SENIOR NON PREFERRED INDENTURE, AND SECTION 2.02(r) OF THE SECOND SUPPLEMENTAL INDENTURE, AND THIS NOTE IS ISSUED SUBJECT TO THE PROVISIONS OF SUCH SECTIONS 12.01 AND 2.02(r), RESPECTIVELY, AND THE HOLDER OF THIS NOTE, BY
ACCEPTING THE SAME, AGREES TO AND SHALL BE BOUND BY SUCH PROVISIONS. THE PROVISIONS OF SECTION 12.01 OF THE SENIOR NON PREFERRED INDENTURE, SECTION 2.02(r) OF THE SECOND SUPPLEMENTAL INDENTURE AND THE TERMS OF THIS PARAGRAPH ARE GOVERNED BY, AND
SHALL BE CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE KINGDOM OF SPAIN. 












 CUSIP No. 05964H AM7 

ISIN No. US05964HAM79 
 SERIES 107
2.958% SENIOR NON PREFERRED FIXED RATE NOTES DUE 2031 
 Issued by 

BANCO SANTANDER, S.A. 
  

			
	No.    	  	$        

 BANCO SANTANDER, S.A., a sociedad anónima, incorporated under the laws of the Kingdom of Spain (herein called
the “Company”, which term includes any successor person under the Senior Non Preferred Indenture (as defined on the reverse hereof)), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal
sum of $     ( dollars) on March 25, 2031 or on such earlier date as the principal hereof may become due in accordance with the terms hereof and to pay interest thereon semi-annually in arrears on March 25 and
September 25 of each year, commencing on September 25, 2021, and ending on March 25, 2031 (each, a “Payment Date”). Interest so payable on any Payment Date shall be paid to the Holder in whose name this Note is registered on
the 15th calendar day immediately preceding the relevant Payment Date, whether or not such day is a Business Day, as defined in the Senior Non Preferred Indenture (each a “Regular Record Date”). 

Interest shall accrue on this Note from day to day from the date of issuance hereof or from the most recent Payment Date at the rate of 2.958%
per annum, until the principal amount hereof is paid or made available for payment. 
 Payments of interest on this Note shall be computed
on the basis of a 360-day year divided into twelve months of 30 days each and, in the case of an incomplete month, the actual number of days elapsed in such month. 

Payment of the principal amount of and any interest on, this Note will be made by wire transfer of immediately available funds in such coin or
currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. Such payment shall be made to the Holder including through a Paying Agent of the Company for collection by the Holder. If the
date for payment of the principal amount hereof or interest thereon is not a Business Day, then (subject as provided in the Senior Non Preferred Indenture) such payment shall be made on the next succeeding Business Day with the same force and effect
as if made on such date for payment, provided that no interest shall accrue on such payment for the period from and after such payment date. 

The 2031 Fixed Rate Notes are issuable in minimum denominations of $200,000 and integral multiples of $200,000 in excess thereof. 

  
 B-2 













 For information purposes only, without any substantive effect whatsoever and solely in order
to comply with Article 413(d) of the Spanish Companies Law (Ley de Sociedades de Capital), approved by Royal Decree 1/2010, of July 2, to the extent applicable, it is hereby noted that the initial aggregate principal amount of the 2031
Fixed Rate Notes, i.e., US$750,000,000, was equivalent to approximately €631,153,750, at the European Central Bank reference exchange rate as of March 23, 2021 of US $1.1883 per €1.00. Amounts due on the Notes shall not under any
circumstances whatsoever be payable in any currency other than U.S. Dollars. 
 Prior to due presentment of this Note for registration of
transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner of such Note for the purpose of receiving payment of principal and interest, if any, on and any
Additional Amounts with respect to such Note and for all other purposes whatsoever, whether or not such Note be overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the contrary.

 Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the
Trustee referred to on the reverse hereof by manual signature, this Note shall not be entitled to any benefit under the Senior Non Preferred Indenture or be valid or obligatory for any purpose. 

Notwithstanding any other term of this Note or any other agreements, arrangements, or understandings between the Company and any Holder of the
2031 Fixed Rate Notes, by its acquisition of this Note, each Holder (which includes each holder of a beneficial interest in this Note) acknowledges, accepts, consents to and agrees: (i) to be bound by effect of the exercise of the Bail-in Power by the Relevant Resolution Authority, which may include and result in any of the following, or some combination thereof: the reduction of all, or a portion, of the Amounts Due on a permanent basis; the
conversion of all, or a portion, of the Amounts Due into Common Equity Tier 1 instruments, other securities or other obligations of the Company or another person (and the issue to the Holder of such Common Equity Tier 1 instruments, securities or
obligations), including by means of an amendment, modification or variation of the terms of the 2031 Fixed Rate Notes, in which case the Holder agrees to accept in lieu of its rights under this Note, any such Common Equity Tier 1 instruments, other
securities or other obligations of the Company or another person; the cancellation of this Note or Amounts Due; the amendment or alteration of the maturity of this Note or amendment of the interest payable on this Note, or the date on which the
interest becomes payable, including by suspending payment for a temporary period; and (ii) that the terms of this Note are subject to, and may be varied, if necessary, to give effect to, the exercise of the
Bail-in Power by the Relevant Resolution Authority: 
 “Amounts Due” means the principal
amount of, premium, if any, together with any accrued but unpaid interest, and Additional Amounts, if any, due on the 2031 Fixed Rate Notes. 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 Bail-in Power by the Relevant Resolution Authority. 
 “Bail-in Power” means any power existing from time to time under, and exercised in compliance with, any laws, regulations, rules or requirements in effect in the Kingdom of Spain,


  
 B-3 













 
relating to (i) the transposition of the BRRD, and in particular its article 59 (including but not limited to, Law 11/2015, RD 1012/2015 and any other implementing regulations), (ii) the SRM
Regulation and (iii) the instruments, rules or standards created thereunder, pursuant to which any obligation of a Regulated Entity (or an affiliate of such Regulated Entity) can be reduced, cancelled, suspended, modified, or converted into
shares, other securities, or other obligations of such Regulated Entity (or affiliate of such Regulated Entity). 
 “BRRD” means
Directive 2014/59/EU of 15 May establishing the framework for the recovery and resolution of credit institutions and investment firms or such other directive as may amend or come into effect in place thereof (including the BRRD II), as
implemented into law by Law 11/2015 and RD 1012/2015, as amended or replaced from time to time and including any other relevant implementing regulatory provisions. 

“BRRD II” means Directive (EU) 2019/879 of the European Parliament and of the Council of 20 May 2019 amending Directive
2014/59/EU as regards the loss-absorbing and recapitalisation capacity of credit institutions and investment firms and Directive 98/26/EC. 

“Law 11/2015” means Law 11/2015 of 18 June, on recovery and resolution of credit institutions and investment firms (Ley
11/2015, de 18 de junio, de recuperación y resolución de entidades de crédito y empresas de servicios de inversión) as amended or replaced from time to time. 

“RD 1012/2015” means Royal Decree 1012/2015, of 6 November developing Law 11/2015, as amended or superseded from time to time.

 “Regulated Entity” means any entity to which BRRD, as implemented in the Kingdom of Spain (including but not limited to, Law
11/2015, RD 1012/2015 and any other implementing regulations), or any other Spanish law relating to the Bail-in Power, applies, which includes, certain credit institutions, investment firms, and certain of
their parent or holding companies. 
 “Relevant Resolution Authority” means the Spanish Fund for the Orderly Restructuring of
Banks, the Bank of Spain, the European Single Resolution Board, as the case may be, according to Law 11/2015, and any other entity with the authority to exercise the Bail-in Power or any other resolution power
from time to time. 
 “SRM Regulation” means 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 the Single Resolution Mechanism and the Single Resolution Fund and amending Regulation
(EU) No. 1093/2010, as amended or replaced from time to time (including by the SRM Regulation II). 
 “SRM Regulation II”
means Regulation (EU) 2019/877 of the European Parliament and of the Council of 20 May 2019 amending Regulation (EU) No 806/2014 as regards the loss-absorbing and recapitalization capacity of credit institutions and investment firms. 

The public deed of issuance (escritura de emisión) related to the 2031 Fixed Rate Notes represented hereby was executed on
March 24, 2021 before Mr. Miguel Ruiz-Gallardón García de la Rasilla with the number 1433 of his records. 

  
 B-4 













 IN WITNESS WHEREOF, the Company has caused this Note to be duly executed. 

Dated:                      

 

			
	BANCO SANTANDER, S.A.
		
	By:	 	
                     


	Name:	 	
	Title:	 	


 [Global Note Signature Page] 

  
 B-5 













 CERTIFICATE OF AUTHENTICATION 

This is one of the Senior Non Preferred Debt Securities of the series designated herein referred to in the within-mentioned Senior Non
Preferred Debt Securities Indenture. 
 Dated:
                     
  

			
	THE BANK OF NEW YORK MELLON,
London Branch, as Trustee
		
	By:	 	
                     


		 	Authorized Signatory


 [Global Note Signature Page] 

  
 B-6 













 [REVERSE OF SECURITY] 

This Note is one of a duly authorized issue of securities of the Company of the series designated Series 107 2.958% Senior Non Preferred Fixed
Rate Notes due 2031 (herein called the “2031 Fixed Rate Notes”) issued and to be issued in one or more series under a Senior Non Preferred Debt Securities Indenture, dated as of May 28, 2020, as heretofore supplemented and amended
(herein called the “Base Indenture”), between the Company, as issuer and The Bank of New York Mellon, London Branch, as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Base Indenture), as
amended and supplemented by the Second Supplemental Indenture, dated as of March 25, 2021, among the Company, the Trustee and The Bank of New York Mellon, Luxembourg Branch, as Senior Non Preferred Debt Securities Registrar (the “Second
Supplemental Indenture”, and, the Base Indenture, as amended and supplemented by the Second Supplemental Indenture, the “Senior Non Preferred Indenture”) to which Senior Non Preferred Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company and the Trustee and the Holders of the 2031 Fixed Rate Notes and of the terms upon which the 2031 Fixed Rate
Notes are, and are to be, authenticated and delivered. Capitalized terms used herein are used as defined in the Senior Non Preferred Indenture unless otherwise indicated. The terms of the 2031 Fixed Rate Notes include those stated in the Senior Non
Preferred Indenture. The 2031 Fixed Rate Notes are subject to all such terms, and Holders are referred to the Senior Non Preferred Indenture for a statement of all such terms. To the extent permitted by applicable law, in the event of any
inconsistency between the terms of this 2031 Fixed Rate Note and the terms of the Senior Non Preferred Indenture, the terms of the Senior Non Preferred Indenture will control. 

This Note is one of the series designated on the face hereof, initially limited in aggregate principal amount to $750,000,000; provided, that
the Company may, from time to time, without the consent of the Holders of the 2031 Fixed Rate Notes, issue additional Senior Non Preferred Debt Securities under the Senior Non Preferred Indenture, having the same ranking and same interest rate,
maturity, redemption terms and other terms, except for the price to the public, original interest accrual date, issue date and first interest payment date, as the 2031 Fixed Rate Notes; provided, however, that such additional 2031 Fixed Rate
Notes will not have the same CUSIP, ISIN or other identifying number as the outstanding 2031 Fixed Rate Notes unless the additional 2031 Fixed Rate Notes are fungible with the 2031 Fixed Rate Notes for U.S. federal income tax purposes. Any such
additional 2031 Fixed Rate Notes, together with the 2031 Fixed Rate Notes, will constitute a single series of 2031 Fixed Rate Notes under the Senior Non Preferred Indenture and shall be included in the definition of “Senior Non Preferred Debt
Securities” in the Base Indenture where the context requires. 
 The payment obligations of the Company under the 2031 Fixed Rate Notes
on account of principal constitute direct, unconditional, unsubordinated and unsecured senior non preferred obligations (créditos ordinarios no preferentes) of the Company and, in accordance with Additional Provision 14.2o of Law
11/2015, but subject to any other ranking that may apply as a result of any mandatory provision of law (or otherwise), upon the insolvency of the Company, such payment obligations in respect of principal rank (i) pari passu among
themselves and with any Senior Non Preferred Liabilities (as defined below), (ii) junior to the Senior Higher Priority Liabilities (as defined below) (and, accordingly, upon the insolvency of the Company, the claims in respect of the 2031 Fixed Rate
Notes will be met after payment in full of the Senior Higher 

  
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Priority Liabilities) and (iii) senior to any present and future subordinated obligations (créditos subordinados) of the Company in accordance with Article 281 of the Spanish
Insolvency Law (as defined below). 
 Claims of Holders of 2031 Fixed Rate Notes in respect of interest accrued but unpaid as of the
commencement of any insolvency procedure in respect of the Company shall constitute subordinated claims (créditos subordinados) against the Company ranking in accordance with the provisions of Article 281.1.3o of the Spanish
Insolvency Law and no further interest shall accrue from the date of the declaration of insolvency of the Company. 
 The obligations
of the Company under the 2031 Fixed Rate Notes are subject to the Bail-in Power. 
 “Law
11/2015” means Law 11/2015 of 18 June, on recovery and resolution of credit institutions and investment firms (Ley 11/2015, de 18 de junio, de recuperación y resolución de entidades de crédito y empresas de
servicios de inversión) as amended or replaced from time to time. 
 “Senior Higher Priority Liabilities” means the
unsubordinated and unsecured obligations (créditos ordinarios) of the Company (which will include, among others, the senior preferred debt securities), other than the Senior Non Preferred Liabilities. 

“Senior Non Preferred Liabilities” means any unsubordinated and unsecured senior non preferred obligations (créditos
ordinarios no preferentes) of the Company under Additional Provision 14.2o of Law 11/2015 (including any 2031 Fixed Rate Notes) and any other obligations which, by law and/or by their terms, and to the extent permitted by Spanish law, rank
pari passu with the Senior Non Preferred Liabilities. 
 “Spanish Insolvency Law” means the restated text of the Spanish
Insolvency Law (Ley Concursal) approved by the Royal Decree-Legislative 1/2020, of 5 May, as amended from time to time. 
 The
provisions of Section 12.01 of the Senior Non Preferred Indenture, and Section 2.02(r) of the Second Supplemental Indenture shall apply only to rights or claims payable with respect to the 2031 Fixed Rate Notes and nothing herein shall
affect or prejudice the payment of the costs, charges, expenses, liabilities, indemnity or remuneration of the Trustee, the first lien rights of the Trustee under Section 6.08 of the Base Indenture, or the rights and remedies of the Trustee in
respect thereof. 
 The Company agrees with respect to the 2031 Fixed Rate Notes and each Holder of the 2031 Fixed Rate Notes, by his or her
acquisition of the 2031 Fixed Rate Notes will be deemed to have agreed to the ranking as described herein. Each such Holder will be deemed to have irrevocably waived his or her rights of priority which would otherwise be accorded to him or her under
the laws of Spain, to the extent necessary to effectuate the ranking provisions of the 2031 Fixed Rate Notes. In addition, each Holder of the 2031 Fixed Rate Notes by his or her acquisition of such 2031 Fixed Rate Notes authorizes and directs the
Trustee on his or her behalf to take such action as may be necessary or appropriate to effectuate the ranking of such 2031 Fixed Rate Notes as provided in the Senior Non Preferred Indenture, and as summarized herein and appoints the Trustee as his
or her attorney-in-fact for any and all such purposes. 

  
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 Notwithstanding any other term of this Note or any other agreements, arrangements, or
understandings between the Company and any Holder of the 2031 Fixed Rate Notes, by its acquisition of this Note, each Holder (which includes each holder of a beneficial interest in this Note) acknowledges, accepts, consents to and agrees:
(i) to be bound by effect of the exercise of the Bail-in Power by the Relevant Resolution Authority, which may include and result in any of the following, or some combination thereof: the reduction of
all, or a portion, of the Amounts Due on a permanent basis; the conversion of all, or a portion, of the Amounts Due into Common Equity Tier 1 instruments, other securities or other obligations of the Company or another person (and the issue to the
Holder of such Common Equity Tier 1 instruments, securities or obligations), including by means of an amendment, modification or variation of the terms of the 2031 Fixed Rate Notes, in which case the Holder agrees to accept in lieu of its rights
under this Note, any such Common Equity Tier 1 instruments, other securities or other obligations of the Company or another person; the cancellation of this Note or Amounts Due; the amendment or alteration of the maturity of this Note or amendment
of the interest payable on this Note, or the date on which the interest becomes payable, including by suspending payment for a temporary period; and (ii) that the terms of this Note are subject to, and may be varied, if necessary, to give
effect to, the exercise of the Bail-in Power by the Relevant Resolution Authority: 
 “Amounts
Due” means the principal amount of, premium, if any, together with any accrued but unpaid interest, and Additional Amounts, if any, due on the 2031 Fixed Rate Notes. 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 Bail-in Power by the Relevant Resolution Authority. 

“Bail-in Power” means any power existing from time to time under, and exercised in
compliance with, any laws, regulations, rules or requirements in effect in the Kingdom of Spain, relating to (i) the transposition of the BRRD, and in particular its article 59 (including but not limited to, Law 11/2015, RD 1012/2015 and any
other implementing regulations), (ii) the SRM Regulation and (iii) the instruments, rules or standards created thereunder, pursuant to which any obligation of a Regulated Entity (or an affiliate of such Regulated Entity) can be reduced,
cancelled, suspended, modified, or converted into shares, other securities, or other obligations of such Regulated Entity (or affiliate of such Regulated Entity). 

“BRRD” means Directive 2014/59/EU of 15 May establishing the framework for the recovery and resolution of credit institutions
and investment firms or such other directive as may amend or come into effect in place thereof (including the BRRD II), as implemented into law by Law 11/2015 and RD 1012/2015, as amended or replaced from time to time and including any other
relevant implementing regulatory provisions. 
 “BRRD II” means Directive (EU) 2019/879 of the European Parliament and of the
Council of 20 May 2019 amending Directive 2014/59/EU as regards the loss-absorbing and recapitalisation capacity of credit institutions and investment firms and Directive 98/26/EC. 

“Law 11/2015” means Law 11/2015 of 18 June, on recovery and resolution of credit institutions and investment firms (Ley
11/2015, de 18 de junio, de recuperación y resolución de entidades de crédito y empresas de servicios de inversión) as amended or replaced from time to time. 

  
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 “RD 1012/2015” means Royal Decree 1012/2015, of 6 November developing Law
11/2015, as amended or superseded from time to time. 
 “Regulated Entity” means any entity to which BRRD, as implemented in the
Kingdom of Spain (including but not limited to, Law 11/2015, RD 1012/2015 and any other implementing regulations), or any other Spanish law relating to the Bail-in Power, applies, which includes, certain
credit institutions, investment firms, and certain of their parent or holding companies. 
 “Relevant Resolution Authority” means
the Spanish Fund for the Orderly Restructuring of Banks, the Bank of Spain, the European Single Resolution Board, as the case may be, according to Law 11/2015, and any other entity with the authority to exercise the
Bail-in Power or any other resolution power from time to time. 
 “SRM Regulation” means
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 the
Single Resolution Mechanism and the Single Resolution Fund and amending Regulation (EU) No. 1093/2010, as amended or replaced from time to time (including by the SRM Regulation II). 

“SRM Regulation II” means Regulation (EU) 2019/877 of the European Parliament and of the Council of 20 May 2019 amending
Regulation (EU) No 806/2014 as regards the loss-absorbing and recapitalization capacity of credit institutions and investment firms. 
 The
exercise of the Bail-in Power by the Relevant Resolution Authority with respect to the 2031 Fixed Rate Notes shall not constitute an event of default and the terms and conditions of the 2031 Fixed Rate Notes
shall continue to apply in relation to the residual principal amount of, or outstanding amount payable with respect to, the 2031 Fixed Rate Notes subject to any modification of the amount of distributions payable to reflect the reduction of the
principal amount, and any further modification of the terms that the Relevant Resolution Authority may decide in accordance with applicable laws and regulations relating to the resolution of credit institutions, investment firms and/or Company
entities incorporated in the relevant member state. 
 No repayment or payment of Amounts Due, if any, on the 2031 Fixed Rate Notes, will
become due and payable or be paid after the exercise of any Bail-in Power by the Relevant Resolution Authority if and to the extent such amounts have been reduced, converted, cancelled, amended or altered as a
result of such exercise. 
 By its acquisition of this Note, each Holder of this Note, (which, for the purposes of this clause, includes
each Holder of a beneficial interest in this Note), to the extent permitted by the Trust Indenture Act, will waive any and all claims, in law and/or in equity, against the Trustee for, agree not to initiate a suit against the Trustee in respect of,
and agree that the Trustee will not be liable for, any action that the Trustee takes, or abstains from taking, in either case in accordance with the exercise of the Bail-in Power by the Relevant Resolution
Authority with respect to this Note. 

  
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 Additionally, by its acquisition of this Note, each Holder of this Note acknowledges and
agrees that, upon the exercise of the Bail-in Power by the Relevant Resolution Authority: 
 (i) the
Trustee will not be required to take any further directions from the Holders of the 2031 Fixed Rate Notes with respect to any portion of the 2031 Fixed Rate Notes that are written-down, converted to equity and/or cancelled under the Senior Non
Preferred Indenture, which authorizes Holders of a majority in aggregate outstanding principal amount of the outstanding 2031 Fixed Rate Notes to direct certain actions relating to the 2031 Fixed Rate Notes; and 

(ii) the Senior Non Preferred Indenture will not impose any duties upon the Trustee whatsoever with respect to the exercise of the Bail-in Power by the Relevant Resolution Authority; 
 provided, however, that notwithstanding the
exercise of the Bail-in Power by the Relevant Resolution Authority, so long as the 2031 Fixed Rate Notes remain outstanding, there will at all times be a Trustee for the 2031 Fixed Rate Notes in accordance
with the Senior Non Preferred Indenture, and the resignation and/or removal of the Trustee and the appointment of a successor Trustee will continue to be governed by the Base Indenture, including to the extent no additional supplemental indenture or
amendment is agreed upon in the event the 2031 Fixed Rate Notes remain outstanding following the completion of the exercise of the Bail-in Power. 

By its acquisition of this Note, each Holder of this Note acknowledges and agrees that neither a cancellation or deemed cancellation of the
principal or interest (in each case, in whole or in part), nor the exercise of the Bail-in Power by the Relevant Resolution Authority with respect to the 2031 Fixed Rate Notes will give rise to a default for
purposes of Section 315(b) (Notice of Default) and Section 315(c) (Duties of the Trustee in Case of Default) of the Trust Indenture Act. 

By purchasing this Note, each Holder (including each beneficial owner) of this Note shall be deemed to have authorized, directed and requested
DTC and any direct participant in DTC or other intermediary through which it holds this Note to take any and all necessary action, if required, to implement the exercise of the Bail-in Power with respect to
the 2031 Fixed Rate Notes as it may be imposed, without any further action or direction on the part of such Holder. 
 Each Holder of this
Note also acknowledges and agrees that the foregoing description of the Bail-in Power and its exercise is exhaustive on the matters described herein to the exclusion of any other agreements, arrangements or
understandings relating to the application of any Bail-in Power to the 2031 Fixed Rate Notes. 

Each Holder of this Note that acquires such 2031 Fixed Rate Notes in the secondary market (including each beneficial owner) shall be deemed to
acknowledge, agree to be bound by and consent to the same provisions specified herein to the same extent as the Holders of the 2031 Fixed Rate Notes that acquire the 2031 Fixed Rate Notes upon their initial issuance, including, without limitation,
with respect to the acknowledgment and agreement to be bound by and consent to the terms of the 2031 Fixed Rate Notes, including in relation to the Bail-in-Power. 

Additional terms of the 2031 Fixed Rate Notes, including but not limited to events of default, remedies, payment of additional amounts in
respect of withholding tax, substitution and variation of the 2031 Fixed Rate Notes upon certain regulatory events, and amendment are set forth in the Senior Non Preferred Indenture. 

  
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 The Senior Non Preferred Indenture and the 2031 Fixed Rate Notes shall be governed by and
construed in accordance with the laws of the State of New York (without giving effect to the choice of law provisions), except for Section 12.01 of the Senior Non Preferred Indenture, Sections 2.01(r) and 2.02(r) of the Second Supplemental
Indenture and the status of the 2031 Fixed Rate Notes, which shall be governed by and construed in accordance with the laws of The Kingdom of Spain, and except that the authorization and execution by the Company of the Senior Non Preferred Indenture
and the 2031 Fixed Rate Notes shall be governed by (in addition to the laws of the State of New York relevant to execution) the respective jurisdictions of organization of the Company and the Trustee, as the case may be. 

The 2031 Fixed Rate Notes and this Note have been issued in the State of New York. 

  
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