EX-4.1





 Exhibit 4.1 

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

as Trustee 
 FORM OF INDENTURE

 Senior Preferred Debt Securities 












 BANCO SANTANDER, S.A. 

Reconciliation and tie between Trust Indenture Act of 1939, as amended by the Trust Indenture Reform Act of 1990, and this Senior Preferred
Debt Securities Indenture, dated [•]. 
  

							
	
    Trust
Indenture
Act Section
	 	 	  	
Senior Preferred Debt
Securities Indenture Section

	 §310
	 	 (a)(1)
	  	 6.10

		 	 (a)(2)
	  	 6.10

		 	 (a)(3)
	  	 Not Applicable

		 	 (a)(4)
	  	 Not Applicable

		 	 (b)
	  	 6.09, 6.11

	 §311
	 	 (a)
	  	 6.14

		 	 (b)
	  	 6.14

	 §312
	 	 (a)
	  	 7.01, 7.02(a)

		 	 (b)
	  	 7.02(b)

		 	 (c)
	  	 7.02(c)

	 §313
	 	 (a)
	  	 7.03(a)

		 	 (b)
	  	 7.03(a)

		 	 (c)
	  	 1.06, 7.03(a)

		 	 (d)
	  	 7.03(b)

	 §314
	 	 (a)
	  	 7.04, 10.06

		 	 (b)
	  	 Not Applicable

		 	 (c)(1)
	  	 1.02

		 	 (c)(2)
	  	 1.02

		 	 (c)(3)
	  	 Not Applicable

		 	 (d)
	  	 Not Applicable

		 	 (e)
	  	 1.02

		 	 (f)
	  	 Not Applicable

	 §315
	 	 (a)
	  	 6.01

		 	 (b)
	  	 6.03, 7.03(a)

		 	 (c)
	  	 6.01

		 	 (d)
	  	 6.01

		 	 (d)(1)
	  	 6.01

		 	 (d)(2)
	  	 6.01

		 	 (d)(3)
	  	 6.01

		 	 (e)
	  	 5.14

	 §316
	 	 (a)(1)(A)
	  	 5.12

		 	 (a)(l)(B)
	  	 5.13

		 	 (a)(2)
	  	 Not Applicable

		 	 (a)(last sentence)
	  	 1.01

		 	 (b)
	  	 5.08

	 §317
	 	 (a)(1)
	  	 5.03

		 	 (a)(2)
	  	 5.04

		 	 (b)
	  	 10.03

	 §318
	  		 	 (a)
	  	 1.08


 NOTE: This reconciliation and tie shall not, for any purpose, be deemed to be a part of this Senior
Preferred Debt Securities Indenture. 












 TABLE OF CONTENTS 

 

							
	 	 	 	  	PAGE	 
			
		 	ARTICLE 1	  			
		 	 DEFINITIONS AND
OTHER PROVISIONS OF GENERAL APPLICATION
	  			
			
	 Section 1.01.
	 	Definitions	  	 	1	 
	 Section 1.02.
	 	Compliance Certificates and Opinions	  	 	14	 
	 Section 1.03.
	 	Form of Documents Delivered to Trustee	  	 	15	 
	 Section 1.04.
	 	Acts of Holders	  	 	16	 
	 Section 1.05.
	 	Notices, Etc. to Trustee or Company	  	 	17	 
	 Section 1.06.
	 	Notice to Holders; Waiver	  	 	18	 
	 Section 1.07.
	 	Language of Notices, Etc	  	 	18	 
	 Section 1.08.
	 	Conflict with Trust Indenture Act	  	 	18	 
	 Section 1.09.
	 	Effect of Headings and Table of Contents	  	 	19	 
	 Section 1.10.
	 	Successors and Assigns	  	 	19	 
	 Section 1.11.
	 	Separability Clause	  	 	19	 
	 Section 1.12.
	 	Benefits of Senior Preferred Debt Securities Indenture	  	 	19	 
	 Section 1.13.
	 	Governing Law	  	 	19	 
	 Section 1.14.
	 	Business Days and Legal Holidays	  	 	19	 
	 Section 1.15.
	 	Appointment of Agent for Service	  	 	20	 
	 Section 1.16.
	 	Calculation Agent	  	 	20	 
	 Section 1.17.
	 	Waiver of Jury Trial	  	 	21	 
	 Section 1.18.
	 	Judgment Currency	  	 	21	 
			
		 	ARTICLE 2	  			
		 	SENIOR PREFERRED DEBT SECURITY FORMS	  			
			
	 Section 2.01.
	 	Forms Generally	  	 	21	 
	 Section 2.02.
	 	Status of the Senior Preferred Debt Securities	  	 	22	 
	 Section 2.03.
	 	Form of Trustee’s Certificate of Authentication	  	 	23	 
			
		 	ARTICLE 3	  			
		 	THE SENIOR PREFERRED DEBT SECURITIES	  			
			
	 Section 3.01.
	 	Amount Unlimited; Issuable in Series	  	 	23	 
	 Section 3.02.
	 	Denominations	  	 	26	 
	 Section 3.03.
	 	Execution, Authentication, Delivery and Dating	  	 	26	 
	 Section 3.04.
	 	Temporary Senior Preferred Debt Securities	  	 	27	 
	 Section 3.05.
	 	Registration, Registration of Transfer and Exchange	  	 	28	 
	 Section 3.06.
	 	Mutilated, Destroyed, Lost and Stolen Senior Preferred Debt Securities	  	 	32	 
	 Section 3.07.
	 	Payment; Interest Rights and Rights to Additional Amounts Preserved	  	 	33	 
	 Section 3.08.
	 	Persons Deemed Owners	  	 	35	 
	 Section 3.09.
	 	Cancellation	  	 	36	 
	 Section 3.10.
	 	Computation of Interest	  	 	36	 
	 Section 3.11.
	 	CUSIP Numbers	  	 	36	 


  
 i 














							
	 Section 3.12.
	 	Additional Senior Preferred Debt Securities	  	 	37	 
	 Section 3.13.
	 	Correction of Minor Defects in or Amendment of Senior Preferred Debt Securities	  	 	37	 
	 Section 3.14.
	 	Payments Subject to Fiscal Laws	  	 	37	 
			
		 	ARTICLE 4	  			
		 	SATISFACTION AND DISCHARGE	  			
			
	 Section 4.01.
	 	Satisfaction and Discharge of Senior Preferred Debt Securities Indenture	  	 	37	 
	 Section 4.02.
	 	Defeasance and Covenant Defeasance	  	 	39	 
	 Section 4.03.
	 	Application of Trust Money	  	 	43	 
	 Section 4.04.
	 	Repayment to Company	  	 	43	 
	 Section 4.05.
	 	Reinstatement	  	 	43	 
			
		 	ARTICLE 5	  			
		 	REMEDIES	  			
			
	 Section 5.01.
	 	Events of Default	  	 	44	 
	 Section 5.02.
	 	Acceleration of Maturity; Rescission and Annulment	  	 	45	 
	 Section 5.03.
	 	Collection of Indebtedness and Suits for Enforcement by the Trustee	  	 	46	 
	 Section 5.04.
	 	Trustee May File Proofs of Claim	  	 	47	 
	 Section 5.05.
	 	Trustee May Enforce Claims Without Possession of Senior Preferred Debt Securities	  	 	48	 
	 Section 5.06.
	 	Application of Money Collected	  	 	48	 
	 Section 5.07.
	 	Limitation on Suits	  	 	49	 
	 Section 5.08.
	 	Unconditional Right of Holders to Receive Principal, Premium and Interest, if Any and Additional Amounts	  	 	50	 
	 Section 5.09.
	 	Restoration of Rights and Remedies	  	 	50	 
	 Section 5.10.
	 	Rights and Remedies Cumulative	  	 	50	 
	 Section 5.11.
	 	Delay or Omission Not Waiver	  	 	50	 
	 Section 5.12.
	 	Control by Holders	  	 	50	 
	 Section 5.13.
	 	Waiver of Past Defaults	  	 	51	 
	 Section 5.14.
	 	Undertaking for Costs	  	 	51	 
	 Section 5.15.
	 	Waiver of Right of Set-off	  	 	52	 
			
		 	ARTICLE 6	  			
		 	THE TRUSTEE	  			
			
	 Section 6.01.
	 	Certain Duties and Responsibilities	  	 	52	 
	 Section 6.02.
	 	Spanish Tax Procedures and Obligations of the Trustee	  	 	54	 
	 Section 6.03.
	 	Notice of Defaults	  	 	54	 
	 Section 6.04.
	 	Certain Rights of Trustee	  	 	54	 
	 Section 6.05.
	 	Not Responsible for Recitals or Issuance of Senior Preferred Debt Securities	  	 	56	 
	 Section 6.06.
	 	May Hold Senior Preferred Debt Securities	  	 	57	 
	 Section 6.07.
	 	Money Held in Trust	  	 	57	 


  
 ii 














							
	 Section 6.08.
	 	Compensation and Reimbursement	  	 	57	 
	 Section 6.09.
	 	Disqualification; Conflicting Interests	  	 	58	 
	 Section 6.10.
	 	Corporate Trustee Required; Eligibility	  	 	59	 
	 Section 6.11.
	 	Resignation and Removal; Appointment of Successor	  	 	59	 
	 Section 6.12.
	 	Acceptance of Appointment by Successor	  	 	61	 
	 Section 6.13.
	 	Merger, Conversion, Consolidation or Succession Business	  	 	62	 
	 Section 6.14.
	 	Preferential Collection of Claims	  	 	62	 
	 Section 6.15.
	 	Appointment of Authenticating Agent	  	 	62	 
	 Section 6.16.
	 	Appointment of Additional Trustees	  	 	64	 
	 Section 6.17.
	 	Tax Withholding	  	 	64	 
			
		 	ARTICLE 7	  			
		 	HOLDERS LISTS AND REPORTS BY TRUSTEE AND COMPANY	  			
			
	 Section 7.01.
	 	Company to Furnish Trustee Names and Addresses of Holders	  	 	64	 
	 Section 7.02.
	 	Preservation of Information; Communication to Holders	  	 	65	 
	 Section 7.03.
	 	Reports by Trustee	  	 	65	 
	 Section 7.04.
	 	Reports by the Company	  	 	66	 
			
		 	ARTICLE 8	  			
		 	CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER	  			
			
	 Section 8.01.
	 	Company May Consolidate, Etc. Only on Certain Terms	  	 	67	 
	 Section 8.02.
	 	Successor Corporation Substituted	  	 	67	 
	 Section 8.03.
	 	Assumption of Obligations	  	 	68	 
	 Section 8.04.
	 	Substitution and Variation	  	 	69	 
			
		 	ARTICLE 9	  			
		 	SUPPLEMENTAL INDENTURES	  			
			
	 Section 9.01.
	 	Supplemental Indentures without Consent of Holders	  	 	70	 
	 Section 9.02.
	 	Supplemental Indentures with Consent of Holders	  	 	71	 
	 Section 9.03.
	 	Execution of Supplemental Indentures	  	 	72	 
	 Section 9.04.
	 	Effect of Supplemental Indentures	  	 	72	 
	 Section 9.05.
	 	Conformity with Trust Indenture Act	  	 	73	 
	 Section 9.06.
	 	Reference in Senior Preferred Debt Securities to Supplemental Indentures	  	 	73	 
			
		 	ARTICLE 10	  			
		 	COVENANTS	  			
			
	 Section 10.01.
	 	Payment of Principal, Premium, and Interest	  	 	73	 
	 Section 10.02.
	 	Maintenance of Office or Agency	  	 	73	 
	 Section 10.03.
	 	Money for Payments to be Held in Trust	  	 	74	 
	 Section 10.04.
	 	Additional Amounts	  	 	75	 
	 Section 10.05.
	 	Corporate Existence	  	 	78	 
	 Section 10.06.
	 	Statement as to Compliance	  	 	78	 
	 Section 10.07.
	 	Original Issue Document	  	 	78	 


  
 iii 














							
			
		 	ARTICLE 11	  			
		 	REDEMPTION OF SENIOR PREFERRED DEBT SECURITIES	  			
			
	 Section 11.01.
	 	Applicability of Article	  	 	78	 
	 Section 11.02.
	 	Election to Redeem; Notice to Trustee	  	 	78	 
	 Section 11.03.
	 	Selection by Trustee of Senior Preferred Debt Securities to be Redeemed	  	 	79	 
	 Section 11.04.
	 	Notice of Redemption	  	 	79	 
	 Section 11.05.
	 	Deposit of Redemption Price	  	 	80	 
	 Section 11.06.
	 	Senior Preferred Debt Securities Payable on Redemption Date	  	 	80	 
	 Section 11.07.
	 	Senior Preferred Debt Securities Redeemed in Part	  	 	81	 
	 Section 11.08.
	 	Optional Redemption for Taxation Reasons	  	 	81	 
	 Section 11.09.
	 	Repurchase of Senior Preferred Debt Securities	  	 	82	 
	 Section 11.10.
	 	Optional Early Redemption (Call)	  	 	82	 
	 Section 11.11.
	 	Optional Early Redemption (Put)	  	 	83	 
	 Section 11.12.
	 	Optional Redemption For TLAC/MREL Disqualification Event	  	 	83	 
			
		 	ARTICLE 12	  			
		 	BAIL-IN AND RESOLUTION ACTIONS	  			
			
	 Section 12.01.
	 	Agreement and Acknowledgement with Respect to the Exercise of the Bail-in Power	  	 	84	 


  
 iv 













 SENIOR PREFERRED DEBT SECURITIES INDENTURE dated as of [•], between 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, and 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. 
 RECITALS OF THE COMPANY 

The Company has duly authorized the execution and delivery of this Senior Preferred Debt Securities Indenture to provide for the issuance from
time to time of its senior preferred debt securities (the “Senior Preferred Debt Securities”), to be issued in one or more series, represented by one or more Global Securities in registered form, or represented by definitive Senior
Preferred Debt Securities in registered form, the amount and terms of each such series to be determined as hereinafter provided. 
 All
things necessary to make this Senior Preferred Debt Securities Indenture a valid and binding agreement of the Company, in accordance with its terms, have been done. 

This Senior Preferred Debt Securities Indenture is subject to the provisions of the Trust Indenture Act of 1939, as amended, and the rules and
regulations of the Securities and Exchange Commission promulgated thereunder that are required to be part of this Senior Preferred Debt Securities Indenture and, to the extent applicable, shall be governed by such provisions. 

NOW, THEREFORE, THIS SENIOR PREFERRED DEBT SECURITIES INDENTURE WITNESSETH: 

For and in consideration of the premises and the purchase of the Senior Preferred Debt Securities by the Holders (as herein defined) thereof,
it is mutually covenanted and agreed, for the equal and proportionate benefit of all Holders of Senior Preferred Debt Securities of any series as follows: 

ARTICLE 1 

DEFINITIONS AND OTHER PROVISIONS OF GENERAL
APPLICATION 
 Section 1.01. Definitions. For all purposes of this Senior Preferred Debt Securities Indenture,
except as otherwise expressly provided or unless the context otherwise requires: 
 (1) the terms defined in this Article have the meanings
assigned to them in this Article and include the plural as well as the singular; 












 (2) all other terms used herein which are defined in the Trust Indenture Act, either
directly or by reference therein, have the meanings assigned to them therein; 
 (3) all accounting terms not otherwise defined herein have
the meanings assigned to them in accordance with generally accepted accounting principles and, except as otherwise herein expressly provided, the term “generally accepted accounting principles” with respect to any computation required or
permitted hereunder shall mean such accounting principles as are generally accepted in the Kingdom of Spain at the date of such computation and as applied by the Company; 

(4) the words “herein,” “hereof” and “hereunder” and other words of similar import refer to
this Senior Preferred Debt Securities Indenture as a whole and not to any particular Article, Section or other subdivision; 
 (5) any
reference to an “Article” or a “Section” refers to an Article or Section of this Senior Preferred Debt Securities Indenture; and 

(6) the word “or” is always used inclusively (for example, the phrase “A or B” means “A or B or both”, not
“either A or B but not both”). 
 Certain terms used principally in certain Articles hereof are defined in those Articles. 

“Act”, when used with respect to any Holder, has the meaning set forth in Section 1.04. 

“Additional Amounts” has the meaning set forth in Section 10.04. 

“Additional Senior Preferred Debt Securities” has the meaning set forth in Section 3.12. 

“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under
direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such Person,
directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

“Agents” means the agents appointed in accordance with this Senior Preferred Debt Securities Indenture or applicable
supplemental indenture. 
 “Agent Member” means a member of, or participant in, any Depositary. 

“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 Senior Preferred Debt Securities of any series. References to such amounts will include amounts that have become due and payable, but which have not been paid, prior to the exercise of the
Bail-in Power by the Relevant Resolution Authority. 

  
 2 













 “Applicable Banking Regulations” means at any time the laws, regulations,
requirements, guidelines and policies relating to capital adequacy, resolution and/or solvency including, among others, those giving effect to the MREL and the TLAC or any equivalent or successor principles, then applicable to the Company and/or the
Group including, without limitation to the generality of the foregoing, the CRD IV, the BRRD, the SRM Regulation and those regulations, requirements, guidelines and policies relating to capital adequacy, resolution and/or solvency of the Regulator
and/or the Relevant Resolution Authority then applicable to the Company and/or the Group including, among others, those giving effect to the MREL and the TLAC or any equivalent or successor principles, in each case to the extent then in effect in
the Kingdom of Spain (whether or not such regulations, requirements, guidelines or policies have the force of law and whether or not they are applied generally or specifically to the Company and/or the Group). 

“Authenticating Agent” means any Person authorized by the Trustee to act on behalf of the Trustee to authenticate
Senior Preferred Debt Securities. 
 “Authorized Newspaper” means a newspaper, in an official language of the
place of publication or in the English language, customarily published on each day that is a Business Day in the place of publication, whether or not published on days that are Legal Holidays in the place of publication, and of general circulation
in each place in connection with which the term is used or in the financial community of each such place. Where successive publications are required to be made in Authorized Newspapers, the successive publications may be made in the same or in
different newspapers in the same city meeting the foregoing requirements and in each case on any day that is a Business Day in the place of publication. 

“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 (including but not limited to, Law 11/2015, RD 1012/2015 and any other implementing regulations), as
amended or superseded from time to time, (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). 

“Board of Directors” means either the board of directors of the Company or any committee or Person duly authorized to act
generally or in any particular respect for the Company hereunder. 

  
 3 













 “Board Resolution” means a copy of a resolution certified by the Secretary
or an Assistant Secretary or any Person duly authorized by the Company to have been duly adopted by the relevant Board of Directors or an authorized committee thereof and to be in full force and effect on the date of such certification and delivered
to the Trustee. 
 “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. 

“Business Day” means, unless otherwise provided in the form of Senior Preferred Debt Securities for any particular series
pursuant to the provisions of this Senior Preferred Debt Securities Indenture, any day, other than Saturday or Sunday, that is neither a Legal Holiday nor a day on which banking institutions are authorized or required by law, regulation or executive
order to close in the City of New York, London, Madrid or any other place or places where the principal of, or any premium or interest on, or any Additional Amounts with respect to the Senior Preferred Debt Securities of that series are payable.

 “Calculation Agent” means the Trustee or such other person authorized by the Company as the party responsible for
calculating the rate(s) of interest and interest amount(s) and/or such other amount(s) from time to time in relation to any series of Senior Preferred Debt Securities. 

“Commission” means the Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act,
or, if at any time after the execution of this instrument such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties at such time. 

“Company” means the Person named as the “Company” in the first paragraph of this instrument until a successor
Person shall have become such pursuant to the applicable provisions of this Senior Preferred Debt Securities Indenture, and thereafter “Company” shall mean such successor Person. 

“Company Request” and “Company Order” mean, respectively, a written request or order, as the case may be,
signed in the name of the Company by any member of the Board of Directors or any officer or representative of the Company empowered to do so by Board Resolution, and delivered to the Trustee. 

“Conversion Event” means the cessation of use of (i) a Foreign Currency both by the government of the country which
issued such currency and for the settlement of transactions by a central bank or other public institutions of or within the international banking community, or (ii) the euro both within the European monetary system and for the settlement of
transactions by public institutions of or within the European Union. 

  
 4 













 “Corporate Trust Office” means the office of the
Trustee at which its corporate trust business in London, England, is principally administered, which office as of the date hereof is located at One Canada Square, London E14 5AL (Attention: Corporate Trust Administration, facsimile: +44 20 7964
2536) or, if a different Trustee is appointed for a particular series of Senior Preferred Debt Securities, the address set forth in the supplemental indenture naming the Trustee for that particular series of Senior Preferred Debt Securities. 

The term “corporation” includes corporations, associations, companies, partnerships and business trusts. 

“CRD IV” means any or any combination of the CRD IV Directive, the CRR, and any CRD IV Implementing Measures. 

“CRD IV Directive” means Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to
the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC or such other directive as may come into effect in place
thereof, as amended or replaced from time to time (including by the CRD V Directive). 
 “CRD IV Implementing Measures”
means any regulatory capital rules implementing the CRD IV Directive or the CRR which may from time to time be introduced, including, but not limited to, delegated or implementing acts (regulatory technical standards) adopted by the European
Commission, national laws and regulations, and regulations and guidelines issued by the Regulator, the European Banking Authority or any other relevant authority, which are applicable to the Company (on a stand alone basis) or the Group (on a
consolidated basis) and which prescribe the requirements to be fulfilled by financial instruments for inclusion in the regulatory capital or the minimum requirement for own funds and eligible liabilities, as the case may be, of the Company (on a
stand alone basis) or the Group (on a consolidated basis). 
 “CRD V Directive” means Directive (EU) 2019/878 of the
European Parliament and of the Council of 20 May 2019 amending Directive 2013/36/EU as regards exempted entities, financial holding companies, mixed financial holding companies, remuneration, supervisory measures and powers and capital
conservation measures. 
 “CRR” means Regulation (EU) No. 575/2013 of the European Parliament and of the Council of
26 June 2013 on the prudential requirements for credit institutions and investment firms and amending Regulation (EU) No. 648/2012 or such other regulation as may come into effect in place thereof, as amended from time to time (including
by CRR II). 
 “CRR II” means Regulation (EU) 2019/876 of the European Parliament and of the Council of 20 May 2019
amending Regulation (EU) No 575/2013 as regards the leverage ratio, the net stable funding ratio, requirements for own funds and eligible liabilities, counterparty credit risk, market risk, exposures to central counterparties, exposures to
collective investment undertakings, large exposures, reporting and disclosure requirements, and Regulation (EU) No 648/2012. 

  
 5 













 “Default Interest” has the meaning set forth in Section 3.07. 

“Depositary” means, with respect to any series of Senior Preferred Debt Securities, a clearing agency that is designated to
act as Depositary for the Global Securities evidencing all or part of such Senior Preferred Debt Securities as contemplated by Section 3.05. 

“dollar” or “$” or any similar reference means the coin or currency of the United States of America as at
the time of payment is legal tender for the payment of public and private debts. 
 “DTC” means The Depository Trust
Company or its nominee or its or their successor. 
 “Early Redemption Amount (Call)” has the meaning set forth in
Section 11.10. 
 “Early Redemption Amount (Put)” has the meaning set forth in Section 11.11. 

“Early Redemption Amount (Tax)” has the meaning set forth in Section 11.08. 

“Early Redemption Amount (TLAC/MREL Disqualification Event)” has the meaning set forth in Section 11.12. 

“Early Termination Amount” means the amount immediately due and payable 

if any Event of Default has occurred in relation to any series of Senior Preferred Debt Securities and the Trustee or the Holders of at least 25% in
outstanding principal amount of the Senior Preferred Debt Securities of such series has, at their discretion, declared that the Senior Preferred Debt Securities of such series and all interest then accrued thereon is forthwith due and payable. 

“EU Banking Reforms” means the CRD V Directive, BRRD II, CRR II and the SRM Regulation II. 

“EUR”, “euro” or “€” means the currency of the member states of the European Union
(“EU”) that, from time to time, have adopted the single currency in accordance with the treaty establishing the European Community, as amended from time to time. 

“Event of Default” has the meaning set forth in Section 5.01. 

“Exchange Act” means the United States Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated by the Commission thereunder. 
 “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. 

  
 6 













 “Foreign Government Securities” means, with respect
to Senior 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. 
 “Global Security” means one or more global certificates
evidencing all or part of a series of Senior Preferred Debt Securities, authenticated and delivered to or on behalf of the Holder and registered in the name of the Holder or its nominee. 

“Group” means Banco Santander, S.A. and its consolidated subsidiaries. 

“Holder” means a Person in whose name a Senior Preferred Debt Security in global or definitive form is registered in the
Senior Preferred Debt Security Register. 
 “Independent Public Accountants” means accountants or a firm of accountants
that, with respect to the Company and any other obligor under the Senior Preferred Debt Securities, are independent public accountants within the meaning of the Securities Act of 1933, as amended, and the rules and regulations promulgated by the
Commission thereunder, who may be the independent public accountants regularly retained by the Company or who may be other independent public accountants. 

“Interest Payment Date”, when used with respect to any Senior Preferred Debt Security, means the
Stated Maturity of any installment of interest on such Senior Preferred Debt Security. 
 “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. 
 “Legal Holiday”, with respect to any Place of Payment or
other location, means a Saturday, a Sunday or a day on which banking institutions in such Place of Payment or other location are not authorized or obligated to be open. 

“Losses” means any and all claims, losses, liabilities, damages, costs, expenses and judgments (including legal fees and
expenses) sustained by the Company or the Trustee. 

  
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 “Maturity”, when used with respect to any Senior Preferred Debt Security,
means the date, if any, on which the principal or any installment of principal of such Senior Preferred Debt Security becomes due and payable as therein or herein provided, whether by call for redemption, repurchase, declaration of acceleration or
otherwise. 
 “MREL” means the “minimum requirement for own funds and eligible liabilities” for credit
institutions under the BRRD, set in accordance with Article 45 of the BRRD (as transposed in the Kingdom of Spain), Commission Delegated Regulation (EU) 2016/1450 of 23 May 2016, supplementing Directive 2014/59/EU of the European Parliament and
of the Council with regard to regulatory technical standards specifying the criteria relating to the methodology for setting the minimum requirement for own funds and eligible liabilities and any other Applicable Banking Regulations. 

“Officer’s Certificate” means a certificate signed by any member of the Board of Directors,
the Secretary or the Deputy Secretary of the Board of Directors, a Vice President or any officer or any other Person duly authorized by the Company that complies with the requirements of Section 314(e) of the Trust Indenture Act and is
delivered to the Trustee. 
 “Opinion of Counsel” means a written opinion of legal advisors, who
may be an employee of or legal advisors for the Company or other legal advisors who shall be reasonably acceptable to the Trustee and that, if required by the Trust Indenture Act, complies therewith. 

“Optional Redemption for TLAC/MREL Disqualification Event” means a redemption as set forth in Section 11.12. 

“Original Issue Discount Security” means any Senior Preferred Debt Security which provides for an amount less than the
principal amount, to be due and payable upon maturity thereof. 
 “Outstanding”, when used with respect to Senior Preferred
Debt Securities or any series of Senior Preferred Debt Securities means (except as otherwise specified pursuant to Section 3.01), as of the date of determination, all Senior Preferred Debt Securities or all Senior Preferred Debt Securities of
such series, as the case may be, theretofore authenticated and delivered under this Senior Preferred Debt Securities Indenture, except: 

(i) Senior Preferred Debt Securities theretofore cancelled by the Trustee or delivered to the Trustee for cancellation; 

(ii) Senior Preferred Debt Securities, or portions thereof, for whose payment or redemption money, U.S. Government Obligations or Foreign
Government Securities in the necessary amount have been theretofore deposited with the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as its own Paying
Agent) for the Holders of such Senior Preferred Debt Securities; provided, that, if such Senior Preferred Debt Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Senior Preferred Debt Securities
Indenture or provision therefor satisfactory to the Trustee has been made; 

  
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 (iii) any such Senior Preferred Debt Security with respect to which the Company has effected
defeasance pursuant to the terms hereof, except to the extent provided in Section 4.02; and 
 (iv) Senior Preferred Debt Securities
which have been paid pursuant to Section 11.06 or in exchange for or in lieu of which other Senior Preferred Debt Securities have been authenticated and delivered pursuant to this Senior Preferred Debt Securities Indenture, other than any
such Senior Preferred Debt Securities in respect of which there shall have been presented to the Trustee proof satisfactory to it that such Senior Preferred Debt Securities are held by a bona fide purchaser in whose hands such Senior Preferred Debt
Securities are valid obligations of the Company; 
 provided, however, that in determining whether the Holders of the requisite principal amount of
the Outstanding Senior Preferred Debt Securities of any series have given any request, demand, authorization, direction, notice, consent or waiver hereunder, (i) the principal amount of a Senior Preferred Debt Security denominated in a Foreign
Currency shall be the dollar equivalent, determined on the date of original issuance of such Senior Preferred Debt Security, of the principal amount of such Senior Preferred Debt Security; and (ii) Senior Preferred Debt Securities beneficially
owned by the Company or any other obligor upon the Senior Preferred Debt Securities or any Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be Outstanding except that, in determining whether the Trustee shall
be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Senior Preferred Debt Securities for which a Responsible Officer of the Trustee has received an Officer’s Certificate stating that
such Senior Preferred Debt Securities are so beneficially owned shall be so disregarded; provided, further, however, that Senior Preferred Debt Securities so beneficially owned which have been pledged in good
faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Senior Preferred Debt Securities and that the pledgee is not the Company or any other obligor
upon the Senior Preferred Debt Securities or any Affiliate of the Company or of such other obligor. 

“Paying Agent” means any Person (which may include the Company) authorized by the Company to pay the principal
of, or any premium or interest on, or any Additional Amounts with respect to, any Senior Preferred Debt Securities on behalf of the Company. Except as otherwise specified as contemplated by Section 3.01 hereof, The Bank of New York Mellon,
London Branch will act as Paying Agent in respect of the Senior Preferred Debt Securities of any series. 
 “Payment
Statement” means the statement to be delivered to the Company by the Trustee, substantially in the form set forth in Exhibit I to Appendix I, pursuant to Section 6.02. 

  
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 “Person” means any individual, company, corporation, firm, partnership,
joint venture, association, organization, state or agency of a state or other entity, whether or not having separate legal personality. 

“Place of Payment”, when used with respect to the Senior Preferred Debt Securities of any series,
means the place or places where the principal of, or any premium or interest on, or any Additional Amounts with respect to the Senior Preferred Debt Securities of that series are payable as specified pursuant to Section 3.01 or, if not so
specified, as specified in Section 10.02. 
 “Predecessor Security” of any particular Senior Preferred
Debt Security means every previous Senior Preferred Debt Security evidencing all or a portion of the same debt as that evidenced by such particular Senior Preferred Debt Security; and, for the purposes of this definition, any Senior Preferred Debt
Security authenticated and delivered under Section 3.06 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Senior Preferred Debt Security shall be deemed to evidence the same debt as the mutilated, destroyed, lost or
stolen Senior Preferred Debt Security. 
 “Qualifying Notes” means, with respect to each applicable series of Senior
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 Preferred Debt Securities of such series than the terms of the Senior
Preferred Debt Securities of such series, provided that the Company shall have delivered a certificate signed by two directors of the Company to that effect to the Trustee not less than five Business Days prior to (x) in the case of a
substitution of the Senior Preferred Debt Securities of the applicable series pursuant to Section 8.04, the issue date of the relevant securities or (y) in the case of a variation of the Senior Preferred Debt Securities of the applicable
series pursuant to Section 8.04, the date such variation becomes effective, 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; and 

(ii) carry the same rate of interest as the Senior Preferred Debt Securities of such series prior to the relevant substitution or variation
pursuant to Section 8.04; and 
 (iii) have the same denomination and aggregate outstanding principal amount as the Senior Preferred
Debt Securities of such series prior to the relevant substitution or variation pursuant to Section 8.04; and 
 (iv) have the same date
of maturity and the same dates for payment of interest as the Senior Preferred Debt Securities of such series prior to the relevant substitution or variation pursuant to Section 8.04; and 

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

  
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 (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 debt securities as set forth under Section 11.08 and Section 11.12; and 

(vii) be listed or admitted to trading on any stock exchange as selected by the Company, if the Senior 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. 

“Redemption Date”, when used with respect to any Senior Preferred Debt Security to be redeemed, means the date
fixed for such redemption by or pursuant to this Senior Preferred Debt Securities Indenture. 

“Redemption Price”, when used with respect to any Senior Preferred Debt Security to be redeemed, means the price
at which it is to be redeemed pursuant to this Senior Preferred Debt Securities Indenture, which shall include the Early Redemption Amount (Tax), Early Redemption Amount (Call), Early Redemption Amount (Put) or Early Redemption Amount (TLAC/MREL
Disqualification Event), as applicable. 
 “Regular Record Date” for the interest payable on any Interest
Payment Date on Senior Preferred Debt Securities of any series means the date specified for the purpose pursuant to Section 3.01. 

“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) and as amended or superseded from time to time, 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. 
 “Regulator” means the European Central
Bank, the Bank of Spain or such other or successor authority exercising primary bank supervisory authority, in each case with respect to prudential matters in relation to the Company and/or the Group. 

“Relevant Resolution Authority” means the Spanish Fund for the Orderly Restructuring of Banks, the Bank of Spain, the
European Single Resolution Mechanism, 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. 

“Responsible Officer”, when used with respect to the Trustee, means any officer of the Trustee assigned to or
working in the Corporate Trust Administration unit (or any successor unit) of the Trustee located at the Corporate Trust Office of the Trustee, who shall have direct responsibility for the administration of this Senior Preferred Debt Securities
Indenture and, for the purposes of Section 6.01(c)(ii), shall also include any other officer of the Trustee to whom any corporate trust matter is referred because of such officer’s knowledge of and familiarity with the particular subject.

 “Senior Preferred Debt Security” means one of the Senior Preferred Debt Securities. 

  
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 “Senior Preferred Debt Security Register” and “Senior
Preferred Debt Security Registrar” have the respective meanings specified in Section 3.05. 
 “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 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. 

“Senior Preferred Debt Securities” has the meaning set forth in the recitals herein and more particularly means any series of
Senior Preferred Debt Securities issued, authenticated and delivered under this Senior Preferred Debt Securities Indenture. 

“Senior Preferred Debt Securities Indenture” means this instrument as originally executed or as it may from time
to time be supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof and shall include the terms and forms of particular series of Senior Preferred Debt Securities established
pursuant to Section 3.01. 
 “Senior Securities” means Senior Preferred Debt Securities or any other unsecured and
unsubordinated debt securities (créditos ordinarios) issued by the Company. 
 “Spanish Insolvency Law” means
Law 22/2003 (Ley Concursal) of 9 July 2003 regulating insolvency proceedings in Spain, or an equivalent legal provision which replaces it in the future. 

“Special Record Date”, when used for the payment of any Default Interest on Senior Preferred Debt
Securities of any series, means the date specified by the Company for the purpose pursuant to Section 3.07. 
 “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. 

“Stated Maturity”, when used with respect to any Senior Preferred Debt Security or any installment of principal
thereof or interest thereon, means the date or dates, if any, specified in, or determined in accordance with the terms of, such Senior Preferred Debt Security, including as the same may be modified pursuant to the
Bail-in Power set forth in Article 12, as the fixed date or dates on which the principal of such Senior Preferred Debt Security or such installment of principal or interest (and Additional Amounts, if any) is
due and payable. 

  
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 “Subsidiary” means any entity over which the Company may have, directly or
indirectly, control in accordance with Applicable Banking Regulations; 
 “Supervisory Permission” means, in relation to
any action, such supervisory permission (or, as appropriate, waiver) from the Regulator and/or the Relevant Resolution Authority as is required therefor under Applicable Banking Regulations. 

“TLAC” means the “total loss-absorbing capacity” requirement for global systemically important institutions under
the CRR, set in accordance with Article 92a of the CRR and any other Applicable Banking Regulations. 
 A “TLAC/MREL
Disqualification Event” shall have occurred at any time that all or part of the outstanding nominal amount of a series of Senior Preferred Debt Securities where an Optional Redemption for TLAC/MREL Disqualification Event is specifically
provided for in respect of such series of Senior Preferred Debt Securities, as contemplated by Section 3.01, does not fully qualify as TLAC/MREL Eligible Instruments of the Company and/or the Group, except where such non-qualification (i) is due solely to the remaining maturity of the Senior Preferred Debt Securities of such series being less than any period prescribed for TLAC/MREL Eligible Instruments by the Applicable
Banking Regulations as at the issue date of the relevant series of Senior Preferred Debt Securities or (ii) is as a result of the Senior Preferred Debt Securities of such series being bought back by or on behalf of the Company or a buy back of
the Senior Preferred Debt Securities of such series which is funded by or on behalf of the Company or (iii) is due to the Senior Preferred Debt Securities not meeting any requirement in connection to their ranking upon insolvency of the Company
or any limitation on the amount of such instruments that may be eligible for the inclusion in the amount of TLAC/MREL Eligible Instruments of the Company and/or the Group. 

A TLAC/MREL Disqualification Event shall, without limitation, be deemed to include where such
non-qualification arises as a result of (a) any legislation which gives effect to the EU Banking Reforms in the Kingdom of Spain differing in any respect from the EU Banking Reforms (including if the EU
Banking Reforms are not implemented in full in the Kingdom of Spain), or (b) the official interpretation or application of the EU Banking Reforms as implemented in the Kingdom of Spain (including any interpretation or pronouncement by any
relevant court, tribunal or authority) differing in any respect from the manner in which the EU Banking Reforms have been reflected herein. 

“TLAC/MREL Eligible Instrument” means an instrument that complies with the TLAC/MREL Requirements. 

“TLAC/MREL Requirements” means the total loss-absorbing capacity requirements and/or minimum requirement for own funds and
eligible liabilities applicable to Banco Santander and/or the Group under the Applicable Banking Regulations. 

  
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 “Trustee” means the Person named as the “Trustee” in the
first paragraph of this instrument until a successor trustee shall have become such pursuant to the applicable provisions of this Senior Preferred Debt Securities Indenture, and thereafter “Trustee” shall mean the Person who is then
the Trustee hereunder, or, if a different Trustee is appointed for a particular series of Senior Preferred Debt Securities, the Trustee named in the relevant indenture supplemental hereto as the Trustee for that particular series of Senior Preferred
Debt Securities and if at any time there is more than one such Person, “Trustee” shall mean and include each such Person; and “Trustee” as used with respect to the Senior Preferred Debt Securities of any series
shall mean the Trustee with respect to the Senior Preferred Debt Securities of such series. 
 “Trust Indenture Act” means
the Trust Indenture Act of 1939, as amended, as in effect at the date as of which this instrument was executed, except as provided in Section 9.05. 

“United States” and “U.S.” mean the United States of America and, except in the case of
Section 6.10 and Section 6.15, its territories and possessions. 
 “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 1.02. Compliance Certificates and Opinions.
Unless otherwise expressly provided for in this Senior Preferred Debt Securities Indenture, upon any application or request by the Company to the Trustee to take any action under any provision of this Senior Preferred Debt Securities Indenture, the
Company shall furnish to the Trustee an Officer’s Certificate stating that all conditions precedent, if any, provided for in this Senior Preferred Debt Securities Indenture relating to the proposed action have been complied with and an Opinion
of Counsel stating that in the opinion of the legal advisor rendering such opinion all such conditions precedent, if any, have been complied with, except that in the case of any such application or request as to which the furnishing of such
documents is specifically required by any provision of this Senior Preferred Debt Securities Indenture relating to such particular application or request, no additional certificate or opinion need be furnished. 

  
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 Every certificate or opinion with respect to compliance with a condition or covenant
provided for in this Senior Preferred Debt Securities Indenture (other than Section 10.06) shall include: 
 (a) a statement that each
Person signing such certificate or opinion has read such covenant or condition and the definitions herein relating thereto; 
 (b) a brief
statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 

(c) a statement that, in the opinion of each such Person, he has made such examination or investigation as is necessary to enable him to
express an informed opinion as to whether or not such covenant or condition has been complied with; and 
 (d) a statement as to whether, in
the opinion of each such Person, such condition or covenant has been complied with. 
 Section 1.03. Form of Documents Delivered to
Trustee. In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that
they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to
such matters in one or several documents. 
 Any certificate or opinion of an officer of the Company may be based, insofar as it relates to
legal matters, upon a certificate or opinion of, or representations by, legal advisors, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon
which his certificate or opinion or representations are based are erroneous. Any such certificate or opinion of, or representations by, legal advisors may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or
representations by, an officer or officers of the Company, as the case may be, stating that the information with respect to such factual matters is in the possession of the Company, unless such legal advisors know, or in the exercise of reasonable
care should know, that the certificate or opinion or representation with respect to such matters is erroneous. 
 Where any Person is
required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Senior Preferred Debt Securities Indenture, they may, but need not, be consolidated and form one
instrument. 

  
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 Section 1.04. Acts of Holders. (a) Any request, demand, authorization,
direction, notice, consent, waiver or other action provided by this Senior Preferred Debt Securities Indenture to be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such
Holders in person or by an agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee and, when it is hereby expressly
required, to the Company. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments. Proof of execution
of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Senior Preferred Debt Securities Indenture and (subject to Section 6.01) conclusive in favor of the Trustee and the Company, if made in
the manner provided in this Section. 
 (b) The fact and date of the execution by any Person of any such instrument or writing may be proved
by the affidavit of a witness of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the
execution thereof. When such execution is by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of his authority. The fact and date of the execution of any such
instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner which the Trustee deems sufficient. 

(c) The ownership of Senior Preferred Debt Securities shall be proved by the Senior Preferred Debt Security Register. 

(d) Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Senior Preferred Debt Security
shall bind every future Holder of the same Senior Preferred Debt Security and the Holder of every Senior Preferred Debt Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done,
omitted or suffered to be done by the Trustee, any Senior Preferred Debt Security Registrar, any Paying Agent, any Authenticating Agent, the Company in reliance thereon, whether or not notation of such action is made upon such Senior Preferred Debt
Security or such other Senior Preferred Debt Security. 
 (e) If the Company shall solicit from the Holders any request, demand,
authorization, direction, notice, consent, waiver or other Act, the Company may, at its option, by or pursuant to a Board Resolution or an Officer’s Certificate, fix in advance a record date for the determination of Holders entitled to give
such request, demand, authorization, direction, notice, consent, waiver or other Act, but the Company shall have no obligation to do so. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other
Act may be given before or after such record date, but only the Holders of record at the close of business on such record date shall be deemed to be Holders for the purposes of determining whether Holders of the requisite proportion of Outstanding
Senior Preferred Debt Securities have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose the Outstanding Senior Preferred Debt Securities shall be computed
as of such record date; provided that no such authorization, agreement or consent by the Holders on such record date shall be deemed effective unless it shall become effective pursuant to the provisions of this Senior Preferred Debt Securities
Indenture not later than six months after the record date. 

  
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 Section 1.05. Notices, Etc. to Trustee or Company. Any request, demand,
authorization, direction, notice, consent, waiver or Act of Holders or other document provided or permitted by this Senior Preferred Debt Securities Indenture to be made upon, given or furnished to, or filed with, 

(a) the Trustee by any Holder or by the Company shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided)
if made, given, furnished or filed in writing (which may be via facsimile or email delivery of a copy of such a document) to the Trustee at its Corporate Trust Office and the Trustee agrees to accept and act upon facsimile transmission or email
delivery of written instructions pursuant to this Senior Preferred Debt Securities Indenture; provided, however, that (x) the party providing such written instructions, subsequent to such transmission of written instructions, shall provide the
originally executed instructions or directions to the Trustee in a timely manner, and (y) such originally executed instructions or directions shall be signed by an authorized representative of the party providing such instructions or
directions; or 
 (b) the Company by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein
expressly provided) if in writing and mailed, first-class air mail postage prepaid, to the Company, to the address of its principal office specified in the first paragraph of this Senior Preferred Debt Securities Indenture or at any other address
previously furnished in writing to the Trustee by the Company. 
 The Trustee agrees to accept and act upon instructions or directions
pursuant to this Senior Preferred Debt Securities Indenture sent by unsecured e-mail, portable document format (PDF), facsimile transmission or other similar unsecured electronic methods, provided, however,
that the Trustee shall have received from the Company an incumbency certificate listing persons designated to give such instructions or directions and containing the titles and specimen signatures of such designated persons, which such incumbency
certificate shall be amended and replaced whenever a person is to be added or deleted from the listing, and provided further that the Trustee shall have no obligation or responsibility to confirm or verify that the instruction or direction was in
fact sent by, or on behalf of, a person so designated to give instructions or directions. If the Company elects to give the Trustee e-mail or facsimile instructions (or instructions by a similar electronic
method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s understanding of such instructions shall be deemed controlling. 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 a conflict or inconsistency between such instructions and a subsequent written instruction. The Company agrees to assume all risks arising out of
the use of such electronic methods to submit instructions and directions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk or interception and misuse by third parties. 

  
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 Section 1.06. Notice to Holders; Waiver. When this Senior Preferred Debt
Securities Indenture provides for notice to Holders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if given in writing and mailed, first-class postage prepaid, to each Holder of a Senior Preferred
Debt Security affected by such event in the manner and to the extent provided in Section 313(c) of the Trust Indenture Act with respect to reports pursuant to Section 7.03(a). 

For so long as the Senior Preferred Debt Securities of any series are represented by Global Securities, the Company will deliver a copy of all
notices with respect to such series to the Holder (if the address of such Holder is known to the Company). 
 When notice to Holders of
Senior Preferred Debt Securities is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders. Where this Senior
Preferred Debt Securities Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice.
Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. In case by reason of the suspension of regular mail service or by
reason of any other cause it shall be impracticable to give such notice by mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder. 

Section 1.07. Language of Notices, Etc. Any notice under this Senior Preferred Debt Securities Indenture shall be in the English
language, except that, if the Company so elects, any published notice may be in an official language of the country of publication. 

Section 1.08. Conflict with Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with another provision
hereof which is required to be included in this Senior Preferred Debt Securities Indenture by any of the provisions of the Trust Indenture Act, such required provision of the Trust Indenture Act shall control. If at any future time any provision
required to be included herein by the Trust Indenture Act as in force at the date as of which this Senior Preferred Debt Securities Indenture was executed or any limitation imposed by the Trust Indenture Act at such date on any provision otherwise
included herein would not be so required or imposed (in whole or in part) if this Senior Preferred Debt Securities Indenture were executed at such future time, the Company and the Trustee may enter into one or more indentures supplemental hereto
pursuant to Section 9.01 to change or eliminate (in whole or in part) such provision or limitation of this Senior Preferred Debt Securities Indenture in conformity with the requirements of the Trust Indenture Act as then in force, except
that (subject to Article 9) no provision or limitation required to be included herein by Sections 310(a)(1) and (a)(2), 315(a), (c), (d)(l), (d)(2), (d)(3) and (e), 316(a)(1)(A), (a)(l)(B), (a)(2), (a) (last sentence) and (b) of the Trust
Indenture Act as in force at the date as of which this Senior Preferred Debt Securities Indenture was executed may be so changed or eliminated. 

  
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 Section 1.09. Effect of Headings and Table of Contents. The Article and Section
headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 
 Section 1.10.
Successors and Assigns. All covenants and agreements in this Senior Preferred Debt Securities Indenture by the Company shall bind its successors and assigns, whether so expressed or not. 

Section 1.11. Separability Clause. In case any provision in this Senior Preferred Debt Securities Indenture or in the Senior
Preferred Debt Securities 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 1.12. Benefits of Senior Preferred Debt Securities Indenture. Nothing in this Senior Preferred Debt Securities Indenture
or in the Senior Preferred Debt Securities, express or implied, shall give to any Person, other than the parties hereto and any Senior Preferred Debt Securities Registrars or any Paying Agent or Calculation Agent with respect to any Senior Preferred
Debt Securities and their successors hereunder, and the Holders of Senior Preferred Debt Securities, any benefit or any legal or equitable right, remedy or claim under this Senior Preferred Debt Securities Indenture. 

Section 1.13. Governing Law. This Senior Preferred Debt Securities Indenture and the Senior Preferred Debt Securities 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 2.02 which shall be governed by and construed in accordance with the laws of Spain and
except that the authorization and execution of this Senior Preferred Debt Securities Indenture and the Senior Preferred Debt Securities 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 1.14. Business Days and Legal
Holidays. The terms of the Senior Preferred Debt Securities shall provide that, in any case where any Interest Payment Date, Redemption Date, Maturity or Stated Maturity, of a Senior Preferred Debt Security shall not be a Business Day at any
Place of Payment, then (notwithstanding any other provision of this Senior Preferred Debt Securities Indenture or the Senior Preferred Debt Securities other than a provision in the Senior Preferred Debt Securities that specifically states that such
provision shall apply in lieu of this Section) payments of interest, if any (and premium, if any) or principal and the exchange of the Senior Preferred Debt Security need not be made at such Place of Payment on such date, but may be made on the next
succeeding Business Day at such Place of Payment (or such other Business Day as shall be provided in such Senior Preferred Debt Security) with the same force and effect as if made on such Interest Payment Date, Redemption Date, Maturity or Stated
Maturity, provided that no interest shall accrue on such payment for the period from and after such Interest Payment Date, Redemption Date, Maturity or Stated Maturity, as the case may be. 

  
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 Section 1.15. Appointment of Agent for Service. The Company has designated and
appointed Banco Santander, S.A., New York Branch, 45 E. 53rd Street, New York, New York 10022, as its authorized agent (the “Authorized Agent”), upon which process may be served in any
suit or proceeding in any Federal or State court in the Borough of Manhattan, The City of New York arising out of or relating to the Senior Preferred Debt Securities or this Senior Preferred Debt Securities Indenture, but for that purpose only, and
agrees that service of process upon said Authorized Agent shall be deemed in every respect effective service of process upon it in any such suit or proceeding in any Federal or State court in the Borough of Manhattan, The City of New York, New York.
Such appointment shall be irrevocable so long as any of the Senior Preferred Debt Securities remain Outstanding until the appointment of a successor by the Company and such successor’s acceptance of such appointment. Upon such acceptance, the
Company shall notify the Trustee of the name and address of such successor. The Company further agrees to take any and all action, including the execution and filing of any and all such documents and instruments, as may be necessary to continue such
designation and appointment of said Authorized Agent in full force and effect so long as any of the Senior Preferred Debt Securities shall be Outstanding. The Trustee shall not be obligated and shall have no responsibility with respect to any
failure by the Company to take any such action. The Company hereby irrevocably submits (for the purposes of any such suit or proceeding) to the non-exclusive jurisdiction of any such court in which any such
suit or proceeding is so instituted, and waives, to the extent it may effectively do so, any objection it may have now or hereafter to the laying of the venue of any such suit or proceeding. To the extent that the Company may be entitled, in any
jurisdiction in which judicial proceedings may at any time be commenced with respect to or arising out of this Senior Preferred Debt Securities Indenture to claim for itself or its revenues, assets or properties immunity (whether by reason of
sovereign immunity or otherwise) from suit, from the jurisdiction of any court (including, but not limited to, any court of the United States of America or the State of New York) or from any legal process with respect to itself or its property, from
attachment prior to judgment, from set-off, from execution of a judgment, from the grant of injunctive relief, whether prior to or after judgment, or from any other legal process (including, without
limitation, in relation to enforcement of any arbitration award), and to the extent that in any such jurisdiction there may be attributed such an immunity (whether or not claimed), the Company hereby irrevocably agrees not to claim and hereby
irrevocably waives such immunity and consents to the grant of any such relief. 
 Section 1.16. Calculation Agent. If the
Company appoints a Calculation Agent pursuant to Section 3.01 with respect to any series of Senior Preferred Debt Securities, any determination of the interest rate on, or other amounts in relation to, such series of Senior Preferred Debt
Securities in accordance with the terms of such series of Senior Preferred Debt Securities by such Calculation Agent shall (in the absence of manifest error, bad faith or willful misconduct) be binding on the Company, the Trustee and all Holders and
(in the absence of manifest error, bad faith or willful misconduct) no liability to the Holders shall attach to the Calculation Agent in connection with the exercise or non-exercise by it of its powers, duties
and discretions. 

  
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 Section 1.17. Waiver of Jury Trial. EACH OF THE PARTIES HERETO, AND EACH HOLDER
OF A SENIOR PREFERRED DEBT SECURITY BY ITS ACCEPTANCE THEREOF, HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SENIOR DEBT
SECURITIES INDENTURE, THE SENIOR DEBT SECURITIES OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 Section 1.18. Judgment Currency.
Any payment on account of an amount that is payable in U.S. dollars (the “Required Currency”) which is made to or for the account of any Holder or the Trustee in lawful currency of any other jurisdiction (the “Judgment
Currency”), whether as a result of any judgment or order or the enforcement thereof or the liquidation of the Company shall constitute a discharge of the Company obligation under this Senior Preferred Debt Securities Indenture and the
Senior Preferred Debt Securities only to the extent of the amount of the Required Currency such Holder or the Trustee, as the case may be, could purchase in the London foreign exchange markets with the amount of the Judgment Currency in accordance
with normal banking procedures at the rate of exchange prevailing on the first Business Day following receipt of the payment in the Judgment Currency. If the amount of the Required Currency that could be so purchased is less than the amount of the
Required Currency originally due to such Holder or the Trustee, as the case may be, the Company shall indemnify and hold harmless the Holder or the Trustee, as the case may be, from and against all loss or damage arising out of, or as a result of,
such deficiency. This indemnity shall constitute an obligation separate and independent from the other obligations contained in this Senior Preferred Debt Securities Indenture or the Senior Preferred Debt Securities, shall give rise to a separate
and independent cause of action, shall apply irrespective of any indulgence granted by any Holder or the Trustee from time to time and shall continue in full force and effect notwithstanding any judgment or order for a liquidated sum in respect of
an amount due hereunder or under any judgment or order. 
 ARTICLE 2 

SENIOR PREFERRED DEBT SECURITY FORMS 

Section 2.01. Forms Generally. The Senior Preferred Debt Securities of each series shall be issuable in registered form and in
such forms as shall be established by or pursuant to a Board Resolution of the Company, or an Officer’s Certificate, or in one or more indentures supplemental hereto, pursuant to Section 3.01, in each case with such insertions, omissions,
substitutions and other variations as are required or permitted by this Senior Preferred Debt Securities Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be
required to comply with any applicable law or rule or regulation made pursuant thereto or with the rules of any securities exchange or Depositary therefor, or as may, consistently herewith, be determined by the officers executing such Senior
Preferred Debt Securities, all as evidenced by any such execution. 

  
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 Any definitive Senior Preferred Debt Securities shall be printed, lithographed or engraved
or produced by any combination of these methods or may be produced in any other manner permitted by the rules of any securities exchange on which the Senior Preferred Debt Securities may be listed, all as determined by the officers executing such
Senior Preferred Debt Securities, as evidenced by their execution thereof. 
 Section 2.02. Status of the Senior Preferred Debt
Securities. The payment obligations of the Company under the Senior Preferred Debt Securities of any series on account of principal constitute direct, unconditional, unsubordinated and unsecured obligations (créditos
ordinarios) of the Company and, upon the insolvency of the Company (and unless they qualify as subordinated claims (créditos subordinados) pursuant to Article 92.1o or 92.3o to 92.7o of the Spanish
Insolvency Law), but subject to any other ranking that may apply as a result of any mandatory provision of law (or otherwise), such payment obligations in respect of principal rank (i) pari passu among themselves and with any
unsubordinated and unsecured obligations (créditos ordinarios) of the Company and (ii) senior to (x) any Senior Non Preferred Liabilities and (y) any present and future subordinated obligations
(créditos subordinados) of the Company in accordance with Article 92 of the Spanish Insolvency Law. 
 Claims of
Holders of Senior 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 92.3o 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 Senior Preferred Debt Securities are subject to the Bail-in
Power. 

  
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 Section 2.03. Form of Trustee’s Certificate of
Authentication. The Trustee’s certificate of authentication shall be in substantially the following form. 
 CERTIFICATE OF
AUTHENTICATION 
 This is one of the Senior Preferred Debt Securities of the series designated herein referred to in the within-mentioned
Senior Preferred Debt Securities Indenture. 
  

					
	 Dated:
	 	 
	
	 THE BANK OF NEW YORK MELLON, as Trustee

		
	 By:
	 	 
		 	 Authorized Signatory



 ARTICLE 3 

THE SENIOR PREFERRED DEBT SECURITIES 

Section 3.01. Amount Unlimited; Issuable in Series. The aggregate principal amount of Senior Preferred Debt Securities which may
be authenticated and delivered under this Senior Preferred Debt Securities Indenture is unlimited. The Senior Preferred Debt Securities may be issued in one or more series. 

There shall be established by or pursuant to a Board Resolution of the Company or established by an Officer’s Certificate or established
in one or more indentures supplemental hereto, prior to the initial issuance of Senior Preferred Debt Securities of any series: 
 (a) the
title of the Senior Preferred Debt Securities of the series (which shall distinguish the Senior Preferred Debt Securities of the series from all other Senior Preferred Debt Securities); 

(b) the price or prices (expressed as a percentage of the principal amount thereof) at which the Senior Preferred Debt Securities of the
series shall be issued; 
 (c) any limit upon the aggregate principal amount of the Senior Preferred Debt Securities of the series which may
be authenticated and delivered under this Senior Preferred Debt Securities Indenture (except for Senior Preferred Debt Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Senior Preferred
Debt Securities of the series pursuant to Section 3.04, Section 3.05, Section 3.06, Section 9.06 or Section 11.07 and except for any Senior Preferred Debt Securities which, pursuant to Section 3.03 are
deemed never to have been authenticated and delivered hereunder); 

  
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 (d) the date or dates, if any, on which the principal of (and premium, if any, on) the
Senior Preferred Debt Securities of the series is payable; 
 (e) the rate or rates, if any, at which the Senior Preferred Debt Securities
of the series shall accrue interest or the manner of calculation of such rate or rates, if any, the date or dates from which such interest shall accrue, the Interest Payment Dates on which such interest shall be payable or the manner of
determination of such Interest Payment Dates, if other than as specified in Section 3.07 and the Regular Record Date for the interest payable on any Interest Payment Date and any dates required to be established pursuant to Section
7.01; 
 (f) whether any premium, upon redemption or otherwise, shall be payable by the Company on Senior Preferred Debt Securities of the
series, and whether such premium shall be redeemable at the option of the Company or the Holder; 
 (g) the place or places where the
principal of (and premium, if any) and any interest on Senior Preferred Debt Securities of the series shall be payable, and the Paying Agent or Paying Agents who shall be authorized to pay principal of (and premium, if any) and interest on Senior
Preferred Debt Securities of such series, at least one of such Paying Agents having an office or agency in the Borough of Manhattan, The City of New York; 

(h) whether or not such series of Senior Preferred Debt Securities are to be redeemable, in whole or in part, at the Company’s option
and, if so redeemable, the period or periods within which, the price or prices at which and the terms and conditions upon which, Senior Preferred Debt Securities of the series may be redeemed; 

(i) the obligation, if any, of the Company to redeem or purchase Senior Preferred Debt Securities of the series pursuant to any sinking fund
or analogous provisions or at the option of a Holder thereof and the period or periods within which, the price or prices at which, and the terms and conditions upon which Senior Preferred Debt Securities of the series shall be redeemed or purchased,
in whole or in part, pursuant to such obligation; 
 (j) if other than denominations of $1,000 and any multiple thereof, the denominations
in which Senior Preferred Debt Securities of the series in each applicable form shall be issuable; 
 (k) if other than the full principal
amount thereof, the portion, or the manner of calculation of such portion, of the principal amount of Senior Preferred Debt Securities of the series which shall be payable upon a declaration of acceleration or acceleration of the Maturity thereof
pursuant to Section 5.02, upon redemption of Senior Preferred Debt Securities of any series which are redeemable before their Stated Maturity, or which the Trustee shall be entitled to file and prove a claim pursuant to Section 5.04; 

(l) if Additional Amounts, pursuant to Section 10.04, will not be payable; 

  
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 (m) the terms, if any, on which such Senior Preferred Debt Securities may or shall be
converted into or exchanged at the option of the Company or otherwise for stock or other securities of the Company or another entity or other entities, into a basket or baskets of such securities, into an index or indices of such securities, into
the cash value therefor or into any combination of the foregoing, any specific terms relating to the adjustment thereof and the period during which such Senior Preferred Debt Securities may or shall be so converted or exchanged; 

(n) if other than dollars, provisions, if any, for the Senior Preferred Debt Securities of the series to be denominated, and payments thereon
to be made, in Foreign Currencies and specifying the manner and Place of Payment thereon and any other terms with respect thereto; 
 (o) if
other than the coin or currency in which the Senior Preferred Debt Securities of that series are denominated, the coin or currency in which payment of the principal of (and premium, if any) or interest, if any, on the Senior Preferred Debt
Securities of such series shall be payable; 
 (p) if the principal of (and premium, if any) or interest, if any, on the Senior Preferred
Debt Securities of such series are to be payable, at the election of the Company or a Holder thereof, in a coin or currency other than that in which the Senior Preferred Debt Securities are denominated, the period or periods within which, and the
terms and conditions upon which, such election may be made; 
 (q) whether the Senior Preferred Debt Securities of the series shall be
issued in whole or in part in the form of one or more Global Securities and the initial Holder with respect to such Global Security or Senior Preferred Debt Securities; 

(r) if the Senior Preferred Debt Securities of such series are to be issuable in definitive form (whether upon original issue or upon exchange
of a temporary Senior Preferred Debt Security of such series or otherwise) only upon receipt of certain certificates or other documents or satisfaction of other conditions, then the form and terms of such certificates, documents or conditions; 

(s) if the amounts of payments of principal of (and premium, if any) or interest, if any, on the Senior Preferred Debt Securities of the
series may be determined with reference to an index or are otherwise not fixed on the original issue date thereof, the manner in which such amounts shall be determined and the Calculation Agent, if any, who shall be appointed and authorized to
calculate such amounts; 
 (t) any Events of Default or consequences thereof or any covenants with respect to the Senior Preferred Debt
Securities of such series; 
 (u) the forms of Senior Preferred Debt Securities of the series; 

(v) any other terms of the series (which terms shall not be inconsistent with the provisions of this Senior Preferred Debt Securities
Indenture, except as permitted by Section 9.01(d)); and

  
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 (w) the Trustee and/or the Senior Preferred Debt Security Registrar for such series of
Senior Preferred Debt Securities who shall also be named in an indenture supplemental hereto for a particular series of Senior Preferred Debt Securities if the Trustee and/or the Senior Preferred Debt Security Registrar for such series is not the
Trustee named in the first paragraph of this Senior Preferred Debt Securities Indenture. 
 All Senior Preferred Debt Securities of any one
series shall be substantially identical except as to denomination and except as may otherwise be provided in or pursuant to such action or in any such Officer’s Certificate or indenture supplemental hereto. 

If the forms of Senior Preferred Debt Securities of any series, or any of the terms thereof, are established by action taken pursuant to a
Board Resolution, a copy of the Board Resolution in respect thereof shall be delivered to the Trustee at or prior to the delivery of the Company Order pursuant to Section 3.03 for the authentication and delivery of such Senior Preferred
Debt Securities. 
 Section 3.02. Denominations. The Senior Preferred Debt Securities of each series shall be issuable in such
denominations as shall be specified as contemplated by Section 3.01. In the absence of any such specification with respect to Senior Preferred Debt Securities of any series, the Senior Preferred Debt Securities of each series shall be issuable
in denominations of $1,000 each and any integral multiple thereof. Unless otherwise specified in accordance with Section 3.01, any Global Security issued and delivered to the Holder shall be issued in the form of units with each $1,000
principal amount of such Global Security constituting one unit. 
 Section 3.03. Execution, Authentication, Delivery and Dating.
The Senior Preferred Debt Securities shall be executed on behalf of the Company by any one of the representatives of the Company authorized to do so by Board Resolution or by any member of the Board of Directors. The signature of any of these
authorized representatives on the Senior Preferred Debt Securities may be manual or facsimile. Senior Preferred Debt Securities bearing the manual or facsimile signatures of individuals who were at any time the proper officer of the Company shall
bind the Company, notwithstanding that such individual has ceased to hold such office prior to the authentication and delivery of such Senior Preferred Debt Securities. 

At any time and from time to time after the execution and delivery of this Senior Preferred Debt Securities Indenture, the Company may deliver
Senior Preferred Debt Securities of any series executed by the Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Senior Preferred Debt Securities, and the Trustee in accordance with
the Company Order shall authenticate and deliver such Senior Preferred Debt Securities. In authenticating such Senior Preferred Debt Securities and accepting the additional responsibilities under this Senior Preferred Debt Securities Indenture in
relation to such Senior Preferred Debt Securities the Trustee shall be entitled to receive, and (subject to Section 6.01) shall be fully protected in relying upon, an Opinion of Counsel stating that the form and terms thereof have been
established in conformity with the provisions of this Senior Preferred Debt Securities Indenture. 

  
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 If all the Senior Preferred Debt Securities of any series are not to be issued at one time,
it shall not be necessary to deliver an Opinion of Counsel and an Officer’s Certificate at the time of issuance of each Senior Preferred Debt Security, but such opinion and certificate, with appropriate modifications, shall be delivered at or
before the time of issuance of the first Senior Preferred Debt Security of such series. After any such first delivery, any separate request by the Company that the Trustee authenticate Senior Preferred Debt Securities of such series for original
issue will be deemed to be a certification by the Company that all conditions precedent provided for in this Senior Preferred Debt Securities Indenture relating to authentication and delivery of such Senior Preferred Debt Securities continue to have
been complied with. 
 The Trustee shall not be required to authenticate such Senior Preferred Debt Securities if the issue of such Senior
Preferred Debt Securities pursuant to this Senior Preferred Debt Securities Indenture will affect the Trustee’s own rights, duties or immunities under the Senior Preferred Debt Securities and this Senior Preferred Debt Securities Indenture or
otherwise in a manner which is not reasonably acceptable to the Trustee. 
 Each Senior Preferred Debt Security shall be dated the date of
its authentication. 
 No Senior Preferred Debt Security appertaining thereto shall be entitled to any benefit under this Senior Preferred
Debt Securities Indenture or be valid or obligatory for any purpose unless there appears on such Senior Preferred Debt Security a certificate of authentication substantially in the form provided for herein executed by or on behalf of the Trustee by
manual signature, and such certificate upon any Senior Preferred Debt Security shall be conclusive evidence, and the only evidence, that such Senior Preferred Debt Security has been duly authenticated and delivered hereunder and that such Senior
Preferred Debt Security is entitled to the benefits of this Senior Preferred Debt Securities Indenture. Notwithstanding the foregoing, if any Senior Preferred Debt Security shall have been authenticated and delivered hereunder but never issued
and sold by the Company, and the Company shall deliver such Senior Preferred Debt Security to the Trustee for cancellation as provided in Section 3.09, for all purposes of this Senior Preferred Debt Securities Indenture, such Senior Preferred
Debt Security shall be deemed never to have been authenticated and delivered hereunder and shall never be entitled to the benefit of this Senior Preferred Debt Securities Indenture. 

Section 3.04. Temporary Senior Preferred Debt Securities. Pending the preparation of definitive Senior Preferred Debt Securities
of any series, the Company may execute, and upon Company Order the Trustee shall authenticate and deliver, temporary Senior Preferred Debt Securities substantially of the tenor of the definitive Senior Preferred Debt Securities in lieu of which they
are issued, and, if applicable, which Senior Preferred Debt Securities may be printed, lithographed, typewritten, photocopied or otherwise produced. Temporary Senior Preferred Debt Securities shall be issuable as Senior Preferred Debt Securities in
registered form in any authorized denomination, and with such appropriate insertions, omissions, substitutions and other variations as the officers executing such Senior Preferred Debt Securities may determine, all as evidenced by such execution.


  
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 If temporary Senior Preferred Debt Securities of any series are issued, the Company will
cause, if so required by the terms of such temporary Senior Preferred Debt Securities, definitive Senior Preferred Debt Securities of such series to be prepared without unreasonable delay. After the preparation of definitive Senior Preferred Debt
Securities of such series, the temporary Senior Preferred Debt Securities of such series shall be exchangeable for definitive Senior Preferred Debt Securities of such series containing identical terms and provisions upon surrender of the temporary
Senior Preferred Debt Securities of such series at the office or agency of the Company in a Place of Payment for that series, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Senior Preferred Debt Securities
of any series the Company shall execute, and the Trustee shall authenticate and deliver in exchange therefor, a like aggregate principal amount of definitive Senior Preferred Debt Securities of the same series of authorized denominations containing
identical terms and provisions. Until so exchanged, unless otherwise provided therein or in a supplemental indenture relating thereto, the temporary Senior Preferred Debt Securities of any series shall in all respects be entitled to the same
benefits (but shall be subject to all the limitations of rights) under this Senior Preferred Debt Securities Indenture as definitive Senior Preferred Debt Securities of such series. 

Section 3.05. Registration, Registration of Transfer and Exchange. (a) Global Securities. This Section
3.05(a) shall apply to Global Securities unless otherwise specified, as contemplated by Section 3.01. 
 Except as otherwise
specified, as contemplated by Section 3.01 hereof, the Senior Preferred Debt Securities shall be initially issued and represented by one or more Global Securities in registered form, which shall be authenticated as contemplated by this
Senior Preferred Debt Securities Indenture. 
 Each Global Security authenticated under this Senior Preferred Debt Securities Indenture
shall be registered in the name of the Depositary designated for such Global Security or a nominee thereof and delivered to such Depositary or a nominee thereof or custodian therefor, and each such Global Security shall constitute a single Senior
Preferred Debt Security for all purposes of this Senior Preferred Debt Securities Indenture. Except as otherwise specified, as contemplated by Section 3.01 hereof, each Global Security authenticated under this Senior Preferred Debt
Securities Indenture shall be initially registered in the name of DTC or its nominee only. 
 Unless the Global Security is presented by an
authorized representative of the Holder to the Company or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of a nominee of the Holder and any payment is made to such nominee, any
transfer, pledge or other use of the Global Security for value or otherwise shall be wrongful since the registered owner of such Global Security, the nominee of the Holder, has an interest in such Global Security. 

  
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 Except as otherwise specified, as contemplated by Section 3.01 hereof, any Global
Security shall be exchangeable for definitive Senior Preferred Debt Securities only as provided in this paragraph. A Global Security shall be exchangeable pursuant to this Section only (i) if the relevant Depositary notifies the Trustee that it
is unwilling or unable to continue to act as Depositary and a successor depositary is not appointed by the Trustee within 120 days of such notification, (ii) if, in the event of a winding-up of the
Company, the Company fails to make a payment on the Senior Preferred Debt Securities when due, or (iii) at any time if the Company at its option and in its sole discretion determines that the Global Securities of a particular series should be
exchanged for definitive Senior Preferred Debt Securities of that series. Any Global Security that is exchangeable pursuant to the preceding sentence shall be exchangeable for, unless otherwise specified or contemplated by Section 3.01,
definitive Senior Preferred Debt Securities bearing interest (if any) at the same rate or pursuant to the same formula, having the same date of issuance, the same date or dates from which such interest shall accrue, the same Interest Payment
Dates on which such interest shall be payable or the manner of determination of such Interest Payment Dates, redemption provisions, if any, specified currency and other terms and of differing denominations aggregating a like amount as the Global
Security so exchangeable. Definitive Senior Preferred Debt Securities shall be registered in the names of the owners of the beneficial interests in such Global Securities as such names are from time to time provided by the Holder to the Trustee.

 Any Global Security that is exchangeable pursuant to the preceding paragraph, unless otherwise specified as contemplated by Section
3.01, shall be exchangeable for Senior Preferred Debt Securities issuable in authorized denominations of a like aggregate principal amount and tenor. 

No Global Security may be transferred except as a whole by the Holder to a nominee of the Holder or by the Holder or any such nominee to a
successor of the Holder or a nominee of such successor. Except as provided above, owners solely of beneficial interests in a Global Security shall not be entitled to receive physical delivery of Senior Preferred Debt Securities in definitive form
and will not be considered the holders thereof for any purpose under this Senior Preferred Debt Securities Indenture. 
 In the event that a
Global Security is surrendered for redemption or exchange for stock or other securities of the Company or another entity or other entities in part pursuant to Section 11.07, the Company shall execute, and the Trustee shall authenticate and
deliver to the Holder of such Global Security, without service charge, a new Global Security in a denomination equal to and in exchange for the unredeemed or unexchanged portion of the principal of the Global Security so surrendered. 

The Agent Members and any other beneficial owners shall have no rights under this Senior Preferred Debt Securities Indenture with respect to
any Global Security held on their behalf by a Holder, and such Holder may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the owner of such Global Security for all purposes whatsoever. Notwithstanding the
foregoing, nothing herein shall (i) prevent the Company, the Trustee, or any agent of the Company, or the Trustee, from giving effect to any written certification, proxy or other authorization furnished by a Holder or (ii) impair, as
between any such Holder or other clearance service and its Agent Members and Holders, the operation of customary practices governing the exercise of the rights of a holder of any security, including without limitation the granting of proxies or
other authorization of participants to give or take any request, demand, authorization, direction, notice, consent, waiver or other action which a Holder is entitled to give or take under this Senior Preferred Debt Securities Indenture. 

  
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 In connection with any exchange of interests in a Global Security for definitive Senior
Preferred Debt Securities of another authorized form, as provided in this Section 3.05(a), then without unnecessary delay but in any event not later than the earliest date on which such interests may be so exchanged, the Company shall
deliver to the Trustee definitive Senior Preferred Debt Securities in aggregate principal amount equal to the principal amount of such Global Security or the portion to be exchanged executed by the Company. On or after the earliest date on
which such interests may be so exchanged, such Global Security shall be surrendered by the Holder to the Trustee, as the Company’s agent for such purpose, to be exchanged, in whole or from time to time in part, for definitive Senior Preferred
Debt Securities without charge (in which case the Company or Trustee may require payment of any taxes or governmental charges arising) and the Trustee shall authenticate and deliver, in exchange for each portion of such Global Security, an equal
aggregate principal amount of definitive Senior Preferred Debt Securities of authorized denominations as the portion of such Global Security to be exchanged. Any Global Security that is exchangeable pursuant to this Section 3.05 shall
be exchangeable for Senior Preferred Debt Securities issuable in the denominations specified as contemplated by Section 3.01 and registered in such names as the Holder of such Global Security shall direct. If a definitive Senior
Preferred Debt Security is issued in exchange for any portion of a Global Security after the close of business at the office or agency where such exchange occurs on any record date and before the opening of business at such office or agency on
the relevant Interest Payment Date, interest will not be payable on such Interest Payment Date in respect of such definitive Senior Preferred Debt Security, but will be payable on such Interest Payment Date only to the Person to whom payments of
interest in respect of such portion of such Global Security are payable. 
 A Depositary may grant proxies and otherwise authorize any
Person, including Agent Members and Persons that may hold interests through Agent Members, to take any action which a holder is entitled to take under this Senior Preferred Debt Securities Indenture with respect to the Senior Preferred Debt
Securities. 
 (b) Except as otherwise specified pursuant to Section 3.01, Senior Preferred Debt Securities of any series may only be
exchanged for a like aggregate principal amount of Senior Preferred Debt Securities of such series of other authorized denominations containing identical terms and provisions. Senior Preferred Debt Securities to be exchanged shall be surrendered at
an office or agency of the Company designated pursuant to Section 10.02 for such purpose, and the Company shall execute, and the Trustee shall authenticate and deliver, in exchange therefor the Senior Preferred Debt Security or Senior
Preferred Debt Securities of the same series which the Holder making the exchange shall be entitled to receive. 

  
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 Except as otherwise specified pursuant to Section 3.01, the Company shall cause to be
kept in the principal corporate trust office of the Trustee a register (the register maintained in such office and in any other office or agency of the Company in a Place of Payment being herein sometimes collectively referred to as the
“Senior Preferred Debt Security Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Senior Preferred Debt Securities and of transfers of such Senior
Preferred Debt Securities. Except as otherwise specified pursuant to Section 3.01, the Trustee is hereby appointed “Senior Preferred Debt Security Registrar” for the purpose of registering Senior Preferred Debt
Securities and transfers of Senior Preferred Debt Securities as herein provided. 
 Senior Preferred Debt Securities shall be
transferable only on the Senior Preferred Debt Security Register. Upon surrender for registration of transfer of any Senior Preferred Debt Security of any series, together with the form of transfer endorsed on it, duly completed and executed at
an office or agency of the Company designated pursuant to Section 10.02 for such purpose, the Company shall execute, and the Trustee shall authenticate and deliver to the address specified in the form of transfer, within three Business
Days, in the name of the designated transferee or transferees, one or more new Senior Preferred Debt Securities of the same series of any authorized denominations containing identical terms and provisions, of a like aggregate principal amount. 

If only part of a Senior Preferred Debt Security is transferred, a new Senior Preferred Debt Security of an aggregate principal amount equal
to the amount not being transferred shall be executed by the Company, and authenticated and delivered by the Trustee to the transferor, in the name of the transferor, within three Business Days after the Trustee acting as Paying Agent pursuant to
Section 10.02 receives the Senior Preferred Debt Security. The new Senior Preferred Debt Security will be delivered to the transferor by uninsured post at the risk of the transferor to the address of the transferor appearing in the Senior
Preferred Debt Security Register. A new Senior Preferred Debt Security of an aggregate principal amount equal to the amount being transferred shall be delivered by the Trustee to the transferee, in the name of the transferee, within three
Business Days after the Trustee acting as Paying Agent pursuant to Section 10.02 receives the Senior Preferred Debt Security. The new Senior Preferred Debt Security will be delivered to the transferee by uninsured post at the risk of the
transferee to the address of the transferee specified in the form of transfer. 
 All Senior Preferred Debt Securities issued upon any
registration of transfer or exchange of Senior Preferred Debt Securities shall be the valid obligations of the Company evidencing the same debt, and entitled to the same benefits under this Senior Preferred Debt Securities Indenture, as the Senior
Preferred Debt Securities surrendered upon such registration of transfer or exchange. 

  
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 Every Senior Preferred Debt Security presented or surrendered for registration of transfer
or for exchange shall (if so required by the Company or the Trustee) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Senior Preferred Debt Security Registrar duly executed, by the
Holder thereof or his attorney duly authorized in writing. 
 No service charge shall be made for any registration of transfer or exchange
of Senior Preferred Debt Securities, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Senior Preferred Debt
Securities, other than exchanges pursuant to Section 3.04, Section 9.06 or Section 11.07 not involving any transfer. 

The Company shall not be required (i) to issue, register the transfer of or exchange any Senior Preferred Debt Security of any series
during a period beginning at the opening of business 15 days before the day of the giving of a notice of redemption of Senior Preferred Debt Securities of such series selected for redemption under Section 11.03 and ending at the close of
business on the day of the giving of such notice, or (ii) to register the transfer of or exchange any Senior Preferred Debt Security so selected for redemption in whole or in part, except the unredeemed portion of any Senior Preferred Debt
Securities being redeemed in part. 
 Section 3.06. Mutilated, Destroyed, Lost and Stolen Senior Preferred Debt Securities. If
any mutilated Senior Preferred Debt Security (including any Global Security) is surrendered to the Trustee, the Company may execute and the Trustee shall, in the case of a Senior Preferred Debt Security, authenticate and deliver in exchange therefor
a new Senior Preferred Debt Security of the same series containing identical terms and provisions and of like amount, and bearing a number not contemporaneously outstanding. 

If there shall be delivered to the Company and to the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any
Senior Preferred Debt Security (including any Global Security) and (ii) such security or indemnity as may be required by them to save each of them and any agent of any of them harmless, then, in the absence of notice to the Company or the
Trustee that such Senior Preferred Debt Security has been acquired by a bona fide purchaser, the Company shall execute and upon the Company’s request the Trustee shall authenticate and deliver in lieu of any such destroyed, lost or stolen
Senior Preferred Debt Security a new Senior Preferred Debt Security of the same series containing identical terms and provisions and of like amount, and bearing a number not contemporaneously outstanding. 

In case any such mutilated, destroyed, lost or stolen Senior Preferred Debt Security has become or is about to become due and payable, the
Company in its discretion may, instead of issuing a new Senior Preferred Debt Security, pay such Senior Preferred Debt Security. 

  
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 Upon the issuance of any new Senior Preferred Debt Security under this Section, the Company
may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. 

Every new Senior Preferred Debt Security of any series issued pursuant to this Section in lieu of any destroyed, lost or stolen Senior
Preferred Debt Security shall constitute an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Senior Preferred Debt Security shall be at any time enforceable by anyone, and shall be entitled to
all the benefits of this Senior Preferred Debt Securities Indenture equally and proportionately with any and all other Senior Preferred Debt Securities of that series duly issued hereunder. 

The provisions of this Section, as amended or supplemented pursuant to this Senior Preferred Debt Securities Indenture, are exclusive and
shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Senior Preferred Debt Securities. 

Section 3.07. Payment; Interest Rights and Rights to Additional Amounts Preserved. Except as otherwise provided as contemplated
by Section 3.01 with respect to any series of Senior Preferred Debt Securities, interest, if any, and any Additional Amounts on any Senior Preferred Debt Securities which is payable, and is paid or duly provided for, on any Interest
Payment Date shall be paid, to the Holder (including through a Paying Agent of the Company designated pursuant to Section 3.01 for collection by the Holder) at the close of business on the Regular Record Date. 

In the case of Senior Preferred Debt Securities where payment is to be made in dollars, payment at any Paying Agent’s office outside The
City of New York will be made in dollars by check drawn on, or, at the request of the Holder, by transfer to a dollar account maintained by the payee with, a bank in The City of New York. 

In the case of Senior Preferred Debt Securities where payment is to be made in a Foreign Currency, payment will be made as established
pursuant to Section 3.01. 
 Any interest on and any Additional Amounts with respect to any Senior Preferred Debt Security of any
series which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date is herein called “Default Interest”. Default Interest on any Senior Preferred Debt Security of any series shall forthwith cease
to be payable to the Holder on the relevant Regular Record Date by virtue then of having been such Holder, and such Default Interest may be paid by the Company, at its election in each case, as provided in clause (a) or (b) below: 

  
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 (a) The Company may elect to make payment of any Default Interest to the Persons in whose
names the Senior Preferred Debt Securities of such series (or their respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Default Interest, which shall be fixed in the following
manner. The Company shall notify the Trustee in writing of the amount of Default Interest proposed to be paid on each Senior Preferred Debt Security of such series and the date of the proposed payment, and at the same time the Company shall
deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Default Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such
money when deposited to be held in trust for the benefit of the Persons entitled to such Default Interest as in this clause provided. Thereupon the Company shall fix a Special Record Date for the payment of such Default Interest in respect of
such Senior Preferred Debt Securities of such series which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment and not less than 10 days after it delivers to the Trustee notice of the proposed
payment. The Company shall promptly notify the Trustee of such Special Record Date and, in the name and at the expense of the Company, the Trustee shall cause notice of the proposed payment of such Default Interest and the Special Record Date
therefor to be given in the manner and to the extent provided in Section 1.06, not less than 10 days prior to such Special Record Date. The Trustee shall, at the instruction of the Company, in the name and at the expense of the Company,
cause a similar notice to be published in an Authorized Newspaper of general circulation in the Borough of Manhattan, The City of New York, but such publication shall be not be a condition precedent to the establishment of such Special Record Date.
Notice of the proposed payment of such Default Interest on the Senior Preferred Debt Securities of such series and the Special Record Date therefor having been so given, such Default Interest on the Senior Preferred Debt Securities of such series
shall be paid in the case of Senior Preferred Debt Securities to the Persons in whose names such Senior Preferred Debt Securities (or their respective Predecessor Securities) are registered in the Senior Preferred Debt Security Register at the close
of business on the Special Record Date, and such Default Interest shall no longer be payable pursuant to the following clause (b); or 
 (b)
The Company may make payment of any Default Interest on the Senior Preferred Debt Securities of any series to the Persons in whose names the Senior Preferred Debt Securities are registered in any other lawful manner not inconsistent with the
requirements of any securities exchange on which such Senior Preferred Debt Securities may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to
this clause, such manner of payment shall be deemed practicable by the Trustee. 
 Subject to the foregoing provisions of this Section, each
Senior Preferred Debt Security delivered under this Senior Preferred Debt Securities Indenture upon registration of transfer of or in exchange for or in lieu of any other Senior Preferred Debt Security shall carry the rights to interest accrued and
unpaid, and to accrue, which were carried by such other Senior Preferred Debt Security. 

  
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 Section 3.08. Persons Deemed Owners. Prior to due presentment of a Senior
Preferred Debt Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name such Senior Preferred Debt Security is registered as the owner of such Senior Preferred
Debt Security for the purpose of receiving payment of principal of (and premium, if any) and interest, if any, on and any Additional Amounts with respect to such Senior Preferred Debt Security and for all other purposes whatsoever, whether or not
such Senior Preferred Debt Security 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. The aggregate principal amount of the Senior Preferred Debt Securities of
any series shall be reflected on the books and records of the Senior Preferred Debt Security Registrar. 
 None of the Company, the Trustee,
the Paying Agent or the Senior Preferred Debt Security Registrar shall have any responsibility or obligation to any beneficial owner in a Global Security, an Agent Member or other Person with respect to the accuracy of the records of the Depositary
or its nominee or of any Agent Member, with respect to any ownership interest in the Senior Preferred Debt Securities or with respect to the delivery to any Agent Member, beneficial owner or other Person (other than the Depositary) of any notice
(including any notice of redemption) or the payment of any amount, under or with respect to such Senior Preferred Debt Securities. All notices and communications to be given to the Holders and all payments to be made to Holders under the Senior
Preferred Debt Securities and this Senior Preferred Debt Securities Indenture shall be given or made only to or upon the order of the registered holders (which shall be the Depositary or its nominee in the case of the Global Security). The rights of
beneficial owners in the Global Security shall be exercised only through the Depositary subject to the applicable procedures. The Company, the Trustee, the Paying Agent and the Senior Preferred Debt Security Registrar shall be entitled to rely and
shall be fully protected in relying upon information furnished by the Depositary with respect to its members, participants and any beneficial owners. The Company, the Trustee, the Paying Agent and the Senior Preferred Debt Security Registrar shall
be entitled to deal with the Depositary, and any nominee thereof, that is the registered holder of any Global Security for all purposes of this Senior Preferred Debt Securities Indenture relating to such Global Security (including the payment of
principal, premium, if any, and interest and additional amounts, if any, and the giving of instructions or directions by or to the owner or holder of a beneficial ownership interest in such Global Security) as the sole holder of such Global Security
and shall have no obligations to the beneficial owners thereof. None of the Company, the Trustee, the Paying Agent or the Senior Preferred Debt Security Registrar shall have any responsibility or liability for any acts or omissions of the Depositary
with respect to such Global Security, for the records of any such Depositary, including records in respect of beneficial ownership interests in respect of any such Global Security, for any transactions between the Depositary and any Agent Member or
between or among the Depositary, any such Agent Member and/or any holder or owner of a beneficial interest in such Global Security, or for any transfers of beneficial interests in any such Global Security. 

Notwithstanding the foregoing, with respect to any Global Security, nothing herein shall prevent the Company, the Trustee, or any agent of the
Company or the Trustee from giving effect to any written certification, proxy or other authorization furnished by any Depositary (or its nominee), as a Holder, with respect to such Global Security or shall impair, as between such Depositary and
owners of beneficial interests in such Global Security, the operation of customary practices governing the exercise of the rights of such Depositary (or its nominee) as Holder of such Global Security. 

  
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 Each Holder and beneficial owner that acquires its Senior Preferred Debt Security in the
secondary market shall be deemed to acknowledge and agree to be bound by and consent to the same provisions specified in this Senior Preferred Debt Securities Indenture and the Senior Preferred Debt Securities to the same extent as the Holders and
beneficial owners of the Senior Preferred Debt Securities that acquire the Senior Preferred Debt Securities upon their initial issuance, including, without limitation, with respect to the acknowledgement and agreement to be bound by and consent to
the terms of the Senior Preferred Debt Securities, including in relation to the Bail-in Power. 

Section 3.09. Cancellation. All Senior Preferred Debt Securities surrendered for payment, redemption, registration of transfer or
exchange shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee and shall be promptly cancelled by it. The Company may at any time deliver to the Trustee for cancellation any Senior Preferred Debt Securities
previously authenticated and delivered hereunder and all Senior Preferred Debt Securities so delivered shall be promptly cancelled by the Trustee. No Senior Preferred Debt Securities shall be authenticated in lieu of or in exchange for any Senior
Preferred Debt Securities cancelled as provided in this Section, except as expressly permitted by the provisions of the Senior Preferred Debt Securities of any series or pursuant to the provisions of this Senior Preferred Debt Securities Indenture.
The Trustee shall deliver to the Company all cancelled Senior Preferred Debt Securities held by the Trustee. 
 Section 3.10.
Computation of Interest. Except as otherwise specified pursuant to Section 3.01 for Senior Preferred Debt Securities of any series, payments of interest on the Senior Preferred Debt Securities of each series shall be computed on the
basis of a 360-day year of twelve 30-day months. 

Section 3.11. CUSIP Numbers. The Company in issuing any series of the Senior Preferred Debt Securities may use “CUSIP”,
“ISIN” and/or “Common Code” and/or other similar numbers (if then generally in use) or any successor to such numbers and thereafter with respect to such series, the Trustee shall use “CUSIP”, “ISIN” and/or
“Common Code” and/or other similar numbers or successor numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such
numbers either as printed on the Senior Preferred Debt Securities or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Senior Preferred Debt Securities, and any such
redemption shall not be affected by any defect in or omission of such numbers. The Company will promptly notify the Trustee of any change in the “CUSIP”, “ISIN” and/or “Common Code” and/or other similar numbers or
successor numbers. 

  
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 Section 3.12. Additional Senior Preferred Debt Securities. The Company may, from
time to time, without the consent of the Holders of the Senior Preferred Debt Securities of any series, issue additional Senior Preferred Debt Securities (“Additional Senior Preferred Debt Securities”) of one or more of the series
of Senior Preferred Debt Securities issued under this Senior Preferred Debt Securities 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 Senior Preferred Debt Securities; provided, however, that such Additional Senior Preferred Debt Securities will not have the same CUSIP, ISIN or other identifying number as
the Outstanding Senior Preferred Debt Securities of such series unless the Additional Senior Preferred Debt Securities are fungible with the Outstanding Senior Preferred Debt Securities for U.S. federal income tax purposes. Any such Additional
Senior Preferred Debt Securities, together with the Senior Preferred Debt Securities of the applicable series, will constitute a single series of Senior Preferred Debt Securities under this Senior Preferred Debt Securities Indenture and shall be
included in the definition of “Senior Preferred Debt Securities” in this Senior Preferred Debt Securities Indenture where the context requires. 

Section 3.13. Correction of Minor Defects in or Amendment of Senior Preferred Debt Securities. If, after issuance of any Senior
Preferred Debt Security (including any Global Security), the Company or the Trustee shall become aware of any ambiguity, defect or inconsistency in any term of a Senior Preferred Debt Security or Global Security, as the case may be, or, with respect
to any Senior Preferred Debt Security (including any Global Security) issued on or after the date hereof, the Company and the Trustee agree to amend such Senior Preferred Debt Security as contemplated by Section 9.01(l), the parties hereto
shall provide for the execution, authentication, delivery and dating of one or more replacement Senior Preferred Debt Securities or Global Securities, as the case may be, pursuant to Section 3.03 hereto. 

Section 3.14. Payments Subject to Fiscal Laws. All payments in respect of the Senior Preferred Debt Securities will be subject in
all cases to any fiscal or other laws and regulations applicable thereto in the place of payment (including FATCA, any regulations or agreements thereunder, any official interpretation thereof, any intergovernmental agreements with respect thereto,
or any law implementing an intergovernmental agreement or any regulations or official interpretations relating thereto), but without prejudice to the provisions of Section 10.04. 

ARTICLE 4 

SATISFACTION AND DISCHARGE 

Section 4.01. Satisfaction and Discharge of Senior Preferred Debt Securities Indenture. This Senior Preferred Debt Securities
Indenture shall upon Company Request cease to be of further effect with respect to Senior Preferred Debt Securities of any series (except as to any surviving rights of registration of transfer or exchange of Senior Preferred Debt Securities of such
series herein expressly provided for), and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Senior Preferred Debt Securities Indenture with respect to the Senior Preferred
Debt Securities of such series when 

  
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 (a) either 

(i) all Senior Preferred Debt Securities of such series theretofore authenticated and delivered (other than (A) Senior
Preferred Debt Securities which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 3.06 and (B) Senior Preferred Debt Securities for whose payment money has theretofore been deposited in trust
or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in Section 10.03) have been delivered to the Trustee for cancellation; or 

(ii) all such Senior Preferred Debt Securities not theretofore delivered to the Trustee for cancellation 

(A) have become due and payable or will become due and payable at their Stated Maturity within one year, or 

(B) are called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of
redemption by the Trustee in the name, and at the expense, of the Company. 
 and the Company has deposited or caused to be deposited with the Trustee, as
trust funds in trust for the purpose, an amount in cash, or U.S. Government Obligations (with respect to Senior Preferred Debt Securities denominated in dollars) or Foreign Government Securities with respect to Senior Preferred Debt Securities
denominated in the same Foreign Currency) maturing, in the case of (A) and (B) above, as to principal and interest, if any, in such amounts and at such times as will ensure the availability of cash sufficient without reinvestment, as confirmed
by a letter from an internationally recognized firm of independent public accountants (which shall not be subject to the requirements of Section 1.02) in the form of an agreed-upon procedures letter in its then customary form, to pay, satisfy
and discharge all claims with respect to such Senior Preferred Debt Securities not theretofore delivered to the Trustee for cancellation, in the case of (A) and (B) above, for principal (and premium, if any) and accrued interest, if any to the
date of such deposit (in the case of Senior Preferred Debt Securities which have become due and payable) or to the Redemption Date, as the case may be; 

(b) the Company has paid or caused to be paid all other sums payable hereunder by the Company with respect to the Senior Preferred Debt
Securities of such series; and 
 (c) the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each
stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Senior Preferred Debt Securities Indenture with respect to the Senior Preferred Debt Securities of such series have been complied with. 

In addition, upon the exercise of a Bail-in Power with respect to a series of Senior Preferred Debt
Securities which results in the cancellation, or the conversion into other securities, of all the principal amount of, and interest on such Senior Preferred Debt Securities or such Senior Preferred Debt Securities otherwise ceasing to be
Outstanding, this Senior Preferred Debt Securities Indenture shall be satisfied and discharged as to such series. 

  
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 Notwithstanding any satisfaction and discharge of this Senior Preferred Debt Securities
Indenture, the obligations of the Company to the Trustee under Section 6.08, the obligations of the Trustee to any Authenticating Agent under Section 6.15 and, if cash, U.S. Government Obligations and/or Foreign Government Securities
shall have been deposited with the Trustee pursuant to clause (a)(ii) of subsection (a) of this Section, the obligations of the Trustee under Section 4.03 and the last paragraph of Section 10.03 shall survive such
satisfaction and discharge, including any termination under any bankruptcy law. 
 Section 4.02. Defeasance and Covenant
Defeasance. (a) If, pursuant to Section 3.01, provision is made for either or both of (i) defeasance of the Senior Preferred Debt Securities of or within a series under subsection (b) of this Section 4.02 or
(ii) covenant defeasance of the Senior Preferred Debt Securities of or within a series under subsection (c) of this Section 4.02, then such provisions, together with the other provisions of this Section 4.02 (with such
modifications thereto as may be specified pursuant to Section 3.01 with respect to any Senior Preferred Debt Securities), shall be applicable to such Senior Preferred Debt Securities, and the Company may at its option by Company Order, at any
time, with respect to such Senior Preferred Debt Securities, elect to have (b) (if applicable) or (c) (if applicable) be applied to such Outstanding Senior Preferred Debt Securities upon compliance with the conditions set forth below in this
Section 4.02. 
 (b) Upon the Company’s exercise of the above option applicable to this subsection (b) with respect to any
Senior Preferred Debt Securities of or within a series, the Company shall be deemed to have been discharged from its obligations with respect to such Outstanding Senior Preferred Debt Securities on the date the conditions set forth in subsection
(d) of this Section 4.02 are satisfied (hereinafter, “defeasance”). For this purpose, such defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness represented by such Outstanding
Senior Preferred Debt Securities, and such Senior Preferred Debt Securities shall thereafter be deemed to be “Outstanding” only for the purposes of subsection (e) of this Section 4.02 and the other Sections of this Senior
Preferred Debt Securities Indenture referred to in clauses (i) and (ii) below, the Company shall be deemed to have satisfied all of its other obligations under such Senior Preferred Debt Securities and this Senior Preferred Debt Securities
Indenture insofar as such Senior Preferred Debt Securities are concerned (and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging the same), except for the following which shall survive until otherwise
terminated or discharged hereunder: (i) the rights of Holders of such Outstanding Securities to receive, solely from the trust fund described in subsection (d) of this Section 4.02 and as more fully set forth in such Section, payments
in respect of the principal of (and premium, if any) and interest and Additional Amounts, if any, on such Senior Preferred Debt Securities when such payments are due, (ii) the Company’s obligations with respect to such Senior Preferred
Debt Securities under Section 3.05, Section 3.06, 10.02 and Section 10.03 and with respect to the payment of Additional Amounts, if any, on such Securities as contemplated by Section 10.04, (iii) the rights, powers, trusts,
duties and immunities of the Trustee hereunder and (iv) this Section 4.02. The Company may exercise its option under this subsection (b) notwithstanding the prior exercise of its option under subsection (c) of this
Section 4.02 with respect to such Senior Preferred Debt Securities. 

  
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 (c) Upon the Company’s exercise of the above option applicable to this subsection
(c) with respect to any Senior Preferred Debt Securities of or within a series, the Company shall be released from, if specified pursuant to Section 3.01, their obligations under any other covenant, with respect to such Outstanding Senior
Preferred Debt Securities on and after the date the conditions set forth in subsection (d) of this Section 4.02 are satisfied (hereinafter, “covenant defeasance”), and such Senior Preferred Debt Securities shall thereafter be
deemed to be not “Outstanding” for the purposes of any direction, waiver, consent or declaration (and the consequences of any thereof) in connection with such other covenant, but shall continue to be deemed “Outstanding” for all
other purposes hereunder. For this purpose, such covenant defeasance means that, with respect to such Outstanding Senior Preferred Debt Securities, the Company may omit to comply with and shall have no liability in respect of any term, condition or
limitation set forth in any such Section or such other covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such Section or such other covenant or by reason of reference in any such Section or such other
covenant to any other provision herein or in any other document and such omission to comply shall not constitute a default or an Event of Default, as the case may be, but, except as specified above, the remainder of this Senior Preferred Debt
Securities Indenture and such Senior Preferred Debt Securities shall be unaffected thereby. 
 (d) The following shall be the conditions to
application of subsection (b) or (c) of this Section 4.02 to any Outstanding Senior Securities of or within a series: 

(i) The Company shall irrevocably have deposited or caused to be deposited with the Trustee (or another trustee satisfying the
requirements of Section 6.09 Section 6.11 who shall agree to comply with the provisions of this Section 4.02 applicable to it) as trust funds in trust for the purpose of making the following payments, specifically pledged as security for,
and dedicated solely to, the benefit of the Holders of such Senior Preferred Debt Securities, (A) an amount in dollars or in such Foreign Currency in which such Senior Preferred Debt Securities are then specified as payable at Stated Maturity,
or (B) U.S. Government Obligations applicable to such Senior Preferred Debt Securities (determined on the basis of the Currency in which such Senior Preferred Debt Securities are then specified as payable at Stated Maturity) which through the
scheduled payment of principal and interest in respect thereof in accordance with their terms will provide, not later than one day before the due date of any payment of principal of (and premium, if any) and interest, if any, on such Senior
Preferred Debt Securities, money in an amount, or (C) a combination thereof, in any case, in an amount, sufficient, without consideration of any reinvestment of such principal and interest, in the opinion of an internationally recognized firm
of Independent Public Accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge, and which shall be applied by the Trustee (or other qualifying trustee) to pay and discharge, (y) the principal of
(and premium, if any) and interest, if any, on such Outstanding Senior Preferred Debt Securities on the Stated Maturity of such principal or installment of principal or interest and Additional Amounts and (z) any mandatory sinking fund payments
or analogous payments applicable to such Outstanding Senior Preferred Debt Securities on the day on which such payments are due and payable in accordance with the terms of this Senior Preferred Debt Securities Indenture and of such Senior Preferred
Debt Securities. 

  
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 (ii) Such defeasance or covenant defeasance shall not result in a breach or
violation of, or constitute a default under, this Indenture or any other material agreement or instrument to which the Company is a party or by which it is bound. 

(iii) No Event of Default or event which with notice or lapse of time or both would become an Event of Default with respect to
such Senior Preferred Debt Securities shall have occurred and be continuing on the date of the establishment of such trust and, with respect to legal defeasance only, at any time during the period ending on the 91st day after the date of such
deposit (it being understood that this condition shall not be deemed satisfied until the expiration of such period). 
 (iv)
In the case of an election under subsection (b) of this Section 4.02, the Company shall have delivered to the Trustee an opinion of counsel of recognized standing stating that (A) the Company has received from the Internal Revenue
Service a letter ruling, or there has been published by the Internal Revenue Service a Revenue Ruling, or (B) since the date of execution of this Senior Preferred Debt Securities Indenture, there has been a change in the applicable U.S. federal
income tax law, in either case to the effect that, and based thereon such opinion shall confirm that, the beneficial owners of such Outstanding Senior Preferred Debt Securities will not recognize income, gain or loss for U.S. federal income tax
purposes as a result of such legal defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such legal defeasance had not occurred. 

(v) In the case of an election under subsection (c) of this Section 4.02, the Company shall have delivered to the
Trustee an opinion of counsel of recognized standing to the effect that the beneficial owners of such Outstanding Senior Preferred Debt Securities will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such
covenant defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such covenant defeasance had not occurred. 

(vi) Such defeasance or covenant defeasance shall not cause the Trustee to have a conflicting interest within the meaning of
the Trust Indenture Act (assuming all relevant Securities are in default within the meaning of such Act). 

  
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 (vii) Such defeasance or covenant defeasance shall not result in the trust
arising from such deposit constituting an investment company within the meaning of the Investment Company Act of 1940, as amended, and rules and regulations adopted by the Commission thereunder, unless such trust shall be registered under such Act
or exempt from registration thereunder. 
 (viii) The Company shall have delivered to the Trustee an Officer’s
Certificate and an Opinion of Counsel, each stating that all conditions precedent to the defeasance or covenant defeasance under subsection (b) or (c) of this Section 4.02 (as the case may be) have been complied with. 

(ix) Notwithstanding any other provisions of this subsection (d), such defeasance or covenant defeasance shall be effected in
compliance with any additional or substitute terms, conditions or limitations which may be imposed on the Company in connection therewith pursuant to Section 3.01. 

(e) Subject to the provisions of the last paragraph of Section 10.03, all money and U.S. Government Obligations (or other property as may
be provided pursuant to Section 3.01) (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this subsection (e), the “Trustee”) pursuant to subsection (d) of
Section 4.02 in respect of any Outstanding Senior Preferred Debt Securities of any series shall be held in trust and applied by the Trustee, in accordance with the provisions of such Senior Preferred Debt Securities and this Senior Preferred
Debt Securities Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Holders of such Senior Preferred Debt Securities of all sums due and
to become due thereon in respect of principal (and premium, if any) and interest and Additional Amounts, if any, but such money need not be segregated from other funds except to the extent required by law. 

(f) Unless otherwise specified with respect to any Senior Preferred Debt Security pursuant to Section 3.01, if, after a deposit referred
to in subsection (d)(i) has been made, (i) the Holder of a Senior Preferred Debt Security in respect of which such deposit was made is entitled to, and does, elect pursuant to Section 3.01 or the terms of such Senior Preferred Debt
Security to receive payment in a Currency other than that in which the deposit pursuant to subsection (d)(i) has been made in respect of such Security, or (ii) a Conversion Event occurs in respect of the Foreign Currency in which the deposit
pursuant to (d)(i) has been made, the indebtedness represented by such Senior Preferred Debt Security shall be deemed to have been, and will be, fully discharged and satisfied through the payment of the principal of (and premium, if any), and
interest, if any, and Additional Amounts, if any, on such Senior Preferred Debt Security as the same becomes due out of the proceeds yielded by converting (from time to time as specified below in the case of any such election) the amount or other
property deposited in respect of such Security into the Currency in which such Security becomes payable as a result of such election or Conversion Event based on the applicable market exchange rate for such Currency in effect on the second Business
Day prior to each payment date, except, with respect to a Conversion Event, for such Foreign Currency in effect at the time of the Conversion Event. 

  
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 (g) Anything in this Section 4.02 to the contrary notwithstanding, the Trustee shall
deliver or pay to the Company from time to time upon Company Request any money or U.S. Government Obligations (or other property and any proceeds therefrom) held by it as provided in subsection (d) of this Section 4.02 which, in the
opinion of an internationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect a
defeasance or covenant defeasance, as applicable, in accordance with this Section 4.02. 
 Section 4.03. Application of Trust
Money. Subject to the provisions of the last paragraph of Section 10.03, all cash, U.S. Government Obligations and Foreign Government Securities deposited with the Trustee pursuant to Section 4.01 shall be held in trust and such
cash and the proceeds from such U.S. Government Obligations and/or Foreign Government Securities shall be applied by it, in accordance with the provisions of the Senior Preferred Debt Securities of such series, and this Senior Preferred Debt
Securities Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest for
the payment of which such cash, U.S. Government Obligations and/or Foreign Government Securities have been deposited with the Trustee. 

Section 4.04. Repayment to Company. The Trustee, the Calculation Agent and any Paying Agent promptly shall pay to the Company upon
Company Request any excess money, U.S. Government Obligations and/or Foreign Government Securities held by them at any time with respect to any series of Senior Preferred Debt Securities. 

Section 4.05. Reinstatement. If the Trustee or any Paying Agent is unable to apply any money or U.S. Government Obligations in
accordance with this Article 4 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the obligations of the Company under this
Senior Preferred Debt Securities Indenture and the Senior Preferred Debt Securities shall be revived and reinstated as though no deposit had occurred pursuant to this Article 4 until such time as the Trustee or such Paying Agent is permitted to
apply all such money or U.S. Government Obligations in accordance with this Article 4; provided, however, that, if the Company has made any payment of principal of or interest on any Senior Preferred Debt Securities because of the reinstatement of
its obligations, the Company shall be subrogated to the rights of the Holders of such Senior Preferred Debt Securities to receive such payment from the money or U.S. Government Obligations held by the Trustee or such Paying Agent. 

  
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 ARTICLE 5 

REMEDIES 

Section 5.01. Events of Default. (a) Except as otherwise specified, as contemplated by Section 3.01, an Event of Default
with respect to any series of Senior Preferred Debt Securities shall result if: 
 (i)
Non-payment: default is made in the payment of any interest or principal due in respect of the Senior Preferred Debt Securities of that series or any of them and such default continues for a period of
seven days (or such other period as may be specified pursuant to Section 3.01); or 
 (ii) Breach of other
obligations: the Company fails to perform or observe any of its other obligations under or in respect of the Senior Preferred Debt Securities of such series or this Senior Preferred Debt Securities Indenture and (except in any case where such
failure is incapable of remedy when no such continuation as is hereinafter mentioned will be required) the failure continues for a period of 30 days next following the service by the Trustee on the Company of a notice requiring the same to be
remedied; or 
 (iii) Winding up: any order is made by any competent court or resolution passed for the winding up,
dissolution or liquidation of the Company (except in any such case for the purpose of reconstruction or amalgamation or a merger or 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 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 Preferred Debt Securities of such series, provided that any entity that survives
or is created as a result of such merger, spin-off or other structural modification is given a rating by an internationally recognized rating agency at least equal to the then current rating of the Company at
the time of such transaction); or 
 (iv) Cessation of business: the Company ceases or threatens to cease to carry on
the whole or a substantial part of its business (except in any such case for the purpose of reconstruction or amalgamation or a merger or 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 Preferred Debt Securities of that series or a merger with, or spin-off or other structural modification into, another financial institution in each such case even without being approved by Holders of the Senior Preferred Debt Securities of such series, provided that any entity
that survives or is created as a result of such merger, spin-off or other structural modification is given a rating by an internationally recognized rating agency at least equal to the then current rating of
the Company at the time of such transaction), or the Company stops or threatens to stop payment of, or is unable to, or admits in writing inability to, pay, its debts (or any class thereof) as they fall due, or is deemed unable to pay its debts
pursuant to or for the purposes of any applicable law, or is adjudicated or found bankrupt or insolvent; or 

  
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 (v) Insolvency proceedings: (a) proceedings are initiated against the
Company under any applicable liquidation, insolvency, composition, reorganization or other similar laws, or an application made for the appointment of an administrative or other receiver, manager, administrator or other similar official, or an
administrative or other receiver, manager, administrator or other similar official is appointed, in relation to the Company or in relation to the whole or a part of the undertaking or assets of either of them, or an encumbrancer takes possession of
the whole or a part of the undertaking or assets of either of them, or a distress, execution, attachment, sequestration or other process is levied, enforced upon, sued or put in force against the whole or a part of the undertaking or assets or any
of them and (b) in any case is not discharged within 14 days; or 
 (vi) Arrangements with creditors: the Company
initiates or consents to judicial proceedings relating to itself under any applicable liquidation, insolvency, composition, reorganization or other similar laws or makes a conveyance or assignment for the benefit of, or enters into any composition
or other arrangement with, its creditors generally (or any class of its creditors). 
 (b) Neither a cancellation of the Senior Preferred
Debt Securities of any series, a reduction, in part or in full, of the Amounts Due of the Senior Preferred Debt Securities of any series, the conversion thereof into another security or obligation of the Company or another person, in each case, as a
result of the exercise of the Bail-in Power by the Relevant Resolution Authority with respect to the Company, nor the exercise of any Bail-in Power or any other
resolution power by the Relevant Resolution Authority with respect to such Senior Preferred Debt Securities, will be an Event of Default or otherwise constitute non-performance of a contractual obligation, or
entitle the Holders of the Senior Preferred Debt Securities of such series to any remedies, which are hereby expressly waived. 
 (c) No
exercise of a resolution tool or resolution power by the Relevant Resolution Authority or any action in compliance therewith shall constitute an Event of Default. 

Section 5.02. Acceleration of Maturity; Rescission and Annulment. If any Event of Default shall occur in relation to any series of
Senior Preferred Debt Securities, the Trustee or the Holders of at least 25% in outstanding principal amount of the Senior Preferred Debt Securities of that series may at their discretion declare that the Senior Preferred Debt Securities of such
series and all interest then accrued thereon shall be forthwith due and payable, whereupon the same shall become immediately due and payable at its Early Termination Amount (which shall be its principal amount, unless otherwise specified pursuant to
Section 3.01), together with all interest (if any) accrued thereon, without presentment, demand, protest or other notice of any kind, all of which the Company will expressly waive, anything contained in the Senior Preferred Debt Securities of
such series to the contrary notwithstanding, unless, prior thereto, all Events of Default in respect of the Senior Preferred Debt Securities of such series shall have been cured. 

  
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 At any time after such a declaration of acceleration with respect to Senior Preferred Debt
Securities of any series has been made but before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holder or Holders of a majority in aggregate principal amount of the
Outstanding Senior Preferred Debt Securities of such series, by written notice to the Company and the Trustee, may rescind or annul such declaration of acceleration and its consequences (including any Event of Default under another series of Senior
Preferred Debt Securities arising therefrom) but only if 
 (a) the Company has paid or deposited with the Trustee a sum sufficient to pay

 (i) the principal of (and premium, if any, on) any Senior Preferred Debt Securities of such series which have become due
otherwise than by such declaration of acceleration and any due and payable interest, and overdue interest and Additional Amounts, if any, thereon at the rate or rates prescribed therefor in such Senior Preferred Debt Securities, 

(ii) all sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances
of the Trustee, its agents and counsel; and 
 (b) all Events of Default with respect to Senior Preferred Debt Securities of such series,
other than the non-payment of the principal of and any premium and interest on, and any Additional Amounts with respect to Senior Preferred Debt Securities of such series which shall have become due solely by
such declaration of acceleration, have been cured or waived as provided by Section 5.13. 
 No such rescission or annulment shall
affect any subsequent default or impair any right consequent thereon. 
 Section 5.03. Collection of Indebtedness and Suits for
Enforcement by the Trustee. If an Event of Default with respect to Senior Preferred Debt Securities of any series occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders
of Senior Preferred Debt Securities of such series by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this
Senior Preferred Debt Securities Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy, including the institution of proceedings in Spain (but not elsewhere) for the
winding-up of the Company. 
 The Holders of Senior Preferred Debt Securities by their acceptance
thereof will be deemed to have waived any right of set-off or counterclaim or combination of accounts with respect to the Senior Preferred Debt Securities or this Senior Preferred Debt Securities Indenture (or
between the obligations under or in respect of any Senior Preferred Debt Securities and any liability owed by a Holder to the Company) that they might otherwise have against the Company, whether before or during a winding up of the Company. 

  
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 Notwithstanding the foregoing, failure to make any payment in respect of a series of Senior
Preferred Debt Securities shall not be an Event of Default in respect of such Senior Preferred Debt Securities if such payment is withheld or refused (i) in order to comply with any fiscal or other law or regulation or with the order of any
court of competent jurisdiction, in each case applicable to such payment, or (ii) in case of doubt as to the validity or applicability of any such law, regulation or order, in accordance with advice given as to such validity or applicability at
any time before the expiry of such period of 14 days by independent legal advisers acceptable to the Trustee, provided, however, that the Trustee may by notice to the Company require the Company to take such action (including
but not limited to proceedings for a declaration by a court of competent jurisdiction) as the Trustee may be advised in an Opinion of Counsel, upon which opinion the Trustee may conclusively rely, is appropriate and reasonable in the circumstances
to resolve such doubt, in which case the Company shall forthwith take and expeditiously proceed with such action and shall be bound by any final resolution of the doubt resulting therefrom. If any such action results in a determination that the
relevant payment can be made without violating any applicable law, regulation or order then the provisions of the preceding sentence shall cease to have effect and the payment shall become due and payable on the expiration of 14 days or seven days
after the Trustee gives written notice to the Company informing it of such resolution. 
 No recourse for the payment of the principal of
(or premium, if any) or interest, if any, on any Senior Preferred Debt Security, or for any claim based thereon and no recourse under or upon any obligation, covenant or agreement of the Company in this Senior Preferred Debt Securities Indenture, or
in any Senior Preferred Debt Security or because of the creation of any indebtedness represented thereby, shall be had against any incorporator, stockholder, officer or director, past, present or future, of the Company of any successor corporation
of either the Company, either directly or through the Company or any successor corporation of either, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being
expressly understood that to the extent lawful all such liability is hereby expressly waived and released as a condition of, and as a consideration for, the execution of this Senior Preferred Debt Securities Indenture and the issue of the Senior
Preferred Debt Securities of a series. 
 Section 5.04. Trustee May File Proofs of Claim. In case of the pendency of any
receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition, winding-up or other judicial proceeding relative to the Company or any other obligor upon the Senior
Preferred Debt Securities of any series or to the property of the Company or such other obligor or their creditors (other than under or in connection with a scheme of amalgamation or reconstruction not involving bankruptcy or insolvency), the
Trustee (irrespective of whether the principal of the Senior Preferred Debt Securities of such series shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any
demand on the Company for the payment of overdue principal (and premium, if any) or interest, if any) and Additional Amounts shall be entitled and empowered, by intervention in such proceeding or otherwise, to take any and all actions authorized
under the Trust Indenture Act in order to have claims of the Holders and the Trustee allowed in any such proceeding. In particular, the Trustee shall be authorized to collect and receive any moneys and other property payable or deliverable on any
such claims and to distribute the same; and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder of a Senior Preferred Debt Security to
make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to such Holders or holders, to first pay to the Trustee any amount due to it for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any other amounts due to the Trustee under Section 6.08. 

  
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 Subject to Article 8 and Section 9.02, nothing herein contained shall be deemed to
authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder of any Senior Preferred Debt Security any plan of reorganization, arrangement, adjustment, or composition affecting any Senior Preferred Debt Securities or
the rights of any Holder of any Senior Preferred Debt Security or to authorize the Trustee to vote in respect of the claim of any such Holder in any such proceeding. 

Section 5.05. Trustee May Enforce Claims Without Possession of Senior Preferred Debt Securities. All rights of action and claims
under this Senior Preferred Debt Securities Indenture or the Senior Preferred Debt Securities may be prosecuted and enforced by the Trustee without the possession of any of the Senior Preferred Debt Securities or the production thereof in any
proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel be for the ratable benefit of the Holders of the Senior Preferred Debt Securities in respect of which such judgment has been recovered. 

Section 5.06. Application of Money Collected. Any money collected by the Trustee pursuant to this Article or, after an Event of
Default, any money or other property distributable in respect of the Company’s obligations under this Senior Preferred Debt Securities Indenture, in respect of any series of Senior Preferred Debt Securities shall be applied in the following
order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on account of principal (and premium, if any) or interest, if any, and Additional Amounts upon presentation of such Senior Preferred Debt Securities and
the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid: 
 FIRST: To the payment of all amounts
applicable to such series of Senior Preferred Debt Securities due and owing to the Trustee (including any predecessor Trustee) under Section 6.08; 

  
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 SECOND: To the payment of the amounts then due and unpaid for principal of (and premium, if
any) and interest, if any, and Additional Amounts on such series of Senior Preferred Debt Securities in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the
amounts due and payable on such Senior Preferred Debt Securities for principal (and premium, if any) and interest, if any, respectively; and 

THIRD: To the payment of the balance, if any, to the Company or any other Person or Persons legally entitled thereto. 

Section 5.07. Limitation on Suits. No Holder of any Senior Preferred Debt Security of any series shall have any right to institute
any proceeding, judicial or otherwise, with respect to this Senior Preferred Debt Securities Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless 

(a) such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to Senior Preferred Debt
Securities of the same series specifying such Event of Default and stating that such notice is a “Notice of Default” hereunder; 

(b) the Holders of not less than 25% in aggregate principal amount of the Outstanding Senior Preferred Debt Securities of such series shall
have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name, as Trustee hereunder; 

(c) such Holder of a Senior Preferred Debt Security has offered to the Trustee reasonable indemnity and/or security satisfactory to it (as
determined by the Trustee in its sole discretion) against the costs, expenses and liabilities to be incurred in compliance with such request; 

(d) the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and

 (e) no direction inconsistent with such written request has been given to the Trustee during such
60-day period by the Holders of a majority in principal amount of the Outstanding Senior Preferred Debt Securities of such series; 

it being understood and intended that no one or more Holders of Senior Preferred Debt Securities of a particular series shall have any right in any manner
whatever by virtue of, or by availing of, any provision of this Senior Preferred Debt Securities Indenture to affect, disturb or prejudice the rights of any other such Holders or holders, or to obtain or to seek to obtain priority or preference over
any other such Holders or holders or to enforce any right under this Senior Preferred Debt Securities Indenture, except in the manner herein provided and for the equal and ratable benefit of all Holders of Senior Preferred Debt Securities of such
series. 

  
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 Section 5.08. Unconditional Right of Holders to Receive Principal, Premium and
Interest, if Any and Additional Amounts. Notwithstanding any other provision in this Senior Preferred Debt Securities Indenture, the Holder of any Senior Preferred Debt Security shall have the right, which is absolute and unconditional, to
receive payment of the principal of (and premium, if any) and (subject to Section 3.07) interest, if any, and Additional Amounts on such Senior Preferred Debt Security on the respective Stated Maturities as expressed in such Senior Preferred
Debt Security (or, in the case of redemption, on the Redemption Date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder. 

Section 5.09. Restoration of Rights and Remedies. If the Trustee or any Holder of any Senior Preferred Debt Security has
instituted any proceeding to enforce any right or remedy under this Senior Preferred Debt Securities Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder,
then and in every such case, subject to any determination in such proceeding, the Company, the Trustee and the Holders of Senior Preferred Debt Securities shall be restored severally and respectively to their former positions hereunder and
thereafter all rights and remedies of the Trustee and the Holders of Senior Preferred Debt Securities shall continue as though no such proceeding had been instituted. 

Section 5.10. Rights and Remedies Cumulative. Except as otherwise provided with respect to the replacement or payment of
mutilated, destroyed, lost or stolen Senior Preferred Debt Securities in the last paragraph of Section 3.06, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders of Senior Preferred Debt Securities is intended
to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or
otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

Section 5.11. Delay or Omission Not Waiver. No delay or omission of the Trustee or of any Holder of any Senior Preferred Debt
Security to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law
to the Trustee or to the Holders of Senior Preferred Debt Securities may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders of Senior Preferred Debt Securities, as the case may be. 

Section 5.12. Control by Holders. The Holders of a majority in aggregate principal amount of the Outstanding Senior Preferred Debt
Securities of any series shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee hereunder, or exercising any trust or power conferred on the Trustee hereunder with respect to
the Senior Preferred Debt Securities of such series, provided that 

  
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 (a) such direction shall not be in conflict with any rule of law or with this Senior
Preferred Debt Securities Indenture or with the Senior Preferred Debt Securities of any series; 
 (b) the Trustee shall not determine that
the action so directed would be unjustly prejudicial to the Holders of any Senior Preferred Debt Securities of any series not taking part in such direction with respect to which the Trustee is acting as the Trustee; and 

(c) the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction. 

Section 5.13. Waiver of Past Defaults. The Trustee may without prejudice to its rights in respect of any subsequent Event of
Default from time to time and at any time waive any Event of Default or authorize any proposed Event of Default by the Company, provided that in its opinion the interests of the Holders shall not be materially prejudiced thereby and, provided,
further, that the Trustee shall not exercise any powers conferred on it by this clause in contravention of any notice in writing to the Trustee made pursuant to Section 5.07 hereof but no such notice shall affect any waiver or authorization
previously given or made. The Holders of not less than a majority in aggregate principal amount of the Outstanding Senior Preferred Debt Securities of any series may on behalf of the Holders of all the Senior Preferred Debt Securities of such
series waive any past Event of Default hereunder with respect to such series and its consequences, except an Event of Default: 
 (a) in the
payment of the principal of (or premium, if any) or interest, if any, and Additional Amounts on any Senior Preferred Debt Security of such series, or 

(b) in respect of a covenant or provision hereof which under Article 9 cannot be modified or amended without the consent of the Holder of each
Outstanding Senior Preferred Debt Security of such series affected. 
 Upon any such waiver, such Event of Default shall cease to exist, and
any Event of Default with respect to any series arising therefrom shall be deemed to have been cured and not to have occurred for every purpose of this Senior Preferred Debt Securities Indenture, but no such waiver shall extend to any subsequent or
other Event of Default or impair any right consequent thereon. 
 Section 5.14. Undertaking for Costs. All parties to this
Senior Preferred Debt Securities Indenture agree, and each Holder of any Senior Preferred Debt Security by his acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any
right or remedy under this Senior Preferred Debt Securities Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, the filing by any party litigant to such suit of an undertaking to pay the costs of
such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses
made by such party litigant; but the provisions of this Section shall not apply to any suit instituted by the Trustee, to any suit instituted by any Holder or group of Holders holding in the aggregate more than 10% in principal amount of the
Outstanding Senior Preferred Debt Securities of any series, or to any suit instituted by any Holder for the enforcement of the payment of the principal of (or premium, if any) or interest, if any, on any Senior Preferred Debt Security on or after
the respective Stated Maturities expressed in such Senior Preferred Debt Security (or, in the case of redemption, on or after the Redemption Date). 

  
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 Section 5.15. Waiver of Right of
Set-off. If an Optional Redemption for TLAC/MREL Disqualification Event is specifically provided for in respect of a series of Senior Preferred Debt Securities, as contemplated by Section 3.01, and if
a TLAC/MREL Disqualification Event has occurred and is continuing, then, subject to applicable law, neither any Holder or beneficial owner of the Senior Preferred Debt Securities, nor the Trustee acting on behalf of the Holders of the Senior
Preferred Debt Securities of such series may exercise, claim or plead any right of set-off, 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 Preferred Debt Securities of such series or this Senior Preferred Debt Securities Indenture and each Holder and beneficial owner of the Senior Preferred Debt Securities of such series, by virtue of its holding of any
Senior Preferred Debt Securities of such series or any interest therein, and the Trustee acting on behalf of the Holders of the Senior Preferred Debt Securities of such series, shall be deemed to have waived all such rights of set-off, compensation or retention. If, notwithstanding the above, any amounts due and payable to any Holder or beneficial owner of a Senior Preferred Debt Security where the TLAC/MREL Disqualification Event has
been specified, as contemplated by Section 3.01, or any interest therein by the Company in respect of, or arising under, the Senior 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. 
 ARTICLE 6 

THE TRUSTEE 

Section 6.01. Certain Duties and Responsibilities. (a) Except during the continuance of an Event of Default, 

(i) the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Senior Preferred
Debt Securities Indenture, and no implied covenants or obligations shall be read into this Senior Preferred Debt Securities Indenture against the Trustee; and 

  
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 (ii) in the absence of bad faith on its part, the Trustee may conclusively
rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Senior Preferred Debt Securities Indenture; but in the
case of any such certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of
this Senior Preferred Debt Securities Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts, statements, opinions or conclusions stated therein). 

(b) In case an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this
Senior Preferred Debt Securities Indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of his or her own affairs. 

(c) No provision of this Senior Preferred Debt Securities Indenture shall be construed to relieve the Trustee from liability for its own
negligent action, its own negligent failure to act, or its own willful misconduct, except that 
 (i) this subsection
(c) shall not be construed to limit the effect of subsections (a) or (d) of this Section; 
 (ii) the Trustee shall
not be liable for any error of judgment made in good faith by a Responsible Officer, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; and 

(iii) the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance
with the direction of the Holders of a majority in principal amount of the Outstanding Senior Preferred Debt Securities of any series, determined as provided herein, relating to the time, method and place of conducting any proceeding for any remedy
available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Senior Preferred Debt Securities Indenture with respect to the Senior Preferred Debt Securities of such series. 

(d) no provision of this Senior Preferred Debt Securities Indenture shall require the Trustee to expend or risk its own funds or otherwise
incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such
risk or liability is not reasonably assured to it. 
 (e) Whether or not therein expressly so provided, every provision of this Senior
Preferred Debt Securities Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section 6.01. 

  
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 Section 6.02. Spanish Tax Procedures and Obligations of the Trustee. In
connection with each payment made on any Payment Date (as defined in Appendix 1 attached hereto) in respect of the issued Senior Preferred Debt Securities hereunder, the Trustee or Paying Agent shall comply with the tax procedures set forth in
Appendix 1 hereto. The Trustee or Paying Agent shall have no duty or responsibility to comply with other Spanish tax obligations arising out of this Senior Preferred Debt Securities Indenture. The Company shall be responsible for the payment of any
and all amounts due under the Senior Preferred Debt Securities. Therefore, the Trustee or Paying Agent shall not be liable for any amounts owed to any person due to its failure to properly comply with the tax procedures referred to in this
Section 6.02 and Appendix 1 hereto, except such as may result from the negligence, willful misconduct or fraud of the Trustee or Paying Agent or any of its agents or employees. The Trustee or Paying Agent may request and rely conclusively upon
any instructions from the Company in respect of any action necessary or required to be taken by the Trustee or Paying Agent pursuant to this Section 6.02 and Appendix 1 hereto; provided, however, in no event shall the Trustee or Paying Agent be
required to expend or risk its own funds in the performance of any of its duties pursuant to this Section 6.02 and Appendix 1 hereto, or be obligated to take any legal or other action which might in its judgment involve or cause it to incur any
expense or liability unless it shall have been furnished with acceptable indemnification and security. 
 Section 6.03. Notice of
Defaults. Within 90 days after the occurrence of any Event of Default hereunder with respect to Senior Preferred Debt Securities of any series of which a Responsible Officer of the Trustee has received written notice of such Event of Default the
Trustee shall transmit in the manner and to the extent provided in Section 1.06 to Holders of Senior Preferred Debt Securities of such series notice of such Event of Default hereunder of which the Trustee has received written notice,
unless such Event of Default shall have been cured or waived; provided, however, that, the Trustee shall be protected in withholding such notice if it determines in good faith that the withholding of such notice is in the
interest of the Holders of Senior Preferred Debt Securities of such series. 
 Section 6.04. Certain Rights of Trustee. Subject
to the provisions of Section 6.01: 
 (a) the Trustee may conclusively rely and shall be fully protected in acting or refraining from
acting upon any resolution, Officer’s Certificate, or any other certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, coupon or other evidence of indebtedness or other paper or
document (whether in its original or facsimile form) believed by it to be genuine and to have been signed or presented by the proper party or parties; 

(b) any request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order and any
resolution of the Board of Directors of the Company may be sufficiently evidenced by a Board Resolution; 

  
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 (c) whenever in the administration of this Senior Preferred Debt Securities Indenture the
Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part,
rely upon an Officer’s Certificate and/or an Opinion of Counsel; 
 (d) the Trustee may consult with counsel of its own selection and
the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon; 

(e) the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Senior Preferred Debt Securities
Indenture at the request or direction of any of the Holders pursuant to this Senior Preferred Debt Securities Indenture, unless such Holders shall have offered to the Trustee reasonable security and/or indemnity satisfactory to it against the costs,
expenses and liabilities which might be incurred by it in compliance with such request or direction; 
 (f) the Trustee shall not be bound
to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, coupon or other evidence of indebtedness or other
paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be
entitled to examine the books, records and premises of the Company, personally or by agent or attorney; at the sole reasonable cost and expense of the Company and shall incur no liability or additional liability of any kind by reason of such inquiry
or investigation; provided that the Trustee shall not be entitled to such information which the Company is prevented from disclosing as a matter of law or contract; 

(g) the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or
attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder; 

(h) the Trustee shall not be liable for any action taken, suffered or omitted to be taken by it in good faith and believed by it to be
authorized or within the discretion or rights or powers conferred upon it by this Senior Preferred Debt Securities Indenture, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; 

(i) anything in this Senior Preferred Debt Securities Indenture notwithstanding, in no event shall the Trustee be liable for special,
indirect, punitive or consequential loss or damage of any kind whatsoever (including but not limited to loss or profit), even if the Trustee has been advised as to the likelihood of such loss or damage and regardless of whether the claim for loss or
damage is made in negligence or otherwise; 

  
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 (j) the Trustee shall not be liable with respect to any Losses arising from action taken or
omitted to be taken by it in good faith in accordance with any instruction or communication received by email from any person reasonably believed by the Trustee to be authorized by the Company to send such instruction or communication, unless it
shall be proved that the Trustee was negligent in ascertaining the pertinent facts; 
 (k) the Trustee shall not be deemed to have notice of
any Event of Default unless a Responsible Officer of the Trustee has received written notice of such an Event of Default at the Corporate Trust Office of the Trustee, and such notice references the Senior Preferred Debt Securities and/or this Senior
Preferred Debt Securities Indenture; 
 (l) the Trustee shall not be liable for any failure or delay in the performance of its obligations
hereunder because of circumstances beyond its control, including, but not limited to, acts of God, flood, war (whether declared or undeclared), terrorism, strikes, work stoppages, civil or military disturbances, nuclear or natural catastrophes,
fire, riot, embargo, loss or malfunctions of utilities, communications or computer (software and hardware) services, government action, including any laws, ordinances, regulations, governmental action or the like which delay, restrict or prohibit
the providing of the services contemplated by this Senior Preferred Debt Securities Indenture; 
 (m) the rights, privileges, protections,
immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person
employed to act hereunder; and 
 (n) the Trustee may request that the Company deliver a certificate setting forth the names of individuals
and/or titles of officers authorized at such time to take specified actions pursuant to this Senior Preferred Debt Securities Indenture, which certificate may be signed by any person authorized to sign an Officer’s Certificate, including any
person specified as so authorized in any such certificate previously delivered and not superseded. 
 Section 6.05. Not Responsible
for Recitals or Issuance of Senior Preferred Debt Securities. The recitals contained herein and in the Senior Preferred Debt Securities, except the Trustee’s certificates of authentication, shall be taken as the statements of the Company,
and neither the Trustee nor any Authenticating Agent assumes any responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Senior Preferred Debt Securities Indenture or of the Senior
Preferred Debt Securities, except that the Trustee represents and warrants that it has duly authorized, executed and delivered this Senior Preferred Debt Securities Indenture. Neither the Trustee nor any Authenticating Agent shall be accountable for
the use or application by the Company of Senior Preferred Debt Securities or the proceeds thereof. The Trustee shall not be responsible to make any calculation with respect to any matter under this Senior Preferred Debt Securities Indenture other
than as specifically provided for herein. The Trustee shall have no duty to monitor or investigate the Company’s compliance with or the breach of, or cause to be performed or observed, any representation, warranty, or covenant, or agreement of
any Person, other than the Trustee, made in this Senior Preferred Debt Securities Indenture. 

  
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 No provision of this Senior Preferred Debt Securities Indenture shall be deemed to impose
any duty or obligation on the Trustee to perform any act or acts, receive or obtain any interest in property or exercise any interest in property, or exercise any right, power, duty or obligation conferred or imposed on it in any jurisdiction in
which it shall be illegal, or would subject the Trustee to taxation or other consequences that, in the sole determination of the Trustee, are adverse to the Trustee, or in which the Trustee shall be unqualified or incompetent in accordance with
applicable law to perform any such act or acts, to receive or obtain any such interest in property or to exercise any such right, power, duty or obligation. 

Section 6.06. May Hold Senior Preferred Debt Securities. The Trustee, any Authenticating Agent, any Paying Agent, any Senior
Preferred Debt Security Registrar and any Calculation Agent or any other agent of the Company, in its individual or any other capacity, may become the owner or pledgee of Senior Preferred Debt Securities and, subject to
Section 6.09 and Section 6.14, may otherwise deal with the Company with the same rights it would have if it were not Trustee, Authenticating Agent, Paying Agent, Senior Preferred Debt Security Registrar, Calculation Agent or such
other agent. 
 Section 6.07. Money Held in Trust. Money held by the Trustee in trust hereunder need not be segregated from
other funds except to the extent required by law. The Trustee shall be under no liability for interest on or to invest any money received by it hereunder except as otherwise agreed with the Company. 

Section 6.08. Compensation and Reimbursement. The Company agrees: 

(a) to pay to the Trustee from time to time compensation for all services rendered by it hereunder as agreed upon in writing by the Company
from time to time (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust); 

(b) except as otherwise expressly provided herein, to reimburse the Trustee for all reasonable expenses, disbursements and advances incurred
or made by the Trustee in accordance with any provision of this Senior Preferred Debt Securities Indenture (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or
advance as shall be determined by a court of competent jurisdiction to have been caused by its own negligence or bad faith; and 
 (c) to
indemnify the Trustee (which for purposes of this subparagraph Section 6.08(c) shall be deemed to include its directors, officers, employees and agents) or any predecessor Trustee for, and to hold it harmless against, any and all loss,
liability, claim, damage or expense (including legal fees and expenses) and taxes (other than taxes based upon, measured by or determined by the income of the Trustee) incurred without negligence or bad faith on its part, arising out of or in
connection with the acceptance or administration of the trust or trusts hereunder including the costs and expenses of defending itself against any claim (whether asserted by the Company, or any Holder or any other Person) or liability in connection
with the exercise or performance of any of its powers or duties hereunder, or in connection with enforcing the provisions of this Section, but excluding any tax liabilities of the Trustee in respect of its net profits. 

  
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 In addition to, but without prejudice to its other rights under this Senior Preferred Debt
Securities Indenture, when the Trustee incurs expenses or renders services in connection with an Event of Default specified in Section 5.01, the fees, costs and expenses (including the charges and expenses of its counsel) and the compensation
for the services are intended to constitute expenses of administration under any applicable federal or state bankruptcy, insolvency or other similar law. 

The Trustee shall notify the Company in writing of the commencement of any action or claim in respect of which indemnification may be sought
promptly after a Responsible Officer of the Trustee becomes aware of such commencement (provided that the failure to make such notification shall not affect the Trustee’s rights hereunder) and the Company shall be entitled to participate in,
and to the extent it shall wish, to assume the defense thereof, including the employment of counsel reasonably satisfactory to the Trustee. If the Company and the Trustee are being represented by the same counsel and the Company has assumed the
defense of the claim, the Trustee shall not be authorized to settle a claim without the written consent of the Company, which consent shall not be unreasonably withheld.

As security for the performance of the obligations of the Company under this Section, the Trustee shall have a senior lien to which the Senior
Preferred Debt Securities are hereby made subordinate, upon all property and funds held or collected by the Trustee as such, except funds held in trust for the payment of principal of (or premium, if any) or interest, if any, on the Senior Preferred
Debt Securities. 
 “Trustee” for purposes of this Section shall include any predecessor Trustee; provided, however, that the
negligence, willful misconduct or bad faith of any Trustee hereunder shall not affect the rights of any other Trustee hereunder. 
 The
Trustee’s rights to payment of its fees, reimbursement and indemnity under, and its lien provided for in, this Section 6.08 shall survive the payment in full of the Senior Preferred Debt Securities, the satisfaction and discharge of this
Senior Preferred Debt Securities Indenture, the resignation or removal of the Trustee, the termination for any reason of this Senior Preferred Debt Securities Indenture and the exercise of the Bail-in Power
and the other relevant resolution tools by the Relevant Resolution Authority. 
 Section 6.09. Disqualification; Conflicting
Interests. If the Trustee has or shall acquire a conflicting interest within the meaning of Section 310(b) of the Trust Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by,
and subject to the provisions of, Section 310(b) of the Trust Indenture Act and this Senior Preferred Debt Securities Indenture. 

  
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 Section 6.10. Corporate Trustee Required; Eligibility. There shall at all times
be a Trustee hereunder with respect to each series which shall be a Person organized and doing business under the laws of the United States, any State thereof or the District of Columbia, authorized under such laws to exercise corporate trust
powers, having a combined capital and surplus of at least $50,000,000, subject to supervision or examination by Federal or State or District of Columbia authority and having a corporate trust office or agency in the Borough of Manhattan, The City of
New York, New York. If such Person publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such
Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall resign
immediately in the manner and with the effect hereinafter specified in this Article 6. 
 Section 6.11. Resignation and
Removal; Appointment of Successor. (a) No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective until the acceptance of appointment by the successor Trustee in
accordance with the applicable requirements of Section 6.12. 
 (b) The Trustee may resign at any time with respect to the Senior
Preferred Debt Securities of one or more series by giving written notice thereof to the Company. If the instrument of acceptance by a successor Trustee required by Section 6.12 shall not have been delivered to the Trustee within 30 days
after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Senior Preferred Debt Securities of such series. 

(c) The Trustee may be removed at any time with respect to the Senior Preferred Debt Securities of any series by Act of the Holders of a
majority in principal amount of the Outstanding Senior Preferred Debt Securities of such series delivered to the Trustee and to the Company. If the instrument of acceptance by a successor Trustee required by Section 6.12 shall not have
been delivered to the Trustee within 30 days after the giving of such notice of removal, the Trustee may petition at the expense of the Company any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Senior
Preferred Debt Securities of such series. 
 (d) If at any time: 

(i) the Trustee shall fail to comply with Section 6.09 after written request therefor by the Company or by any Holder
who has been a bona fide Holder of a Senior Preferred Debt Security of the series as to which the Trustee has a conflicting interest for at least six months, or 

(ii) the Trustee shall cease to be eligible under Section 6.10 and shall fail to resign after written request
therefor by the Company or by any Holder who has been a bona fide Holder of a Senior Preferred Debt Security for at least six months, or 

  
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 (iii) the Trustee shall become incapable of acting or shall be adjudged a
bankrupt or insolvent or a receiver of the Trustee or of its property shall be appointed or any public officer shall take charge, or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation,
or 
 (iv) the Trustee shall fail to perform its obligations to the Company under this Senior Preferred Debt Securities
Indenture in any material respect, 
 then, in any such case, (A) the Company, by a Board Resolution, may remove the Trustee with respect to any or all
series of Senior Preferred Debt Securities or (B) subject to Section 5.14 (and except in the case of subparagraph 6.11(d)(iv) above), any Holder who has been a bona fide Holder of a Senior Preferred Debt Security for at least six
months (and, in the case of clause (d)(i) above, who is a Holder of a Senior Preferred Debt Security of the series as to which the Trustee has a conflicting interest) may, on behalf of himself and all others similarly situated, petition
any court of competent jurisdiction for the removal of the Trustee with respect to all Senior Preferred Debt Securities and the appointment of a successor Trustee or Trustees. 

(e) If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause,
with respect to the Senior Preferred Debt Securities of one or more series, the Company, by a Board Resolution, shall promptly appoint a successor Trustee or Trustees with respect to the Senior Preferred Debt Securities of such series (it being
understood that any successor Trustee may be appointed with respect to the Senior Preferred Debt Securities of one or more or all of such series and at any time there shall be only one Trustee with respect to the Senior Preferred Debt Securities of
any particular series), and shall comply with the applicable requirements of Section 6.12. If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Senior
Preferred Debt Securities of any series shall be appointed by Act of the Holders of a majority in principal amount of the Outstanding Senior Preferred Debt Securities of such series delivered to the Company and the retiring Trustee, the successor
Trustee so appointed shall, forthwith upon its acceptance of such appointment in accordance with the applicable requirements of Section 6.12, become the successor Trustee with respect to the Senior Preferred Debt Securities of such series and
to that extent supersede the successor Trustee appointed by the Company. If no successor Trustee with respect to the Senior Preferred Debt Securities of any series shall have been so appointed by the Company or the Holders of Senior Preferred Debt
Securities of such series and accepted appointment in the manner hereinafter required by Section 6.12, any Holder who has been a bona fide Holder of a Senior Preferred Debt Security of such series for at least six months may, on behalf of
himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Senior Preferred Debt Securities of such series. 

(f) The Company shall give notice to Holders of each resignation and each removal of the Trustee with respect to the Senior Preferred Debt
Securities of any series and each appointment of a successor Trustee with respect to the Senior Preferred Debt Securities of any series to the Holders in the manner and to the extent provided in Section 1.06. Each notice shall include the name
of the successor Trustee with respect to the Senior Preferred Debt Securities of such series and the address of its Corporate Trust Office. 

  
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 Section 6.12. Acceptance of Appointment by Successor. (a) In case of the
appointment hereunder of a successor Trustee with respect to all Senior Preferred Debt Securities, every such successor Trustee so appointed shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting
such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of
the retiring Trustee; but, on request of the Company or the successor Trustee, such retiring Trustee shall, upon payment of its charges and subject to its lien provided for in Section 6.08, execute and deliver an instrument transferring to such
successor Trustee, all the rights, powers and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder. 

(b) In case of the appointment hereunder of a successor Trustee with respect to the Senior Preferred Debt Securities of one or more (but not
all) series, the Company, the retiring Trustee and each successor Trustee with respect to the Senior Preferred Debt Securities of such series shall execute and deliver an indenture supplemental hereto wherein each successor Trustee shall accept such
appointment and which (i) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the
Senior Preferred Debt Securities of such series to which the appointment of such successor Trustee relates, (ii) if the retiring Trustee is not retiring with respect to all Senior Preferred Debt Securities, shall contain such provisions as
shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Senior Preferred Debt Securities of such series as to which the retiring Trustee is not retiring shall
continue to be vested in the retiring Trustee, and (iii) shall add to or change any of the provisions of this Senior Preferred Debt Securities Indenture as shall be necessary to provide for or facilitate the administration of the trusts
hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust and that each such Trustee shall be
trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee; and upon the execution and delivery of such supplemental indenture the resignation or removal of the retiring
Trustee shall become effective to the extent provided therein and each such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to
the Senior Preferred Debt Securities of such series to which the appointment of such successor Trustee relates; but, on request of the Company or any successor Trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor
Trustee all property and money held by such retiring Trustee hereunder with respect to the Senior Preferred Debt Securities of such series to which the appointment of such successor Trustee relates, subject to the lien provided for in
Section 6.08. 

  
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 (c) Upon request of any such successor Trustee, the Company shall execute any and all
instruments for more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in subsection (a) or (b) of this Section 6.12, as the case may be. 

(d) No successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified and
eligible under this Article 6. 
 Section 6.13. Merger, Conversion, Consolidation or Succession Business. Any Person into
which the Trustee may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any Person succeeding to all or substantially all the
corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided such Person shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on the part
of any of the parties hereto. In case any Senior Preferred Debt Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt
such authentication and deliver the Senior Preferred Debt Securities so authenticated with the same effect as if such successor Trustee had itself authenticated such Senior Preferred Debt Securities. 

Section 6.14. Preferential Collection of Claims. If and when the Trustee shall be or become a creditor of the Company (or any
other obligor upon the Senior Preferred Debt Securities of a series), the Trustee shall be subject to the provisions of the Trust Indenture Act regarding the collection of claims against the Company (or any such other obligor). 

Section 6.15. Appointment of Authenticating Agent. The Trustee may at any time appoint an Authenticating Agent or Agents with
respect to one or more series of Senior Preferred Debt Securities which shall be authorized to act on behalf of the Trustee to authenticate Senior Preferred Debt Securities of such series upon original issue, or issued upon exchange, registration of
transfer or partial redemption thereof or in lieu of destroyed, lost or stolen Senior Preferred Debt Securities, and Senior Preferred Debt Securities so authenticated shall be entitled to the benefits of this Senior Preferred Debt Securities
Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference is made in this Senior Preferred Debt Securities Indenture to the authentication and delivery of Senior Preferred Debt
Securities by the Trustee or the Trustee’s certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on
behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the Company and shall at all times be a corporation or national banking association organized and doing business under the laws of the United States,
any State thereof or the District of Columbia, authorized under such laws to act as Authenticating Agent, having a combined capital and surplus of not less than $50,000,000 and subject to supervision or examination by Federal or State or District of
Columbia authority. If such Authenticating Agent publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section, the combined capital and
surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time an Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section 6.15, such Authenticating Agent shall resign immediately in the manner and with the effect specified in this Section. 

  
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 Any Person into which an Authenticating Agent may be merged or converted or with which it
may be consolidated, or any Person resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any Person succeeding to the corporate agency or corporate trust business of an Authenticating Agent,
shall continue to be an Authenticating Agent, provided such Person shall be otherwise eligible under this Section 6.15, without the execution or filing of any paper or any further act on the part of the Trustee or the Authenticating Agent. 

An Authenticating Agent may resign at any time by giving written notice thereof to the Trustee and the Company. The Trustee may at any time
terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any time such Authenticating Agent
shall cease to be eligible in accordance with the provisions of this Section 6.15, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the Company and shall give notice to the Holders of Senior Preferred Debt
Securities in the manner and to the extent provided in Section 1.06. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder, with
like effect as if originally named as an Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section 6.15. 

The Company agrees to pay to each Authenticating Agent from time to time reasonable compensation for its services under this Section
6.15. 
 If an appointment with respect to one or more series is made pursuant to this Section, the Senior Preferred Debt Securities of such
series may have endorsed thereon, in lieu of the Trustee’s certificate of authentication, an alternate certificate of authentication in substantively the following form: 

This is one of the Senior Preferred Debt Securities referred to in the within-mentioned Senior Preferred Debt Securities Indenture. 

 

			
	THE BANK OF NEW YORK MELLON, as Trustee
		
	By:	 	 
		 	as Authenticating Agent



  
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 Section 6.16. Appointment of Additional Trustees. The Company may appoint a
Trustee for a particular series of Senior Preferred Debt Securities other than the Trustee named in the first paragraph of this Senior Preferred Debt Securities Indenture by executing and delivering an indenture supplemental hereto where such
Trustee accepts such appointment as contemplated by Section 3.01(w) and Section 9.01(k) (it being understood that at any time there shall be only one Trustee with respect to the Senior Preferred Debt Securities of any particular
series); provided that, at the time of such acceptance, such Trustee shall be qualified and eligible under this Article 6. Upon such acceptance, such Trustee shall be vested with all the rights, powers, trusts and duties of a
Trustee under this Senior Preferred Debt Securities Indenture with respect to the Senior Preferred Debt Securities of such series. 

Section 6.17. Tax Withholding. Any amounts to be paid by the Company on the Senior Preferred Debt Securities shall be paid net of
any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), any current or future regulations or official interpretations thereof, any
agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections
of the Code (or any law implementing such an intergovernmental agreement) (a “FATCA Withholding Tax”), and the Company shall not be required to pay Additional Amounts on account of any FATCA Withholding Tax. 

Any Paying Agent shall be entitled to make a deduction or withholding from any payment which it makes under the Senior Preferred Debt
Securities and this Senior Preferred Debt Securities Indenture for or on account of (i) any present or future taxes, duties or charges if and to the extent so required by any applicable law and (ii) any FATCA Withholding Tax (together,
“Applicable Law”). In either case, the Paying Agent shall make any payment after a deduction or withholding has been made pursuant to Applicable Law and shall report to the relevant authorities the amount so deducted or withheld. In
all cases, the Paying Agent shall have no obligation to gross up any payment made subject to any deduction or withholding pursuant to Applicable Law. In addition, amounts deducted or withheld by the Paying Agent as described in this paragraph will
be treated as paid to the Holder of the Senior Preferred Debt Securities, and the Company will not pay Additional Amounts in respect of such deduction or withholding, except to the extent required under Section 10.04. 

ARTICLE 7 
 HOLDERS
LISTS AND REPORTS BY TRUSTEE AND COMPANY 

Section 7.01. Company to Furnish Trustee Names and Addresses of Holders. The Company, with respect to any series of Senior
Preferred Debt Securities, will furnish or cause to be furnished to the Trustee 
 (a) not more than 15 days after each Regular Record Date
(or after each of the dates to be specified for such purpose for non-interest bearing Senior Preferred Debt Securities and Senior Preferred Debt Securities on which interest is paid less frequently than
quarterly as contemplated by Section 3.01), a list, in such form as the Trustee may reasonably require, of the names and addresses of the Holders of Senior Preferred Debt Securities as of such Regular Record Date or such specified date, and


  
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 (b) at such other times as the Trustee may request in writing, within 30 days after the
receipt by the Company of any such request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished. 

The Company need not furnish or cause to be furnished to the Trustee pursuant to this Section 7.01 the names and addresses of
Holders of Senior Preferred Debt Securities so long as the Trustee acts as Senior Preferred Debt Security Registrar with respect to such series of Senior Preferred Debt Securities. 

Section 7.02. Preservation of Information; Communication to Holders. (a) The Trustee shall preserve, in as current a form as
is reasonably practicable, the names and addresses of Holders (i) contained in the most recent list furnished to the Trustee as provided in Section 7.01 and (ii) received by the Trustee in its capacity as Paying Agent or Senior
Preferred Debt Security Registrar (if so acting). The Trustee may dispose of any list furnished to it as provided in Section 7.01 upon receipt of a new list so furnished. 

(b) The rights of the Holders of Senior Preferred Debt Securities of any series to communicate with other Holders with respect to their rights
under this Senior Preferred Debt Securities Indenture or under the Senior Preferred Debt Securities, and the corresponding rights and privileges of the Trustee, shall be as provided by the Trust Indenture Act. 

(c) Every Holder, by receiving and holding a Senior Preferred Debt Security, agrees with the Company and the Trustee that neither the Company,
nor the Trustee nor any agent of any of them shall be held accountable by reason of the disclosure of any such information as to the names and addresses of the Holders in accordance with subsection (b) or otherwise made pursuant to the
Trust Indenture Act. 
 Section 7.03. Reports by Trustee. (a) On or before May 15 in each year following the date
hereof, so long as any Senior Preferred Debt Securities are Outstanding hereunder, the Trustee shall transmit to Holders as provided in the Trust Indenture Act a brief report dated as of a date required by and in compliance with the Trust Indenture
Act. 
 (b) A copy of each such report shall, at the time of such transmission to Holders, be filed by the Trustee with each securities
exchange upon which the Trustee has been notified that the Senior Preferred Debt Securities are listed, with the Commission and with the Company. The Company will notify the Trustee when Senior Preferred Debt Securities are listed on any securities
exchange. 

  
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 Section 7.04. Reports by the Company. The Company shall: 

(a) file with the Trustee, within 15 days after the Company is required to file the same with the Commission, copies of the annual reports and
of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) which the Company may be required to file with the Commission pursuant to
Section 13 or Section 15(d) of the Exchange Act; or, if the Company is not required to file information, documents or reports pursuant to either of such Sections, then it shall file with the Trustee and the Commission, in accordance with
rules and regulations prescribed from time to time by the Commission, such of the supplementary and periodic information, documents and reports which may be required pursuant to Section 13 of the Exchange Act in respect of a security listed and
registered on a national securities exchange as may be prescribed from time to time in such rules and regulations. Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt
of such shall not constitute constructive or actual notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee
is entitled to rely exclusively on an Officer’s Certificate); 
 (b) file with the Trustee and the Commission, in accordance with rules
and regulations prescribed from time to time by the Commission, such additional information, documents and reports with respect to compliance by the Company with the conditions and covenants of this Senior Preferred Debt Securities Indenture as may
be required from time to time by such rules and regulations. Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive or actual
notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on an Officer’s
Certificate); and 
 (c) transmit to Holders, in the manner and to the extent required by the Trust Indenture Act, within 30 days after the
filing thereof with the Trustee, such summaries of any information, documents and reports required to be filed by the Company pursuant to subsections (a) and (b) of this Section as may be required by rules and regulations prescribed from time
to time by the Commission. 
 (d) The Trustee may conclusively presume that the Company is not subject to the reporting requirements of
Section 13 or 15(d) of the Exchange Act or otherwise is complying with such reporting requirements unless and until a Responsible Officer of the Trustee receives at the Corporate Trust Office of the Trustee a written notification from the
Company stating otherwise. The Trustee shall have no duty to examine any information, reports or other documents filed by the Company pursuant to Section 13 or 15(d) of the Exchange Act, and need make no determination as to whether they comply
with the requirements of this Section 7.04, its sole duty in respect thereof being to place them in its files and make them available for inspection by any Holder upon reasonable request during normal business hours. 

  
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 ARTICLE 8 

CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER 

Section 8.01. Company May Consolidate, Etc. Only on Certain Terms. The Company may, without the consent of Holders of any Senior
Preferred Debt Securities of any series Outstanding under this Senior Preferred Debt Securities Indenture, consolidate or amalgamate with or merge into any other corporation or convey or transfer or lease its properties and assets substantially as
an entirety to any Person, provided that: 
 (a) the corporation formed by or into which the Company is consolidated, amalgamated
or merged or the Person which acquires by conveyance or transfer the properties and assets of the Company substantially as an entirety (i) shall be a company organized and existing under the laws of any part of the European Union, and
(ii) shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form satisfactory to the Trustee, in the case of the Company, the due and punctual payment of the principal of (and premium, if any),
interest and Additional Amounts, if any, on all the Senior Preferred Debt Securities in accordance with the provisions of such Senior Preferred Debt Securities and this Senior Preferred Debt Securities Indenture, and the performance of every
covenant of this Senior Preferred Debt Securities Indenture on the part of the Company to be performed or observed; 
 (b) immediately after
giving effect to such consolidation, amalgamation, merger, conveyance or transfer, no Event of Default and no event which, after notice or lapse of time or both, would become an Event of Default, shall have occurred and be continuing; and 

(c) the Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such
consolidation, amalgamation, merger, conveyance or transfer and such supplemental indenture comply with this Article and that all conditions precedent herein provided for relating to such transaction have been complied with. 

Section 8.02. Successor Corporation Substituted. In the event of any merger, consolidation, sale, conveyance permitted by
Section 8.01 above, Additional Amounts under the Senior Preferred Debt Securities will thereafter be payable in respect of taxes imposed by the acquiring corporation’s, or the resulting corporation’s, jurisdiction of incorporation or
tax residence (subject to exceptions equivalent to those that apply to the obligation to pay Additional Amounts pursuant to Section 10.04 in respect of taxes imposed by the laws of the Kingdom of Spain) rather than taxes imposed by the Kingdom
of Spain. Additional Amounts with respect to payments of interest or principal due prior to the date of such merger, consolidation, sale, conveyance or lease will be payable only in respect of taxes imposed by the Kingdom of Spain. The acquiring or
resulting corporation, as the case may be, will also be entitled to redeem the Senior Preferred Debt Securities in the circumstances described in Section 11.08 with respect to any change or amendment to, or change in the application or official
interpretation of the laws or regulations of such jurisdiction, which change or amendment must occur subsequent to the date of any merger, consolidation, sale, conveyance or lease permitted by Section 8.01 if the successor entity is not
incorporated or tax resident in the Kingdom of Spain. In the event of assumption of the Company’s obligations in connection with a merger, consolidation, sale or conveyance of substantially all of its assets, the Company shall be released from
all obligations and covenants under this Senior Preferred Debt Securities Indenture or the Senior Preferred Debt Securities, as the case may be, and the successor corporation formed by such consolidation or amalgamation or into which the Company is
merged or to which such conveyance or transfer is made shall succeed to and be substituted for, and may exercise every right and power of, the Company under this Senior Preferred Debt Securities Indenture with the same effect as if such successor
corporation had been named as the Company. 

  
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 Section 8.03. Assumption of Obligations. Subject to the prior consent of the
European Central Bank, if required, any direct or indirect subsidiary of the Company may assume the obligations of the Company (a “successor entity”) under the Senior Preferred Debt Securities of any series without the consent of the
Holders of such series, provided that: 
 (a) the successor entity shall expressly assume such obligations by an amendment to this
Senior Preferred Debt Securities Indenture, executed by the Company and such successor entity, if applicable, and delivered to the Trustee, in form satisfactory to the Trustee and the Company shall, by amendment to this Senior Preferred Debt
Securities Indenture, unconditionally guarantee all of the obligations of such successor entity under the Senior Preferred Debt Securities of such series and this Senior Preferred Debt Securities Indenture as so modified by such amendment; 

(b) immediately after giving effect to such assumption of obligations, no Event of Default and no event which, after notice or lapse of time
or both, would become an Event of Default, shall have occurred and be continuing; and 
 (c) the Company shall have delivered to the Trustee
an Officer’s Certificate and an Opinion of Counsel, each stating that such assumption complies with this Article and that all conditions precedent herein provided for relating to such assumption have been complied with. 

Upon any such assumption, the successor entity shall succeed to, and be substituted for, and may exercise every right and power of, the
Company under this Senior Preferred Debt Securities Indenture with respect to any such Senior Preferred Debt Securities with the same effect as if such successor entity had been named as the Company in this Senior Preferred Debt Securities
Indenture, and the Company or any legal and valid successor corporation which shall theretofore have become such in the manner prescribed herein, shall be released from all liability as obligor upon any such Senior Preferred Debt Securities except
as described in the following paragraph. 

  
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 In the event of any assumption, Additional Amounts under the Senior Preferred Debt
Securities will be payable in respect of taxes imposed by the assuming corporation’s jurisdiction of incorporation or tax residence (subject to exceptions equivalent to those that apply to the obligation to pay Additional Amounts pursuant to
Section 10.04 in respect of taxes imposed by the laws of the Kingdom of Spain) on payments of interest or principal made on or subsequent to the date of such assumption. Additional Amounts with respect to payments of interest or principal due
prior to the date of such assumption will be payable only in respect of taxes imposed by the Kingdom of Spain. The direct or indirect subsidiary thereof that assumes the obligations of the Company in such cases will also be entitled to redeem the
Securities in the circumstances described in Section 11.08 with respect to any change or amendment to, or change in the application or official interpretation of the laws or regulations of such jurisdiction, which change or amendment must occur
subsequent to the date of any such assumption if the assuming entity is not incorporated or tax resident in the Kingdom of Spain. In the event of any such assumption, all obligations of the Company under the Securities shall immediately be
discharged. 
 Section 8.04. Substitution and Variation. If an Optional Redemption for TLAC/MREL Disqualification Event is
specifically provided for in respect of a series of Senior Preferred Debt Securities, as contemplated by Section 3.01, and if a TLAC/MREL Disqualification Event or an event that would entitle the Company to redeem the Senior Preferred Debt
Securities of such series as set forth in Section 11.08 occurs and is continuing, the Company may substitute all (but not some) of the Senior Preferred Debt Securities of such series or modify the terms of all (but not some) of the Senior
Preferred Debt Securities of such series, without any requirement for the consent or approval of the holders of the Senior 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 60 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 as required under Applicable Banking Regulations, if required. 

Any such notice shall specify the relevant details of the manner in which such substitution or variation shall take effect and where the
Holders of such series can inspect or obtain copies of the new terms and conditions of the Senior Preferred Debt Securities of such series. Such substitution or variation will be effected without any cost or charge to such Holders. 

The Senior Preferred Debt Securities of such series shall cease to bear interest from (an including) the date of substitution thereof. 

Any Holder or beneficial owner of the Senior Preferred Debt Securities of such series shall, by virtue of its acquisition of the Senior
Preferred Debt Securities of such series or any beneficial interest therein, be deemed to accept the substitution or variation of the terms of the Senior Preferred Debt Securities of such series as set forth in this Section 8.04 and to grant to
the Company full power and authority to take any action and/or to execute and deliver any document in the name and/or on behalf of such Holder which is necessary or convenient to complete the substitution or variation of the terms of the Senior
Preferred Debt Securities of such series, as applicable. 

  
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 ARTICLE 9 

SUPPLEMENTAL INDENTURES 

Section 9.01. Supplemental Indentures without Consent of Holders. Without the consent of any Holders and the Company, when
authorized by a Board Resolution, and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes: 

(a) to evidence the succession of another corporation to the Company and the assumption by any such successor of the covenants of the Company
herein and in the Senior Preferred Debt Securities; 
 (b) to add to the covenants of the Company for the benefit of the Holders of all or
any series of Senior Preferred Debt Securities (and, if such covenants are to be for the benefit of fewer than all series of Senior Preferred Debt Securities, stating that such covenants are expressly being included solely for the benefit of such
series) or to surrender any right or power herein conferred upon the Company; 
 (c) to add any additional Events of Default; 

(d) to change or eliminate any of the provisions of this Senior Preferred Debt Securities Indenture, or any supplemental indenture, provided
that any such change or elimination shall become effective only when there is no Outstanding Senior Preferred Debt Security of any series created prior to the execution of such supplemental indenture that is entitled to the benefit of such provision
or as to which such supplemental indenture would apply; 
 (e) to secure the Senior Preferred Debt Securities; 

(f) to establish the form or terms of Senior Preferred Debt Securities of any series as permitted by Section 2.01 or Section
3.01; 
 (g) to change any Place of Payment, so long as the Place of Payment as required by Section 3.01 is maintained in The City
of New York; 
 (h) to cure any ambiguity, to correct or supplement any provision herein which may be defective or inconsistent with any
other provision herein or in any supplemental indenture; 
 (i) to evidence and provide for the acceptance of appointment hereunder by a
successor Trustee with respect to the Senior Preferred Debt Securities of one or more series and to add to or change any of the provisions of this Senior Preferred Debt Securities Indenture as shall be necessary to provide for or facilitate the
administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 6.12(b);

  
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 (j) to change or eliminate any provision of this Senior Preferred Debt Securities Indenture
as permitted by Section 1.08; 
 (k) to name a Trustee for a particular series of Senior Preferred Debt Securities other than the
Trustee named in the first paragraph of this Senior Preferred Debt Securities Indenture and to provide for the appropriate changes related to such appointment for a particular series of Senior Preferred Debt Securities; or 

(l) with respect to any Senior Preferred Debt Security (including a Global Security) issued on or after the date hereof, to amend any such
Senior Preferred Debt Security to conform to the description of the terms of such Senior Preferred Debt Security in the prospectus, prospectus supplement, product supplement, pricing supplement or any other similar offering document related to the
offering of such Senior Preferred Debt Security. 
 Section 9.02. Supplemental Indentures with Consent of Holders. With the
consent of the Holders of not less than a majority in aggregate principal amount of the Outstanding Senior Preferred Debt Securities of each series affected by such supplemental Senior Preferred Debt Securities Indenture (voting as a class), by Act
of said Holders delivered to the Company and the Trustee, the Company, when authorized by a Board Resolution, and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of this Senior Preferred Debt Securities Indenture or of modifying in any manner the rights of the Holders of Senior Preferred Debt Securities of such series under this Senior Preferred Debt Securities
Indenture; provided, however, that no such supplemental indenture may, without the consent of the Holder of each Outstanding Senior Preferred Debt Security affected thereby, 

(a) change the Stated Maturity, if any, of any principal amount or any interest amounts in respect of any such Senior Preferred Debt Security,
reduce the principal amount thereof or the rate of interest and Additional Amounts, if any, thereon, or any premium payable upon the redemption thereof, or reduce the amount of principal of an Original Issue Discount Security that would be due and
payable upon an acceleration of the Maturity thereof pursuant to Section 5.02, or change the obligation of the Company (or its successor) to pay Additional Amounts pursuant to Section 10.04 (except as contemplated by Section
8.01(a) and permitted by Section 9.01(a)) on the Senior Preferred Debt Securities, or the currency of payment of the principal amount of, premium, if any, or interest on, any such Senior Preferred Debt Security, or change the Place of
Payment, or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof or the date any such payment is otherwise due and payable (or, in the case of redemption, on or after the Redemption
Date); or 
 (b) reduce the percentage in aggregate principal amount of the Outstanding Senior Preferred Debt Securities of any series, the
consent of whose Holders is required for any such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of this Senior Preferred Debt Securities Indenture or of certain defaults
hereunder and their consequences) provided for in this Senior Preferred Debt Securities Indenture, or 

  
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 (c) modify any of the provisions of this Section 9.02 or Section
5.13 except to increase any such percentage or to provide that certain other provisions of this Senior Preferred Debt Securities Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Senior Preferred Debt
Security affected thereby; provided, however, that this clause shall not be deemed to require the consent of any Holder with respect to changes in the references to the “Trustee” and concomitant changes in this Section, or the
deletion of this proviso, in accordance with the requirements of Section 6.12(b) and Section 9.01(j), or 
 (d) change
in any manner adverse to the interests of the Holders of any Senior Preferred Debt Securities the terms and conditions of the obligations of the Company in respect of the due and punctual payment of any amounts due and payable on the Senior
Preferred Debt Securities. 
 It shall not be necessary for any Act of Holders under this Section to approve the particular form of any
proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 
 A supplemental indenture
which changes or eliminates any covenant or other provision of this Senior Preferred Debt Securities Indenture which has expressly been included solely for the benefit of one or more particular series of Senior Preferred Debt Securities, or which
modifies the rights of the Holders of Senior Preferred Debt Securities of such series with respect to such covenant or other provision, shall be deemed not to affect the rights under this Senior Preferred Debt Securities Indenture of the Holders of
Senior Preferred Debt Securities of any other series. 
 Section 9.03. Execution of Supplemental Indentures. In executing, or
accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts created by this Senior Preferred Debt Securities Indenture, the Trustee shall be entitled to receive, and
(subject to Section 6.01) shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Senior Preferred Debt Securities Indenture and that such
supplemental indenture constitutes a legal, valid and binding obligation of the Company subject to customary exceptions. The Trustee may, but shall not be obliged to, enter into any such supplemental indenture which affects the Trustee’s own
rights, duties or immunities under this Senior Preferred Debt Securities Indenture or otherwise. 
 Section 9.04. Effect of
Supplemental Indentures. Upon the execution of any supplemental indenture under this Article, this Senior Preferred Debt Securities Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this
Senior Preferred Debt Securities Indenture for all purposes; and every Holder of Senior Preferred Debt Securities theretofore or thereafter authenticated and delivered hereunder shall be bound thereby, except as otherwise expressed therein. 

  
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 Section 9.05. Conformity with Trust Indenture Act. Every supplemental indenture
executed pursuant to this Article shall conform to the requirements of the Trust Indenture Act as then in effect. 
 Section 9.06.
Reference in Senior Preferred Debt Securities to Supplemental Indentures. Senior Preferred Debt Securities of any series authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and shall if
required by the Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Senior Preferred Debt Securities of any series so modified as to conform,
in the opinion of the Trustee and the Company to any such supplemental indenture, may be prepared and executed by the Company and such Senior Preferred Debt Securities may be authenticated and delivered by the Trustee in exchange for Outstanding
Senior Preferred Debt Securities of such series. 
 ARTICLE 10 

COVENANTS 

Section 10.01. Payment of Principal, Premium, and Interest. The Company covenants and agrees for the benefit of each series of
Senior Preferred Debt Securities that it will duly and punctually pay to the Holders the principal of (and premium, if any) and (subject to Section 3.07 and 12.01) interest, if any, and Additional Amounts on the Senior Preferred Debt Securities
of that series in accordance with the terms of the Senior Preferred Debt Securities and this Senior Preferred Debt Securities Indenture. Except as otherwise specified, as contemplated by Section 3.01 hereof, the Trustee shall act as Paying
Agent with respect to any series of Senior Preferred Debt Securities. 
 Section 10.02. Maintenance of Office or Agency. The
Company will maintain in each Place of Payment for any series of Senior Preferred Debt Securities an office or agency where Senior Preferred Debt Securities of that series may be presented or surrendered for payment, where Senior Preferred Debt
Securities of that series may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect of the Senior Preferred Debt Securities of that series and this Senior Preferred Debt Securities
Indenture may be served; provided, however, that at the option of the Company in the case of definitive Senior Preferred Debt Securities of such series, payment of any interest thereon may be made by check mailed to the address of the
Person entitled herein as such address shall appear in the Senior Preferred Debt Security Register. With respect to the Senior Preferred Debt Securities of any series, such office or agency in each Place of Payment shall be specified as
contemplated by Section 3.01, and if not so specified, initially shall be 225 Liberty Street, New York, New York, 10286. Unless otherwise specified pursuant to Section 3.01, the Company will maintain in the Borough of Manhattan, The
City of New York, an office or agency where notices and demands to or upon the Company in respect of Senior Preferred Debt Securities of any series and this Senior Preferred Debt Securities Indenture may be served. The Company will give prompt
written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address
thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee. The Company hereby appoints the Trustee as its agent to receive all presentations, surrenders, notices and demands. 


  
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 The Company may also from time to time designate one or more other offices or agencies (in
or outside the Borough of Manhattan, The City of New York) where the Senior Preferred Debt Securities of one or more series may be presented or surrendered for any or all such purposes and may from time to time rescind such
designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of any obligation to maintain an office or agency in each Place of Payment (except as otherwise indicated in this Section)
for Senior Preferred Debt Securities of any series for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 

Section 10.03. Money for Payments to be Held in Trust. If the Company shall at any time act as Paying Agent with respect to the
Senior Preferred Debt Securities of any series, it will, on or before each due date for payment of the principal of (and premium, if any) or interest, if any, if any, on any of the Senior Preferred Debt Securities of that series, segregate and hold
in trust for the benefit of the Persons entitled thereto a sum sufficient to pay the principal (and premium, if any) or interest, if any, so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided and
will promptly notify the Trustee of its failure so to act. 
 Whenever the Company shall have one or more Paying Agents for any series of
Senior Preferred Debt Securities, it will, prior to each due date for payment of the principal of (and premium, if any) or interest, if any, on any Senior Preferred Debt Securities of that series deposit with a Paying Agent a sum sufficient to pay
the principal (and premium, if any) or interest, if any, so becoming due, such sum to be held in trust for the benefit of the Persons entitled to such principal, premium or interest, and (unless such Paying Agent is the Trustee) the Company will
promptly notify the Trustee of its action or its failure so to act. Unless otherwise specified as contemplated by Section 3.01, the Trustee shall be the Company’s Paying Agent. The Company will cause each Paying Agent for any
series of Senior Preferred Debt Securities other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will:

 (a) hold all sums held by it for the payment of the principal of (and premium, if any) or interest, if any, on Senior Preferred Debt
Securities of that series in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided; 

(b) give the Trustee notice of any default by the Company (or any other obligor upon the Senior Preferred Debt Securities of that series) in
the making of any payment, when due and payable, or principal of (and premium, if any) or interest, if any, on Senior Preferred Debt Securities of that series; and 

(c) at any time during the continuance of any such default, upon the written request of the Trustee, forthwith pay to the Trustee all sums so
held in trust by such Paying Agent. 

  
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 The Company may at the time, for the purpose of obtaining the satisfaction and discharge of
this Senior Preferred Debt Securities Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon
the same trusts as those upon which such sums were held by the Company or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee such Paying Agent shall be released from all further liability with respect to such money. 

Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of (and
premium, if any) or interest, if any, on any Senior Preferred Debt Security of any series and remaining unclaimed for two years after such principal (and premium, if any) or interest, if any, have become due and payable shall be paid to the Company,
as the case may be, on Company Request, or (if then held by the Company) shall be discharged from such trust; and the Holder of such Senior Preferred Debt Security shall thereafter, as an unsecured general creditor, look only to the Company for
payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such
Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be published at least once, in an Authorized Newspaper, notice that such money remains unclaimed and that, after a date specified therein,
which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be paid to the Company. 

Section 10.04. Additional Amounts. Unless otherwise specified pursuant to Section 3.01, all amounts payable (whether in
respect of principal, redemption amount, interest or otherwise) in respect of any series of Senior Preferred Debt Securities will be made free and clear of and without withholding or deduction for or on account of any present or future taxes,
duties, assessments or governmental charges (collectively, the “Taxes”) of whatever nature imposed or levied by or on behalf of the Kingdom of Spain or any political subdivision thereof or any authority or agency therein or thereof
having power to tax, unless the withholding or deduction of such Taxes is required by law. In that event, the Company shall pay such additional amounts (“Additional Amounts”) as will result in receipt by the Holders of the Senior
Preferred Debt Securities of the particular series of such amounts as would have been received by them had no such withholding or deduction been required. 

The Company shall not be required to pay any Additional Amounts in respect of any series of Senior Preferred Debt Securities: 

(i) to, or to a third party on behalf of, a Holder if the Holder or the beneficial owner of Senior Preferred Debt Securities is
liable for such Taxes in respect of such Senior Preferred Debt Securities by reason of his having some connection with Spain other than (i) the mere holding of such Senior Preferred Debt Security or (ii) the receipt of any payment in
respect of such Senior Preferred Debt Security; or 

  
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 (ii) to, or to a third party on behalf of, a Holder or a beneficial owner in
respect of whose series of Senior Preferred Debt Securities the Company does not receive such information as may be required in order to comply with the applicable Spanish tax reporting obligations, including but not limited to the receipt in a
timely manner of a duly executed and completed certificate in accordance with Law 10/2014 and Royal Decree 1065/2007, as amended, and any implementing legislation or regulation; or 

(iii) to, or to a third party on behalf of, a Holder or a beneficial owner of Senior Preferred Debt Securities in respect of
whom the Company does not receive such information concerning such Holder’s or beneficial owner’s identity and tax residence as may be required in order to comply with the procedures that may be implemented to comply with the
interpretation of Royal Decree 1065/2007 eventually made by the Spanish tax authorities; or 
 (iv) presented for payment
(where presentation is required) more than 30 days after the Relevant Date, except to the extent that the relevant Holder would have been entitled to such Additional Amounts on presenting the same for payment on the expiry of such period of 30 days;
or 
 (v) in relation to any estate, inheritance, gift, sales, transfer or similar taxes; or 

(vi) to, or to a third party on behalf of, individuals resident for tax purposes in the Kingdom of Spain if the Spanish tax
authorities determine that payments made to such individuals are not exempt from withholding tax and require a withholding to be made; or 

(vii) to, or to a third party on behalf of, a Spanish-resident legal entity subject to Spanish corporation tax if the Spanish
tax authorities determine that the Senior Preferred Debt Securities of such series do not comply with exemption requirements specified in the Reply to a Consultation of the Directorate General for Taxation (Dirección General
de Tributos) dated 27 July 2004 and require a withholding to be made; or 
 (viii) where the withholding or
deduction is required pursuant to an agreement described in Section 1471(b) of the Code or otherwise imposed pursuant to Sections 1471 through 1474 of the Code (“FATCA”), any regulations or agreements thereunder, any official
interpretations thereof, any intergovernmental agreements with respect thereto (including the intergovernmental agreement between the United States and Spain on the implementation of FATCA), or any law implementing an intergovernmental agreement or
any regulations or official interpretations relating thereto; or 
 (ix) in the case of any combination of items listed in
(i) through (viii) above. 

  
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 Additional Amounts will also not be paid with respect to any payment to a Holder who is a
fiduciary, a partnership, a limited liability company or person other than the sole beneficial owner of that payment, to the extent that payment would be required by the laws of Spain (or any political subdivision thereof) to be included in the
income, for tax purposes, of a beneficiary or settlor with respect to the fiduciary, a member of that partnership, an interest holder in that limited liability company or a beneficial owner who would not have been entitled to the Additional Amounts
had it been the Holder. 
 For the purposes of (iv) above, the “Relevant Date” means, in respect of any payment, the date on
which such payment first becomes due and payable, but if the full amount of the moneys payable has not been received by the Trustee on or prior to such due date, it means the first date on which, the full amount of such moneys having been so
received and being available for payment to Holders of Senior Preferred Debt Securities, notice to that effect shall have been duly given to the Holders of the relevant series of Senior Preferred Debt Securities in accordance with Section 1.06.

 Unless the context otherwise requires, any reference in this Section 10.04 to “principal” shall include any premium
payable, or Redemption Amount and any other amounts in the nature of principal payable pursuant to this Senior Preferred Debt Securities Indenture and “interest” shall include all amounts payable pursuant to Section 3.07 and any other
amounts in the nature of interest payable under this Senior Preferred Debt Securities Indenture. 
 As used in this Section 10.04, the
term “Redemption Amount” means, as appropriate, the Maturity Redemption Amount, Early Redemption Amount (Tax), Early Redemption Amount (Call), Early Redemption Amount (Put), Early Termination Amount and Early Redemption Amount (TLAC/MREL
Disqualification Event) (if applicable) or such other amount in the nature of a redemption amount as may be specified in, or determined in accordance with the provisions of, Section 3.01. 

Unless the context requires otherwise, any references in this Senior Preferred Debt Securities Indenture to payment of principal of or
interest on a Senior Preferred Debt Security shall be deemed to include any Additional Amounts payable with respect thereto. 
 In the event
that any withholding or deduction for or on account of any taxes is required, at least 10 days prior to each date of payment of principal of or interest on the relevant series of Senior Preferred Debt Securities, or, if later, promptly after the
obligation to withhold or deduct becomes known to the Company, the Company will furnish to the Trustee and the Paying Agent, if other than the Trustee, an Officer’s Certificate specifying the amount required to be withheld or deducted on such
payments to such Holders, certifying that the Company shall pay such amounts required to be withheld to the appropriate taxing jurisdiction and certifying to the fact that the Additional Amounts will be payable and the amounts so payable to each
Holder, and that the Company will pay to the Trustee or the Paying Agent the Additional Amounts required to be paid; provided that no such Officer’s Certificate will be required prior to any date of payment of principal of or interest on such
Senior Preferred Debt Securities if there has been no change with respect to the matters set forth in a prior Officer’s Certificate. The Trustee and Paying Agent may rely on the fact that any Officer’s Certificate contemplated by this
paragraph has not been furnished as evidence of the fact that no withholding or deduction for or on account of any taxes is required. The Company covenants to indemnify the Trustee and Paying Agent for and to hold them harmless against any loss,
liability or expense reasonably incurred without negligence or bad faith on their part arising out of or in connection with actions taken or omitted by any of them in reliance on any such Officer’s Certificate furnished pursuant to this
paragraph or on the fact that any Officer’s Certificate contemplated by this paragraph has not been furnished. 

  
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 Section 10.05. Corporate Existence. Subject to Article 8, the Company will do or
cause to be done all things necessary to preserve and keep in full force and effect its respective corporate existence, provided, however, that the foregoing shall not obligate the Company to preserve any such right or franchise if the
Company shall determine that the preservation thereof is no longer desirable in the conduct of its business and that the loss thereof is not disadvantageous in any material respect to any Holder. 

Section 10.06. Statement as to Compliance. The Company will deliver to the Trustee, within 120 days after the end of each fiscal
year, a certificate in compliance with Section 314(a)(4) of the Trust Indenture Act. 
 Section 10.07. Original Issue
Document. The Company shall provide to the Trustee on a timely basis such information, if any, as the Trustee requires to enable the Trustee to prepare and file any form required to be submitted by the Company with the Internal Revenue Service
and the Holders of the Senior Preferred Debt Securities relating to any original issue discount, including, without limitation, Form 8281, Form 1099-OID or any successor forms. 

ARTICLE 11 

REDEMPTION OF SENIOR PREFERRED DEBT SECURITIES 

Section 11.01. Applicability of Article. Senior Preferred Debt Securities of any series shall be redeemable in accordance with
their terms and (except as otherwise specified pursuant to Section 3.01 for Senior Preferred Debt Securities of any series) in accordance with this Article 11. 

Section 11.02. Election to Redeem; Notice to Trustee. The election of the Company to redeem any Senior Preferred Debt Securities
shall be evidenced by a Board Resolution. Unless otherwise provided as contemplated by Section 3.01 with respect to any series of Senior Preferred Debt Securities, the Company shall, at least 15 days prior, but not more than 60 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 Preferred Debt Securities of such series to be redeemed and, if
applicable, the tenor of the Senior Preferred Debt Securities to be redeemed. In the case of any redemption of Senior Preferred Debt Securities of any series prior to the expiration of any provision restricting such redemption provided in the terms
of such Senior Preferred Debt Securities or elsewhere in this Senior Preferred Debt Securities Indenture, the Company shall furnish the Trustee with respect to such Senior Preferred Debt Securities with an Officer’s Certificate evidencing
compliance with or waiver of such provision. 

  
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 Section 11.03. Selection by Trustee of Senior Preferred Debt Securities to be
Redeemed. Unless otherwise provided as contemplated by Section 3.01 with respect to any series of Senior Preferred Debt Securities, if less than all the Senior Preferred Debt Securities of any series are to be redeemed, the
particular Senior Preferred Debt Securities to be redeemed shall be selected not more than 60 days nor less than 15 days prior to the Redemption Date by the Trustee, from the Outstanding Senior Preferred Debt Securities of such series not previously
called for redemption, pro rata, by lot or by such method as the Trustee shall deem fair and appropriate and which may provide for the selection for redemption of portions (equal to the minimum authorized denomination for Senior Preferred Debt
Securities of that series or any multiple thereof) of the principal amount of Senior Preferred Debt Securities of such series of a denomination larger than the minimum authorized denomination for Senior Preferred Debt Securities of that series. 

The Trustee shall promptly notify the Company in writing of the Senior Preferred Debt Securities selected for redemption and, in the case of
any Senior Preferred Debt Securities selected for partial redemption, the principal amount thereof to be redeemed. 
 For all purposes of
this Senior Preferred Debt Securities Indenture, unless the context otherwise requires, all provisions relating to the redemption of Senior Preferred Debt Securities shall relate in the case of any Senior Preferred Debt Securities redeemed or to be
redeemed only in part, to the portion of the principal amount of such Senior Preferred Debt Security which has been or is to be redeemed. 

Section 11.04. Notice of Redemption. Unless otherwise provided as contemplated by Section 3.01 with respect to any
series of Senior Preferred Debt Securities, notice of redemption shall be given not less than 15 nor more than 60 days prior to the Redemption Date to each Holder of Senior Preferred Debt Securities to be redeemed in the manner and to the extent
provided in Section 1.06. 
 All notices of redemption shall state: 

(a) the series of Senior Preferred Debt Securities subject to redemption, 

(b) the Redemption Date, 
 (c)
the Redemption Price, 
 (d) if less than all the Outstanding Senior Preferred Debt Securities of any series are to be redeemed, the
principal amount of the Senior Preferred Debt Securities to be redeemed (except in the case of a redemption pursuant to Section 11.08 and Section 11.12, which must be a redemption in full), 

  
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 (e) that on the Redemption Date the Redemption Price together with any accrued but unpaid
interest will become due and payable upon each such Senior Preferred Debt Security to be redeemed and, if applicable, that interest thereon will cease to accrue on or after the said date, 

(f) the place or places where such Senior Preferred Debt Securities are to be surrendered for payment of the Redemption Price, and 

(g) the CUSIP, Common Code and/or ISIN number or numbers, if any, with respect to such Senior Preferred Debt Securities. 

Any such notice provided pursuant to this Section 11.04 shall be irrevocable, and the delivery thereof shall oblige the Company to make
the redemption therein specified (unless the Bail-in Power is exercised by the Relevant Resolution Authority before the occurrence of such redemption). 

Notice of redemption of Senior Preferred Debt Securities to be redeemed at the selection of the Company shall be given by the Company or, at
the Company’s request, by the Trustee in the name and at the expense of the Company, and the Company shall deliver an Officer’s Certificate requesting that the Trustee give such and setting forth the information to be stated in such notice
no less than 10 Business Days prior to the date of the notice to Holders of Senior Preferred Debt Securities (unless a shorter notice shall be satisfactory to the Trustee). 

Section 11.05. Deposit of Redemption Price. On or prior to any Redemption Date, the Company shall deposit with the Trustee or with
a Paying Agent (or, if the Company is acting as Paying Agent, segregate and hold in trust as provided in Section 10.03) an amount of money sufficient to pay the Redemption Price of, and (except if the Redemption Date shall be an Interest
Payment Date) accrued but unpaid interest on, all the Senior Preferred Debt Securities which are to be redeemed on that date. 

Section 11.06. Senior Preferred Debt Securities Payable on Redemption Date. Notice of redemption having been given as aforesaid,
the Senior Preferred Debt Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified, and from and after such date (unless the Company shall default in the payment of the Redemption
Price and accrued interest, if any) such Senior Preferred Debt Securities shall cease to accrue interest. Upon surrender of any such Senior Preferred Debt Security for redemption in accordance with said notice, such Senior Preferred Debt Security
shall be paid by the Company at the Redemption Price, together with accrued but unpaid interest to the Redemption Date; provided, however, that with respect to any Senior Preferred Debt Securities, unless otherwise specified as
contemplated by Section 3.01, a payment of interest which is payable on an Interest Payment Date which is the Redemption Date, shall be payable to the Holders of such Senior Preferred Debt Securities, or one or more Predecessor Securities,
registered as such at the close of business on the relevant Regular or Special Record Date according to the terms of the Senior Preferred Debt Securities and the provisions of Section 3.07. Senior Preferred Debt Securities in definitive
form shall be presented for redemption to the Paying Agent. 

  
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 If any Senior Preferred Debt Security called for redemption shall not be so paid upon
surrender thereof for redemption, the Senior Preferred Debt Security shall, until paid, continue to accrue interest from and after the Redemption Date in accordance with its terms and the provisions of Section 3.07. 

Section 11.07. Senior Preferred Debt Securities Redeemed in Part. Any Senior Preferred Debt Security which is to be redeemed only
in part shall be surrendered at a Place of Payment therefor (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder
thereof or his attorney duly authorized in writing), and the Company shall execute and the Trustee shall authenticate and deliver to the Holder of such Senior Preferred Debt Security without service charge, a new Senior Preferred Debt Security or
Senior Preferred Debt Securities of the same series of any authorized denomination as requested by such Holder, in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Senior Preferred Debt Security
so surrendered. If a Global Security is surrendered, the new Senior Preferred Debt Security will also be a Global Security. 

Section 11.08. Optional Redemption for Taxation Reasons. Unless otherwise provided as contemplated by Section 3.01 with
respect to any series of Senior Preferred Debt Securities, the following shall apply if, in relation to the Senior Preferred Debt Securities of any series, (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 Preferred Debt Securities of such series or any earlier date specified pursuant to Section 3.01 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 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 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 certificate signed by two directors of the Company stating that such circumstances prevail and describing the facts leading thereto, an opinion of independent legal
advisers of recognized standing to the effect that such circumstances prevail the Company may, at its option and having given no less than 15 nor more than 60 days’ notice (ending, in the case of Senior Preferred Debt Securities which bear
interest at a floating rate, on a day upon which interest is payable) to the holders of the Senior Preferred Debt Securities of such series in accordance with Section 11.04 (which notice shall be irrevocable), redeem in whole, but not in part,
the Outstanding Senior Preferred Debt Securities of such series at their early tax redemption amount (the “Early Redemption Amount (Tax)”) (which shall be their principal amount or at such other Early Redemption Amount (Tax) as may be
specified in or determined in accordance with Section 3.01), together with any accrued interest thereon to (but excluding) the date fixed for redemption; provided, however, that (i) in the case of (a) above, no such notice of
redemption may be given earlier than 90 days (or, in the case of Senior Preferred Debt Securities which bear interest at a floating rate a number of days which is equal to the aggregate of the number of days falling within the then current interest
period applicable to the Senior Preferred Debt Securities of such series plus 60 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 Preferred Debt Securities
of such series then due and (ii) in the case of Senior Preferred Debt Securities where an Optional Redemption for TLAC/MREL Disqualification Event is specifically provided for in respect of such series of Senior Preferred Debt Securities,
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 is subject to the Company obtaining prior Supervisory Permission
therefor, if and as required under Applicable Banking Regulations. 

  
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 Section 11.09. Repurchase of Senior Preferred Debt Securities. Unless otherwise
provided as contemplated by Section 3.01 with respect to any series of Senior Preferred Debt Securities, the Company and any of its subsidiaries or any third party designated by any of them, may at any time repurchase Senior Preferred Debt
Securities of any series in the open market or otherwise and at any price. 
 Section 11.10. Optional Early Redemption (Call).
Unless otherwise provided as contemplated by Section 3.01 with respect to any series of Senior Preferred Debt Securities, the Company may, at the date or dates specified as contemplated by Section 3.01 with respect to such series,
upon the expiration of the appropriate notice pursuant to Section 11.04, redeem in whole (but not, except as otherwise specified pursuant to Section 3.01, in part) the Senior Preferred Debt Securities of such series at their call early
redemption amount (the “Early Redemption Amount (Call)”) (which shall be their principal amount or such other Early Redemption Amount (Call) as may be specified in or determined pursuant to Section 3.01), together with any accrued
interest thereon to (but excluding) the date fixed for redemption. 
 In the case of Senior Preferred Debt Securities where an Optional
Redemption for TLAC/MREL Disqualification Event is specifically provided for in respect of such series of Senior Preferred Debt Securities, as contemplated by Section 3.01, redemption at the option of the Company pursuant to this
Section 11.10 will be subject to the prior consent of the Regulator and/or the Relevant Resolution Authority 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. 
 If the Senior Preferred Debt Securities of any series are to be redeemed in part only on any date in
accordance with this Section 11.10, the Senior Preferred Debt Securities of such series shall be redeemed (so far as may be practicable) pro rata to their principal amounts, or by lot or such other method as the Trustee deems fair and
appropriate, subject always as aforesaid and provided always that the amount redeemed in respect of the Senior Preferred Debt Securities of such series shall be equal to the minimum authorized denomination thereof or an integral multiple thereof,
subject always to compliance with all applicable laws and the requirements of any clearing system on which the Senior Preferred Debt Securities of any such series may be cleared and of any listing authority, stock exchange and/or quotation system on
which the Senior Preferred Debt Securities of such series may be listed and/or quoted. 

  
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 Section 11.11. Optional Early Redemption (Put). Unless otherwise provided as
contemplated by Section 3.01 with respect to any series of Senior Preferred Debt Securities, the Company shall, upon the exercise of the relevant option by a holder of Senior Preferred Debt Securities of any series, redeem the Senior Preferred
Debt Securities of such series as may be specified pursuant to Section 3.01 at the put early redemption amount (the “Early Redemption Amount (Put)”) (which shall be the principal amount or such other Early Redemption Amount (Put) as
may be specified in or determined pursuant to Section 3.01), together with accrued interest (if any) thereon. In order to exercise such option, the holder of the Senior Preferred Debt Securities of such series must, not less than sixty days
before the date so specified (or such other period as may be specified pursuant to Section 3.01), deposit a duly completed redemption notice in the form which is available from the specified office of the Trustee specifying the aggregate
principal amount in respect of which such option is exercised (which must be the minimum denomination specified in the relevant prospectus supplement or an integral multiple thereof). Such notice must also be delivered in accordance with the
requirements of the applicable clearing system. No option exercised may be withdrawn (except as provided in the relevant indenture). 
 A
holder of any series of Senior Preferred Debt Securities may not exercise its optional early redemption (put) pursuant to this Section 11.11 in respect of any series of Senior Preferred Debt Securities which is the subject of an exercise by the
Company of its option to redeem such series of Senior Preferred Debt Securities pursuant to Section 11.08 or Section 11.10. 

Section 11.12. Optional Redemption For TLAC/MREL Disqualification Event. If an Optional Redemption for TLAC/MREL Disqualification
Event is specifically provided for in respect of a series of Senior Preferred Debt Securities, as contemplated by Section 3.01, and if 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 60 days’ notice (ending, in the case of Senior Preferred Debt Securities which bear interest at a floating rate, on a day upon which interest is payable) to the Holders of the Senior Preferred Debt
Securities of such series in accordance with Section 11.04 above (which notice shall be irrevocable and shall specify the date of redemption) and a concurrent copy thereof to the Trustee, elect to redeem in whole but not in part the Outstanding
Senior 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)”). 

  
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 Redemption on the basis of a TLAC/MREL Disqualification Event is subject to the Company
obtaining prior 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. 

ARTICLE 12 
 BAIL-IN AND RESOLUTION ACTIONS 

Section 12.01. Agreement and Acknowledgement with Respect to the Exercise of the Bail-in
Power. (a) Notwithstanding any other term of the Senior Preferred Debt Securities of any series or any other agreements, arrangements, or understandings between the Company and any Holder of the Senior Preferred Debt Securities of any
series, by its acquisition of the Senior Preferred Debt Securities of any series, each Holder (which, for the purposes of this clause, includes each holder of a beneficial interest in the Senior Preferred Debt Securities of any series) 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 shares, other securities or other obligations of the
Company or another person (and the issue to the Holder of such shares, securities or obligations), including by means of an amendment, modification or variation of the terms of the Senior Preferred Debt Securities, in which case the Holder agrees to
accept in lieu of its rights under such Senior Preferred Debt Securities any such shares, other securities or other obligations of the Company or another person; 



 

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



 

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



(ii) that the terms of the Senior Preferred Debt Securities 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. 

  
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 (b) The exercise of the Bail-in Power by the
Relevant Resolution Authority with respect to the Senior Preferred Debt Securities shall not constitute an Event of Default and the terms and conditions of the Senior Preferred Debt Securities shall continue to apply in relation to the residual
principal amount of, or outstanding amount payable with respect to, the Senior Preferred Debt Securities 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 Group entities incorporated in the relevant
member state. 
 (c) No repayment or payment of Amounts Due, if any, on the Senior Preferred Debt Securities of any series, 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. 
 (d) By its acquisition of the Senior Preferred Debt Securities of any series, each Holder of the Senior Preferred Debt
Securities of such series, (which, for the purposes of this clause, includes each holder of a beneficial interest in the Senior Preferred Debt Securities of such series), 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 the Senior Preferred Debt Securities of such series. 

(e) Additionally, by its acquisition of the Senior Preferred Debt Securities of any series, each Holder of the Senior Preferred Debt
Securities of such series 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 Senior Preferred Debt Securities of
such series with respect to any portion of the Senior Preferred Debt Securities of such series that are written-down, converted to equity and/or cancelled under this Senior Preferred Debt Securities Indenture, which authorizes holders of a majority
in aggregate outstanding principal amount of the Outstanding Senior Preferred Debt Securities of such series to direct certain actions relating to the Senior Preferred Debt Securities of such series; and 

(ii) this Senior Preferred Debt Securities 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; 

  
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 provided, however, that notwithstanding the exercise of the Bail-in
Power by the Relevant Resolution Authority, so long as the Senior Preferred Debt Securities of any series remain Outstanding, there will at all times be a Trustee for the Senior Preferred Debt Securities of such series in accordance with this Senior
Preferred Debt Securities Indenture, and the resignation and/or removal of the Trustee and the appointment of a successor Trustee will continue to be governed by this Senior Preferred Debt Securities Indenture, including to the extent no additional
supplemental indenture or amendment is agreed upon in the event the Senior Preferred Debt Securities of such series remain Outstanding following the completion of the exercise of the Bail-in Power. 

(f) By its acquisition of the Senior Preferred Debt Securities of any series, each Holder of the Senior Preferred Debt Securities of such
series 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 Senior Preferred Debt Securities of such series 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. 
 (g) By purchasing the Senior Preferred Debt Securities of any series, each Holder (including each beneficial owner)
of the Senior Preferred Debt Securities of such series shall be deemed to have authorized, directed and requested DTC and any direct participant in DTC or other intermediary through which it holds the Senior Preferred Debt Securities of such series
to take any and all necessary action, if required, to implement the exercise of the Bail-in Power with respect to the Senior Preferred Debt Securities of such series as it may be imposed, without any further
action or direction on the part of such Holder. 
 (h) Each Holder of the Senior Preferred Debt Securities of any series 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 Senior Preferred Debt Securities of any series. 

(i) Each Holder of the Senior Preferred Debt Securities of any series that acquires such Senior Preferred Debt Securities 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 Senior Preferred Debt Securities that acquire the Senior
Preferred Debt Securities 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 Senior Preferred Debt Securities, including in relation to the Bail-in-Power. 
 This instrument 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 Senior Preferred Debt Securities Indenture and of
signature pages by facsimile or electronic format (i.e., “pdf” or “tif”) transmission shall constitute effective execution and delivery of this Senior Preferred Debt Securities Indenture as to the parties hereto and may be used
in lieu of the original Indenture for all purposes. 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Senior Preferred Debt Securities
Indenture to be duly executed, all as of the day and year first above written. 
  

			
	BANCO SANTANDER, S.A.
		
	By:	 	 
		 	Name:
		 	Title:


  

			
	 THE BANK OF NEW YORK MELLON,
LONDON BRANCH, as Trustee

		
	By:	 	 
		 	Name:
		 	Title:














 APPENDIX 1: PROCEDURES FOR COMPLIANCE WITH SPANISH TAX LEGISLATION 

Information Procedures and Certification Obligations of the Trustee or Paying Agent in respect of payments under the Senior Preferred Debt Securities

  

	1.	 Delivery of the Payment Information Certificate: In connection with each payment of income under the
Senior Preferred Debt Securities, the Trustee or Paying Agent shall deliver to the Company by the close of business on the business day immediately preceding the day on which such payment is made a duly completed an executed Payment Information
Certificate substantially in the form set forth in Exhibit I hereto (Form of Payment Information Certificate). Such form may be delivered initially by email, in pdf form, or by fax, provided that the original is delivered by the end of the
following month. 


 If the Payment Information Certificate is delivered by the Trustee or Paying Agent in a timely manner
to the Company, the relevant income payment will be made free and clear of Spanish withholding tax. 
 The Trustee or Paying Agent shall have
no duty or responsibility to comply with Spanish tax laws arising out of this Senior Preferred Debt Securities Indenture, and may request and rely conclusively upon any instructions from the Company in respect of any action necessary or required to
be taken by the Trustee or Paying Agent pursuant to this Appendix 1; provided, however, that in no event shall the Trustee or Paying Agent be required to expend or risk its own funds in the performance of any of its duties
pursuant to this Appendix 1, or be obligated to take any legal or other action which might in its judgment involve or cause it to incur any expense or liability unless it shall have been furnished with acceptable indemnification. 

The Company agrees to instruct the Trustee or Paying Agent in writing with respect to any certifications that may be required under Spanish
law, and the Trustee or Paying Agent acknowledges that this Appendix 1 shall constitute an instruction in this regard, unless otherwise instructed in writing by the Company. 
  

	2.	 Failure to deliver the Payment Information Certificate: In the event that the Trustee or Paying Agent
fails or for any reason is unable to deliver a timely, duly completed Payment Information Certificate as described above to the Company in respect of a payment of income under the Senior Preferred Debt Securities, the Trustee or Paying Agent shall
withhold Spanish income tax on behalf of the Company from the relevant payment at the then-applicable rate (currently set at 19). 


  

	3.	 If, after the relevant payment date but before the 10th day of the month immediately following the relevant
payment date the Trustee or Paying Agent provides the duly completed Payment Information Certificate to the Company, then the Company shall instruct the Trustee or Paying Agent to immediately transfer the amounts withheld in respect of the relevant
payment pursuant to paragraph 1 above by way of reimbursement of the amounts withheld on the relevant payment date and completion of the corresponding income payment in respect of payments under the Senior Preferred Debt Securities.




  
 2 














	4.	 If the Trustee or Paying Agent fails or for any reason is unable to submit a duly completed and executed
Payment Information Certificate to the Company by the 10th day of the month immediately following the relevant payment date, the Trustee or Paying Agent shall immediately return (but in any event no later than the 10th day of the month immediately
following the relevant payment date) to the Company any remaining amount of the 19% tax withheld in respect of the relevant payment, and investors will have to apply directly to the Spanish tax authorities for any refund to which they may be
entitled. 



  
 3 













 EXHIBIT I 

Anexo al Reglamento General de las actuaciones y los procedimientos de gestión e inspección tributaria y de desarrollo de las normas comunes
de los procedimientos de aplicación de los tributos, aprobado por Real Decreto 1065/2007 
 Modelo de declaración a que se refieren los
apartados 3, 4 y 5 del artículo 44 del Reglamento General de las actuaciones y los procedimientos de gestión e inspección tributaria y de desarrollo de las normas comunes de los procedimientos de aplicación de los
tributos 
 Annex to Royal Decree 1065/2007, of 27 July, approving the General Regulations of the tax inspection and management procedures and
developing the common rules of the procedures to apply taxes 
 Declaration form referred to in paragraphs 3, 4 and 5 of Article 44 of the General
Regulations of the tax inspection and management procedures and developing the common rules of the procedures to apply taxes 
 Don (nombre), con
número de identificación fiscal (...)(1), en nombre y representación de (entidad declarante), con número de identificación fiscal (....)(1) y domicilio en (...) en calidad de (marcar la letra que proceda): 
 Mr. (name), with tax
identification number (...)(1), in the name and on behalf of (entity), with tax identification number (....)(1) and address in (...) as
(function—mark as applicable): 
 (a) Entidad Gestora del Mercado de Deuda Pública en Anotaciones. 

(a) Management Entity of the Public Debt Market in book entry form. 

(b) Entidad que gestiona el sistema de compensación y liquidación de valores con sede en el extranjero. 

(b) Entity that manages the clearing and settlement system of securities resident in a foreign country. 

(c) Otras entidades que mantienen valores por cuenta de terceros en entidades de compensación y liquidación de valores domiciliadas en
territorio español. 
 (c) Other entities that hold securities on behalf of third parties within clearing and settlement systems domiciled in the
Spanish territory. 
 (d) Agente de pagos designado por el emisor. 

(d) Issuing and Paying Agent appointed by the issuer. 

  
 4 













 Formula la siguiente declaración, de acuerdo con lo que consta en sus propios registros: 

Makes the following statement, according to its own records: 

1. En relación con los apartados 3 y 4 del artículo 44: 

1. In relation to paragraphs 3 and 4 of Article 44: 
 1.1
Identificación de los valores 
 1.1 Identification of the securities 

1.2 Fecha de pago de los rendimientos (o de reembolso si son valores emitidos al descuento o segregados) 

1.2 Income payment date (or refund if the securities are issued at discount or are segregated) 

1.3 Importe total de los rendimientos (o importe total a reembolsar, en todo caso, si son valores emitidos al descuento o segregados) 

1.3 Total amount of income (or total amount to be refunded, in any case, if the securities are issued at discount or are segregated) 

1.4 Importe de los rendimientos correspondiente a contribuyentes del Impuesto sobre la Renta de las Personas Físicas, excepto cupones segregados y
principales segregados en cuyo reembolso intervenga una Entidad Gestora 
 1.4 Amount of income corresponding to Personal Income Tax taxpayers, except
segregated coupons and segregated principals for which reimbursement an intermediary entity is involved 
 1.5 Importe de los rendimientos que conforme
al apartado 2 del artículo 44 debe abonarse por su importe íntegro (o importe total a reembolsar si son valores emitidos al descuento o segregados). 

1.5 Amount of income which according to paragraph 2 of Article 44 must be paid gross (or total amount to be refunded if the securities are issued at discount
or are segregated). 
 2. En relación con el apartado 5 del artículo 44. 

2. In relation to paragraph 5 of Article 44. 
 2.1
Identificación de los valores 
 2.1 Identification of the securities 

  
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 2.2 Fecha de pago de los rendimientos (o de reembolso si son valores emitidos al descuento o segregados)

 2.2 Income payment date (or refund if the securities are issued at discount or are segregated) 

2.3 Importe total de los rendimientos (o importe total a reembolsar si son valores emitidos al descuento o segregados 

2.3 Total amount of income (or total amount to be refunded if the securities are issued at discount or are segregated) 

2.4 Importe correspondiente a la entidad que gestiona el sistema de compensación y liquidación de valores con sede en el extranjero A.

 2.4 Amount corresponding to the entity that manages the clearing and settlement system of securities resident in a foreign country A. 

2.5 Importe correspondiente a la entidad que gestiona el sistema de compensación y liquidación de valores con sede en el extranjero B.

 2.5 Amount corresponding to the entity that manages the clearing and settlement system of securities resident in a foreign country B. 

2.6 Importe correspondiente a la entidad que gestiona el sistema de compensación y liquidación de valores con sede en el extranjero C.

 2.6 Amount corresponding to the entity that manages the clearing and settlement system of securities resident in a foreign country C. 

Lo que declaro
en                    a        
de                     de         

I declare the above in                    
     on the     of                         
of     
  

	(1) 	 En caso de personas, físicas o jurídicas, no residentes sin establecimiento permanente se
hará constar el número o código de identificación que corresponda de conformidad con su país de residencia 


  

	(1) 	 In case of non-residents (individuals or corporations) without
permanent establishment in Spain it shall be included the number or identification code which corresponds according to their country of residence. 



  
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