Commentary & Deal Flow

Reoffer: Long 3yr: MS+14bp / 99.641 / 3.623% Long 6yr: MS+28bp / 99.365 / 3.743%
Benchmark: Long 3yr: OBL 2.40% 10-Nov-29 @ 97.90 / B+38.9bp (HR:107%) Long 6yr: DBR 2.50% 15-Nov-32 @ 95.50 / B+42.3bp (HR:103%)

Tranche 1 (Long 3yr): Final Books > €2.2bn (incl. €550m JLMs). Peak book > €2.25bn (incl. €550m JLMs)
Tranche 2 (Long 6yr): Final Books > €1.85bn (incl. €475m JLMs). Peak book > €1.85bn (incl. €475m JLMs)

Launched:
Long 3yr: €1.25bn @ MS+14bp - Books > €2.25bn (incl. €550m JLMs)
Long 6yr: €1bn @ MS+28bp - Books > €1.85bn (incl. €475m JLMs)
Spread set at: Long 3yr: MS+14#bp - Books > €2bn (€550m JLMs) Long 6yr: MS+28#bp - Books > €1.75bn (€475m JLMs)
Book Update: Combined books > €3.4bn (incl. €1bn JLMs)
Guidance: 3yr: MS+19a 6yr: MS+32a

• Issuer: Banco Santander, S.A.
• LEI: 5493006QMFDDMYWIAM13
• Issuer Ratings: A1 (Stable) / A+ (Stable) / A+ (Stable) by Moody's / S&P / Fitch
• Expected Issue Rating: Aaa (Moody's)
• Notes: Cédulas Hipotecarias (European Premium Mortgage Covered Bonds)
• Form: Reg S bearer form
• Settlement: 28-Sep-26 (T+5)
• Maturity:
  • Long 3yr: 28-Dec-29 (long 3-year Soft Bullet)
  • Long 6yr: 28-Dec-32 (long 6-year Soft Bullet)
• Currency / Size:
  • Long 3yr: €1.25bn
  • Long 6yr: €1bn
• Spread:
  • Long 3yr: MS + 14bp
  • Long 6yr: MS + 28bp
• Benchmark:
  • Long 3yr: OBL 2.40% 10-Nov-29 + 38.9bp (97.90%) HR:107%
  • Long 6yr: DBR 2.50% 15-Nov-32 + 42.3bp (95.50%) HR:103%
• Reoffer:
  • Long 3yr: 99.641% (3.623%)
  • Long 6yr: 99.365% (3.743%)
• Coupon:
  • Long 3yr: 3.50% Fixed, Annual, ACT/ACT ICMA Short first
  • Long 6yr: 3.625% Fixed, Annual, ACT/ACT ICMA Short first
• Denominations: €100,000 (+ €100,000)
• Listing: AIAF (Madrid)
• Governing Law: Spanish Law
• Doc: Issuer's €55bn Base Prospectus of Mortgage Covered Bonds, Public Sector Covered Bonds and Export Finance Covered Bonds (European Covered Bonds (Premium)) 2026, approved by the CNMV on 6-Aug-26, and the Issuer's Universal Registration Document, approved by and registered with the CNMV on 24-Mar-26.
• Global Coordinator: Santander (B&D)
• Joint Lead Managers: Barclays, BofA Securities, Danske Bank, ING, J.P. Morgan, NatWest, NORD/LB, RBC Capital Markets, Santander and UBS Investment Bank
• ISIN:
  • Long 3yr: XS3512873145
  • Long 6yr: XS3512873491
• Timing: TOE 15:46CET FTT 16:05CET TOE 15 :47CET FTT 16 :05CET
• Fees: The Joint Lead Managers will be paid a fee in connection with the transaction.
• Target Market: The manufacturer target market (MiFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs key information document (KID) or UK PRIIPs KID/CCI product summary has been prepared as the covered bonds will not be available to retail investors in the EEA or in the UK.
• Advertisement: The Base Prospectus, the Universal Registration Document, any applicable Supplements and the Final Terms, when published, will be available on the CNMV website.