Santander Manages

1. The risks inherent in the investment funds that are invested in at any time through the portfolio management service must be taken into account. Investment funds are products that depend on fluctuations in market prices and other variables.
The value of units can go up as well as down, therefore, the recovery of the initial capital invested cannot be guaranteed, Past results are not a reliable indicator of future returns.
Investment funds involve certain risks (market, credit, liquidity, currency, interest rate, etc.), which are all detailed in the Prospectus and in the Simplified Prospectus or document that replaces it in the State of origin of the investment fund (in the case of funds established in Spain, the Key Investor Information Document (KIID)). The nature and scope of the risks will depend on the type of fund, its individual characteristics, the currency and the assets in which the equity of the fund is invested.
The taxation of the income obtained by the participants will depend on the tax legislation applicable to their personal situation and may vary in the future.
This information is of an advertising nature and is disseminated exclusively for informational purposes. Its content does not constitute the basis of any contract or commitment, nor should it be considered as investment advice or a recommendation of any kind.
Banco Santander, S.A. – Registered Office: Paseo de Pereda, 9-12. SANTANDER – Trade Registry of Santander, Page 286, Sheet 64, Book 5 of Companies, Entry 1 Tax ID (NIF) A-39000013.