Investing in securities for businesses

Useful information:

Financial instruments involve certain risks (market, credit, liquidity, currency, interest rate, sustainability risk etc.), and therefore all or some of the investment may be lost. The risks are listed in the product's legal documentation.

Before taking any investment decision, investors must consult the information in the financial instrument's legal documentation (in the case of a Collective Investment Undertaking (CIU), in the Prospectus and in the Key Investor Information Document (KIID)), available both from the relevant supervisory body and from the market where the instrument may be listed for trading, if any, and on the website of the issuer or the management company. The decision to invest in a financial instrument must be taken in due consideration of all the characteristics or objectives of the financial instrument, as described in its legal documentation. Past performance is not a reliable indicator of future results, and if the financial instrument is denominated in currencies other than the euro, performance may go up or down as a result of currency changes.

The opinions expressed in investment and analysis reports reflect the personal opinions of the analysis teams producing them at the time of issuance, and they may be amended. Provision of such information does not constitute the provision of an investment advisory service. Under no circumstances may this information be used or considered as an offer to sell or an offer to buy. Any investment decision by the recipient of this information must be taken in due consideration of the legal documentation for the financial instrument concerned.

With regards to receiving investment analyses and reports, as part of the market information the Bank might provide to the recipient of this communication, the Bank hereby informs that, according to the applicable regulations on incentives, supplying analyses to certain institutions that provide investment or ancillary services to investors, including portfolio managers ("institutions within scope"), requires that these institutions bear the cost of the analysis directly or pay such cost by debiting a separate analysis payment account holding funds from the investors themselves. For this reason, in view of ensuring that investment analysis and reporting provision complies with the applicable regulations, if the recipient of this communication is considered an institution within scope (and, therefore, is subject to analysis payment obligations), the recipient must identify themselves as such and expressly inform the Bank thereof at avalores@gruposantander.com.

Taxation of returns on investment will depend on the tax legislation applicable to the personal circumstances of each investor, and may vary in the future.

This is an advertising communication, for commercial purposes. It is not contractual information or information that is legally required. It should not be treated as an investment recommendation or advice of any kind, and it is not sufficient in itself as the basis for making an investment decision.

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1. There are no fees for opening and maintaining the securities account. See information on the costs and expenses associated with securities trading and custody and those related to financial instruments.