<SEC-DOCUMENT>0001104659-25-045061.txt : 20250506
<SEC-HEADER>0001104659-25-045061.hdr.sgml : 20250506
<ACCEPTANCE-DATETIME>20250506161939
ACCESSION NUMBER:		0001104659-25-045061
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250506
DATE AS OF CHANGE:		20250506

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Booking Holdings Inc.
		CENTRAL INDEX KEY:			0001075531
		STANDARD INDUSTRIAL CLASSIFICATION:	TRANSPORTATION SERVICES [4700]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				061528493
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-273678
		FILM NUMBER:		25917549

	BUSINESS ADDRESS:	
		STREET 1:		800 CONNECTICUT AVE
		CITY:			NORWALK
		STATE:			CT
		ZIP:			06854
		BUSINESS PHONE:		203-299-8000

	MAIL ADDRESS:	
		STREET 1:		800 CONNECTICUT AVE
		CITY:			NORWALK
		STATE:			CT
		ZIP:			06854

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Priceline Group Inc.
		DATE OF NAME CHANGE:	20140328

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PRICELINE COM INC
		DATE OF NAME CHANGE:	19981221

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Booking Holdings Inc.
		CENTRAL INDEX KEY:			0001075531
		STANDARD INDUSTRIAL CLASSIFICATION:	TRANSPORTATION SERVICES [4700]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				061528493
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		800 CONNECTICUT AVE
		CITY:			NORWALK
		STATE:			CT
		ZIP:			06854
		BUSINESS PHONE:		203-299-8000

	MAIL ADDRESS:	
		STREET 1:		800 CONNECTICUT AVE
		CITY:			NORWALK
		STATE:			CT
		ZIP:			06854

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Priceline Group Inc.
		DATE OF NAME CHANGE:	20140328

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PRICELINE COM INC
		DATE OF NAME CHANGE:	19981221
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>tm2513776d3_fwp.htm
<DESCRIPTION>FWP
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right">Filed Pursuant
to Rule 433</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right">Registration Statement No. 333-273678</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right">May 6, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">PRICING TERM SHEET</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>Dated May 6, 2025</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>BOOKING HOLDINGS INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><I>The information in this pricing
term sheet supplements Booking Holdings Inc.&rsquo;s preliminary prospectus supplement, dated May 6, 2025 (the &ldquo;<U>Preliminary Prospectus
Supplement</U>&rdquo;), and supersedes the information in the Preliminary Prospectus Supplement to the extent inconsistent with the information
in the Preliminary Prospectus Supplement. In all other respects, this term sheet is qualified in its entirety by reference to the Preliminary
Prospectus Supplement. You should rely on the information contained or incorporated by reference in the Preliminary Prospectus Supplement,
as supplemented by this final pricing term sheet, in making an investment decision with respect to the Notes. Terms used herein but not
defined herein shall have the respective meanings as set forth in the Preliminary Prospectus Supplement.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%">Issuer:</TD>
    <TD STYLE="width: 60%">Booking Holdings Inc. (the &ldquo;<U>Issuer</U>&rdquo;).</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Legal Entity Identifier:</TD>
    <TD>FXM8FAOHMYDIPD38UZ17.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Trade Date:</TD>
    <TD>May 6, 2025.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Settlement Date:*</TD>
    <TD>May 9, 2025 (T+3).</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Expected Ratings of Notes:**</TD>
    <TD>Moody&rsquo;s: A3; S&amp;P: A-.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Format:</TD>
    <TD>SEC Registered.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Notes:</TD>
    <TD>&euro;500,000,000 3.125% Senior Unsecured Notes due 2031 (the &ldquo;<U>2031 Notes</U>&rdquo;).</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&euro;750,000,000 4.125% Senior Unsecured Notes due 2038 (the &ldquo;<U>2038 Notes</U>&rdquo;).</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&euro;500,000,000 4.500% Senior Unsecured Notes due 2046 (the &ldquo;<U>2046 Notes</U>&rdquo; and, together with the 2031 Notes and the 2038 Notes, the &ldquo;<U>Notes</U>&rdquo;). </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Principal Amount:</TD>
    <TD>&euro;500,000,000 for the 2031 Notes.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&euro;750,000,000 for the 2038 Notes.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&euro;500,000,000 for the 2046 Notes.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Maturity Date:</TD>
    <TD>May 9, 2031 for the 2031 Notes.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>May 9, 2038 for the 2038 Notes.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>May 9, 2046 for the 2046 Notes.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Reference EUR Midswap:</TD>
    <TD>2031 Notes: 6-year Mid-Swaps.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>2038 Notes: 13-year Mid-Swaps.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>2046 Notes: 21-year Mid-Swaps.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Reference EUR Midswap Rate:</TD>
    <TD>2031 Notes: 2.248%.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>2038 Notes: 2.593%.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>2046 Notes: 2.613%.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Spread to EUR Midswap:</TD>
    <TD>2031 Notes: 98 basis points.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>2038 Notes: 160 basis points.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>2046 Notes: 200 basis points.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Reoffer yield:</TD>
    <TD>2031 Notes: 3.228%.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>2038 Notes: 4.193%.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>2046 Notes: 4.613%.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Price to Public (Issue Price):</TD>
    <TD>99.446% of principal amount for the 2031 Notes.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>99.329% of principal amount for the 2038 Notes.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>98.501% of principal amount for the 2046 Notes.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Government Security:</TD>
    <TD>2031 Notes: DBR 0% due February 15, 2031.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>2038 Notes: DBR 1.000% due May 15, 2038.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>2046 Notes: DBR 2.500% due August 15, 2046.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Government Security Price and Yield:</TD>
    <TD>2031 Notes: 88.580% / 2.122%.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>2038 Notes: 80.790% / 2.779%.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>2046 Notes: 92.915% / 2.953%.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Spread to Government Security:</TD>
    <TD>2031 Notes: 110.6 basis points.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>2038 Notes: 141.4 basis points.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>2046 Notes: 166.0 basis points.</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%">Gross Proceeds:</TD>
    <TD STYLE="text-align: left; width: 60%">2031 Notes: &euro;497,230,000.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">2038 Notes: &euro;744,967,500.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">2046 Notes: &euro;492,505,000.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Net Proceeds to Issuer (before expenses):</TD>
    <TD STYLE="text-align: left">2031 Notes: &euro;495,630,000.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">2038 Notes: &euro;741,892,500.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">2046 Notes: &euro;490,005,000.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Coupon:</TD>
    <TD STYLE="text-align: left">2031 Notes: 3.125% per annum.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">2038 Notes: 4.125% per annum.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">2046 Notes: 4.500% per annum.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Interest Payment Date:</TD>
    <TD STYLE="text-align: left">2031 Notes: Annually on May 9, commencing on May 9, 2026.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">2038 Notes: Annually on May 9, commencing on May 9, 2026.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">2046 Notes: Annually on May 9, commencing on May 9, 2026.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Clearing:</TD>
    <TD STYLE="text-align: left">Global Notes will be deposited with a common depository for Euroclear or Clearstream.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Listing:</TD>
    <TD STYLE="text-align: left">The Issuer intends to apply to list the Notes on the Nasdaq Bond Exchange.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;Make Whole Call:</TD>
    <TD STYLE="text-align: left">2031 Notes: Prior to March 9, 2031, the date that is two months prior to the maturity date of the 2031 Notes (the &ldquo;<U>2031 Notes Par Call Date</U>&rdquo;), callable in whole or in part at the greater of: (1) 100% of the principal amount of the 2031 Notes to be redeemed; and (2) an amount equal to the sum of the present values of the remaining scheduled payments of principal and interest on the 2031 Notes to be redeemed that would be due if such 2031 Notes matured on the 2031 Notes Par Call Date, not including any portion of the payments of interest accrued to the date of redemption, discounted to such redemption date on an annual basis at the Comparable Government Bond Rate, plus&nbsp;20 basis points; plus, in the case of each of (1) and (2), accrued and unpaid interest, if any, to, but excluding, such redemption date.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">2038 Notes: Prior to February 9, 2038, the date that is three months prior to the maturity date of the 2038 Notes (the &ldquo;<U>2038 Notes Par Call Date</U>&rdquo;), callable in whole or in part at the greater of: (1) 100% of the principal amount of the 2038 Notes to be redeemed; and (2) an amount equal to the sum of the present values of the remaining scheduled payments of principal and interest on the 2038 Notes to be redeemed that would be due if such 2038 Notes matured on the 2038 Notes Par Call Date, not including any portion of the payments of interest accrued to the date of redemption, discounted to such redemption date on an annual basis at the Comparable Government Bond Rate, plus&nbsp;25 basis points; plus, in the case of each of (1) and (2), accrued and unpaid interest, if any, to, but excluding, such redemption date.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">2046 Notes: Prior to November 9, 2045, the date that is six months prior to the maturity date of the 2046 Notes (the &ldquo;<U>2046 Notes Par Call Date</U>&rdquo;), callable in whole or in part at the greater of: (1) 100% of the principal amount of the 2046 Notes to be redeemed; and (2) an amount equal to the sum of the present values of the remaining scheduled payments of principal and interest on the 2046 Notes to be redeemed that would be due if such 2046 Notes matured on the 2046 Notes Par Call Date, not including any portion of the payments of interest accrued to the date of redemption, discounted to such redemption date on an annual basis at the Comparable Government Bond Rate, plus&nbsp;25 basis points; plus, in the case of each of (1) and (2), accrued and unpaid interest, if any, to, but excluding, such redemption date.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Par Call:</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">2031 Notes: On or after the 2031 Notes Par Call Date, callable at 100% of the principal amount of the 2031 Notes to be redeemed, plus accrued and unpaid interest thereon, if any, to, but excluding, the date of redemption.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">2038 Notes: On or after the 2038 Notes Par Call Date, callable at 100% of the principal amount of the 2038 Notes to be redeemed, plus accrued and unpaid interest thereon, if any, to, but excluding, the date of redemption.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">2046 Notes: On or after the 2046 Notes Par Call Date, callable at 100% of the principal amount of the 2046 Notes to be redeemed, plus accrued and unpaid interest thereon, if any, to, but excluding, the date of redemption.</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%">Day Count Fraction:</TD>
    <TD STYLE="width: 60%">ACTUAL/ACTUAL (ICMA), following, unadjusted.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Denominations:</TD>
    <TD>&euro;100,000 and any integral multiple of &euro;1,000 in excess thereof.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Stabilization:</TD>
    <TD>FCA/ICMA.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Common Code:</TD>
    <TD>2031 Notes: 307003210.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>2038 Notes: 307003287.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>2046 Notes: &nbsp;307003236.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>CUSIP Number:</TD>
    <TD>2031 Notes: 09857L BH0.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>2038 Notes: 09857L BJ6.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>2046 Notes: 09857L BK3.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>ISIN Number:</TD>
    <TD>2031 Notes: XS3070032100.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>2038 Notes: XS3070032878.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>2046 Notes: XS3070032365.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Joint Book-Running Managers:</TD>
    <TD>Banco Santander, S.A.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>BNP PARIBAS</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Deutsche Bank AG, London Branch</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Goldman Sachs &amp; Co. LLC</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Merrill Lynch International</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Citigroup Global Markets Limited</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>HSBC Bank plc</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>J.P. Morgan Securities plc</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>The Toronto-Dominion Bank</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>U.S. Bancorp Investments, Inc.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Co-Managers:</TD>
    <TD>ICBC Standard Bank Plc</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Standard Chartered Bank</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Prohibition of Sales to EEA/UK Retail Investors:</TD>
    <TD>Applicable.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>MiFID II/UK MiFIR Target Market:</TD>
    <TD>Eligible counterparties and professional clients only (all distribution channels).</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-weight: normal">* We expect that the
Notes will be delivered against payment therefor on or about May 9, 2025, which will be the third business day following the date of pricing
of the Notes (this settlement cycle being referred to as &ldquo;T+3&rdquo;). Under Rule 15c6-1 of the Exchange Act, trades in the secondary
market generally are required to settle in one business day, unless the parties to any such trade expressly agree otherwise. Accordingly,
purchasers who wish to trade the Notes prior to the first business day before delivery of the Notes hereunder will be required, by virtue
of the fact that the Notes will initially settle in T+3, to specify an alternate settlement cycle at the time of any such trade to prevent
a failed settlement. Purchasers of the Notes who wish to trade the Notes prior to the first business day before the date of delivery should
consult their own advisors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">** <FONT STYLE="font-weight: normal">A securities
rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. Credit ratings
are subject to change depending on financial and other factors. </FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">******</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">The Issuer has filed a registration statement (including
a prospectus) with the Securities and Exchange Commission (the &ldquo;<U>SEC</U>&rdquo;) for the offering to which this communication
relates. Before you invest, you should read the prospectus in that registration statement and the other documents the Issuer has filed
with the SEC for more complete information about the Issuer and this offering. You may get these documents for free by visiting EDGAR
on the SEC website at www.sec.gov. A copy of the Preliminary Prospectus Supplement for the offering can be obtained by calling Banco Santander,
S.A. at +34-91-257-2029, BNP Paribas at 1 (800) 854-5674, Deutsche Bank AG, London Branch at 1 (800) 503-4611, Goldman Sachs &amp; Co.
LLC, toll-free at 1 (866) 471-2526 and Merrill Lynch International, Toll-free: 1 (800) 294-1322.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">You should rely on the information contained or
incorporated by reference in the Preliminary Prospectus Supplement, as supplemented by this final pricing term sheet in making an investment
decision with respect to the Notes.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">This communication shall not constitute an offer
to sell or the solicitation of an offer to buy securities nor shall there be any sale of these securities in any state in which such solicitation
or sale would be unlawful prior to registration or qualification of these securities under the laws of any such state.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B></B></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Solely for the purposes of each manufacturer&rsquo;s
product approval process, the target market assessment in respect of the Notes has led to the conclusion that: (i) the target market
for the Notes is eligible counterparties and professional clients only, each as defined in Directive (EU) 2014/65 (as amended,
&ldquo;<B><U>MiFID II</U></B>&rdquo;); and (ii) all channels for distribution of the Notes to eligible counterparties and
professional clients are appropriate. Any person subsequently offering, selling or recommending the Notes (a
&ldquo;<B><U>distributor</U></B>&rdquo;) should take into consideration the manufacturers&rsquo; target market assessment; however,
a distributor subject to MiFID II is responsible for undertaking its own target market assessment in respect of the Notes (by either
adopting or refining the manufacturers&rsquo; target market assessment) and determining appropriate distribution channels.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Solely for the purposes of each manufacturer&rsquo;s product
approval process, the target market assessment in respect of the Notes has led to the conclusion that: (i) the target market for the Notes
is eligible counterparties, as defined in the FCA Handbook Conduct of Business Sourcebook (&ldquo;<B><U>COBS</U></B>&rdquo;), and professional
clients, as defined in Regulation (EU) No 600/2014 as it forms part of domestic law of the United Kingdom (the &ldquo;<B><U>UK</U></B>&rdquo;)
by virtue of the European Union (Withdrawal) Act 2018 (the &ldquo;<B><U>EUWA</U></B>&rdquo;) (&ldquo;<B><U>UK MiFIR</U></B>&rdquo;); and
(ii) all channels for distribution of the Notes to eligible counterparties and professional clients are appropriate. Any person subsequently
offering, selling or recommending the Notes (a &ldquo;<B><U>distributor</U></B>&rdquo;) should take into consideration the manufacturers&rsquo;
target market assessment; however, a distributor subject to the FCA Handbook Product Intervention and Product Governance Sourcebook is
responsible for undertaking its own target market assessment in respect of the Notes (by either adopting or refining the manufacturers&rsquo;
target market assessment) and determining appropriate distribution channels.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">The Notes are not intended to be offered, sold or otherwise
made available to and should not be offered, sold or otherwise made available to any retail investor in the European Economic Area (the
&ldquo;<B><U>EEA</U></B>&rdquo;). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as
defined in point (11) of Article 4(1) of MiFID II; or (ii) a customer within the meaning of Directive (EU) 2016/97, where that customer
would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II. Consequently, no key information document
required by Regulation (EU) No 1286/2014 (as amended, the &ldquo;<B><U>PRIIPs Regulation</U></B>&rdquo;) for offering or selling the Notes
or otherwise making them available to retail investors in the EEA has been prepared and, therefore, offering or selling the Notes or otherwise
making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">The Notes are not intended to be offered, sold or otherwise
made available to and should not be offered, sold or otherwise made available to any retail investor in the UK. For these purposes, a
retail investor means a person who is one (or more) of: (i) a retail client, as defined in point (8) of Article 2 of Regulation (EU) No
2017/565 as it forms part of domestic law of the UK by virtue of the EUWA; or (ii) a customer within the meaning of the provisions of
the Financial Services and Markets Act 2000, as amended (the &ldquo;<B><U>FSMA</U></B>&rdquo;), and any rules or regulations made under
the FSMA to implement Directive (EU) 2016/97, where that customer would not qualify as a professional client, as defined in point (8)
of Article 2(1) of UK MiFIR. Consequently, no key information document required by the PRIIPs Regulation as it forms part of domestic
law of the UK by virtue of the EUWA (the &ldquo;<B><U>UK PRIIPs Regulation</U></B>&rdquo;) for offering or selling the Notes or otherwise
making them available to retail investors in the UK has been prepared and, therefore, offering or selling the Notes or otherwise making
them available to any retail investor in the UK may be unlawful under the UK PRIIPs Regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">In the UK, this final pricing term sheet is only being distributed
to and is only directed at (1) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 (as amended, the &ldquo;<B><U>Order</U></B>&rdquo;), (2) high net worth entities, and other persons to whom it may
lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order, or (3) other persons to whom an invitation or inducement
to engage in investment activity (within the meaning of Section 21 of the FSMA) in connection with the issue or sale of any securities
of the Issuer may otherwise lawfully be communicated or be caused to be communicated (all such persons together being referred to as &ldquo;<B><U>Relevant
Persons</U></B>&rdquo;). In the UK, any investment or investment activity to which the Preliminary Prospectus Supplement relates is only
available to, and the Notes are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire
such Notes will be engaged in only with, Relevant Persons. Any person in the UK who is not a Relevant Person should not act or rely on
this final pricing term sheet or any of its contents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Singapore Securities and Futures Act Product Classification&mdash;Solely
for the purposes of its obligations pursuant to sections 309B(1)(a) and 309B(1)(c) of the Securities and Futures Act 2001 of Singapore
(the &ldquo;<B><U>SFA</U></B>&rdquo;), the Issuer has determined, and hereby notifies all relevant persons (as defined in Section 309A
of the SFA) that the Notes are &ldquo;prescribed capital markets products&rdquo; (as defined in the Securities and Futures (Capital Markets
Products) Regulations 2018).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR BELOW ARE
NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY GENERATED AS A RESULT
OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Page; Sequence: 4; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
