Company: BCDRF
Filing Date: 2025-02-25
Form Type: S-8
Source: 0000950103-25-002428
Chunk: 5

Company: Banco Santander, S.A.
Filing Date: 2025-02-25
Form: S-8
Chunk 5
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igned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing 
 of the Registrant’s annual report pursuant to Section 13(a) or 15(d) of the Exchange Act (and, where applicable, each filing of    
 an employee benefit plan’s annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in this  
 Registration Statement shall be deemed to be  a new registration statement relating to the securities offered therein, and the     
 offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.                             |

| (c) | Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling          
 persons of   the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the                  
 opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. 
 In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred        
 or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is       
 asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless     
 in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the        
 question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final    
 adjudication of such issue.                                                                                                                  |

<div align='center'>SIGNATURES</div>

Pursuant to the requirements of the Securities
Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing this Registration
Statement and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in
the City of Madrid, Spain, on February 25, 2025.

| Banco Santander, S.A. |                     |                         |
| By:                   | /s/ José G. Cantera |                         |
|                       | Name:               | José G. Cantera         |
|                       | Title:              | Chief Financial Officer |

<div align='center'>POWER OF ATTORNEY</div>

KNOW ALL PERSONS BY THESE PRESENTS, that each
person