Company: BCDRF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003514
Chunk: 217

Company: Banco Santander, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 217
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 or otherwise), the Floor Price shall be adjusted by multiplying the Floor Price in force immediately prior to such issue by the following fraction: where:

| A | is the aggregate number of Common Shares in issue immediately before such issue; and |

| B | is the aggregate number of Common Shares in issue immediately after such issue. |

Such adjustment shall become effective on the first day on which Common Shares are traded ex-rightson the relevant Stock Exchange. (c) (i) If and whenever Banco Santander shall pay any Extraordinary Dividend to its shareholders, the Floor Price shall be adjusted by multiplying the Floor Price in force immediately prior to the Effective Date by the following fraction: 95

where:

| A | is the Current Market Price of one Common Share on the Effective Date; |

| B | is the portion of the Fair Market Value of the aggregate Extraordinary Dividend attributable to one Common                                                                                        
 Share, with such portion being determined by dividing the Fair Market Value of the aggregate Extraordinary Dividend by the number of Common Shares entitled to receive the relevant Dividend; and |

| C | is the amount (if any) by which the Reference Amount determined in respect of the Relevant Dividend exceeds an                                                                                                                                     
 amount equal to the aggregate of the Fair Market Values of any previous Cash Dividends per Common Share paid or made in such Relevant Year (where C shall equal zero if such previous Cash Dividends per Common Share are equal to, or exceed, the 
 Reference Amount in respect of the Relevant Year). For the avoidance of doubt, “C” shall equal the Reference Amount determined in respect of the Relevant Dividend where no previous Cash Dividends per Common Share have been paid or made in     
 such Relevant Year.                                                                                                                                                                                                                                |

Such adjustment shall become effective on the Effective Date or, if later, the first date upon which the Fair Market Value of the relevant Extraordinary Dividend can be determined. “Effective Date” means, in respect of this sub-paragraph(i), the first date on which the Common Shares are traded ex-therelevant Cash Dividend on the Relevant Stock Exchange. “Extraordinary Dividend” means (i) any Cash Dividend which is expressly declared by Banco Santander to be a capital distribution, extraordinary dividend, extraordinary distribution, special dividend, special distribution or return of value to its shareholders or any analogous or similar term (including any distribution made as a result of any capital reduction), in which case the Extraordinary Dividend shall be such Cash Dividend; or (ii) any Cash Dividend