Company: BCDRF
Filing Date: 2025-06-24
Form Type: 6-K
Source: 0000950103-25-007723
Chunk: 3

Company: Banco Santander, S.A.
Filing Date: 2025-06-24
Form: 6-K
Chunk 3
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 Preferred Securities for purchase pursuant to the Offer should therefore provide, as soon as practicable, and prior to the allocation of the New Preferred Securities, to the Dealer Managers (referred to below) any indications of a firm intention to tender Preferred Securities for purchase pursuant to the Offer and the quantum of Preferred Securities that it intends to tender in order for this to be taken into account as part of the New Preferred Securities allocation process in accordance with the provisions above.

Please refer to the Tender Offer Memorandum
for further details.

Purchase Price

The Purchase Price shall be 100 per
cent. of the nominal amount of the Preferred Securities accepted for purchase pursuant to the Offer.

Tender Consideration

The consideration (the "Tender Consideration") payable on the Settlement Date (referred to below) to a Qualifying Holder whose Preferred Securities are validly
Offered for Sale and accepted for purchase by the Offeror pursuant to the Offer will be an amount in euro equal to the sum of:

| (i) | the product of (x) the Purchase Price and (y) the nominal amount of the relevant 
 Preferred Securities; and                                                        |

| (ii) | an amount in cash equal to distributions accrued and unpaid (if any) from (and                                                            
 including) the distribution payment date immediately preceding the Settlement Date to (but excluding) the Settlement Date, calculated     
 in accordance with the terms and conditions of the Preferred Securities, unless distributions on the Preferred Securities for that period 
 are cancelled,                                                                                                                            |

rounded, if necessary, to the nearest
€0.01, with €0.005 being rounded upwards.

Maximum Acceptance Amount

The Offeror proposes to accept Preferred
Securities for purchase up to a maximum aggregate nominal amount of Preferred Securities expected to be equal to the aggregate nominal
amount of the New Preferred Securities (the “Maximum Acceptance Amount”) on the terms and subject to the conditions
contained in the Tender Offer Memorandum (although the Offeror reserves the right, in its sole and absolute discretion and for any reason,
to increase or decrease the Maximum Acceptance Amount).

Acceptance of Offer to Sell Preferred Securities and pro-ration

The Offeror will determine, in its sole
and absolute discretion, the aggregate nominal amount of Preferred Securities accepted for purchase pursuant to the Offer (the "Acceptance Amount"). Until the Offeror announces whether it has decided to accept valid Offers to Sell pursuant the Offer and until the
satisfaction or waiver of the New Financing Condition, no assurance can be given that any Preferred