Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 237

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 237
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 force immediately prior to the Effective Date by the following fraction: where:

| A | is the number of Common Shares in issue immediately before such modification (but where the relevant Securities                                                                                                                                        
 carry rights of conversion into or rights of exchange or subscription for, or purchase or acquisition of, Common Shares which have been issued, purchased or acquired by Banco Santander or any member of the Group (or at the direction or request or 
 pursuant to any arrangements with Banco Santander or any member of the Group) for the purposes of or in connection with such Securities, less the number of such Common Shares so issued, purchased or acquired);                                      |

| B | is the number of Common Shares which the aggregate consideration (if any) receivable for the Common Shares to                                                                                                                                       
 be issued or otherwise made available upon conversion or exchange or upon exercise of the right of subscription, purchase or acquisition attached to the Securities so modified would purchase at such Current Market Price per Common Share or, if 
 lower, the existing conversion, exchange, subscription, purchase or acquisition price or rate of such Securities; and                                                                                                                               |

| C | is the maximum number of Common Shares which may be issued or otherwise made available upon conversion or                                                       
 exchange of such Securities or upon the exercise of such rights of subscription, purchase or acquisition attached thereto at the modified conversion, exchange, |

100

| subscription, purchase or acquisition price or rate but giving credit in such manner as an Independent Financial Adviser in good faith shall consider appropriate for any previous adjustment under 
 this sub-paragraph (h) or sub-paragraph (g) above;                                                                                                                                                  |

provided that if at the time of such modification (as used in this sub-paragraph(h), the “Specified Date”) such number of Common Shares is to be determined by reference to the application of a formula or other variable feature or the occurrence of any event at some subsequent time (which may be when such Securities are converted or exchanged or rights of subscription, purchase or acquisition are exercised or at such other time as may be provided) then for the purposes of this sub-paragraph(h), “C” shall be determined by the application of such formula or variable feature or as if the relevant event occurs or had occurred as at the Specified Date and as if such conversion, exchange, subscription, purchase or acquisition had taken place on the Specified Date. Such adjustment shall become effective on the Effective Date. “Effective Date” means, in respect of this sub-paragraph(h), the date of modification of the rights of conversion, exchange