Company: BCDRF
Filing Date: 2025-06-24
Form Type: 6-K
Source: 0000950103-25-007750
Chunk: 3

Company: Banco Santander, S.A.
Filing Date: 2025-06-24
Form: 6-K
Chunk 3
---
 Offer to Sell its Preferred Securities and no
one has been authorised by the Offeror, the Dealer Managers or the Tender Agent to make any such recommendation.

OFFER RESTRICTIONS

United Kingdom

The communication of the Tender Offer Memorandum
and any other documents or materials relating to the Offer is not being made and such documents and/or materials have not been approved
by an authorised person for the purposes of section 21 of the Financial Services and Markets Act 2000. Accordingly, such documents and/or
materials are not being distributed to, and must not be passed on to, the general public in the United Kingdom. The communication of such
documents and/or materials as a financial promotion is only being made to, and may only be acted upon by, those persons in the United
Kingdom falling within the definition of investment professionals (as defined in Article 19(5) of the Financial Services and Markets Act
2000 (Financial Promotion) Order 2005, as amended (the "Financial Promotion Order")) or persons who are within Article
43 of the Financial Promotion Order or any other persons to whom it may otherwise lawfully be made under the Financial Promotion Order.

France

The Tender Offer Memorandum and any documents
or offering materials relating to the Offer may not be distributed in the Republic of France except to qualified investors (investisseurs qualifiés) as defined in Article 2(e) of the Prospectus Regulation, as amended, and Article L.411-2 of the French Code monétaire
et financier as amended from time to time. The Tender Offer Memorandum has not been and will not be submitted for clearance to nor approved
by the Autorité des marchés financiers.

Republic of Italy

None of the Offer, the Tender Offer Memorandum
or any other documents or materials relating to the Offer has been or will be submitted to the clearance procedures of the Commissione Nazionale per le Società e la Borsa ("CONSOB") pursuant to Italian laws and regulations. The Offer is being
carried out in the Republic of Italy ("Italy") as an exempted offer pursuant to article 101-bis, paragraph 3-bis of the
Legislative Decree No. 58 of 24 February 1998, as amended (the "Financial Services Act") and article 35-bis, paragraph
4 of CONSOB Regulation No. 11971 of 14 May 1999, as amended. Holders or beneficial owners of the Preferred Securities