Company: BCDRF
Filing Date: 2025-04-04
Form Type: 6-K
Source: 0000950103-25-004384
Chunk: 19

Company: Banco Santander, S.A.
Filing Date: 2025-04-04
Form: 6-K
Chunk 19
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 over total assets under management. |

| 4. | Supporting transition target (business raised and facilitated): |

| Business                                                           
 raised and facilitated between 2025 and 2027 B (billions of euros) | Coefficient 
           4 |
| ≥                                                                  
 220                                                                |       1.25C |
| ≥                                                                  
 165 but < 220                                                      |           1 
  – 1.25A, C |
| ≥                                                                  
 120 but < 165                                                      |           0 
        – 1A |
| <                                                                  
 120                                                                |           0 |

| A | Increase in Coefficient 4 is proportional to its position within this bracket 
 of the scale.                                                                 |

| B | Grupo Santander's contribution to our customers’ transition: CIB green finance                                
 raised and facilitated and retail & commercial banking green finance and Digital Consumer Bank green finance. |

| C | To exceed 100% of this target (thus, to achieve a Coefficient 4 higher than 1),                                                          
 progress must be made on the Bank’s transition plan in order to continue supporting our customers in their transition, including:        
 improving climate data, progressing on actions to align our portfolios, enhancing sustainable product offerings to address market needs, 
 further embedding climate and environment risk, and aim to support policy action and market development.                                 |

The level of achievement of the Multiyear
Objective will be determined by using the following formula:

| C = (2/10 x Coefficient 1 + 2/10 x Coefficient   
 2 + 1/10 x Coefficient 3 + 5/10 x Coefficient 4) |

Thus, the following formula will be applied to
determine the annual amount of the Deferred Portion Subject to Objectives, if any, payable in financial years 2029, 2030 and 2031 (each
of these payments, a “Final Annual Payment”), without prejudice to any adjustments that may result from malusclauses:

| Final Annual Payment = Amt. x (5/10 x A 
 + 3/10 x B + 2/10 x C)                  |

where:

| § | “Amt.” means one-third of the Deferred 
 Portion Subject to Objectives.         |

9

| This document is a translation of an original text in Spanish. In case of any discrepancy between both texts, the Spanish version will prevail. |

| § | “A” is the TSR