Company: BCDRF
Filing Date: 2025-06-24
Form Type: 6-K
Source: 0000950103-25-007750
Chunk: 5

Company: Banco Santander, S.A.
Filing Date: 2025-06-24
Form: 6-K
Chunk 5
---
 Offeror, the Dealer Managers or the Tender Agent determines (for any reason) that such representation and warranty
is not correct, such Offer to Sell shall not be accepted.

NEW PREFERRED SECURITIES

The offering of the New Preferred Securities may
be restricted by law in certain jurisdictions and therefore persons into whose possession this announcement comes should inform themselves
about and observe any such restrictions. Any failure to comply with these restrictions could result in a violation of the laws of any
such jurisdiction.

PROHIBITION ON MARKETING AND SALES TO RETAIL INVESTORS:
The New Preferred Securities are complex financial instruments with high risk and are not a suitable or appropriate investment for all
investors. Each of the managers participating in the issue of the New Preferred Securities (the " Managers") has represented
and agreed that the offers of the New Preferred Securities in the European Economic Area ("EEA") and in the United Kingdom
("UK") shall only be made to eligible counterparties and professional clients, each as defined in Directive 2014/65/EU
on markets in financial instruments (as amended, "MiFID II") or the FCA Handbook Conduct of Business Sourcebook ("COBS").
Additionally, in some jurisdictions, regulatory authorities have adopted or published laws, regulations or guidance with respect to the
offer or sale of securities such as the New Preferred Securities. Potential investors in the New Preferred Securities should inform themselves
of, and comply with, any applicable laws, regulations or regulatory guidance with respect to any resale of the New Preferred Securities
(or any beneficial interests therein).

Investors in Hong Kong should not purchase the
New Preferred Securities in the primary or secondary markets unless they are professional investors (as defined in the Securities and
Futures Ordinance (Cap. 571, Laws of Hong Kong) and its subsidiary legislation, "Professional Investors") only and understand
the risks involved. The New Preferred Securities are generally not suitable for retail investors.

PROHIBITION OF SALES TO EEA RETAIL INVESTORS –
The New Preferred Securities are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise
made available to any retail investor in the EEA. For these purposes, a retail investor means a person who is one (or more) of: (i) a
retail client as defined in point (11) of Article 4(1) of MiFID II; or (ii) a customer within the meaning of Directive (EU)