Company: BCDRF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003514
Chunk: 226

Company: Banco Santander, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 226
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 of the relevant series of contingent convertible capital securities. Notwithstanding the foregoing provisions:

| (i) | where the events or circumstances giving rise to any adjustment of the Floor Price have already resulted or                                                                                                                                               
 will result in an adjustment to the Floor Price or where the events or circumstances giving rise to any adjustment arise by virtue of any other events or circumstances which have already given or will give rise to an adjustment to the Floor Price or 
 where more than one event which gives rise to an adjustment to the Floor Price occurs within such a short period of time that, in the opinion of Banco Santander, a modification to the operation of the adjustment provisions is                         |

101

| required to give the intended result, such modification shall be made to the operation of the adjustment provisions as may be determined in good faith by an Independent Financial Adviser to be in 
 its opinion appropriate to give the intended result; and                                                                                                                                            |

| (ii) | such modification shall be made as may be determined in good faith by an Independent Financial Adviser to be in                                                                                                                              
 its opinion appropriate (A) to ensure that an adjustment to the Floor Price or the economic effect thereof shall not be taken into account more than once and (B) to ensure that the economic effect of a Dividend is not taken into account 
 more than once.                                                                                                                                                                                                                              |

For the purpose of any calculation of the consideration receivable or price pursuant to sub-paragraphs(d), (f), (g) and (h) above, the following provisions shall apply:

| (i) | the aggregate consideration receivable or price for Common Shares issued for cash shall be the amount of such 
 cash;                                                                                                         |

| (ii) | (A) the aggregate consideration receivable or price for Common Shares to be issued or otherwise made available                                                                                                                                          
 upon the conversion or exchange of any Securities shall be deemed to be the consideration or price received or receivable for any such Securities and (B) the aggregate consideration receivable or price for Common Shares to be issued or             
 otherwise made available upon the exercise of rights of subscription attached to any Securities or upon the exercise of any options, warrants or rights shall be deemed to be that part (which may be the whole) of the consideration or price received 
 or receivable for such Securities or, as the case may be, for such options, warrants or rights which are attributed by Banco Santander to such rights of subscription or, as the case may be, such options, warrants or rights or, if no part of such