Company: BCDRF
Filing Date: 2025-06-24
Form Type: 6-K
Source: 0000950103-25-007723
Chunk: 2

Company: Banco Santander, S.A.
Filing Date: 2025-06-24
Form: 6-K
Chunk 2
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and absolute discretion and for any reason, to increase or decrease the Maximum Acceptance Amount). The acceptance of any Preferred Securities
validly Offered for Sale is at the sole and absolute discretion of the Offeror and the Offeror reserves the absolute right not to accept
any Preferred Securities validly Offered for Sale pursuant to the Offer.

New Preferred Securities and New Financing Condition

The Offeror also announces its intention,
subject to market conditions, to issue a new series of euro-denominated non-step-up non-cumulative contingent convertible perpetual preferred
tier 1 securities (the "New Preferred Securities"). Whether the Offeror will accept for purchase any Preferred Securities
validly tendered in the Offer is subject, without limitation, to (unless such condition is waived by the Offeror in its sole and absolute
discretion) the successful completion (in the sole determination of the Offeror) of the issue of the New Preferred Securities (the "New Financing Condition").

The New Preferred Securities are being
offered outside the United States to non-U.S. persons, pursuant to the provisions of Regulation S of the United States Securities Act
of 1933 ("Regulation S"), as amended (the “Securities Act”). The New Preferred Securities will not
be registered under the Securities Act or the securities laws of any state or other jurisdiction of the United States and may not be offered
or sold in the United States or delivered, directly or indirectly, within the United States or to, or for the account or benefit of, U.S.
persons absent registration or an applicable exemption from the registration requirements of the Securities Act. Any investment decision
to purchase any New Preferred Securities should be made solely on the basis of the information contained in the preliminary offering circular
relating to the New Preferred Securities that has been made available to investors together with pricing details.

Priority in Allocation of the New Preferred Securities

A Qualifying Holder who wishes to subscribe
for New Preferred Securities in addition to tendering its Preferred Securities for purchase pursuant to the Offer may receive, at the
sole and absolute discretion of the Offeror, priority in the allocation of the New Preferred Securities, subject to the issue of the New
Preferred Securities and such Qualifying Holder making a separate application for the purchase of such New Preferred Securities.

Qualifying Holders should note that the pricing and allocation of the New Preferred Securities are expected to take place prior to the Expiration Time for the Offer and any Qualifying Holder that wishes to subscribe for New Preferred Securities in addition to tendering existing