Company: BCDRF
Filing Date: 2025-02-06
Form Type: 6-K
Source: 0000950103-25-001676
Chunk: 2

Company: Banco Santander, S.A.
Filing Date: 2025-02-06
Form: 6-K
Chunk 2
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for purchase by the Offeror of Notes tendered pursuant to any Offer is at the sole discretion of the Offeror and Offers to Sell may be
rejected by the Offeror for any reason.

Purchase Price

The Purchase Price of the EUR 2026 Notes
will be calculated by the Sole Dealer Manager at or around 11:00 a.m. (CET)(the “Pricing Time”) on 13 February 2025
(the “Pricing Date”) as the price (expressed as a percentage of the nominal amount of the EUR 2026 Notes accepted for
purchase pursuant to the relevant Offer, and rounded to the third decimal place, with 0.0005 being rounded upwards) equal to (a) each
remaining payment of principal and interest on the EUR 2026 Notes up to and including 4 April 2026 (being the maturity date of the EUR
2026 Notes), discounted to 17 February 2025 (the “Settlement Date”) at a discount rate equal to the sum of the EUR
2026 Interpolated Mid-Swap Rate and the relevant Purchase Spread, less (b) the interest accrued and unpaid (if any) on the relevant Notes
from (and including) the interest payment date in respect of such Notes immediately preceding the Settlement Date to (but excluding) the
Settlement Date, calculated in accordance with the terms and conditions of the relevant Notes (the “Accrued Interest”).

The Purchase Price of the EUR 2027 Notes
will be calculated by the Sole Dealer Manager at or around the Pricing Time on the Pricing Date as the price (expressed as a percentage
of the nominal amount of the EUR 2027 Notes accepted for purchase pursuant to the relevant Offer, and rounded to the third decimal place,
with 0.0005 being rounded upwards) equal to (a) each remaining payment of principal and interest on the EUR 2027 Notes up to and including
19 January 2027 (being the maturity date of the EUR 2027 Notes), discounted to the Settlement Date at a discount rate equal to the sum
of the EUR 2027 Interpolated Mid-Swap Rate and the relevant Purchase Spread, less (b) the relevant Accrued Interest.

The determination of the relevant Purchase
Price by the Sole Dealer Manager will, in the absence of manifest error, be final and binding on all parties.

New Notes and Priority Allocation

The Offeror also announces its intention,
subject to market conditions, to issue a