Company: BCDRF
Filing Date: 2025-01-16
Form Type: 6-K
Source: 0000950103-25-000553
Chunk: 2

Company: Banco Santander, S.A.
Filing Date: 2025-01-16
Form: 6-K
Chunk 2
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to (a) each remaining payment of principal and interest on the Notes up to and including 14 April 2026 (being the maturity date of the
Notes), discounted to 27 January 2025 (the “Settlement Date”) at a discount rate equal to the annualised sum of the
Benchmark Security Rate and the Purchase Spread (such sum, the “Purchase Yield”), less (b) the interest accrued and
unpaid (if any) on the 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 Notes (the “Accrued Interest”). The Purchase Price is intended to reflect a yield to maturity of the Notes on the Settlement Date based on the Purchase
Yield. The determination of the 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 new series of sterling-denominated fixed rate senior non preferred notes under the Programme
(the "New Notes").

A Holder who wishes to subscribe for
New Notes in addition to tendering its Notes for purchase pursuant to the Offer may be eligible to receive, at the sole and absolute discretion
of the Offeror, priority in the allocation of the New Notes, subject to the issue of the New Notes and such Holder making a separate application
for the purchase of such New Notes. Please refer to the Tender Offer Memorandum for further details.

Holders should note that the pricing
and allocation of the New Notes are expected to take place prior to the Expiration Time for the Offer and any Holder that wishes to subscribe
for New Notes in addition to tendering existing Notes for purchase pursuant to any of the Offer should therefore provide, as soon as practicable,
and prior to the allocation of the New Notes, to the Sole Dealer Manager any indications of a firm intention to tender Notes for purchase
pursuant to the Offer and the quantum of Notes that it intends to tender in order for this to be taken into account as part of the New
Notes allocation process.

The New Notes are being offered outside
the United States to non-U.S. persons, pursuant to the provisions of Regulation S ("Regulation S") of the United States
Securities Act of 1933, as amended (the “Securities Act”). The New Notes will not