Company: BCDRF
Filing Date: 2025-04-04
Form Type: 6-K
Source: 0000950103-25-004384
Chunk: 18

Company: Banco Santander, S.A.
Filing Date: 2025-04-04
Form: 6-K
Chunk 18
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 a translation of an original text in Spanish. In case of any discrepancy between both texts, the Spanish version will prevail. |

In those geographies where regulation
or governmental policy does not support establishing specific inclusivity objectives, there will not be specific goals tied to incentive
compensation and will not be included in the methodology or formula that determines an element of the total executive payout. In those
instances, and to the extent permissible, they will be assessed with other Group’s initiatives, factors or projects as aspirational
goals that can be a factor considered in making compensation decisions.

| 2. | Target average total annual number of people receiving support for financial inclusion in the 2025-2027 
 period:                                                                                                 |

| Financial                        
 inclusion B (millions of people) | Coefficient 
           2 |
| ≥ 6                              |        1.25 |
| ≥ 4.5 but                        
 < 6                              |         1 – 
       1.25A |
| ≥ 3.5 but                        
 < 4.5                            |         0 – 
          1A |
| < 3.5                            |           0 |

| A | Increase in Coefficient 2 is proportional to its position within this bracket of 
 the scale.                                                                       |

| B | Number of people unbanked, underbanked, in financial distress or with difficulty                                                             
 to access credit who are provided with tailored access and finance solutions, aiming to meet local financial inclusion needs in a recurrent, 
 comprehensive, affordable and effective way.                                                                                                 |

| The financial                                                                                                                               
 inclusion thresholds have been changed from cumulative to an annual average so that they better reflect the performance of these programmes |

| 3. | Socially responsible investment target in 2027 as a percentage of total assets under management: |

| Socially responsible 
 investment B (%)     | Coefficient 
           3 |
| ≥ 21%                |        1.25 |
| ≥ 19% but < 21%      |   1 – 1.25A |
| ≥ 15% but < 19%      |      0 – 1A |
| < 15%                |           0 |

| A | Increase in Coefficient 3 is proportional to its position within this bracket 
 of the scale.                                                                 |

| B | Percentage represented by assets under management that meet the criteria of the                                                
 Bank’s Sustainable Finance and Investment Classification System (SFICS) of Banco Santander