Company: BCDRF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003514
Chunk: 192

Company: Banco Santander, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 192
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) shall for the purposes                                                                                
 of this definition be deemed to be the amount thereof reduced by an amount equal to the Fair Market Value of any such Dividend or entitlement per Common Share as at the date of the first public announcement relating to such Dividend or entitlement; 
 or                                                                                                                                                                                                                                                       |

| (b) | if the Common Shares to be issued and delivered do rank for the Dividend (or entitlement) in question, the                                                                                                                                    
 Volume Weighted Average Price on the dates on which the Common Shares shall have been based on a price ex-Dividend (or ex-any other entitlement) shall for the purposes                                                                       
 of this definition be deemed to be the amount thereof increased by an amount equal to the Fair Market Value of any such Dividend or entitlement per Common Share as at the date of the first public announcement relating to such Dividend or 
 entitlement,                                                                                                                                                                                                                                  |

and provided further that:

| (i) | if on each of the dealing days in the Relevant Period the Volume Weighted Average Price shall have been based                                                                                                                                         
 on a price cum-Dividend (or cum-any other entitlement) in respect of a Dividend (or other entitlement) which has been declared or announced but the Common Shares to be                                                                               
 issued and delivered do not rank for that Dividend (or other entitlement) the Volume Weighted Average Price on each of such dates shall for the purposes of this definition be deemed to be the amount thereof reduced by an amount equal to the Fair 
 Market Value of any such Dividend or entitlement per Common Share as at the date of first public announcement relating to such Dividend or entitlement; and                                                                                           |

| (ii) | if the Volume Weighted Average Price of a Common Share is not available on one or more of the dealing days in                                                                                                                                      
 the Relevant Period (disregarding for this purpose the proviso to the definition of Volume Weighted Average Price), then the average of such Volume Weighted Average Prices which are available in the Relevant Period shall be used (subject to a 
 minimum of two such prices) and if only one, or no, such Volume Weighted Average Price is available in the Relevant Period the Current Market Price shall be determined in good faith by an Independent Financial Adviser;                         |

“dealing day” means a day on which the Relevant Stock Exchange or relevant stock exchange or securities market is open for business and on which Common Shares, Securities, Spin-OffSecurities, options, warrants or 79

other rights (as the case may be) may be