Company: BCDRF
Filing Date: 2025-04-04
Form Type: 6-K
Source: 0000950103-25-004384
Chunk: 4

Company: Banco Santander, S.A.
Filing Date: 2025-04-04
Form: 6-K
Chunk 4
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 premium reserve. Therefore, pursuant to the provisions of Section 335 (c) of the Spanish Capital Corporations
Law, the creditors’ right of opposition set out in Section 334 of said law shall not apply.

For purposes of the provisions of Section 411 of
the Spanish Capital Corporations Law and in accordance with Additional Provision One of Law 10/2014 of 26 June on the organisation, supervision
and solvency of credit institutions, it is hereby stated for the record that, as the Bank is a credit institution and the other requirements
set forth in the aforementioned Additional Provision are met, the consent of the bondholder syndicates for the outstanding debenture and
bond issues is not required for the implementation of the Programme Reduction.

2

| This document is a translation of an original text in Spanish. In case of any discrepancy between both texts, the Spanish version will prevail. |

| · | Update of legal reserve and voluntary reserves. |

The excess of the balance of the legal reserve
account over an amount equal to 20% of the share capital arising after the implementation of the reduction will be reclassified to the
voluntary reserves account once such reduction in capital becomes effective.

| · | Delegation of powers |

The power to establish the terms and conditions
of this resolution as to all matters not expressly provided for herein is delegated to the board of directors. Specifically, and for illustrative
purposes only, the following powers are delegated to the board of directors:

| (a) | To proceed with the implementation of the Programme Reduction and declare the approved Programme Reduction 
 to be closed and executed, determining the cancellation of the shares acquired under the Programme.        |

| (b) | To determine the reserves against which the excess of the price paid over the nominal value of the shares                     
 to be cancelled is to be charged, as well as the reserve provided for in Section 335 of the Spanish Capital Corporations Law. |

| (c) | To request and obtain from the competent regulators in each case such authorisations, consents or permits 
 as may be necessary for the full implementation of the Programme Reduction.                               |

| (d) | To amend the article of the Bylaws relating to capital and the number of shares. |

| (e) | To take any actions, make any statements or engage in any formalities that may be required in relation                                     
 to the provision of public information and any actions that may be required before the National Securities Market Commission and the Stock 
 Exchanges