Company: BCDRF
Filing Date: 2025-04-04
Form Type: 6-K
Source: 0000950103-25-004384
Chunk: 8

Company: Banco Santander, S.A.
Filing Date: 2025-04-04
Form: 6-K
Chunk 8
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/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 Capital Reduction.

| · | 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 once the reduction in capital becomes effective.

| · | Delegation of powers |

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

| (a) | To determine the number of shares to be cancelled in each implementation, with the power to decide to refrain                              
 from implementing the resolution in whole or in part if no acquisition of own shares for cancellation ultimately occurs or if, the shares  
 having been acquired, it is advisable to refrain from doing so in the corporate interest due to market conditions, conditions of the Bank  
 itself or any significant social or economic condition. All of the foregoing shall be reported to the shareholders at the general meeting. |

The implementation of the shareholder
remuneration policy and share buybacks to distribute excess CET1 capital are subject to corporate and regulatory approvals.

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

| (b) | To declare executed each of the implementations of the Capital Reduction to be finally approved, setting,                                 
 where appropriate, the final number of shares to be cancelled in each implementation, and therefore the amount by which the share capital 
 of the Company must be reduced in each implementation, all subject to the limits established in this resolution.                          |

| (c) | 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. To resolve to fund a reserve for amortised capital in an amount equal to the nominal value of the cancelled 
 shares, for purposes of the provisions of Section 335 of the Spanish Capital Corporations Law.                                                |

| (d