Company: BCDRF
Filing Date: 2025-04-04
Form Type: 6-K
Source: 0000950103-25-004384
Chunk: 3

Company: Banco Santander, S.A.
Filing Date: 2025-04-04
Form: 6-K
Chunk 3
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,648, which corresponds to the aggregate nominal value of the shares,
each having a nominal value of fifty euro cents, to be acquired through the Programme, up to the stated maximum of 1,413,743,296 shares
(the “Programme Reduction”).

| · | Purpose of the Programme Reduction |

The purpose of the Programme Reduction is to cancel
own shares, contributing to the remuneration of the Company’s shareholders by increasing earnings per share, which is inherent to
the decrease in the number of shares. This reduction is a nominal or write-down reduction, as the implementation thereof does not entail
a return of contributions to the shareholders.

| · | Procedure, implementation period and reserves    
 to which the Programme Reduction will be charged |

The shares to be cancelled will be acquired pursuant
to the Shareholder Approval and in accordance with applicable legal provisions on market abuse and the securities market, for which reason
it will not be necessary to make a public takeover bid for shares of the Company acquired under the Programme. The shares will be acquired
on the price and volume conditions established in applicable legal provisions.

Pursuant to Section 340.3 of the Spanish Capital
Corporations Law, if the Bank does not reach the maximum number of shares to be acquired under the Programme, the capital will be reduced
by the nominal value corresponding to the number of shares actually acquired under the Programme.

The own shares acquired by the Company under the
Programme will be cancelled within one month of the latest of the approval of this resolution by the shareholders, the termination of
the Programme, or the receipt of the relevant regulatory approvals. Therefore, the Programme Reduction must be implemented within that
period.

The Programme Reduction will not entail the return
of contributions to the shareholders, given that, at the time of implementation of the reduction, the Bank will be the owner of the shares
to be cancelled.

The cancellation of own shares to implement the
Programme Reduction will be booked to the reduction of share capital by an amount equivalent to the nominal value of the shares cancelled,
and the excess, up to the price paid for their acquisition, will be funded from the share premium reserve.

In addition, for purposes of the provisions of
Section 335 of the Spanish Capital Corporations Law, it is stated for the record that a reserve for amortised capital in an amount equal
to the nominal value of the cancelled shares, which may only be used subject to the same requirements as for a reduction in share capital,
will be funded from the share