Company: BCDRF
Filing Date: 2025-06-24
Form Type: 6-K
Source: 0000950103-25-007723
Chunk: 4

Company: Banco Santander, S.A.
Filing Date: 2025-06-24
Form: 6-K
Chunk 4
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 Securities validly Offered for Sale
pursuant to the Offer will be accepted. Even if the New Financing Condition is satisfied, the acceptance of any Preferred Securities validly
Offered for Sale is at the sole and absolute discretion of the Offeror and the Offeror reserves the absolute right not to accept any Preferred
Securities validly Offered for Sale pursuant to the Offer.

If the Offeror decides to accept Preferred
Securities for purchase pursuant to the Offer and in the event that valid Tender Instructions are received in respect of an aggregate
nominal amount of Preferred Securities which is greater than the Acceptance Amount, such Tender Instructions will be accepted on a pro
rata basis such that the aggregate nominal amount of Preferred Securities accepted for purchase is no greater than the Acceptance Amount,
as further set out in the Tender Offer Memorandum.

For the avoidance of doubt, the Offeror
will determine the Acceptance Amount in its sole and absolute discretion.

Extension, Termination and Amendment

The Offeror reserves the right to extend,
withdraw, terminate or amend the terms and conditions of the Offer at any time following the announcement of the Offer and prior to the
announcement of the result of the Offer, as described in the Tender Offer Memorandum under the heading "Extension, Termination and Amendment".

Expected Timetable of Events

| Events/Dates                                                        | Times and Dates                                                                     |
| Launch Date                                                         
 Offer announced and Tender Offer Memorandum available to Qualifying 
 Holders upon request from the Tender Agent                          | 24 June 2025                                                                        |
| Pricing of the New Preferred Securities                             | 24 June 2025                                                                        |
| Announcement of the Maximum                                         
 Acceptance Amount                                                   
 Announcement of the Maximum Acceptance Amount for the Offer.        | As soon as reasonably practicable following pricing of the New Preferred Securities |

| Expiration Time                                                                                                                         
 Deadline for receipt by the Tender Agent of Tender Instructions.                                                                        
 Qualifying Holders should note that Tender Instructions must                                                                            
 be submitted in accordance with the deadlines of the Clearing System, which will be before the Expiration Time.                         | 5.00 p.m. (CET) on 30 June 2025 |
| Announcement of the Results of the Offer                                                                                                
 Announcement of (i) whether                                                                                                             
 the Offeror will accept any Preferred Securities pursuant to the Offer and, if so accepted, (ii) confirmation of the Settlement Date,   
 Acceptance Amount, the pro-ration factor (if any) and the nominal amount of Preferred