Company: BCDRF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003514
Chunk: 227

Company: Banco Santander, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 227
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 consideration or price is so attributed, the Fair Market Value of such rights of subscription or, as the case may be, such options, warrants or rights as at the relevant Effective Date as referred to in                                              
 sub-paragraphs (d), (f), (g) or (h) above, as the case may be, plus in the case of each of (A) and (B) above, the additional minimum consideration receivable or price (if any) upon the conversion or                                                  
 exchange of such Securities, or upon the exercise of such rights or subscription attached thereto or, as the case may be, upon exercise of such options, warrants or rights and (C) the consideration receivable or price per Common Share upon the     
 conversion or exchange of, or upon the exercise of such rights of subscription attached to, such Securities or, as the case may be, upon the exercise of such options, warrants or rights shall be the aggregate consideration or price referred to in  
 (A) or (B) above (as the case may be) divided by the number of Common Shares to be issued upon such conversion or exchange or exercise at the initial conversion, exchange or subscription price or rate;                                               |

| (iii) | if the consideration or price determined pursuant to (I) or (II) above (or any component thereof) shall be                                                                                                                                           
 expressed in a currency other than the Share Currency, it shall be converted into the Share Currency at the Prevailing Rate on the relevant Effective Date (in the case of (I) above) or the relevant date of first public announcement (in the case 
 of (II) above);                                                                                                                                                                                                                                      |

| (iv) | in determining the consideration or price pursuant to the above, no deduction shall be made for any commissions                                                                                                                               
 or fees (howsoever described) or any expenses paid or incurred for any underwriting, placing or management of the issue of the relevant Common Shares or Securities or options, warrants or rights, or otherwise in connection therewith; and |

| (v) | the consideration or price shall be determined as provided above on the basis of the consideration or price                                                          
 received, receivable, paid or payable regardless of whether all or part thereof is received, receivable, paid or payable by or to Banco Santander or another entity. |

If the record date in respect of any consolidation, reclassification/redesignation or sub-divisionas is mentioned in sub-paragraph(a) above, or the record date or other due date for the