Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 239

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 239
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 faith by an Independent Financial Adviser to be in 
 its opinion appropriate to give the intended result; and                                                                                                                                            |

| (ii) | such modification shall be made as may be determined in good faith by an Independent Financial Adviser to be in                                                                                                                              
 its opinion appropriate (A) to ensure that an adjustment to the Floor Price or the economic effect thereof shall not be taken into account more than once and (B) to ensure that the economic effect of a Dividend is not taken into account 
 more than once.                                                                                                                                                                                                                              |

For the purpose of any calculation of the consideration receivable or price pursuant to sub-paragraphs(d), (f), (g) and (h) above, the following provisions shall apply:

| (i) | the aggregate consideration receivable or price for Common Shares issued for cash shall be the amount of such 
 cash;                                                                                                         |

| (ii) | (A) the aggregate consideration receivable or price for Common Shares to be issued or otherwise made available                                                                                                                                          
 upon the conversion or exchange of any Securities shall be deemed to be the consideration or price received or receivable for any such Securities and (B) the aggregate consideration receivable or price for Common Shares to be issued or             
 otherwise made available upon the exercise of rights of subscription attached to any Securities or upon the exercise of any options, warrants or rights shall be deemed to be that part (which may be the whole) of the consideration or price received 
 or receivable for such Securities or, as the case may be, for such options, warrants or rights which are attributed by Banco Santander to such rights of subscription or, as the case may be, such options, warrants or rights or, if no part of such   
 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