Company: BCDRF
Filing Date: 2025-04-04
Form Type: 6-K
Source: 0000950103-25-004384
Chunk: 7

Company: Banco Santander, S.A.
Filing Date: 2025-04-04
Form: 6-K
Chunk 7
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 thereof, in which case this will be reported
to the shareholders at the next general meeting to be held.

| · | Final  
 amount |

The final amount of the Capital Reduction shall
be set by the board of directors or, by delegation, by the executive committee and/or any director with delegated powers, within the maximum
limit set forth above, based on the final number of own shares that the board of directors (or, by delegation, the executive committee
and/or any director with delegated powers) cancels pursuant to the provisions of this resolution.

| · | Purpose                  
 of the Capital Reduction |

The purpose of the Capital Reduction is to cancel
own shares, such as those that may be acquired within the framework of the shareholder remuneration policy, or those to be acquired in
the framework of additional buybacks such as those that may be made to distribute excess capital (CET1) in line with the 2025-2026 target
announced on 5 February 2025. All this contributes to shareholder remuneration through the increase in the earnings per
share, inherent to the decrease in the number of shares. This reduction is a nominal or write-down reduction, as the implementation thereof
will not entail a return of contributions to the shareholders.

| · | Reserves                                       
 to which the Capital Reduction will be charged |

The cancellation of own shares to implement the
Capital 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 charged against the share premium reserve or against other unrestricted
reserves accounts.

Furthermore, for purposes of Section 335 of the
Spanish Capital Corporations Law, it is stated for the record that at the time the Capital Reduction is implemented, the board of directors
may resolve to fund a reserve for amortised capital from the share premium reserve or, in the absence of regulatory authorisation, from
other unrestricted reserves accounts, 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. Pursuant to Section 335 (c) of the Spanish Capital Corporations Law,
if such a reserve were to be funded, the creditors’ right of opposition set out in Section 334 of said law shall not apply.

For purposes of the provisions of Section 411 of the
Spanish Capital Corporations Law and in accordance with Additional Provision One of Law 10