The average daily trading volume shall be based on the average daily trading volume over the 20 business days preceding the date of each purchase. Start of the Buy-Back Programme: it will commence on the first trading day following the effective completion of the current buy-back programme. If, as expected, the Current Programme ends on 21 August 2026, the Buy-Back Programme will commence on 24 August 2026. Indicative duration of the Buy-back Programme: The indicative duration of the Buy-back Programme will be 98 trading sessions and, therefore, if it were to commence on 24 August 2026, its indicative end date would be 8 January 2027. However, Santander reserves the right to terminate or suspend the Buy-back Programme if, prior to its expiry date, the maximum monetary amount is reached or if any other circumstances arise that would warrant such action.