Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 1081

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 1081
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port to be a comprehensive description of all of the tax considerations that may be relevant to a particular person’s decision to hold such securities. The summary applies only to US Holders (as defined below) that hold ADSs or shares as capital assets for US federal income tax purposes. In addition, it does not describe all of the tax consequences that may be relevant in light of the US Holder’s particular circumstances, including the potential application of the provisions of the Internal Revenue Code of 1986, as amended (the 'Code') known as the Medicare contribution tax, state, local or non-United States tax laws, and tax consequences applicable to US Holders subject to special rules, such as:

• financial institutions;

• insurance companies;

• dealers and traders in securities that use a mark-to-market method of tax accounting;

• persons holding ADSs or shares as part of a 'straddle', conversion transaction or integrated transaction;

• persons whose 'functional currency' is not the US dollar;

• persons liable for the alternative minimum tax;

• tax exempt entities, 'individual retirement accounts' and 'Roth IRAs';

• partnerships or other entities classified as partnerships for US federal income tax purposes;

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| Contents |     | Cross-reference to Form 20-F |     | Consolidated director's report |     | Consolidated financial statements |     | Supplemental information |

• persons that own or are deemed to own 10% or more of our shares by vote or value;

• persons that acquired our ADSs or shares pursuant to the exercise of an employee stock option or otherwise as compensation; or

• persons holding ADSs or shares in connection with a trade or business outside the United States.

If an entity that is classified as a partnership for US federal income tax purposes holds shares or ADSs, the US federal income tax treatment of a partner will generally depend on the status of the partner and the activities of the partnership. Partnerships holding shares or ADSs and partners in such partnerships should consult their tax advisers as to the particular US federal income tax consequences of owning and disposing of the shares or ADSs.

This summary is based on the Code, administrative pronouncements, judicial decisions, final, temporary and proposed regulations released by the US Department of the Treasury ('Treasury Regulations'), and the Treaty, all as of the date hereof, changes to any of which may affect the tax consequences described herein, possibly with retroactive effect. In addition, this summary assumes that each obligation provided for in or otherwise contemplated by the deposit agreement or