Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 285

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 285
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 agreement as amended.

How may the deposit agreement be terminated?

The depositary will initiate termination of the deposit agreement if we instruct it to do so.
The depositary may also initiate termination of the deposit agreement if 90 days have passed since (i) the depositary told us it wants to resign; or (ii) we provided the depositary with a notice of removal, but a successor depositary has
not been appointed and accepted its appointment.

If the deposit agreement will terminate, the depositary will notify ADS holders at least
30 days before the termination date. At any time after the termination date, the depositary may sell the deposited securities. After that, the depositary will hold the money it received on the sale, as well as any other cash it is holding under the
deposit agreement, unsegregated and without liability for interest, for the pro rata benefit of the ADS holders that have not surrendered their ADSs. Normally, the depositary will sell as soon as practicable after the termination date.

After the termination date and before the depositary sells, ADS holders can still surrender their ADSs and receive delivery of deposited
securities, except that the depositary may refuse to accept a surrender for the purpose of withdrawing deposited securities if it would interfere with the selling process. The depositary may refuse to accept a surrender for the purpose of
withdrawing sale proceeds until all the deposited securities have been sold. The depositary shall not, after the termination date, have any obligation to perform any further acts under the deposit agreement, except that the depositary shall,
subject, in each case, to the terms and conditions of

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the deposit agreement, continue to (i) collect dividends and other distributions pertaining to deposited securities, (ii) sell deposited property received in respect of deposited securities, (iii) deliver deposited securities, together with any dividends or other distributions received with respect thereto and the net proceeds of the sale of any other deposited property, in exchange for ADSs surrendered to the depositary (after deducting, or charging, as the case may be, in each case, the fees and charges of, and expenses incurred by, the Depositary, and all applicable taxes or governmental charges for the account of the holders), and (iv) take such actions as may be required under applicable law in connection with its role as depositary. Limitations on Obligations and Liability Limits on our Obligations and the Obligations of the Depositary; Limits on Liability to Holders of ADSs