Company: BCDRF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003514
Chunk: 270

Company: Banco Santander, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 270
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 accordance with the laws of the relevant states of the United States.

Share Distributions. The depositary may
distribute additional ADSs representing any ordinary shares we distribute as a dividend or free distribution. The depositary will only distribute whole ADSs. It will sell ordinary shares which would require it to deliver a fraction of an ADS (or
ADSs representing those ordinary shares) and distribute the net proceeds in the same way as it does with cash. The depositary may sell a portion of the distributed ordinary shares (or ADSs representing those ordinary shares) sufficient to pay its
fees and expenses in connection with that distribution.

Rights to purchase additional ordinary shares. If we offer holders of our
securities any rights to subscribe for additional ordinary shares or any other rights, the depositary may (i) distribute those rights to ADS holders or (ii) sell those rights and distribute the net proceeds to ADS holders, in each case
after deduction or upon payment of its fees and expenses. To the extent the depositary does not do any of those things, it will allow the rights to lapse. In that case, you will receive no value for them. The depositary will distribute rights only
if we ask it to and provide satisfactory assurances to the depositary that it is legal to do so. U.S. securities laws may restrict the ability of the depositary to distribute rights or ADSs or other securities issued on exercise of rights to all or
certain ADS holders, and the securities distributed may be subject to restrictions on transfer.

Other distributions. The
depositary will send to ADS holders anything else we distribute on deposited securities by any means it thinks is lawful and reasonably practicable. If it cannot make the distribution in that way, the depositary has a choice. It may decide to sell
what we distributed and distribute the net proceeds, in the same way as it does with cash. Or, it may dispose of such property for the account of the holders in any way it deems reasonably practicable under the circumstances. However, neither the
depositary nor us shall be

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responsible for any loss incurred in connection with the sale or disposal of such property. The depositary may sell a portion of the distributed securities or property sufficient to pay its fees and expenses in connection with that distribution. U.S. securities laws may restrict the ability of the depositary to distribute securities to all or certain ADS holders, and the securities distributed may be subject to restrictions on transfer. The depositary is not responsible if it decides