Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 280

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 280
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 as well as the rights and obligations of the depositary. New York law governs
the deposit agreement and the ADSs.

The following is a summary of the material provisions of the deposit agreement. For more complete
information, you should read the entire deposit agreement and the form of ADR. See “Incorporation of Documents by Reference.”

Deposit and Withdrawal

How are ADSs issued?

The depositary will deliver ADSs if you or your broker deposits ordinary shares or evidence of rights to receive
ordinary shares with the custodian with any appropriate documentation that the custodian requires. Upon payment of applicable fees and expenses and of any taxes or charges, the depositary will register the appropriate number of ADSs in the names you
request and will deliver the ADSs to or upon the order of the person or persons that made the deposit.

The delivery of ADSs against
deposit of shares generally or against deposit of particular shares may be suspended, or the registration of transfer of ADSs in particular instances may be refused, or the registration of transfer of outstanding ADSs generally may be suspended,
during any period when the transfer books of the depositary are closed, or if any such action is deemed necessary or advisable by the depositary or us at any time or from time to time because of any requirement of law or of any government or
governmental body or commission, or under any provision of the deposit agreement.

How can ADS holders withdraw the deposited securities?

You may surrender your ADSs for the purpose of withdrawal at the depositary’s office. Upon payment of applicable
fees and expenses and of any taxes or charges and, if applicable, the documents or endorsements

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requested by the depositary, the depositary will deliver at the custodian’s designated office the ordinary shares and any other deposited securities underlying the ADSs to the ADS holder or
a person the ADS holder designates at the office of the custodian. Or, at your request, risk and expense, the depositary will request the custodian to deliver the deposited securities at the depositary’s office. Such direction shall be given
by letter or, at your request, risk and expense, by cable, telex or facsimile transmission.

Dividends and Other Distributions

How will you receive dividends and other distributions on the ordinary shares?

The depositary has agreed to pay or distribute to ADS holders the cash dividends or other distributions it or the custodian receives on
ordinary shares or other deposited securities, upon payment or deduction of its fees