Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 281

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 281
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 and expenses. You will receive these distributions in proportion to the number of ordinary shares your ADSs represent. Before making a distribution, any withholding
taxes, or other governmental charges that must be paid will be deducted.

Cash. The depositary will convert any cash dividend or
other cash distribution we pay on the ordinary shares into U.S. dollars if it can do so on a reasonable basis and can transfer the U.S. dollars to the United States. If that is not possible or if any government approval is needed and cannot be
obtained, the deposit agreement allows the depositary to distribute the foreign currency only to those ADS holders to whom it is possible to do so. It will hold the foreign currency it cannot convert for the account of the ADS holders who have not
been paid. It will not invest the foreign currency and it will not be liable for any interest. The depositary will distribute promptly the amount thus received to the holders entitled thereto in proportion to the number of ADSs held as of the
applicable record date. The depositary shall distribute only such amount, however, as can be distributed without attributing to any holder a fraction of one cent, and any balance not so distributed shall be held by the depositary (without liability
for interest thereon) and shall be added to and become part of the next sum received by the depositary for distribution to holders of ADSs outstanding at the time of the next distribution. The depositary will hold any cash amounts it is unable to
distribute in a non-interest bearing account for the benefit of the applicable holders of ADSs until the distribution can be effected or the funds that the depositary holds must be escheated as unclaimed
property in 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