Company: BCDRF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003514
Chunk: 276

Company: Banco Santander, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 276
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 which at all reasonable times shall be open for inspection by us and by the holders of such ADSs, provided that such inspection shall not be, to the depositary’s knowledge, for the purpose of communicating with holders of such ADSs in the interest of a business or object other than our business or other than a matter related to the deposit agreement or the ADSs. 135

TAXATION Spanish Taxation The following is a general description of material Spanish tax considerations relating to the holders who are the beneficial owners of the securities (the“ holders” , the“ investors” , the“ purchasers” or the“ shareholders” , as the case may be). It does not purport to be a complete analysis of all tax considerations relating to these securities. Prospective investors should consult their own tax advisors as to the consequences under the tax laws of the country of which they are resident for tax purposes and the tax laws of Spain of acquiring, holding and disposing of securities and receiving any payments under the securities. The information contained within this section is based upon the law as in effect on the date of this document and is subject to any change in law that may take effect after such date (which may have retroactive effects). Investors should consider the legislative changes which could occur in the future. This analysis is a general description of the tax treatment under the currently in force Spanish legislation applicable in the common territory of Spain and, hence, it does not describe the regional tax regimes in the Historical Territories of the Basque Country and the Community of Navarre or the provisions passed by Autonomous Communities which may apply to investors for certain taxes. In addition, investors should note that the appointment by an investor in securities or any person through which an investor holds securities, of a custodian, collection agent or similar person in relation to such securities in any jurisdiction may have tax implications. Investors should consult their own tax advisors in relation to the tax consequences for them of any such appointment. Introduction This information has been prepared in accordance with the following Spanish tax legislation in force at the date of this document:

| a) | of general application, First Additional Provision of Law 10/2014, of June 26, on organization,                                                                                                                                                    
 supervision and solvency of credit institutions (Law 10/2014) and Royal Decree 1065/2007, of July 27, 2007, approving the General Regulations of the tax inspection and management procedures and developing the common rules of the procedures to 
 apply taxes, as amended by Royal Decree