Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 286

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 286
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 The deposit agreement expressly limits our obligations and the obligations of the depositary. It also limits our liability and the liability of the depositary. We and the depositary:

| • |     | are only obligated to take the actions specifically set forth in the deposit agreement without negligence or bad 
 faith;                                                                                                           |

| • |     | are not liable if we are or it is prevented or delayed by law or circumstances beyond our or its control from 
 performing our or its obligations under the deposit agreement;                                                |

| • |     | are not liable if we or it exercises discretion permitted under the deposit agreement; |

| • |     | are not liable for the inability of any holder of ADSs to benefit from any distribution on deposited securities                                                                                                     
 that is not made available to holders of ADSs under the terms of the deposit agreement, or for any consequential or punitive damages (including lost profits) for any breach of the terms of the deposit agreement; |

| • |     | have no obligation to become involved in a lawsuit or other proceeding related to the ADSs or the deposit 
 agreement on your behalf or on behalf of any other person;                                                |

| • |     | may rely upon any documents we believe or it believes in good faith to be genuine and to have been signed or 
 presented by the proper person.                                                                              |

In the deposit agreement, we and the depositary agree to indemnify each other under certain circumstances. Requirements for Depositary Actions Before the depositary will deliver or register a transfer of ADSs, make a distribution on ADSs, or permit withdrawal of ordinary shares, the depositary may require:

| • |     | payment of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer or                                                                                         
 registration fee with respect thereto (including any such tax or charge and fee with respect to shares being deposited or withdrawn) and payment of any applicable fees and charges of the depositary; |

| • |     | satisfactory proof of the identity and genuineness of any signature or other information it deems necessary; and |

| • |     | compliance applicable laws or governmental regulations as well as with regulations it may establish, from time to 
 time, consistent with the deposit agreement, including presentation of transfer documents.                        |

The depositary may refuse to deliver ADSs or register transfers of ADSs when the transfer books of the depositary or our transfer books are closed or at any time if the depositary or we deemed it in good faith as necessary or advisable under the deposit