Company: BBVXF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003393
Chunk: 76

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 76
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 Date will have to provide evidence of its entitlement to the applicable Common Shares satisfactory to the Conversion Shares Depositary in its sole and absolute discretion in order to receive delivery of the
applicable Common Shares.

Due to the fact that, in the event of a Conversion Event, investors are likely to receive Common Shares at a
time when the market price of the Common Shares is very low, the cash value of the Common Shares received upon any such sale could be substantially lower than the price paid for the Preferred Securities at the time of their purchase. In addition,
the proceeds of such sale may be further reduced as a result of the number of Common Shares offered for sale at the same time being much greater than may be the case in the event of sales by individual holders.

S-49

BBVA will have no liability in respect of any sale of any Common Shares, whether for the
timing of any such sale or the price at or manner in which any such Common Shares are sold or the inability to sell any such Common Shares. Furthermore, BBVA will have no liability to holders or beneficial owners for any loss resulting from any
holder’s or beneficial owner’s failure to receive any Common Shares or from any delay in the receipt thereof, in each case as a result of such holder or beneficial owner (or its custodian, nominee, broker or other representative) failing
to duly submit a Delivery Notice (and the relevant Preferred Securities, if held in definitive form) on a timely basis or at all. In particular, receipt of the relevant Common Shares by the Conversion Shares Depository shall discharge our
obligations in respect of the Preferred Securities converted (except with respect to the payment of certain Spanish stamp and similar taxes payable by BBVA in respect of the issue and delivery of the Common Shares), other than, in the case of a
Capital Reduction, as provided herein with respect to the payment of accrued and unpaid Distributions for the then-current Distribution Period up to (but excluding) the Conversion Settlement Date (where not cancelled or deemed cancelled pursuant to,
or otherwise subject to the limitations on payment as described herein). As a result, BBVA will have no liability to holders for any loss resulting from any holder’s failure to receive any Common Shares or from any delay in the receipt thereof,
in each case as a result of the Conversion Shares Depository’s failure to deliver the Common Shares on a timely basis or at all.

The obligations of BBVA under the Preferred Securities are subordinated and will be further subordinated upon conversion into Common Shares, and there