Company: BBVXF
Filing Date: 2025-09-05
Form Type: F-4/A
Source: 0001193125-25-196513
Chunk: 232

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: F-4/A
Chunk 232
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 which will be determined by BBVA only after its review of such remuneration policy. In this sense, the pay-out ratio of Banco
Sabadell’s shareholder remuneration policy following completion of the exchange offer could be the same as or lower or higher than Banco Sabadell’s shareholder remuneration policy as of the date of this offer to exchange/prospectus.

BBVA does not expect the foregoing to be affected by the CNMC Commitments or the Council of Ministers’ Authorization.

BBVA provides no assurance that the TSB Sale Dividend will actually be paid despite the approval of the extraordinary general
shareholders’ meeting of Banco Sabadell. As explained elsewhere in this offer to exchange/prospectus, the TSB Sale Dividend is subject to the consummation of the TSB Sale, which in turn, is subject to the satisfaction of certain closing
conditions. As a result, there is no certainty that such conditions will be

164

satisfied and the TSB Sale consummated and, accordingly, there is no certainty that the TSB Sale Dividend will actually be paid. BBVA does not intend to take any action in opposition to the
approval of the TSB Sale Dividend by the extraordinary general shareholders’ meeting of Banco Sabadell.

BBVA’s
shareholder remuneration policy involves distributing between 40% and 50% of its consolidated net attributable profit annually, combining cash dividends and buy-backs, and BBVA will remain committed to distributing in the medium-term any capital in
excess of what is required to maintain a 12% CET1 ratio (subject to any restrictions imposed by, and the approval of, relevant supervisory bodies and BBVA’s corporate bodies, as applicable). This policy is typically implemented through the
distribution of an interim dividend for the year (typically paid in October of each year) and a complementary dividend (payable after the end of each fiscal year in April of the following year after the approval by BBVA’s general
shareholders’ meeting), that may combine cash distributions and share buy-backs, all subject to the authorizations and approvals applicable at any given time.

BBVA intends to maintain its shareholder remuneration policy following completion of the exchange offer.

Plans Regarding the Structure, Composition, and Functioning of the Management Bodies of Banco Sabadell and the Banco Sabadell Group; Plans Regarding the Appointment of Members to These Bodies by BBVA

BBVA intends to reflect the controlling interest it may achieve after
completion