Company: BBVXF
Filing Date: 2025-02-27
Form Type: F-4/A
Source: 0001193125-25-037317
Chunk: 157

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-27
Form: F-4/A
Chunk 157
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 or organized in or under the laws of the United 
 States, any state thereof or the District of Columbia; or                                                        |

| • |     | an estate or trust the income of which is subject to U.S. federal income taxation regardless of its source. |

In general, a U.S. Holder that owns BBVA ADSs will be treated as the owner of the underlying BBVA shares represented by those BBVA ADSs for U.S. federal income tax purposes. Accordingly, no gain or loss will be recognized if after completion of the exchange offer a U.S. Holder exchanges BBVA shares for BBVA ADSs representing those shares. BBVA ADSs are not being offered as consideration pursuant to the exchange offer. The following discussion assumes that the only consideration that Banco Sabadell shareholders will receive from BBVA in exchange for their Banco Sabadell shares will be (i) BBVA ordinary shares, (ii) cash payments in respect of any distribution of dividends, reserves or any other type of distribution to its shareholders made by BBVA, as described above in “Dividend Payments” and (iii) cash in lieu of fractional BBVA shares. If additional cash payments are made (which for the avoidance of doubt are not currently contemplated), references below to cash described in “Dividend Payments” should also include any such additional cash. Consequences of the Exchange Offer The U.S. federal income tax consequences of the exchange offer to U.S. Holders will depend on whether a merger of Banco Sabadell with BBVA is consummated after the exchange offer, and, if so, whether the exchange offer and such merger, taken together, will be treated as part of a plan of reorganization and qualify as a reorganization within the meaning of Section 368(a) of the Code (a “Reorganization”). To qualify as a Reorganization, the exchange offer and a subsequent merger, taken together, must satisfy certain requirements, some of which depend on facts, actions or events after completion of the exchange offer that are not yet known or are not entirely within the control of BBVA. For example, the qualification of the exchange offer and any subsequent merger, taken together, as a Reorganization will depend on the structure, terms and timing of such merger, as well as facts such as the total amount or value of the BBVA shares received by Banco Sabadell’s shareholders and the extent to which Banco Sabadell’s business is continued to be conducted after the completion of the transactions contemplated hereby. Although BBVA currently intends to