Company: BBVXF
Filing Date: 2025-02-27
Form Type: F-4/A
Source: 0001193125-25-037317
Chunk: 159

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-27
Form: F-4/A
Chunk 159
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 Banco
Sabadell shares for BBVA shares, and such gain would be generally subject to tax in the manner described below under “—Consequences of the Ownership and Disposition of BBVA Shares or BBVA ADSs—Passive Foreign Investment Company
Rules”. A U.S. Holder should consult its tax adviser regarding whether Banco Sabadell is or was a PFIC at any time during its holding period for the Banco Sabadell shares and the effect of the PFIC rules on the exchange of Banco Sabadell shares
for BBVA shares pursuant to the exchange offer.

Consequences if the Exchange Offer Qualifies as Part of a Reorganization

Subject to the discussion in the preceding paragraph regarding the possible application of the PFIC rules and the discussion below in
“—Cash in Lieu of Fractional BBVA Shares”, if the exchange offer is treated as part of a Reorganization, a U.S. Holder generally will not recognize gain or loss on the receipt of BBVA shares in exchange for Banco Sabadell shares but,
as described below in the discussion of “—Cash Payments in Respect of BBVA Dividends”, will generally recognize gain (but not loss) on the receipt of the cash received in respect of BBVA dividends.

Cash Payments in Respect of BBVA Dividends

A U.S. holder will recognize gain (but not loss) in an amount equal to the lesser of: (i) the amount, if any, by which the sum of cash
described above in “Dividend Payments” and the fair market value of the BBVA shares received by such U.S. Holder exceeds such U.S. Holder’s adjusted tax basis in its Banco Sabadell shares exchanged therefor and (ii) the amount of cash
described above in “Dividend Payments”.

Holding Period and Tax Basis in the BBVA Shares

A U.S. Holder’s holding period for the BBVA shares received in the Reorganization (including any fractional share deemed received, as
described below) will include the U.S. Holder’s holding period of the Banco Sabadell shares surrendered.

A U.S. holder’s
aggregate tax basis in the BBVA shares received in the Reorganization (including any fractional shares deemed received and redeemed, as described below) will equal the U.S. Holder’s aggregate adjusted tax basis in the Banco Sabadell shares
surrendered, reduced by the amount of cash, and increased by the amount of any gain recognized, each as described in “—