Company: BBVXF
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001193125-25-198517
Chunk: 191

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-09
Form: 424B3
Chunk 191
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, as a result of the acquisition by Banco Sabadell of any Banco Sabadell shares pursuant to the
Banco Sabadell Share Buy-Back Programs or any other share buy-back program.

If BBVA makes any distribution of dividends, reserves or any
other type of distribution to its shareholders (regardless of whether it is an ordinary, extraordinary, interim or complementary distribution) prior to the settlement of the exchange offer or, if applicable, after the settlement of the exchange
offer but before the settlement of a subsequent squeeze-out transaction, the consideration payable upon settlement of the exchange offer or settlement of such subsequent
squeeze-out transaction, or both, as applicable, will be adjusted upwards by including a cash payment for each Banco Sabadell share tendered pursuant to the exchange offer or acquired in such subsequent squeeze-out transaction, or both, as applicable, equal to the gross amount of the relevant distribution per BBVA share divided by the exchange ratio of 5.5483 (adjusted, as the case may be, as described in this
offer to exchange/prospectus). Notwithstanding the foregoing, the consideration payable upon settlement of the exchange offer or settlement of a subsequent squeeze-out transaction, or both, as applicable, will not be adjusted for a distribution of
dividends, reserves or any other type of distribution to shareholders with an ex-dividend date that occurs after the date of publication of the results of the exchange offer in the Official Quotation
Bulletins. On October 10, 2024, BBVA paid a dividend of €0.29 per BBVA share and, as a result, BBVA increased the exchange offer consideration on the ex-dividenddate of such dividend payment to one newly-issued BBVA share and €0.29
in cash for each 5.0196 Banco Sabadell shares tendered and not withdrawn (the then-applicable exchange ratio). On April 10, 2025, BBVA paid a dividend of €0.41 per BBVA share and, as a result, BBVA increased the exchange offer
consideration on the ex-dividenddate of such dividend payment to one newly-issued BBVA share and €0.70 in cash for each 5.3456 Banco Sabadell shares tendered and not withdrawn. The purpose of the exchange offer cash consideration is to
provide tendering holders of Banco Sabadell shares with an amount equivalent to the aggregate amount of all distributions of dividends, reserves or any other type of distributions made to shareholders of