Company: BBVXF
Filing Date: 2025-08-12
Form Type: DRS
Source: 0000950123-25-007520
Chunk: 215

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-08-12
Form: DRS
Chunk 215
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 relevant factors, ranges
between 0% and 81.6%.

Gifts granted to corporation Qualifying Shareholders are subject to NRIT at a 19% tax rate on the fair market value
of the BBVA shares as a capital gain. However, the exemptions available under the United States-Spain Treaty, described in “—Taxation of Capital Gains or Losses” above, will be applicable
to Qualifying Shareholders.

Transfer Tax and VAT

Subscription, acquisition and transfers of BBVA shares are exempt from Transfer Tax and Value Added Tax. Additionally, no stamp duty or
registration tax is levied as a result of such subscription, acquisition or transfers of BBVA shares.

147

As confidentially submitted to the Securities and Exchange Commission on August 11, 2025. This Amendment No. 4 has not been publicly filed with the Securities and Exchange Commission and all information herein remains strictly confidential. Compliance In certain circumstances, the Spanish tax authorities can impose penalties for failure to comply with the Spanish tax requirements referred to for Taxation of Capital Gains or Losses and Inheritance and Gift Tax above. Such penalties may in certain cases be based on the amount of tax payable. Material U.S. Federal Income Tax Considerations for U.S. Holders The following are material U.S. federal income tax consequences to the U.S. Holders described below of (i) exchanging their Banco Sabadell shares for BBVA shares and cash described in “Dividend Payments” above pursuant to the terms of the exchange offer and (ii) the ownership and disposition of BBVA shares received by U.S. Holders pursuant to the exchange offer (or of BBVA ADSs that a U.S. Holder may own following an exchange of BBVA shares received in the exchange offer), but it does not purport to be a comprehensive description of all of the tax considerations that may be relevant to a particular person’s decision to participate in the exchange offer. For the avoidance of doubt, BBVA ADSs are not being offered as consideration pursuant to the exchange offer. The discussion applies only to U.S. Holders that hold Banco Sabadell shares, and will hold BBVA shares or BBVA ADSs, as capital assets for U.S. federal income tax purposes. In addition, it does not describe all of the tax consequences that may be relevant in light of a U.S. Holder’s particular circumstances or tax consequences applicable to U.S. Holders subject to special rules, such as:

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