Company: BBVXF
Filing Date: 2025-09-05
Form Type: F-4/A
Source: 0001193125-25-196513
Chunk: 230

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: F-4/A
Chunk 230
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 Sabadell, BBVA’s ability to accurately anticipate all losses, costs and other liabilities that may be incurred in connection with the exchange offer is necessarily limited. Additionally, any errors or
omissions in the information publicly available to BBVA relating to Banco Sabadell may have affected BBVA’s analysis, estimations and determinations with respect to the exchange offer”.

BBVA estimates that such merger would be consummated in a period of between six to eight months from the adoption of the necessary corporate
resolutions by both entities. Such merger would occur only following the No-merger Period, although a merger may be possible sooner if the Autonomy Condition is declared void as a result of the Administrative Appeal. Any such merger would need
BBVA’s and Banco Sabadell’s respective boards of directors to formulate a joint merger plan, which would need to be approved by BBVA’s and Banco Sabadell’s respective shareholders. Pursuant to the provisions of the
Regulation, Supervision and Solvency of Credit Institutions Law, such merger will require the prior authorization of the Spanish Minister of Economy, Trade and Business. Such authorization with respect to the merger from the Spanish Minister of
Economy, Trade and Business is separate and distinct from the Council of Ministers’ Authorization.

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The exchange ratio of any such merger will be determined at the time the joint merger
plan is approved and will need to be validated by an independent expert appointed for such purpose by the relevant commercial registry, all in accordance with applicable Spanish law.

On July 15, 2025, BBVA filed an administrative appeal before Spain’s Supreme Court, challenging the legality of the Autonomy Condition
in the Council of Ministers’ Authorization (the Administrative Appeal). As of the date of this offer to exchange/prospectus, the Administrative Appeal is pending. If the Autonomy Condition is declared void as a result of the Administrative
Appeal, BBVA may be able to consummate a merger with Banco Sabadell sooner than would otherwise be permitted pursuant to the Council of Ministers’ Authorization. There is no guarantee that BBVA will prevail in the Administrative Appeal. BBVA
expects the Administrative Appeal to be resolved in a period of between 18 months and two years.

Plans Regarding Shareholder Remuneration Policy

During 2023 and 2024, remuneration for Banco Sabadell shareholders has consisted partly of cash and partly of share repurchases.
On May 6, 2024, Banco Sabadell made public its commitment to