Company: BBVXF
Filing Date: 2025-09-05
Form Type: F-4/A
Source: 0001193125-25-196513
Chunk: 160

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: F-4/A
Chunk 160
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 Persons who come into possession of this offer to exchange/prospectus should inform themselves of and observe these restrictions. Any failure to comply with these restrictions may constitute a violation of the securities
laws of that jurisdiction. BBVA does not assume any responsibility for any violation by any person of any of these restrictions.

Consideration

BBVA is offering to holders of Banco Sabadell shares one newly-issued BBVA share and €0.70 in cash for each 5.5483 Banco
Sabadell shares (adjusted, as the case may be, as described in this offer to exchange/prospectus).

The term “exchange ratio”
as used in this offer to exchange/prospectus means the exchange ratio of one newly-issued BBVA share for each 5.5483 Banco Sabadell shares (adjusted, as the case may be, as described in this offer to exchange/prospectus), unless the context
otherwise requires. The term “exchange offer cash consideration” as used in this offer to exchange/prospectus means an amount in cash equal to €0.70 for each 5.5483 Banco Sabadell shares (adjusted, as the case may be, as described
in this offer to exchange/prospectus).

As the consideration consists in part of newly-issued BBVA shares, BBVA’s board of
directors, at the meeting at which it unanimously approved undertaking the exchange offer and in accordance with the provisions of article 14.5 of the Spanish Takeover Regulation, also approved the calling of a general shareholders’ meeting to
decide on the issue of the new BBVA shares in the amount necessary to fully cover the share exchange. On July 5, 2024, BBVA’s extraordinary general shareholders’ meeting approved to authorize such capital increase, with shareholders
representing 70.75% of the outstanding BBVA shares present at such meeting and 96.01% of such shareholders voting in favor. Pursuant to the provisions of article 14.2.c) of the Spanish Takeover Regulation, BBVA shall request the admission to trading
of the newly-issued BBVA shares on the same markets on which its shares are currently listed, within the regulatory deadlines established.

With respect to the exchange offer cash consideration, tendering holders of Banco Sabadell shares that tender a number of Banco Sabadell
shares that does not entitle them to receive at least one newly-issued BBVA share, or that entitles them to receive a whole number of newly-