Company: BBVXF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003393
Chunk: 72

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 72
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 Shares Depository, all of our obligations
under the Preferred Securities will be (except with respect to the payment of certain Spanish stamp and similar taxes payable by BBVA in respect of the issue and delivery of the Common Shares) irrevocably and automatically released in consideration
of such issuance to the Conversion Shares Depository of Common Shares, and under no circumstances will such released obligations be reinstated and you will not be entitled to any form of compensation in the event of our potential recovery or change
in our fully loaded CET1 ratio after the Trigger Event. After we issue and deliver the relevant Common Shares to the Conversion Shares Depository, you will have recourse only to the Conversion Shares Depository and exclusively for the purposes of
the delivery to you of Common Shares or, if you so elect, ADSs.

S-47

If we do not deliver the Common Shares to the Conversion Shares Depository following a
Trigger Event, the only claim you will have against us will be for specific performance to have such Common Shares issued and delivered. In particular, you will not have any rights against us with respect to repayment of the Liquidation Preference
of the Preferred Securities or payment of Distributions or any other amount on, or in respect of, the Preferred Securities, which liabilities will be automatically released.

In addition, we have not yet appointed a Conversion Shares Depository and we may not be able to appoint a Conversion Shares Depository if a
Conversion (including a Trigger Conversion) occurs. In the event of a Conversion, we will effect, by means we deem reasonable under the circumstances (including, without limitation, issuance of the Common Shares to another nominee or to you
directly), the issuance and/or delivery of the Common Shares or, if you so elect, ADSs.

A Conversion may result in new obligations for you.

Except as provided in the Indenture, neither we nor any member of the BBVA Group will be liable for any taxes or duties
(including, without limitation, any stamp duty, stamp duty reserve tax or any other capital, issue, transfer, registration, financial transaction or documentary tax or duty) arising on conversion or that may arise or be paid in connection with the
issue and delivery of Common Shares following a Conversion. You must pay any such taxes and duties arising on conversion in connection with the issue and delivery of Common Shares to the Conversion Shares Depository on your behalf. Furthermore, in
accordance with the Indenture any costs incurred by the Conversion Shares Depository or any parent, subsidiary or