Company: BBVXF
Filing Date: 2025-09-05
Form Type: F-4/A
Source: 0001193125-25-196513
Chunk: 66

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: F-4/A
Chunk 66
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 FINRA does not provide this authorization by the expiration date. The application for the authorization of FINRA may be submitted only by Sabadell Securities USA, Inc. and, as of the date of this offer to
exchange/prospectus, BBVA is not aware that Sabadell Securities USA, Inc. has applied for or received such authorization.

In the event
that the exchange offer is completed without the authorization of FINRA, Sabadell Securities USA, Inc. could be subject to the sanctioning regime established by FINRA provided for in FINRA Rule 1017 and in the applicable Final Sanction Guidelines.
If FINRA were to institute an enforcement proceeding for the failure of Sabadell Securities USA, Inc. to file the required application in violation of FINRA Rule 1017, under the Final Sanction Guidelines, this could result in a monetary sanction of
$5,000 to $200,000, suspension with respect to relevant business lines or activities for up to six months or expulsion requiring Sabadell Securities USA, Inc. to cease its operations as a brokerage firm in the United States. The Final Sanction
Guidelines are intended to be guidelines, meaning the consequences of noncompliance by Sabadell Securities USA, Inc. could be greater or lesser.

44

Because the exchange ratio is fixed, the value of the BBVA shares you will receive as a result of the exchange offer is likely to fluctuate.

If you tender into, and do not withdraw your Banco Sabadell shares
from, the exchange offer and the exchange offer is completed, you will receive one newly-issued BBVA share and €0.70 in cash for each 5.5483 Banco Sabadell shares tendered. While the exchange ratio will be subject to the potential adjustments
described under “The Exchange Offer—Dividend Payments”, the exchange ratio will not be adjusted to reflect any changes in the market prices of any of the securities of either company. As a result, and subject to the potential
adjustments described under “The Exchange Offer—Dividend Payments”, you will receive a fixed number of newly-issued BBVA shares in connection with the exchange offer, and changes in the market prices of these securities will affect
the value of what you will receive.

Since there will be no adjustment to the exchange ratio for changes in the market price of
either the BBVA shares or the Banco Sabadell shares, the value of the BBVA shares to be delivered to holders of Banco Sabadell