Company: BBVXF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003393
Chunk: 182

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 182
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 which it exercises discretionary authority without the specific written approval of the transaction from the account holder.

Selling Restrictions

The Preferred Securities are complex financial instruments with high risk. They are not a suitable or appropriate investment for all investors. In particular, the Preferred Securities are not intended to be sold and shall not be sold to retail investors in any jurisdiction, including the United States. In addition to the below, please see “Notice to Investors” and “Risk Factors—The Preferred Securities are not a suitable investment for all investors”.

In the United States, the Preferred Securities are intended to be sold only to institutional investors.

European Economic Area

Prohibition of sales to EEA retail investors.The Preferred Securities shall not be offered, sold or otherwise made available to any
retail investor in the EEA.

For the purposes of this provision:

(i) the expression “retail investor” means a person who is one (or more) of the following:

(a) a retail client as defined in point (11) of Article 4(1) of MiFID II; or

(b) a customer within the meaning of the Insurance Distribution Directive, where that customer would not qualify as a
professional client as defined in point (10) of Article 4(1) of MiFID II; and

(ii) the expression “offer” includes
the communication in any form and by any means of sufficient information on the terms of the offer and the Preferred Securities to be offered so as to enable an investor to decide to purchase or subscribe for the Preferred Securities.

S-113

Spain

Restrictions on acquisitions of Preferred Securities by Spanish Residents.The Preferred Securities shall not be offered, distributed or
sold in Spain in the primary market. However, the Preferred Securities may be sold to Spanish resident investors in circumstances that satisfy the requirements set forth in the ruling 1500/04 of the Directorate General for Taxation
(Dirección General de Tributos) of July 27, 2004.

Notwithstanding this, the Preferred Securities shall
not be offered, sold or otherwise made available at any time to any retail investor (as defined above) in Spain and any sales of the Preferred Securities in Spain according to the previous paragraph shall be made only to professional clients
(clientes profesionales) as defined in Article 194 of the LMV or eligible counterparties (contrapartes elegibles) as defined in Article 196 of the LMV and as further limited by the second paragraph of Article 192 of the LMV.

No publicity of