Company: BBVXF
Filing Date: 2025-02-27
Form Type: F-4/A
Source: 0001193125-25-037317
Chunk: 71

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-27
Form: F-4/A
Chunk 71
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abilities predicated solely upon the federal securities laws of the

46

United States can be enforced in Spain, whether by original action or by seeking to enforce a judgment of U.S. courts. In addition, punitive damages awards in actions brought in the United States
or elsewhere may be unenforceable in Spain.

The exchange of Banco Sabadell shares for BBVA shares pursuant to the exchange offer may be taxable to U.S. holders of Banco Sabadell shares.

The U.S. federal income tax consequences of the exchange offer to U.S. holders will
depend on whether a merger of Banco Sabadell with BBVA is consummated after the exchange offer, and, if so, whether the exchange offer and such merger, taken together, will be treated as part of a plan of reorganization and qualify as a
Reorganization (as defined in “The Exchange Offer—Material U.S. Federal Income Tax Considerations for U.S. Holders”). To qualify as a Reorganization, the exchange offer and a subsequent merger, taken together, must satisfy certain
requirements, some of which depend on facts, actions or events after completion of the exchange offer that are not yet known or are not entirely within the control of BBVA, as further discussed under “The Exchange Offer—Material U.S.
Federal Income Tax Considerations for U.S. Holders—Consequences of the Exchange Offer”. Therefore, no representation can be made as to the U.S. federal income tax treatment of the exchange offer. Completion of the exchange offer is not
conditioned on the exchange offer qualifying as part of a Reorganization or on the receipt of an opinion of counsel to that effect. Due to the factual uncertainties described above, BBVA has not sought or received an opinion of counsel on the
qualification of the exchange offer as part of a Reorganization. In addition, BBVA has not sought and will not seek any ruling from the U.S. Internal Revenue Service (the “IRS”) regarding any matters relating to the exchange offer, and as
a result, even if BBVA were to take the position that the exchange offer qualified as part of a Reorganization (if required to take a position), there can be no assurance that the IRS will not assert, or that a court would not sustain, a position
that the exchange offer does not qualify as part of a Reorganization. BBVA does not intend to take into account U.S. tax considerations in structuring any merger that relates to the exchange offer.

If the exchange offer does