Company: BBVXF
Filing Date: 2025-02-27
Form Type: F-4/A
Source: 0001193125-25-037317
Chunk: 158

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-27
Form: F-4/A
Chunk 158
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 promote a merger following the exchange offer, whether the exchange offer will in fact be followed by a merger, and, if so, its precise structure, terms and timing, is not yet known. Because of these factual uncertainties, which will not be resolved until after the exchange offer is completed, 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 IRS regarding any 116

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.

In addition, to BBVA’s knowledge, Banco Sabadell has not taken a position
in publicly available filings on whether or not it has been a passive foreign investment company (a “PFIC”) for U.S. federal income tax purposes for any prior taxable year, and BBVA has not analyzed Banco Sabadell’s PFIC status for
any taxable year. The following discussion assumes that Banco Sabadell is not a PFIC for its current taxable year, and was not a PFIC for any prior taxable year included, in whole or in part, in a U.S. Holder’s holding period for its Banco
Sabadell shares. If Banco Sabadell is or was a PFIC for any taxable year included, in whole or in part, in a U.S. Holder’s holding period for its Banco Sabadell shares (generally even if Banco Sabadell ceased to be a PFIC in any subsequent tax
year), and BBVA is not a PFIC in the taxable year in which the Reorganization occurs, then even if the exchange offer qualifies as part of a Reorganization, a U.S. Holder could be required to recognize gain with respect to the exchange of its