Company: BBVXF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003393
Chunk: 74

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 74
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 the market price of the Preferred Securities and/or the Common Shares. Fluctuations in the market price of the Common Shares between the
Conversion Notice Date and the Conversion Settlement Date may also further affect the value to a holder of any Common Shares delivered to that holder on the Conversion Settlement Date.

Holders have limited anti-dilution protection.

The number of Common Shares to be issued and delivered on Conversion in respect of each Preferred Security shall be determined by dividing the
Liquidation Preference of such Preferred Security by the Conversion Price in effect on the Conversion Notice Date.

The Floor Price will
be adjusted in the event that there is a consolidation, reclassification/redesignation or subdivision affecting the Common Shares, the payment of any extraordinary dividends or non-cash dividends, a

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rights issue or grant of other subscription rights or certain other events which affect the Common Shares (including certain issuances of Common Shares), but only in the situations and to the
extent provided in the Indenture, which may or may not apply to the Exchange Offer, depending on the circumstances. There is no requirement that there should be an adjustment for every corporate or other event that may affect the value of the Common
Shares or that, if a holder were to have held the Common Shares at the time of such adjustment, such holder would not have benefited to a greater extent.

Furthermore, the Indenture does not provide for certain undertakings from BBVA which are sometimes included in securities that convert into
the ordinary shares of an issuer to protect investors in situations where the relevant conversion price adjustment provisions do not operate to neutralize the dilutive effect of certain corporate events or actions on the economic value of the
Conversion Price. For example, the Indenture contains neither an undertaking restricting the modification of rights attaching to the Common Shares nor an undertaking restricting issues of new share capital with preferential rights relative to the
Preferred Securities.

Further, if BBVA issues any Common Shares credited as fully paid to shareholders by way of capitalization of
profits or reserves (including any share premium account or capital redemption reserve), where the shareholders may elect to receive a Dividend in cash in lieu of such Common Shares and such Dividend does not constitute an extraordinary dividend, no
Floor Price adjustment shall be applicable in accordance with the Indenture, and therefore holders will not be protected by anti-dilution measures.

Corporate events or actions in respect of which no adjustment to the Floor Price is made may adversely affect the value of the Preferred
Securities.

In order to