Company: BBVXF
Filing Date: 2025-08-12
Form Type: DRS
Source: 0000950123-25-007520
Chunk: 218

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-08-12
Form: DRS
Chunk 218
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 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 within the meaning of Section 368(a) of the Code (a “Reorganization”). Although the proper treatment of the exchange offer and any future merger is not entirely clear, the fact that BBVA is prohibited from consummating a merger with Banco Sabadell during the No-merger Period will likely cause the exchange offer to be taxable to U.S. shareholders of Banco Sabadell for U.S. federal income tax purposes. U.S. Holders should consult their tax advisers regarding whether the exchange offer may nevertheless qualify as part of a Reorganization in the event a merger of Banco Sabadell with BBVA is ultimately consummated. U.S. Holders should note that even if the exchange offer and any future merger, taken together, would be treated as consummated as part of a plan within the meaning of the rules governing reorganizations, there can be no assurance that it would qualify as a nontaxable Reorganization because that treatment would depend, in part, on facts that will be known only at the time of the merger. BBVA will not seek a ruling from the Internal Revenue Service regarding the treatment of the exchange offer and any subsequent merger. Therefore, U.S. Holders should expect, and the remaining discussion assumes, that the exchange offer will not qualify as part of a Reorganization. In this case, the receipt of BBVA shares, cash in lieu of fractional BBVA shares, and cash described above in “Dividend Payments” in exchange for Banco Sabadell shares will be a taxable transaction for U.S. federal income tax purposes. A U.S. Holder that exchanges Banco Sabadell shares generally will recognize gain or loss for U.S. federal income tax purposes in an amount equal to the difference, if any, between the amount realized on the exchange and the U.S. Holder’s tax basis in the Banco Sabadell shares exchanged, in each case as determined in U.S. dollars. The amount realized on the exchange will be the sum of the fair market value of the BBVA 149

As confidentially submitted to the Securities and Exchange Commission on August 11, 2025.

This Amendment No. 4 has not been publicly filed with the Securities and Exchange Commission and all

information herein remains strictly confidential.