Company: BBVXF
Filing Date: 2025-02-27
Form Type: F-4/A
Source: 0001193125-25-037317
Chunk: 85

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-27
Form: F-4/A
Chunk 85
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 exchange offer could vary significantly.

| (b) | Other intangible assets: |

BBVA has estimated an adjustment of €(1,398) million to the value of other intangible assets in the event of completion of the exchange offer under any of the Full Acquisition Scenario or the Minimum Acceptance Scenario, mainly related to software in use by Banco Sabadell in geographies in which BBVA already has a 57

presence. The related adjustment ultimately made upon completion of the exchange offer could vary significantly once the necessary detailed analysis with respect to these assets is performed.

| (c) | Tax impacts: |

The adjustments described herein would result in corresponding tax impacts, calculated on the basis of the general corporate income tax rate currently in effect in Spain (30%). Broken down in the event of completion of the exchange offer under any of the Full Acquisition Scenario or the Minimum Acceptance Scenario, the adjustment would be as follows: with respect to assets (included under “other assets”), fixed-income portfolio (€221 million), other intangible assets (€419 million), own issuances of financial instruments (€90 million) and legal contingencies (€6 million).

| (d) | Own issuances of financial instruments (included under “Financial liabilities at amortized cost”): |

Own issuances of financial instruments include financial instruments that mostly correspond to level 1 in the fair value hierarchy, to the extent their fair value is directly observable in the market. Therefore, the adjustment made in the table above is based on the fair value broken down in the condensed consolidated financial statements of Banco Sabadell as of and for the year ended December 31, 2024. The adjustment corresponding to debt issuances in the event of completion of the exchange offer under any of the Full Acquisition Scenario or the Minimum Acceptance Scenario amounts to €298 million. The fair value of these liabilities could fluctuate depending on the evolution of interest rates, the credit risk premium and any changes to the maturity of the instruments. Accordingly, the related adjustment ultimately made upon completion of the exchange offer could vary significantly.

| (e) | Contingencies (included under “Other liabilities”) |

The maximum amount of contingencies related to mortgage floor clauses, not covered by provisions, has been estimated at €19 million, as detailed in the consolidated financial statements of Banco Sabadell as of and for the year ended December 31, 2024. 58

Combined Unaudited Condensed Consolidated Pro Forma Income Statement for the year ended December 31,