Company: BBVXF
Filing Date: 2025-08-12
Form Type: DRS
Source: 0000950123-25-007520
Chunk: 177

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-08-12
Form: DRS
Chunk 177
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 of prior notification to the Bank of Spain and to the obtainment of the non-oppositionby the ECB. The ECB’s non-opposition was obtained on September 5, 2024. Conditions to Completion of the Exchange Offer In accordance with the provisions of articles 13 and 26 of the Spanish Takeover Regulation, completion of the exchange offer is subject to the fulfillment of the following conditions:

| i. | In accordance with the provisions of article 13.2.b) of the Spanish Takeover Regulation, the Minimum Acceptance 
 Condition.                                                                                                      |

125

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.

For the exchange offer to be completed, each of these conditions must be satisfied or waived as of the end of the acceptance period. See “The Exchange Offer—Extension, Termination and Amendment”. As of the date of this offer to exchange/prospectus, the Minimum Acceptance Condition is the only condition pending satisfaction or waiver. As a result, if the number of Banco Sabadell shares that permits BBVA to acquire at least more than half of the voting rights of the Banco Sabadell shares at the end of the acceptance period (excluding any treasury shares held by Banco Sabadell as of that time) do not accept the exchange offer before the end of the acceptance period, and BBVA does not waive the Minimum Acceptance Condition, the exchange offer will not be completed. As of the date of this offer to exchange/prospectus, BBVA does not intend to waive the Minimum Acceptance Condition. However, based on future facts and circumstances, BBVA may determine that it would be appropriate to waive the Minimum Acceptance Condition. BBVA has undertaken not to waive the Minimum Acceptance Condition if the number of Banco Sabadell shares tendered and not withdrawn in the exchange offer would not permit BBVA to acquire at least 30% of the voting rights of the Banco Sabadell shares (excluding any treasury shares held by Banco Sabadell as of that time). If the Minimum Acceptance Condition is waived, pursuant to the Spanish Takeover Regulation, BBVA would be required within one month following completion of the exchange offer to request CNMV authorization to launch a Mandatory Tender Offer. Additionally, BBVA may not have control of Banco Sabadell immediately following completion of the exchange offer. See “Risk Factors—Completion of the exchange