Company: BBVXF
Filing Date: 2025-08-12
Form Type: DRS
Source: 0000950123-25-007520
Chunk: 23

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-08-12
Form: DRS
Chunk 23
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 exchange offer is completed following the waiver of the Minimum Acceptance Condition.

| Q. | What happens if BBVA does not control Banco Sabadell immediately following completion of the exchange offer? |

| A. | If BBVA does not control Banco Sabadell immediately following completion of the exchange offer, it is possible                                                                                                                                         
 that BBVA will subsequently obtain control of Banco Sabadell as a result of a Mandatory Tender Offer. In addition, following a Mandatory Tender Offer, BBVA will be permitted under Spanish law to acquire any untendered Banco Sabadell shares in the 
 open market or otherwise in an unlimited amount and without giving rise to any obligation to make a further tender offer for any Banco Sabadell shares.                                                                                                |

Until BBVA controls Banco Sabadell:

| • |     | BBVA may not be able to carry out any of its strategic plans with respect to Banco Sabadell; |

| • |     | BBVA may not realize any of the synergies it expects to realize following completion of the exchange offer; and |

| • |     | BBVA will not be able to consolidate the financial position and results of operations of Banco Sabadell within                                                                                                                                           
 its consolidated financial statements. Rather, BBVA will include the financial position and results of operations of Banco Sabadell in accordance with the relevant accounting criteria based on the percentage interest held by BBVA in Banco Sabadell, 
 pursuant to the equity method of accounting.                                                                                                                                                                                                             |

| Q. | When may BBVA decide to waive the Minimum Acceptance Condition? |

| A. | If the Minimum Acceptance Condition has not been satisfied as of the end of the acceptance period, pursuant to                                                                                                                                           
 the Spanish Takeover Regulation, BBVA may waive the Minimum Acceptance Condition after the expiration date of the exchange offer (following receipt by BBVA of the CNMV Notification informing BBVA of the number of Banco Sabadell shares tendered in   
 the exchange offer and not withdrawn). In this case, pursuant to the Spanish Takeover Regulation, the acceptance period would not be reopened, nor would withdrawal rights be provided to holders who have tendered their Banco Sabadell shares into the 
 exchange offer. Pursuant to the Spanish Takeover Regulation and in accordance with exemptive relief granted to BBVA by the SEC, BBVA may waive the Minimum Acceptance Condition through the first Spanish stock exchange business day following the day  
 it receives a notification from the CNMV as to the final number of Banco Sabadell shares tendered