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

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-08-12
Form: DRS
Chunk 12
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 to promote a merger of the two entities. Pursuant to the Council of Ministers’ Authorization, BBVA will be able to undertake a merger with Banco Sabadell only following the No-merger Period (as defined herein), 
 although a merger may be possible sooner if the Autonomy Condition (as defined herein) is declared void as a result of the Administrative Appeal (as defined herein). For additional information on the Council of Ministers’ Authorization, see 
 “The Exchange Offer—Antitrust Authorizations—Spanish Antitrust Authorization—Authorization”.                                                                                                                                                     |

BBVA believes that the acquisition of control of Banco Sabadell and Banco Sabadell becoming part of the BBVA Group following completion of the exchange offer creates value for the shareholders of both entities, even though compliance with the Council of Ministers’ Authorization will delay the full realization of the expected synergies until consummation of a merger with Banco Sabadell. In particular, BBVA believes that the acquisition of control of Banco Sabadell and Banco Sabadell becoming part of the BBVA Group will result in:

| i. | the achievement of a larger scale in a highly competitive sector, resulting in higher efficiency. Scale is                                                                                                                 
 essential in the financial sector in order to be able to meet increasing fixed costs associated with the investments in technology that will need to be made over the next few years in the face of changing client needs; |

3

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.

| ii. | the creation of a group that reflects the financial results of both entities; |

| iii. | the consolidation of very complementary businesses, both in terms of geographical diversification and in terms 
 of positioning in different client segments in Spain; and                                                      |

| iv. | a consolidated group with a level of solvency above 12% (common equity tier 1 (“CET1”)), resilience    
 to external shocks and a lower vulnerability through economic cycles due to increased diversification. |

Additionally, BBVA believes that completion of the exchange offer will have a positive impact on the clients and employees of both entities and society as a whole.

| Q. | How is the exchange offer structured? |

| A. | BBVA is undertaking the exchange offer pursuant to the offering documents published (or that will be published)                                                                                                      
 in Spain and made available (or that will be made