Company: BBVXF
Filing Date: 2025-09-05
Form Type: F-4/A
Source: 0001193125-25-196513
Chunk: 112

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: F-4/A
Chunk 112
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 to article 5 of the Spanish Takeover Regulation.

In the 12 months prior to the date of publication of BBVA’s announcement
of its intention to make the exchange offer, neither BBVA, nor its directors, nor any of the companies within its group, nor, to the best of BBVA’s knowledge, any of the directors of the companies in its group, have carried out or agreed to
carry out on its own account transactions involving shares of Banco Sabadell, or securities giving the right to subscribe or acquire shares of Banco Sabadell, whose voting rights would be attributable to BBVA pursuant to article 5 of the Spanish
Takeover Regulation.

As BBVA is a credit institution that offers a full range of banking and investment and asset management services
in the ordinary course of its business, the CNMV, further to BBVA’s request for authorization to continue to undertake certain transactions with clients in the ordinary course of business until completion of the exchange offer, has given it
guidelines that generally prohibit the acquisition and transfer of Banco Sabadell shares by the BBVA Group for its own account, except for certain transactions of BBVA with respect to Banco Sabadell shares in relation to the execution,
settlement or hedging of transactions with clients in the ordinary course of business, which would not trigger the consequences of article 32 of the Spanish Takeover Regulation. With respect to the exchange offer, BBVA understands that any such
transaction in Banco Sabadell shares will not trigger the consequences provided for in articles 32.3, 32.4 and 32.7 of the Spanish Takeover Regulation, as such acquisitions are made in connection with the execution, settlement or hedging of
transactions with clients in the ordinary course of business. The treatment granted by the CNMV to such transactions by BBVA over Banco Sabadell shares pursuant to BBVA’s request is based on the fact that they are made in the ordinary course
of business, in accordance with past practice, and not for the purpose of acquiring Banco Sabadell shares or facilitating or influencing the exchange offer.

The exemptions granted by the CNMV are generally in line with exemptive relief from the provisions of Rule 14e-5 under the Exchange Act
granted to BBVA by the SEC on May 29, 2024. Subject to certain exceptions, Rule 14e-5 under the Exchange Act prohibits a person making a tender offer for an equity security, as

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well as such offeror’s dealer