Company: BBVXF
Filing Date: 2025-08-12
Form Type: DRS
Source: 0000950123-25-007520
Chunk: 227

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-08-12
Form: DRS
Chunk 227
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queeze-out and Merger” below.

Reduced Liquidity

The acquisition
of Banco Sabadell shares by BBVA pursuant to the exchange offer will reduce the number of holders of Banco Sabadell shares and the number of Banco Sabadell shares that might otherwise trade publicly and, depending on the number of Banco Sabadell
shares acquired by BBVA pursuant to the exchange offer, could adversely affect the liquidity of any remaining Banco Sabadell shares held by the public or result in their automatic delisting from the Spanish Stock Exchanges if BBVA obtains the
percentage of voting rights required to exercise its squeeze-out right.

If the requirements set
forth in articles 116 of the Securities Market Law and 47 of the Spanish Takeover Regulation are not met, the Banco Sabadell shares will continue to be listed on the Spanish Stock Exchanges. Depending on the number of Banco Sabadell shares acquired
by BBVA pursuant to the exchange offer, the liquidity of the Banco Sabadell shares following completion of the exchange offer could be adversely affected. BBVA does not intend to take any action aimed at maintaining the liquidity of the Banco
Sabadell shares following completion of the exchange offer. See “Risk Factors—Risks Relating to the Exchange Offer—If the exchange offer is completed, the liquidity of any Banco Sabadell shares not acquired by BBVA could be adversely
affected. Further, BBVA may have the right to squeeze-out any remaining holders of Banco Sabadell shares”.

Squeeze-out

If the requirements set forth in articles 116 of the Securities Market Law and 47 of the Spanish Takeover Regulation are met, which would
require that (i) the exchange offer be accepted by holders of Banco Sabadell shares representing at least 90% of the Banco Sabadell shares subject to the exchange offer; and (ii) following completion of the exchange offer, BBVA holds a
number of Banco Sabadell shares representing at least 90% of the voting rights in Banco Sabadell’s share capital (excluding, in each case, any treasury shares held by Banco Sabadell), BBVA will exercise its right to demand the squeeze-out of the remaining Banco Sabadell shares at the same consideration (including the share consideration and the exchange offer cash consideration) as offered pursuant to the exchange offer (adjusted, as the
case may be, as described in this offer to exchange/prospectus). To this effect, within the three Spanish stock exchange business days following the publication of