Company: BBVXF
Filing Date: 2025-08-12
Form Type: DRS
Source: 0000950123-25-007520
Chunk: 173

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-08-12
Form: DRS
Chunk 173
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 Buy-Back Programs or any other share buy-back
program.

If BBVA makes any distribution of dividends, reserves or any other type of distribution to its shareholders (regardless of
whether it is an ordinary, extraordinary, interim or complementary distribution) prior to the settlement of the exchange offer or, if applicable, after the settlement of the exchange offer but before the settlement of a subsequent squeeze-out transaction, the consideration payable upon settlement of the exchange offer or settlement of such subsequent squeeze-out transaction, or both, as applicable, will
be adjusted upwards by including a cash payment for each Banco Sabadell share tendered pursuant to the exchange offer or acquired in such subsequent squeeze-out transaction, or both, as applicable, equal to
the gross amount of the relevant distribution per BBVA share divided by the exchange ratio of 5.5483 (adjusted, as the case may be, as described in this offer to exchange/prospectus). Notwithstanding the foregoing, the consideration payable upon
settlement of the exchange offer or settlement of a subsequent squeeze-out transaction, or both, as applicable, will not be adjusted for a distribution of dividends, reserves or any other type of distribution to shareholders with an
ex-dividend date that occurs after the date of publication of the results of the exchange offer in the Official Quotation Bulletins. On October 10, 2024, BBVA paid a dividend of €0.29 per BBVA share and, as a result, BBVA increased the
exchange offer consideration on the ex-dividenddate of such dividend payment to one newly-issued BBVA share and €0.29 in cash for each 5.0196 Banco Sabadell shares tendered and not withdrawn (the then-applicable exchange ratio). On
April 10, 2025, BBVA paid a dividend of €0.41 per BBVA share and, as a result, BBVA increased the exchange offer consideration on the ex-dividenddate of such dividend payment to one newly-issued BBVA share and €0.70 in cash for
each 5.3456 Banco Sabadell shares tendered and not withdrawn. The purpose of the exchange offer cash consideration is to provide tendering holders of Banco Sabadell shares with an amount equivalent to the aggregate amount of all distributions of
dividends, reserves or any other type of distributions made to shareholders of BBVA after the date of the publication of BBVA’s announcement

123

As confidentially submitted to the Securities and Exchange Commission on August