Company: BBVXF
Filing Date: 2025-08-12
Form Type: DRS
Source: 0000950123-25-007520
Chunk: 170

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-08-12
Form: DRS
Chunk 170
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 as used in
this offer to exchange/prospectus means the exchange ratio of one newly-issued BBVA share for each 5.5483 Banco Sabadell shares (adjusted, as the case may be, as described in this offer to exchange/prospectus), unless the context otherwise requires.
The term “exchange offer cash consideration” as used in this offer to exchange/prospectus means an amount in cash equal to €0.70 for each 5.5483 Banco Sabadell shares (adjusted, as the case may be, as described in this offer to
exchange/prospectus).

As the consideration consists in part of newly-issued BBVA shares, BBVA’s board of directors, at the meeting
at which it unanimously approved undertaking the exchange offer and in accordance with the provisions of article 14.5 of the Spanish Takeover Regulation, also approved the calling of a general shareholders’ meeting to decide on the issue of the
new BBVA shares in the amount necessary to fully cover the share exchange. On July 5, 2024, BBVA’s extraordinary general shareholders’ meeting approved to authorize such capital increase, with shareholders representing 70.75% of the
outstanding BBVA shares present at such meeting and 96.01% of such shareholders voting in favor. Pursuant to the provisions of article 14.2.c) of the Spanish Takeover Regulation, BBVA shall request the admission to trading of the newly-issued BBVA
shares on the same markets on which its shares are currently listed, within the regulatory deadlines established.

With respect to the
exchange offer cash consideration, tendering holders of Banco Sabadell shares that tender a number of Banco Sabadell shares that does not entitle them to receive at least one newly-issued BBVA share, or that entitles them to receive a whole number
of newly-issued BBVA shares but have an excess number of Banco Sabadell shares that would entitle them to receive a cash payment in lieu of a fractional BBVA share, will receive an amount in cash equal to €0.70 multiplied by the fraction of a
BBVA share (rounded to the nearest hundredth with five one thousandths of a BBVA share being rounded upwards (e.g., 0.205 would be rounded to 0.21)) that they would otherwise be entitled to receive in accordance with the exchange ratio of 5.5483
(adjusted, as the case may be, as described in this offer to exchange