Company: BBVXF
Filing Date: 2025-08-12
Form Type: DRS
Source: 0000950123-25-007520
Chunk: 21

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-08-12
Form: DRS
Chunk 21
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adell shares at the end of the acceptance period (excluding any treasury shares held by Banco Sabadell 
 as of that time) (such condition, the “Minimum Acceptance Condition”).                                                                                                                                                                                  |

| iii. | In accordance with the provisions of article 26.1 of the Spanish Takeover Regulation, the express or tacit 
 authorization of the economic concentration resulting from completion of the exchange                      |

9

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.

For the exchange offer to be completed, each of these conditions must be satisfied or waived as of the end of the acceptance period. See “The Exchange Offer—Extension, Termination and Amendment”. As of the date of this offer to exchange/prospectus, the Minimum Acceptance Condition is the only condition pending satisfaction or waiver. As a result, if the number of Banco Sabadell shares that permits BBVA to acquire at least more than half of the voting rights of the Banco Sabadell shares at the end of the acceptance period (excluding any treasury shares held by Banco Sabadell as of that time) do not accept the exchange offer before the end of the acceptance period, and BBVA does not waive the Minimum Acceptance Condition, the exchange offer will not be completed. As of the date of this offer to exchange/prospectus, BBVA does not intend to waive the Minimum Acceptance Condition. However, based on future facts and circumstances, BBVA may determine that it would be appropriate to waive the Minimum Acceptance Condition. BBVA has undertaken not to waive the Minimum Acceptance Condition if the number of Banco Sabadell shares tendered and not withdrawn in the exchange offer would not permit BBVA to acquire at least 30% of the voting rights of the Banco Sabadell shares (excluding any treasury shares held by Banco Sabadell as of that time). The consequences of a potential waiver of the Minimum Acceptance Condition are treated in the following questions.

| Q. | What is the main consequence of any decision by BBVA to waive the Minimum Acceptance Condition? |

| A. | If the number of Banco Sabadell shares that permits BBVA to acquire at least more than half of the voting                                                                                                                                            
 rights of the Banco Sabadell shares at the end of the acceptance period (excluding any treasury shares held by Banco Sabadell as of that time) do not