Company: BBVXF
Filing Date: 2025-08-12
Form Type: DRS
Source: 0000950123-25-007520
Chunk: 69

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-08-12
Form: DRS
Chunk 69
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 acceptance period). See “The Exchange Offer—Relief Requested from the SEC—Tender Offer Rules Exemptive and No-Action Relief”. As a result of the foregoing, holders of Banco Sabadell shares will not know whether BBVA will waive the Minimum Acceptance Condition at the time of deciding whether or not to tender their Banco Sabadell shares into the exchange offer. In addition, as described elsewhere in this offer to exchange/prospectus, holders of Banco Sabadell shares may withdraw their declarations of acceptance only prior to the last day of the acceptance period. 42

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.

Consequently, holders of Banco Sabadell shares who have tendered their Banco Sabadell shares into the exchange offer will not have an opportunity to withdraw their declarations of acceptance
following any waiver of the Minimum Acceptance Condition.

Holders of Banco Sabadell shares are cautioned not to tender their Banco
Sabadell shares into the exchange offer if their willingness to tender their Banco Sabadell shares would be affected by a waiver by BBVA of the Minimum Acceptance Condition.

For additional information regarding any decision by BBVA to waive the Minimum Acceptance Condition, see “The Exchange
Offer—Conditions to Completion of the Exchange Offer—Potential Waiver by BBVA of the Minimum Acceptance Condition”.

Completion of the exchange offer is not conditioned on the obtainment of a regulatory authorization of FINRA, and if such authorization is not obtained, and the exchange offer is completed, Banco Sabadell’s U.S. broker-dealer could be subject to the sanctioning regime established by FINRA.

According to the information available to BBVA, Banco Sabadell has control or significant
shareholdings in regulated entities both in Spain and in other jurisdictions. The acquisition by BBVA of control of Banco Sabadell as a result of the exchange offer will involve the indirect acquisition of control or significant shareholdings in
such regulated subsidiaries or affiliates of Banco Sabadell, which may require, in accordance with the applicable legislation in each case, obtaining the authorization or non-opposition of the competent
regulatory supervisory bodies in Spain or in jurisdictions other than Spain, as applicable. As a result, according to the information available to BBVA, the authorization or non-opposition with respect to the
indirect acquisition of