Company: BBVXF
Filing Date: 2025-08-12
Form Type: DRS
Source: 0000950123-25-007520
Chunk: 70

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-08-12
Form: DRS
Chunk 70
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 control or significant shareholdings in regulated subsidiaries or affiliates of Banco Sabadell is subject to the prior notification to or the authorization or non-opposition of several
competent regulatory supervisory bodies, including FINRA in relation to the acquisition of indirect control of Sabadell Securities USA, Inc., U.S. broker-dealer subsidiary of Banco Sabadell.

BBVA has obtained the relevant authorization or non-opposition from the competent regulatory supervisory bodies set forth in “The
Exchange Offer—Governmental and Regulatory Authorizations”, but it has not obtained the authorization of FINRA. Completion of the exchange offer is not conditioned upon obtaining the authorization of FINRA, and, as a result, the exchange
offer will be completed even if FINRA does not provide this authorization by the expiration date. The application for the authorization of FINRA may be submitted only by Sabadell Securities USA, Inc. and, as of the date of this offer to
exchange/prospectus, BBVA is not aware that Sabadell Securities USA, Inc. has applied for or received such authorization.

In the event
that the exchange offer is completed without the authorization of FINRA, Sabadell Securities USA, Inc. could be subject to the sanctioning regime established by FINRA provided for in FINRA Rule 1017 and in the applicable Final Sanction Guidelines.
If FINRA were to institute an enforcement proceeding for the failure of Sabadell Securities USA, Inc. to file the required application in violation of FINRA Rule 1017, under the Final Sanction Guidelines, this could result in a monetary sanction of
$5,000 to $200,000, suspension with respect to relevant business lines or activities for up to six months or expulsion requiring Sabadell Securities USA, Inc. to cease its operations as a brokerage firm in the United States. The Final Sanction
Guidelines are intended to be guidelines, meaning the consequences of noncompliance by Sabadell Securities USA, Inc. could be greater or lesser.

43

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.

Because the exchange ratio is fixed, the value of the BBVA shares you will receive as a result of the exchange offer is likely to fluctuate.

If you tender into, and do not withdraw your Banco Sabadell shares from, the exchange offer
and the exchange offer