Company: BBVXF
Filing Date: 2025-08-12
Form Type: DRS
Source: 0000950123-25-007520
Chunk: 10

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-08-12
Form: DRS
Chunk 10
---
., through the first Spanish stock exchange business day following the date on which BBVA
receives the CNMV Notification (as defined herein)) in the event that the Minimum Acceptance Condition has not been satisfied as of the end of the acceptance period, without extending the acceptance period or providing withdrawal rights in
connection with any such waiver. Such relief is conditioned upon BBVA’s undertaking not to waive the Minimum Acceptance Condition if the number of Banco Sabadell shares tendered and not withdrawn in the exchange offer does not permit BBVA to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).

1

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 additional information, see “The Exchange Offer—Relief Requested from the
SEC—Tender Offer Rules Exemptive and No-Action Relief”.

Rule 14d-7 relief

Pursuant to no-action relief granted on , 2025 by the SEC with respect to Rule 14d-7 under the Exchange Act, BBVA may
commence the exchange offer before the Registration Statement is declared effective, despite the fact that withdrawal rights would be provided in connection with the exchange offer only through the day prior to the last day of the acceptance period
as required by the Spanish Takeover Regulation, rather than through the expiration date of the exchange offer, as would be required by Rule 14d-7, and that withdrawal rights would not be provided after the expiration date of the exchange offer.

For additional information, see “The Exchange Offer—Relief Requested from the SEC—Tender Offer Rules Exemptive and No-Action
Relief”.

2

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. QUESTIONS AND ANSWERS ABOUT THE PROPOSED EXCHANGE OFFER The summary term sheet in question-and-answerformat set forth below highlights selected information about the exchange offer that is included elsewhere in this offer to exchange/prospectus. It does not, however, contain all of the information included in, or incorporated by reference into, this offer to exchange/prospectus and you should read and