Company: BBVXF
Filing Date: 2025-08-12
Form Type: DRS
Source: 0000950123-25-007520
Chunk: 179

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-08-12
Form: DRS
Chunk 179
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 date of the exchange offer. In this case, pursuant to the Spanish Takeover Regulation, the acceptance period would not be reopened, nor would withdrawal rights be
provided to holders who have tendered their Banco Sabadell shares into the exchange offer.

In accordance with Spanish law and practice,
the CNMV will inform (the “CNMV Notification”) BBVA of the number of Banco Sabadell shares tendered in the exchange offer and not withdrawn within five Spanish stock exchange business days following the end of the acceptance period. It is
only upon receipt of the CNMV Notification that BBVA will know the final number of Banco Sabadell shares tendered in the exchange offer and whether the Minimum Acceptance Condition has been satisfied. Pursuant to the Spanish Takeover Regulation,
BBVA would be permitted to waive the Minimum Acceptance Condition through the first Spanish stock exchange business day following the date on which BBVA receives the CNMV Notification.

The SEC granted to BBVA exemptive relief from the provisions of Rule 14d-4(d)(2) under the Exchange Act on , 2025. Rule
14d-4(d)(2)(i) under the Exchange Act requires that, in the event of a material change other than price or share levels, including the waiver of a material condition, an exchange offer must remain open for at least five U.S. business days from the
date that the related material changes to the exchange offer materials are disseminated to security holders. The relief granted to BBVA by the SEC permits BBVA to, following the expiration date of the exchange offer, waive the Minimum Acceptance
Condition in accordance with Spanish law and practice (i.e., through the first Spanish stock exchange business day following the date on which BBVA receives the CNMV Notification) 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Condition if the number of Banco Sabadell shares tendered and not withdrawn in the exchange offer does not permit BBVA to acquire at least 30% of the voting rights of the Banco Sabadell shares (excluding any treasury shares held by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). See “The Exchange Offer—Relief Requested from the SEC—Tender Offer Rules Exemptive and No-Action Relief”.

As a result of the foregoing, holders