Company: BBVXF
Filing Date: 2025-08-12
Form Type: DRS
Source: 0000950123-25-007520
Chunk: 120

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-08-12
Form: DRS
Chunk 120
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. With respect to the exchange offer, BBVA understands that any such
transaction in Banco Sabadell shares will not trigger the consequences provided for in articles 32.3, 32.4 and 32.7 of the Spanish Takeover Regulation, as such acquisitions are made in connection with the execution, settlement or hedging of
transactions with clients in the ordinary course of business. The treatment granted by the CNMV to such transactions by BBVA over Banco Sabadell shares pursuant to BBVA’s request is based on the fact that they are made in the ordinary course of
business, in accordance with past practice, and not for the purpose of acquiring Banco Sabadell shares or facilitating or influencing the exchange offer.

The exemptions granted by the CNMV are generally in line with exemptive relief from the provisions of Rule 14e-5 under the Exchange Act
granted to BBVA by the SEC on May 29, 2024. Subject to certain exceptions, Rule 14e-5 under the Exchange Act prohibits a person making a tender offer for an equity security, as

78

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.

well as such offeror’s dealer-manager, the advisers or affiliates of such offeror or dealer-manager and any person acting, directly or indirectly, in concert with such persons, from,
directly or indirectly, purchasing or arranging to purchase any securities subject to a tender offer, or any securities immediately convertible into, exchangeable for or exercisable for such securities, except as part of such tender offer. This
prohibition applies from the time of public announcement of the tender offer until the tender offer expires. The relief granted to BBVA by the SEC permits, subject to certain enumerated conditions set forth in the relief letter, BBVA, BBVA’s
subsidiaries and their respective affiliates and separately identifiable departments to purchase or arrange to purchase Banco Sabadell Securities prior to and during the conduct of, but outside of, the exchange offer in the ordinary course of their
businesses. Such purchases or arrangements to purchase may not be carried out for the purpose of promoting or otherwise facilitating the exchange offer or for the purpose of creating actual, or apparent, active trading in, or maintaining, or
affecting the prices of the Banco Sabadell Securities. For a description of the trading activities included within