Company: BBVXF
Filing Date: 2025-08-12
Form Type: DRS
Source: 0000950123-25-007520
Chunk: 234

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-08-12
Form: DRS
Chunk 234
---
 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. These exemptions are generally in line with certain exemptive relief granted to BBVA by the SEC on May 29, 2024. See
“The Exchange Offer—Relief Requested from the SEC—Tender Offer Rules Exemptive and No-Action Relief”.

158

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.

As of the date of this offer to exchange/prospectus, BBVA has not appointed any member of the
board of directors or of the management of Banco Sabadell.

Shareholding of BBVA’s Directors, Executive Officers and Their Affiliates

As of August 4, 2025, the shareholding of BBVA’s directors, executive officers and their affiliates represented
approximately 0.16% of the outstanding BBVA shares.

Purpose of the Exchange Offer

BBVA is undertaking the exchange offer in order to acquire control of Banco Sabadell, which would result in Banco Sabadell becoming part of the
BBVA Group. As soon as possible thereafter, and subject to compliance with the Council of Ministers’ Authorization, BBVA intends to promote a merger of the two entities. Pursuant to the Council of Ministers’ Authorization, BBVA will be
able to undertake a merger with Banco Sabadell only following the No-merger Period, although a merger may be possible sooner if the Autonomy Condition is declared void as a result of the Administrative Appeal. For additional information on the
Council of Ministers’ Authorization, see “The Exchange Offer—Antitrust Authorizations—Spanish Antitrust Authorization—Authorization”.

Plans for Banco Sabadell after the Exchange Offer

On June 24, 2025, the Spanish Council of Ministers issued the Council of Ministers’ Authorization. The Council of Ministers’
Authorization authorized the economic concentration resulting from completion of the exchange offer subject to the Autonomy Condition during the No-merger Period, which, among other matters, requires that, during the No-merger Period, BBVA and Banco
Sabadell maintain separate legal personality and shareholders’ equity and that BBVA and Banco Sabadell preserve their respective autonomy in the management