Company: BBVXF
Filing Date: 2025-08-12
Form Type: DRS
Source: 0000950123-25-007520
Chunk: 22

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-08-12
Form: DRS
Chunk 22
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 accept the exchange offer before the end of the acceptance period, and BBVA waives the Minimum 
 Acceptance Condition and therefore the exchange offer is completed, BBVA will hold less than a majority (but at least a 30%) interest in Banco Sabadell following completion of the exchange offer.                                                  |

If BBVA holds less than a majority (but at least a 30%) interest in Banco Sabadell following completion of the exchange offer as a result of a waiver of the Minimum Acceptance Condition, pursuant to the Spanish Takeover Regulation, BBVA will be required within one month following completion of the exchange offer to request CNMV authorization to launch a mandatory tender offer for any untendered Banco Sabadell shares (a “Mandatory Tender Offer”). Pursuant to Article 9 of the Spanish Takeover Regulation, a Mandatory Tender Offer would need to be made at an “equitable price” in cash that may not be lower than the highest price that BBVA, or persons acting in concert therewith, has paid or agreed to pay for Banco Sabadell shares during the 12 months prior to the announcement of such Mandatory Tender Offer. See also the next two questions. 10

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.

| Q. | Will BBVA have control of Banco Sabadell immediately following completion of the exchange offer? |

| A. | If the Minimum Acceptance Condition is satisfied and the exchange offer is completed, BBVA will control Banco                                                                                                                                       
 Sabadell following completion of the exchange offer. However, if the Minimum Acceptance Condition is waived and the exchange offer is completed, whether BBVA controls Banco Sabadell following completion of the exchange offer will depend on the 
 number of Banco Sabadell shares tendered and not withdrawn in the exchange offer and other facts and circumstances existing at such time.                                                                                                           |

Based on Banco Sabadell’s shareholding structure as of the date of this offer to exchange/prospectus and taking into account the historical average of Banco Sabadell shares represented at Banco Sabadell’s general shareholders’ meetings over the past 10 years, BBVA believes it might be possible that with at least 30% of Banco Sabadell’s voting rights BBVA will have control of Banco Sabadell. However, there is no assurance that this will be the case if the