Company: BBVXF
Filing Date: 2025-08-12
Form Type: DRS
Source: 0000950123-25-007520
Chunk: 178

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-08-12
Form: DRS
Chunk 178
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 offer is subject to the Minimum Acceptance Condition. If such condition is not satisfied or waived, the exchange offer will not be completed. If BBVA waives the Minimum Acceptance Condition and the exchange offer is completed, BBVA will be required to launch a Mandatory Tender Offer” and “—If BBVA waives the Minimum Acceptance Condition and the exchange offer is completed, BBVA may not have control of Banco Sabadell immediately following completion of the exchange offer”. Potential Waiver by BBVA of the Minimum Acceptance Condition As of the date of this offer to exchange/prospectus, BBVA does not intend to waive the Minimum Acceptance Condition. However, based on future facts and circumstances, BBVA may determine that it would be appropriate to waive the Minimum Acceptance Condition. BBVA has undertaken not to waive the Minimum Acceptance Condition if the number of Banco Sabadell shares tendered and not withdrawn in the exchange offer would not permit BBVA to acquire at least 30% of the voting rights of the Banco Sabadell shares (excluding any treasury shares held by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). If the number of Banco Sabadell shares that permits BBVA to acquire at least more than half of the voting rights of the Banco Sabadell shares at the end of the acceptance period (excluding any treasury shares held by Banco Sabadell as of that time) do not 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 believes that completion of the exchange offer would continue to create value for the shareholders of both entities. 126

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.

If BBVA waives the Minimum Acceptance Condition and the exchange offer is completed, BBVA
would continue to be subject to the Council of Ministers’ Authorization (including the Autonomy Condition and the CNMC Commitments) following completion of the exchange offer. For the avoidance of doubt, the Council of Ministers’
Authorization does not prevent the acquisition of control of Banco Sabadell.

Timing of any waiver of Minimum Acceptance Condition

If the Minimum Acceptance Condition has not been satisfied as of the end of the acceptance period, pursuant to the Spanish Takeover
Regulation, BBVA may waive the Minimum Acceptance Condition after the expiration