Company: BBVXF
Filing Date: 2025-08-12
Form Type: DRS
Source: 0000950123-25-007520
Chunk: 180

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-08-12
Form: DRS
Chunk 180
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 of Banco Sabadell shares will not know whether BBVA will waive the Minimum Acceptance Condition at the
time of deciding whether or not to tender their Banco Sabadell shares into the exchange offer. In addition, as described elsewhere in this offer to exchange/prospectus, holders of Banco Sabadell shares may withdraw their declarations of acceptance
only prior to the last day of the acceptance period. Consequently, holders of Banco Sabadell shares who have tendered their Banco Sabadell shares into the exchange offer will not have an opportunity to withdraw their declarations of acceptance
following any waiver of the Minimum Acceptance Condition.

Holders of Banco Sabadell shares are cautioned not to tender their Banco
Sabadell shares into the exchange offer if their willingness to tender their Banco Sabadell shares would be affected by a waiver by BBVA of the Minimum Acceptance Condition.

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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.

Mandatory Tender 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. 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.

In addition, following a
Mandatory Tender Offer, BBVA will be permitted under Spanish law to acquire any untendered Banco Sabadell shares in the open market or otherwise in an unlimited amount and without giving rise to any obligation to make a further tender offer for any
Banco Sabadell shares. As a result, BBVA may (but it is not obligated to) acquire additional Banco Sabadell shares in order to increase its shareholding interest in Banco Sabadell.

Impact on the BBVA Group’s CET1 ratio

Based on the assumptions described under “—Certain Consequences of the Exchange Offer