Company: BBVXF
Filing Date: 2025-08-12
Form Type: DRS
Source: 0000950123-25-007520
Chunk: 249

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-08-12
Form: DRS
Chunk 249
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5. Such relief permits BBVA,
subject to certain enumerated conditions set forth in the relief letter, to adjust the share consideration offered in the exchange offer if Banco Sabadell makes any distribution of dividends, reserves or any other type of distribution to its
shareholders (regardless of whether it is an ordinary, extraordinary, interim or complementary distribution) prior to the settlement of the exchange offer, provided that the publication of the results of the exchange offer in the Official Quotation
Bulletins is made on the same day or after the ex-dividend date of such distribution of dividends, reserves or any other type of distribution, as described in this offer to exchange/prospectus, without extending the acceptance period by 10 U.S.
business days as required by Rule 14e-1(b). If the share consideration offered in the exchange offer is adjusted as described in this offer to exchange/prospectus because Banco Sabadell makes any distribution of dividends, reserves or any other type
of distribution to its shareholders (regardless of whether it is an ordinary, extraordinary, interim or complementary distribution) prior to the settlement of the exchange offer, BBVA will disseminate an announcement of such adjustment through a
press release and will file such announcement with the SEC via the EDGAR filing system on the date that the announcement is made. BBVA will also make an “other relevant information” filing with the CNMV in Spain.

Furthermore, BBVA has requested that the SEC provide exemptive relief from the provisions of
Rule 14d-4(d)(2) under the Exchange Act. Rule 14d-4(d)(2)(i) under the Exchange Act requires that, in the event of a material change other than price or share levels, an exchange offer must remain open
for at least five U.S. business days from the date that the related material changes to the exchange offer materials are disseminated to security holders. The SEC has held that a waiver of a minimum acceptance condition is a material change in
the terms of an offer.

The SEC granted BBVA relief pursuant to BBVA’s request on , 2025.
Such relief permits BBVA to, following the expiration date of the exchange offer, waive the Minimum Acceptance Condition in accordance with Spanish law and practice (i.e., through the first Spanish stock exchange business day following the date on
which BBVA receives the CNMV Notification) in the event that the Minimum Acceptance Condition has not been satisfied as of the end of the acceptance period, without extending the acceptance