Company: BBVXF
Filing Date: 2025-08-12
Form Type: DRS
Source: 0000950123-25-007520
Chunk: 14

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-08-12
Form: DRS
Chunk 14
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. See “Background of the Exchange Offer” in this offer to exchange/prospectus beginning on page 112 for more information.

| Q. | Has Banco Sabadell or its board of directors made any recommendation regarding the exchange offer? |

| A. | As of the date of this offer to exchange/prospectus, Banco Sabadell’s board of directors has not formally 
 made any recommendation to its shareholders in connection with the exchange offer. However, Banco         |

4

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.

| Sabadell’s respective Chairman and Chief Executive Officer have publicly manifested their opposition to the exchange offer. Under Spanish law, within ten calendar days after the start of the                                                            
 acceptance period, the board of directors of Banco Sabadell is required to issue and publish a detailed and justified report on the exchange offer that must contain, among other items, its comments for and against the exchange offer, disclosure on   
 any agreement that may exist between Banco Sabadell and BBVA or the directors or shareholders thereof, or between any of them and the board members of Banco Sabadell in relation to the exchange offer, the opinion of Banco Sabadell’s directors        
 with respect to the exchange offer, their intention to tender (or not) the Banco Sabadell shares that they directly or indirectly hold into the exchange offer and the existence and nature of any conflict of interest. The report must also contain the 
 potential consequences of the exchange offer on, and the strategic plans of BBVA with respect to, Banco Sabadell, its employees and the location of its activity centers disclosed by BBVA in the offering documents published in Spain. Further, under   
 Rule 14e-2 of the Exchange Act, Banco Sabadell, no later than ten U.S. business days from the date the exchange offer is first published, sent or given, will need to disclose its position (or inability to take                                         
 a position) with respect to the exchange offer.                                                                                                                                                                                                           |

| Q. | What will I receive if I tender my Banco Sabadell shares and the exchange offer is completed? |

| A. | If you tender, and do not withdraw, your Banco Sabadell shares into the exchange offer and the exchange offer                                                                                                                                        
 is completed, you will receive one newly-issued BBVA share and €0.70 in