Company: BBVXF
Filing Date: 2025-08-12
Form Type: DRS
Source: 0000950123-25-007520
Chunk: 83

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-08-12
Form: DRS
Chunk 83
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 the TSB Sale, the
exchange ratio is not expected to be adjusted as a result of the payment of the TSB Sale Dividend.

If the exchange offer is completed and
the TSB Sale is consummated, TSB will, following consummation of the TSB Sale, no longer be part of the BBVA Group, and tendering holders of Banco Sabadell shares who become shareholders of BBVA pursuant to the exchange offer will no longer hold an
indirect ownership interest in TSB.

The capital, leverage, liquidity, MREL and resolution profile of the group may be adversely affected if the exchange offer is completed.

Completion of the exchange offer may adversely affect the CET1 ratio, leverage, liquidity, MREL (as
defined herein) or resolution profile of the BBVA Group. The estimated impact of the exchange offer on BBVA’s CET1 ratio, leverage, liquidity, MREL or resolution profile has been prepared by BBVA based on a number of assumptions and on
publicly-available information relating to Banco Sabadell. See “—Since BBVA did not have access to non-public information regarding Banco Sabadell, BBVA’s ability to accurately anticipate all losses, costs and other liabilities that
may be incurred in connection with the exchange offer is necessarily limited. Additionally, any errors or omissions in the information publicly available to BBVA relating to Banco Sabadell may have affected BBVA’s analysis, estimations and
determinations with respect to the exchange offer”. As a result, the actual CET1 ratio, leverage, liquidity, MREL or resolution profile of the BBVA Group following completion of the exchange offer may be different from BBVA’s estimates.

50

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.

Completion of the exchange offer may also increase the actual or perceived systemic
importance of BBVA within the Spanish financial system. If the relevant regulators were to impose additional capital, leverage, liquidity, MREL or resolution requirements on the BBVA Group following completion of the exchange offer or any other
requirements or constraints on the structure or operations of the BBVA Group, BBVA may be required to raise additional capital instruments or MREL or take such actions as are necessary to comply with such constraints.

The prices of the BBVA shares and the Banco Sabadell shares may be adversely affected if the