Company: BBVXF
Filing Date: 2025-09-05
Form Type: F-4/A
Source: 0001193125-25-196513
Chunk: 81

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: F-4/A
Chunk 81
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 from the Spanish Stock Exchanges.

Even if a squeeze-out transaction is effected,
pursuant to the Council of Ministers’ Authorization, BBVA will need to comply with the Autonomy Condition during the No-merger Period.

BBVA’s interests may differ from the interests of other shareholders of Banco Sabadell.

Following completion of the exchange offer, BBVA will be Banco Sabadell’s majority shareholder or, if the Minimum Acceptance Condition is
waived, at least a significant shareholder of Banco Sabadell, and Banco Sabadell shareholders who have not tendered their Banco Sabadell shares in the exchange offer will remain as Banco Sabadell shareholders. BBVA may have interests which may
differ from those of other shareholders of Banco Sabadell. There can be no assurance that the interests of BBVA will coincide with the interests of other Banco Sabadell shareholders. Additionally, following completion of the exchange offer, current
shareholders of Banco Sabadell will have less ability to influence the direction of Banco Sabadell. BBVA intends to reflect its controlling or otherwise significant interest in the composition of Banco Sabadell’s board of directors by
appointing a number of directors corresponding to at least such interest.

Uncertainties associated with the exchange offer may cause a loss of employees and may otherwise affect the future business and operations of BBVA and Banco Sabadell.

Uncertainty about the effect of
the exchange offer on employees and customers may have an adverse effect on BBVA and Banco Sabadell. These uncertainties may impair the ability to retain and motivate key personnel until and after the exchange offer is completed and could cause
customers, suppliers, licensees, partners and others that deal with Banco Sabadell or BBVA to defer entering into contracts with Banco Sabadell or BBVA or making other decisions concerning Banco Sabadell or BBVA or seek to change existing business
relationships with Banco Sabadell or BBVA. With respect to the retention of key employees, BBVA is not aware of any retention plan in place to retain any of Banco Sabadell’s key employees. If key employees of Banco Sabadell depart because of
uncertainty about their future roles, Banco Sabadell’s business following the exchange offer could be harmed.

BBVA has not negotiated the price or terms of the exchange offer with Banco Sabadell.

In evaluating the exchange offer, you should be aware that BBVA has not
negotiated the price or terms of the exchange offer with Banco Sabad