Company: BBVXF
Filing Date: 2025-08-12
Form Type: DRS
Source: 0000950123-25-007520
Chunk: 81

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-08-12
Form: DRS
Chunk 81
---
 see “The Exchange Offer—Antitrust Authorizations—Spanish Antitrust Authorization—Authorization”.

The Autonomy Condition will be in effect at least for a period of three years, beginning on June 24, 2025, extendable for an additional two
years.

On July 15, 2025, BBVA filed the Administrative Appeal. As of the date of this offer to exchange/prospectus, the Administrative
Appeal is pending. If the Autonomy Condition is declared void as a result of the Administrative Appeal, BBVA may be able to consummate a merger with Banco Sabadell sooner than would otherwise be permitted pursuant to the Council of Ministers’
Authorization. There is no guarantee that BBVA will prevail in the Administrative Appeal.

Compliance with the Autonomy Condition will be
supervised by a single administrative body, the Spanish Secretary of State for Economy and Business Support (Secretaria de Estado de Economía y Apoyo a la Empresa, “SEEAE”). To allow the SEEAE to evaluate the efficacy of the
Autonomy Condition with respect to the general interest concerns identified above, no earlier than six months nor later than two months prior to June 24, 2028, each of BBVA and Banco Sabadell will be required to submit to the SEEAE a status report
describing, in particular, the autonomous management model that each of them has implemented and its contribution to the protection of the general interest concerns identified in the Council of Ministers’ Authorization and a long-term
structural plan describing the extent to which their respective corporate strategy will affect, in no less than the following five years, the general interest concerns identified in the Council of Ministers’ Authorization. However, the criteria
that the SEEAE will use to evaluate the efficacy of the Autonomy Condition are uncertain.

49

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.

Any of the foregoing could materially adversely affect BBVA’s and Banco Sabadell’s
business, results of operations, financial condition or prospects after completion of the exchange offer.

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. Additionally, the exchange ratio for the exchange offer would be adjusted as a result of the payment of the TSB Sale Dividend