Company: BBVXF
Filing Date: 2025-08-12
Form Type: DRS
Source: 0000950123-25-007520
Chunk: 189

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-08-12
Form: DRS
Chunk 189
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 Condition, during the No-merger Period, BBVA and Banco Sabadell will need to adopt their respective management decisions considering the maximization of their respective values as independent entities. On June 30, 2025, BBVA publicly announced its decision not to withdraw the exchange offer as a result of the Council of Ministers’ Authorization. As a result of the Autonomy Condition in the Council of Ministers’ Authorization, BBVA’s ability to realize the expected synergies as a result of completing the exchange offer will be limited during the No-merger Period. See “Risk Factors—Risks Relating to the Exchange Offer—BBVA may fail to fully realize the expected benefits and synergies of completing the exchange offer—Risks associated with compliance with the Council of Ministers’ Authorization” and “BBVA’s Reasons for the Proposed Exchange Offer”. On July 15, 2025, BBVA filed an administrative appeal before Spain’s Supreme Court, challenging the legality of the Autonomy Condition in the Council of Ministers’ Authorization (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. BBVA expects the Administrative Appeal to be resolved in a period of between 18 months and two years. Governmental and Regulatory Authorizations According to the information available to BBVA, Banco Sabadell has control or significant shareholdings in regulated entities both in Spain and in other jurisdictions. The acquisition by BBVA of control of Banco Sabadell as a result of the exchange offer will involve the indirect acquisition of control or significant shareholdings in such regulated subsidiaries or affiliates of Banco Sabadell, which may require, in accordance with the applicable legislation in each case, obtaining the authorization or non-oppositionof the competent regulatory supervisory bodies in Spain or in jurisdictions other than Spain, as applicable. As a result, according to the information available to BBVA, the authorization or non-oppositionwith respect to the indirect acquisition of control or significant shareholdings in regulated subsidiaries or affiliates of Banco Sabadell is subject to the prior notification to or the authorization or non-oppositionof the following competent regulatory supervisory bodies:

| i. | The PRA in relation to the acquisition of indirect