Company: BBVXF
Filing Date: 2025-09-05
Form Type: F-4/A
Source: 0001193125-25-196513
Chunk: 10

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: F-4/A
Chunk 10
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emptive and No-Action
Relief”.

Rule 14d-7 and Section 14(d)(5) relief

Pursuant to no-action relief granted on September 2, 2025 by the SEC with respect to Rule 14d-7 under the Exchange Act and Section
14(d)(5) of the Exchange Act, BBVA may commence the exchange offer before the Registration Statement is declared effective, despite the fact that withdrawal rights would be provided in connection with the exchange offer only through the day prior to
the last day of the acceptance period as required by the Spanish Takeover Regulation, rather than through the expiration date of the exchange offer (as would be required by Rule 14d-7), and that “back-end” withdrawal rights (as would be
required by Section 14(d)(5)) would not be provided after the expiration date of the exchange offer.

For additional information, see
“The Exchange Offer—Relief Requested from the SEC—Tender Offer Rules Exemptive and No-Action Relief”.

Regulation M relief

Pursuant to exemptive relief granted on September 4, 2025 by the SEC from Rules 101 and 102 of Regulation M under the
Exchange Act, and subject to certain enumerated conditions set forth in the relief letter, BBVA and certain of its affiliates may continue to engage, including during the Regulation M Restricted Period (as defined herein), in various dealing,
brokerage and investment advice activities involving BBVA shares and BBVA ADSs when and to the extent permitted by applicable law. Among other things, BBVA and certain of its affiliates, as the case may be, intend (i) to engage in trades in BBVA
shares for their own account and the accounts of their customers for the purpose of hedging positions (or adjusting or liquidating existing hedge positions) belonging to them and their customers; (ii) to provide to customers investment advice and
financial planning guidance which may include information about BBVA shares; (iii) to engage in unsolicited brokerage transactions in BBVA shares, BBVA ADSs and derivatives thereon with their customers; (iv) to trade in BBVA shares and derivatives
thereon as part of their asset management and wealth management activities for the accounts of their customers; (v) to engage in stock borrowing/lending transactions involving BBVA shares; and (vi) to acquire BBVA shares and derivatives in
connection with BBVA’s obligations under BBVA’s employee share ownership and incentive share programs and