Company: BBVXF
Filing Date: 2025-07-31
Form Type: F-3ASR
Source: 0001193125-25-170429
Chunk: 154

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-07-31
Form: F-3ASR
Chunk 154
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 between the terms of
such contingent convertible preferred securities and those of the Qualifying Preferred Securities for which such contingent convertible preferred securities are substituted, not being materially prejudicial to the interests of the holders of such
contingent convertible preferred securities.

For the purposes of the immediately preceding paragraph, in the case of a modification of
the terms and conditions of the contingent convertible preferred securities of a series, any variation in the ranking of the relevant contingent convertible preferred securities as set out in “—Subordination” herein resulting
from any such modification or, in the case of a substitution of the contingent convertible preferred securities, any difference between the ranking of such contingent convertible preferred securities as set out under
“—Subordination” and that of the Qualifying Preferred Securities for which such contingent convertible preferred securities are substituted, shall be deemed not to be prejudicial to the interests of the holders of such
contingent convertible preferred securities where the ranking of the contingent convertible preferred securities or, if the contingent convertible preferred securities are substituted, of the Qualifying Preferred Securities for which such contingent
convertible preferred securities are substituted, following such substitution or modification, as the case may be, is at least the same ranking as was applicable to such contingent convertible preferred securities under
“—Subordination” on the issue date of such contingent convertible preferred securities.

103

For the purposes of the preceding two paragraphs, the notice to be delivered by BBVA shall
specify the relevant details of the manner in which the relevant substitution or modification shall take effect and where the holders of such series of contingent convertible preferred securities can inspect or obtain copies of the new terms and
conditions of the contingent convertible preferred securities of such series or, if the contingent convertible preferred securities are substituted, of the Qualifying Preferred Securities for which such contingent convertible preferred securities
are substituted. Such substitution or modification will be effected without any cost or charge to such holders.

If the contingent
convertible preferred securities of a series are substituted in accordance with the provisions described in this section “—Substitution and Modification”, Distributions on the contingent convertible preferred securities of such
series shall cease to accrue from (and including) the date of substitution thereof.

By its acquisition of any contingent convertible
preferred securities of any series, each holder and beneficial owner acknowledges, accepts, consents to and agrees to be bound by any substitution of or modification to the contingent convertible preferred securities of such series as set forth in
this section “—Substitution and Modification” and to grant to BBVA and the trustee full power