Company: BBVXF
Filing Date: 2025-07-31
Form Type: F-3ASR
Source: 0001193125-25-170429
Chunk: 26

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-07-31
Form: F-3ASR
Chunk 26
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% or more of 
 such voting rights; or                                                                                   |

| - | acquires an additional interest in shares which enables the bidder to appoint a majority of the members of the 
 target company’s board of directors;                                                                           |

| • |     | if a bidder’s actions do not fall into the categories described above, such acquisition may qualify as an                                                                                                                                      
 “a priori” or partial tender offer (i.e., in respect of less than 100% of the issued share capital of a target company), in which case such bidder would not be required to make a tender offer in respect of 100% of the issued share capital 
 of a target company;                                                                                                                                                                                                                           |

| • |     | the board of directors of a target company is exempt from the rule prohibiting certain board interference with a                                                                                                               
 tender offer (the “passivity rule”), provided that (i) it has been authorized by the general shareholders’ meeting to take action or enter into a transaction which could disrupt the offer; or (ii) it has been released from 
 the passivity rule by the general shareholders’ meeting vis-à-vis bidders that are not domiciled in Spain and whose boards of directors are not subject to an                                                                  
 equivalent passivity rule;                                                                                                                                                                                                     |

| • |     | defensive measures included in a listed company’s bylaws and transfer and voting restrictions included in                                                                                                                                       
 agreements among a listed company’s shareholders will remain in place whenever the company is the target of a tender offer unless the general shareholders’ meeting resolves otherwise (in which case any shareholders whose rights are diluted 
 or otherwise adversely affected may be entitled to compensation); and                                                                                                                                                                           |

| • |     | if, as a result of a tender offer in respect of 100% of the issued share capital of a target company, the bidder                                                                                                                                       
 acquires an interest in shares representing at least 90% of the voting rights of the target company and the offer has been accepted by investors representing at least 90% of the voting rights of the target company (provided such voting rights are 
 distinct from those already held by the bidder), the bidder may force the holders of the remaining share capital of the company to sell their shares. The minority holders shall also have the right to force the bidder to acquire their shares under 
 these same circumstances.                                                                                                                                                                                                                              |

As further described below in “— Restrictions on Acquisitions of Ordinary Shares”, since BBVA is a bank, it is necessary to obtain approval from the Bank of Spain in order to acquire a