Document:

EX-10.2

 Exhibit 10.2 

Execution Copy 
 ***Text
Omitted and Filed Separately 
 with the Securities and Exchange Commission. 

Confidential Treatment Requested 

Under 17 C.F.R. Sections 200.80(b)(4) 

and 230.406 
 AMENDED AND
RESTATED SHAREHOLDERS’ AGREEMENT 
 This AMENDED AND RESTATED SHAREHOLDERS’ AGREEMENT, dated as of November 19, 2014, by
and between (1) Banco Bilbao Vizcaya Argentaria, S.A. a company organized under the laws of the Kingdom of Spain (the “BBVA Shareholder”) and (2) Dogus Holding A.S. (“Dogus Holding”), Dogus Nakliyat ve
Ticaret A.S. and Dogus Arastirma Gelistirme ve Musavirlik Hizmetleri A.S., each a joint stock company organized under the laws of the Republic of Turkey (Dogus Holding, Dogus Nakliyat ve Ticaret A.S., and Dogus Arastirma Gelistirme ve Musavirlik
Hizmetleri A.S, are collectively referred to as “Dogus Shareholders”); 
 WITNESSETH THAT: 

WHEREAS, pursuant to a share sale and purchase agreement dated November 1, 2010 by and between the BBVA Shareholder and Dogus Holding
(the “Dogus Share Purchase Agreement”), the BBVA Shareholder acquired 26,418,840,000 shares representing approximately 6.2902% of the total issued share capital of Turkiye Garanti Bankasi A.S., a listed joint stock corporation
organized under the laws of Turkey (the “Company”) on the terms and conditions respectively stated therein; 
 WHEREAS,
pursuant to a share sale and purchase agreement dated November 1, 2010 by and between the BBVA Shareholder, GE Capital Corporation and GE Arastirma ve Musavirlik Limited Sirketi (the “GE Share Purchase Agreement”; the Dogus
Share Purchase Agreement and the GE Share Purchase Agreement shall be collectively referred to as the “Initial Share Purchase Agreements”), the BBVA Shareholder acquired 78,120,000,000 shares representing approximately 18.6000% of
the total issued share capital of the Company on the terms and conditions respectively stated therein (BBVA Shareholder’s acquisitions under the Dogus Share Purchase Agreement and the GE Share Purchase Agreement shall be collectively referred
to as the “Initial Acquisition”); 
 WHEREAS, the Dogus Shareholders, following completion of the Initial Acquisition,
continued to hold shares representing approximately 24.8902% of the total issued share capital of the Company; 
 WHEREAS, the BBVA
Shareholder and the Dogus Shareholders entered into a shareholders’ agreement dated November 1, 2010, setting forth the terms and conditions for their cooperation as shareholders in the Company, including the terms governing the
composition of the Board of Directors (as defined below) and certain other rights and obligations to each other and signed an amendment protocol regarding such agreement on April 26, 2013 (the “Existing Shareholders’
Agreement”); 
 WHEREAS, the BBVA Shareholder acquired 503,160,000 shares representing approximately 0.1198% of the total issued
share capital of the Company via the Istanbul Stock Exchange on April 6, 2011 and April 7, 2011, thereby increasing its shareholding in the Company to approximately 25.0100% and established a voting usufruct right in favor of the Dogus
Shareholders over 50% of such shares acquired via the Istanbul Stock Exchange (the “Usufruct Right”); 

  
 1 

 WHEREAS, pursuant to a share sale and purchase agreement dated November 19, 2014 by and
between the BBVA Shareholder and Dogus Holding (the “New Dogus Share Purchase Agreement”) the BBVA Shareholder has agreed to acquire 59,746,938,936 shares, with a nominal value of, in aggregate, TL 597,469,389.36, representing
approximately 14.2254% of the total issued share capital of the Company on the terms and conditions stated therein; 
 WHEREAS, pursuant to
a share purchase agreement dated November 19, 2014 by and between the BBVA Shareholder and Ferit Faik Sahenk, Dianne Sahenk and Defne Sahenk (the “Sahenk Family Share Purchase Agreement”, the New Dogus Share Purchase Agreement
and the Sahenk Family Share Purchase Agreement shall be collectively referred to as the “New Share Purchase Agreements”) the BBVA Shareholder has agreed to acquire 2,791,061,064 shares, with a nominal value of, in aggregate, TL
27,910,610.64, representing approximately 0.6645% of the total issued share capital of the Company on the terms and conditions stated therein (BBVA Shareholder’s acquisition under the New Dogus Share Purchase Agreement and the Sahenk Family
Share Purchase Agreement shall be referred to as the “Acquisition”); 
 WHEREAS, the BBVA Shareholder and the Dogus
Shareholders now wish to amend and restate the Existing Shareholders’ Agreement in order to set forth the terms and conditions for their cooperation as shareholders in the Company following the Acquisition, and to take into account certain
changes in the TCC (as defined below) and the CG Law (as defined below), including the terms governing the composition of the Board of Directors (as defined below) and certain other rights and obligations to each other. 

NOW, THEREFORE, the Parties (as defined below), intending to be bound hereby, agree as follows: 

ARTICLE I 
 DEFINITIONS

 1.01 Definitions. In this Agreement, each of the following terms shall have the meaning set forth below: 

“Acquisition” shall have the meaning assigned to such term in the recitals. 

“Affiliate” an Affiliate of a Person shall mean (i) any Person which (a) is directly or indirectly controlled by
such Person, (b) directly or indirectly controls such Person, or (c) is under common control with such Person. For the purposes of this definition, “control” shall mean the absolute power (not on a shared basis), whether held
directly or indirectly, to direct or cause direction of management and policies through ownership of voting securities, by contract or otherwise. 

“Agreement” shall mean this Amended and Restated Shareholders’ Agreement, as amended, supplemented, restated or
otherwise modified from time to time. 

  

					
			2		***Confidential Treatment Requested

 “Amended and Restated BBVA Shareholder’s Tag-Along Agreement” shall mean
the amended and restated BBVA Shareholder’s tag-along agreement duly executed on the date hereof by and among the BBVA Shareholder and the Dogus Shareholders. 

“Amended and Restated Dogus Shareholders’ Tag-Along Agreement” shall mean the amended and restated Dogus
Shareholders’ tag-along agreement duly executed on the date hereof by and among the Dogus Shareholders and the BBVA Shareholder. 

“Articles” shall mean the articles of association of the Company in effect from time to time. 

“Bankruptcy” shall mean the institution of any proceedings under the law applicable to such Party which might result in the
adjudication of such Party as bankrupt, whether voluntary or involuntary, which, if, involuntary, are not dismissed or suspended within 45 (forty five) Business Days after the filing thereof. 

“BBVA Shareholder(s)” shall have the meaning assigned to such term in the preamble to this Agreement (including its
Affiliates to the extent any such Affiliate becomes a Shareholder pursuant to the terms of this Agreement). 
 “BBVA
Shares” shall mean the Shares owned from time to time by BBVA Shareholder. 
 “Board of Directors” shall mean the
board of directors of the Company. 
 “Borsa Istanbul” shall mean Borsa Istanbul Anonim Sirketi. 

“BRSA” shall mean the Banking Regulation and Supervision Agency (Bankacilik Denetleme ve Düzenleme Kurumu) of
Turkey. 
 “Business Day” shall mean a day other than Saturday, Sunday or any other day on which commercial banks located
in Istanbul (Turkey) and Madrid (Spain) are not open for general business. 
 “CG Law” shall mean the mandatory provisions
of Law (as may be amended, varied or replaced from time to time) relating to the corporate governance of companies incorporated in Turkey as applicable to the Company. 

“Corporate Governance Communiqué” shall mean the Communiqué regarding the Determination and Implementation of
the Corporate Governance Principles II-17.1 by the Capital Markets Board (as may be amended, varied or replaced from time to time). 

“Change of Control” shall mean, with respect to any Party, that the shares or other ownership interests of such Party shall
have been directly or indirectly transferred (either in one transaction or on a cumulative basis) and, after giving effect to such transfer, the direct or indirect ownership of 50% of the shares or other ownership interests of such Party no longer
belongs to the shareholders who directly or indirectly owned such shares or other ownership interests at the date of this Agreement (provided that, for the purposes of this definition, the BBVA Shareholder’s ultimate direct or indirect owner
shall be deemed to be Banco Bilbao Vizcaya Argentaria, S.A.; and that of the Dogus Shareholders shall be deemed to be the Sahenk Family). 

  

					
			3		***Confidential Treatment Requested

 “CMB” shall mean the Capital Markets Board (Sermaye Piyasasi Kurulu) of
Turkey. 
 “Company” shall have the meaning assigned to such term in the recitals. 

“Completion Date” shall have the meaning given to such term in the New Share Purchase Agreements. 

“Deed of Adherence” means a deed of adherence in the form set out in Schedule I. 

“Deed of Undertaking” means a deed of undertaking in the form set out in Schedule II. 

“Directors” shall mean the members elected to serve on the Board of Directors pursuant to the terms of this Agreement. 

“Dogus Holding” shall have the meaning assigned to such term in the preamble. 

“Dogus Lock-up Period” shall mean the period starting on the Completion Date and ending on the third anniversary of the
Completion Date. 
 “Dogus Shareholders” shall have the meaning assigned to such term in the preamble to this Agreement
(including their Affiliates to the extent any such Affiliate becomes a Shareholder pursuant to the terms of this Agreement). 

“Dogus Shares” shall mean the Shares owned from time to time by Dogus Shareholders. 

“Dogus Share Purchase Agreement” shall have the meaning assigned to such term in the recitals. 

“Event of Material Breach” shall mean: 
  

	 	(i)	any Sale of Shares or creation of any Lien on any Garanti Shares which is in breach of any of the terms of this Agreement or any failure to procure that a third party to whom its Shares have been Sold becomes bound by
the terms of this Agreement in accordance with Section 3.06 (New Shareholders) by a Dogus Shareholder or BBVA Shareholder (as applicable); 

  

	 	(ii)	any decision of the Reserved Matters Committee, the Board of Directors or General Assembly of the Company or its Subsidiaries that is passed or approved in breach of this Agreement where such decision relates to the
matters set out in Section 5.02 (Board and Management), or 

  

	 	(iii)	any decision of the General Assembly of the Company taken in breach of this Agreement to amend the Articles as a result of which the Articles are amended to limit the voting rights of any of the Parties,
should Turkish law permit such change in the future, 

  

					
			4		***Confidential Treatment Requested

 and in each of the above cases where such breach is not remedied or capable of being remedied within 20 (twenty)
Business Days of receipt by the defaulting Shareholder of written notice from the non-defaulting Shareholder requiring such remedy. 

“Existing Shareholders’ Agreement” shall have the meaning assigned to such term in the recitals. 

“Further Funding Obligation” shall mean any binding decision by the BRSA or other applicable regulatory authority requiring
the Company or any of its subsidiaries to increase its capital reserves. 
 “Garanti Shares” shall mean the Dogus Shares
and BBVA Shares collectively. 
 “GE Share Purchase Agreement” shall have the meaning assigned to such term in the
recitals. 
 “General Assembly” shall mean any ordinary or extraordinary general assembly meetings of the Company or a
Subsidiary, as the case may be. 
 “Governmental Authority” means any government or political subdivision thereof,
including without limitation, any government ministry, regulatory authority, commission, board, bureau, agency, judicial or administrative body. 

“Group” shall mean, collectively, the Company and its subsidiaries. 

“Independent Director” shall mean a member elected to serve on the Board of Directors pursuant to the terms of this Agreement
and who is independent (bağimsiz üye) according to the criteria under the CG Law (including those who qualify as independent directors by virtue of their membership in the Company’s Audit Committee). 

“Initial Acquisition” shall have the meaning assigned to such term in the recitals. 

“Initial Share Purchase Agreements” shall have the meaning assigned to such term in the recitals. 

“Involuntary Transfer” shall mean any proposed or actual involuntary transfer, Sale or other disposition of any Garanti
Shares (or the exercise of rights attached to such Shares), whether by operation of law, pursuant to court order, foreclosure of a security interest, execution of a judgment or other legal process, or otherwise, and including but not limited to, a
transfer of rights to the Savings Deposit Insurance Fund, a transfer to a trustee or person appointed to manage a bankrupt estate, receiver or assignee for the benefit of creditors. 

“Law” shall mean laws, including all applicable statutes, codes, ordinances, decrees, rules, regulations, communiqués
(tebliğ), circulars and administrative decisions of any Governmental Authority (including any binding view, opinion or recommendations of the BRSA or any successor authority); 

  

					
			5		***Confidential Treatment Requested

 “Lien” and “Liens” shall mean any mortgage, pledge, option,
security interest, usufruct right, easement, conditional sale or other title retention agreement, attachment (whether preliminary, ordinary or an execution of a judgment), lien, charge of any kind, including any agreement to exercise voting rights,
any agreement or derivatives transaction to give effect to any of the foregoing or other similar restriction or third-party rights, as the context may require. 

“Material Subsidiaries” shall mean, collectively, Garanti Bank Moscow, Garanti Bank International, Garanti Romania Bank S.A.,
Garanti Bilisim Teknolojisi ve Ticaret A.S., Garanti Odeme Sistemleri A.S., Garanti Finansal Kiralama A.S., Garanti Faktoring Hizmetleri A.S., Garanti Emeklilik ve Hayat A.S., Garanti Yatirim Menkul Degerler A.S.; Garanti Portfoy Yonetimi A.S. and
Garanti Konut Finansmani Danismanlik Hizmetleri A.S. Any other Subsidiary whose (i) Net Asset Value exceeds the amount of 10% of the Net Asset Value of the Group or EBITDA exceeds the amount of 10% of the EBITDA of the Group, by reference to
the consolidated audited accounts of the Subsidiary and the Company respectively for the immediately preceding full financial year; or (ii) operations or business are agreed between the Parties to be material to the Company in the future shall
be deemed to be a Material Subsidiary. 
 “MTO” shall mean a mandatory tender offer. 

“MTO Communiqué” shall mean Tender Offer Communiqué II-26.1 dated 23 January 2014 (as such
Communiqué may be amended, varied or replaced from time to time). 
 “Nominee” or “nominee” shall
mean a Director who has been nominated as a candidate for membership by a Party and is not a representative of such Party within the meaning of the TCC. 

“Party” shall mean the Dogus Shareholders, or the BBVA Shareholder, individually and “Parties” shall mean
the Dogus Shareholders and BBVA Shareholder collectively. 
 “Person” shall mean an individual, partnership, joint venture,
company, trust, unincorporated organization, government or other entity. 
 “Private Placement” shall mean
the Sale of any or all of the Shares, without being a Public Offer, by means of an allocated sale offer process (tahsisli satis), for which an application to the CMB is made, whether to Turkish or foreign residents or by
means of a block trade sale, which is currently regulated by the Communiqué on Shares numbered as Series: VII- 128.1 (published in the Trade Registry Gazette No. 28685 on June 6, 2013) (as may be amended, varied or
replaced from time to time). 
 “Pro Rata Dogus Shares” shall mean the number of the BBVA Shares Sold by the BBVA
Shareholder in the relevant Sale transaction divided by the number of the BBVA Shares prior to such Sale multiplied by the number of the Dogus Shares. 

“Pro Rata Proportion” shall mean, in respect of each Party, the percentage of the Shares that their respective holding of
Shares represents. 

  

					
			6		***Confidential Treatment Requested

 “Public Offer” shall mean the Sale of any or all of the Shares by means of an
offer to the public, other than by way of a Private Placement. 
 “Reserved Matters Decision Committee” shall
have the meaning assigned to such term in Section 5.01(A). 
 “Qualifying Party” shall have the meaning assigned to
such term in Section 3.07(A). 
 “Sahenk Family” shall mean Mr. Ferit Sahenk’s relatives by blood or
affinity, up to and including the third degree as defined under Turkish law. 
 “Sahenk Family Share Purchase Agreement”
shall have the meaning assigned to such terms in the recitals. 
 “Sale” shall have the meaning assigned to such term in
Section 3.01(A). 
 “Sale Shares” shall mean and shall be limited to, 62,538,000,000 shares with a nominal value of 1
Kr each in the Company, with a nominal value of, in aggregate, TL 625,380,000.00 representing approximately 14.89% of the total issued share capital of the Company that is the subject matter of the Acquisition. 

“SEC” shall mean the United States Securities and Exchange Commission. 

“Shareholder Reserved Matters” shall mean those shareholder reserved matters identified in Section 5.04 (Shareholder
Reserved Matters) as applicable at the relevant time indicated in such Section. 
 “Shareholders” shall mean the owners of
the Shares from time to time. 
 “Shares” shall mean all of the entire issued and outstanding shares in the capital of the
Company from time to time. 
 “New Dogus Share Purchase Agreement” shall have the meaning assigned to such terms in the
recitals. 
 “New Share Purchase Agreements” shall have the meaning assigned to such terms in the recitals. 

“Subsidiary” shall mean a legal entity which is either owned as to 51% or more of the voting rights or whose management and
policies are controlled directly or indirectly by the Company. 
 “TCC” shall mean the Turkish Commercial Code numbered
6102. 
 “Usufruct Right” shall have the meaning assigned to such term in the recitals. 

  

					
			7		***Confidential Treatment Requested

 1.02 Principles of Construction. 

(A) References to sections and articles are to Sections and Articles in this Agreement unless otherwise specified. The words
“hereof”, “herein” and “hereunder” and words of similar impact when used in this Agreement shall refer to this Agreement as a whole and not to any particular provisions of this Agreement. 

(B) Any notices required to be sent by, or to, any Dogus Shareholder pursuant to the terms of this Agreement including the notices relating to
the exercise of certain rights under Sections 3.04 (Right of First Offer) and 3.05 (Public Offers and Private Placements) shall be deemed to have been duly sent or received by all Dogus Shareholders, if sent to or received merely by, Dogus Holding.

 (C) Dogus Holding is hereby authorised by all the other Dogus Shareholders to act on their behalf with full capacity and authority in
exercising all rights expressed to be exercisable by any Dogus Shareholder under this Agreement. 
 ARTICLE II 

CONDITIONALITY 
 2.01
Condition. This Agreement is conditional, and shall come into full force and effect immediately and automatically, upon completion of the Acquisition, and the transfer of the Sale Shares to the BBVA Shareholder, in accordance with the terms
of the New Share Purchase Agreements. Upon this Agreement becoming effective, the Existing Shareholders Agreement shall cease to be in force and effect from the date of effectiveness of this Agreement. 

2.02 Termination upon condition not being met. In the event that the Acquisition is not completed as contemplated under the New Share
Purchase Agreements and by reason of such non-completion the New Share Purchase Agreements are terminated or deemed terminated in accordance with their terms, this Agreement shall automatically and immediately terminate on the date of such
termination and no Party shall have any rights, obligations or claims under this Agreement. In the event this Agreement so terminates, the Existing Shareholders’ Agreement shall continue to be in full force and effect. 

ARTICLE III 
 SHARE
TRANSFERS 
 3.01 Restrictions on Share Transfers. 

(A) Subject to Section 3.01(B), Garanti Shares may only be transferred (including, without limitation, pursuant to a tender offer) in
accordance with the provisions of this Agreement, and, where applicable, the Articles (any such transaction being referred to as the “Sale”. The words “Sell”, “Sold” and “Selling”
shall have similar meaning as the context requires). 

  

					
			8		***Confidential Treatment Requested

 (B) The provisions of this Article III (Share Transfers) and Section 5.05 (Further
Acquisitions of Shares) shall not apply to the Sale, acquisition or creation of a Lien over Shares by either a BBVA Shareholder, a Dogus Shareholder or any of either of its Affiliates (as applicable) that is: (i) a manager of the BBVA or Dogus
pension fund acting in accordance with the independent mandate of the pension fund solely; (ii) an investment or asset manager of client funds acting solely in accordance with independent third party client mandates; or (iii) otherwise
executes any such Sale, acquisition or Lien solely in order to fulfill independent third party client mandates (such as through the BBVA Shareholder’s or the Dogus Shareholders’ Treasury function). Furthermore, such persons shall not,
solely in respect of such Shares, be deemed to be BBVA Shareholder or Dogus Shareholders or (for the purposes of the rest of this Agreement) Affiliates. 

3.02 Lock-up Period. Except as provided in this Section 3.02 (Lock-up Period), in Section 3.03 (Share Transfers) or in
Article VII (Compulsory Transfer of Shares), no Dogus Shareholder shall be allowed to Sell any of its Dogus Shares during the Dogus Lock-up Period. However, in the event that the BBVA Shareholder Sells any of its BBVA Shares before the expiry of the
Dogus Lock-up Period, the Dogus Shareholders shall, notwithstanding this Section 3.02, be entitled to Sell the Pro Rata Dogus Shares on the same date as the completion of such BBVA Sale. 

3.03 Share Transfers. 

(A) Permitted Share Transfers. Subject to Section 3.03(B), (i) Dogus Shareholders are free to Sell the Dogus Shares between
Dogus Shareholders; and (ii) BBVA Shareholders are free to Sell BBVA Shares between BBVA Shareholders. 
 (B) Conditional Share
Transfers. Any Sale of Dogus Shares between any Dogus Shareholder and any of its Affiliates or any Sale of BBVA Shares between the BBVA Shareholder and any of its Affiliates may only be made upon (a) delivery of a notification in writing
from the Party effecting the Sale to the other Party together with evidence reasonably satisfactory to the other Party demonstrating that such transferee is an Affiliate of that Party and (b) such Affiliate in writing becoming a Party to this
Agreement. An Affiliate having become a Shareholder shall have all rights and assume all obligations expressed in this Agreement as belonging to the Party from whom it purchased any Garanti Shares provided that the Party Selling such Garanti Shares
shall continue to be jointly and severally liable with such Affiliate in respect of the punctual and exact performance by the latter of all obligations arising from this Agreement. 

Any Sale pursuant to this Section 3.03 (Share Transfers) shall not be subject to the provisions of Section 3.04 (Right of First
Offer). 
 3.04 Right of First Offer. 

(A) Right of First Offer of BBVA Shareholder relating to the Dogus Shares. 

(i) If at any time after the end of the Dogus Lock-up Period, any Dogus Shareholder wishes to Sell any part of the Dogus Shares it then owns, it undertakes to
provide a right of first offer to the BBVA Shareholder, provided the BBVA Shareholder at the time owns at least 10% of the Shares. Such Dogus Shareholder shall provide the BBVA Shareholder with a written notice (the “Offer Notice”)
of such intended Sale stating the number of the Dogus 

  

					
			9		***Confidential Treatment Requested

 
Shares to be Sold (the “Offered Shares”), its price expectations per Dogus Share (the “Offer Price”) (including such documents as are reasonably necessary to
support its price expectations) and the other terms of the intended Sale. Within 10 (ten) Business Days of receipt of the Offer Notice, the BBVA Shareholder shall have the right to inform such Dogus Shareholder in writing if it wishes to engage in
negotiations to buy all of the Offered Shares (but not less than all). If the BBVA Shareholder so informs such Dogus Shareholder, the BBVA Shareholder and such Dogus Shareholder shall have a maximum of 45 (forty five) Business Days (starting from
the next Business Day following the BBVA Shareholder’s notification to such Dogus Shareholder that it wishes to engage in negotiations and such period being referred to as the “Negotiation Period”) to reach agreement on the
terms of the Sale. No later than the end of the Negotiation Period, the relevant Dogus Shareholder shall inform the BBVA Shareholder in writing of the final terms of the Sale it would be willing to proceed with (such notice being referred to as the
“Notice of Final Terms of Sale”). Within 10 (ten) Business Days of receipt of the Notice of Final Terms of Sale from the relevant Dogus Shareholder, the BBVA Shareholder shall inform such Dogus Shareholder in writing if it wishes to
buy all of the Offered Shares (but not less than all) on such terms (the “Acceptance Notice”). Upon receipt of the Acceptance Notice, such Dogus Shareholder shall Sell all of the Offered Shares to the BBVA Shareholder on such terms
within 120 (one hundred and twenty) Business Days from the date of the Acceptance Notice (this period only being subject to extension as may be reasonably necessary to obtain required governmental or regulatory approvals). If the BBVA Shareholder
fails to respond to the Offer Notice or the Notice of Final Terms of Sale, as the case may be, within the relevant periods stipulated above or, at any time during this process, it informs such Dogus Shareholder that it elects not to exercise its
right of first offer with respect to the Offered Shares (any such event being referred to as a “No Action Event”), then, subject to the BBVA Shareholder’s tag-along right as set out in Section 3.04(A)(iv), within 120 (one
hundred and twenty) Business Days (this period only being subject to extension as may be reasonably necessary to obtain required governmental or regulatory approvals) from (i) the end of the applicable response period to (a) the Offer
Notice or (b) the Notice of Final Terms of Sale or (ii) the receipt of notice from the BBVA Shareholder stating that it does not wish to exercise its right of first offer, as applicable, such Dogus Shareholder will be permitted to Sell all
(but not less than all) of the Offered Shares to any third person at any consideration not less than (a) the Offer Price or, if the process has proceeded to negotiations, (b) the price stated in the Final Terms of Sale and on other terms
not more favourable to the purchaser than those specified in the Offer Notice or the Notice of Final Terms of Sale, as applicable. [***] 
 (ii) If at the
relevant time that a right of first offer would otherwise be required to be made to the BBVA Shareholder under this Section 3.04(A), the Dogus Shareholders wishing to Sell any or all of their Shares own equal to or more than 50% of the Shares,
the BBVA Shareholder shall not be entitled to a right of first offer hereunder in respect of such Sale and the Dogus Shareholders shall be free to Sell to a third party in such circumstances subject to the BBVA Shareholder’s tag along rights as
described in Section 3.04(A)(iv) below. 
 (iii) In the event of a voluntary tender offer or MTO by a third party in respect of the Company’s
shares made pursuant to the MTO Communiqué, which the Dogus Shareholders wish to accept, the Offer Notice for the purposes of Section 3.04(A) shall apply to those Dogus Shares in relation to which it wishes to accept the tender offer
(being the Offered Shares), the Offer Price shall be the price referred to in such tender offer and the other terms of the tender offer shall constitute the other terms of the Offer Notice. The 

  

					
			10		***Confidential Treatment Requested

 
BBVA Shareholder shall have 10 (ten) Business Days to accept the terms of sale of such Offer Notice by way of delivery of an Acceptance Notice as referred to in Section 3.04(A) and no
Negotiation Period as referred to in Section 3.04(A) shall apply. If the BBVA Shareholder fails to respond to such Offer Notice, (i) the Dogus Shareholder may only Sell into such tender offer such Offered Shares at the tender offer price
and on the other terms of the tender offer and provided that the tender offeror becomes a Party to and becomes bound by this Agreement on the terms of Section 3.06(A) upon completion of the Sale, and (ii) the BBVA Shareholder’s
tag-along right as set out in Section 3.04(A)(iv) shall not apply to such Sale. Any revision(s) of the terms of the tender offer by the third party which the Dogus Shareholders intend to accept shall trigger an obligation to issue a further
Offer Notice on the terms of this paragraph. 
 (iv) BBVA Shareholder’s Tag-Along Right. If at any time a No Action Event occurs and the Dogus
Shareholders wish to Sell the Offered Shares to a third party, they shall send a notice to the BBVA Shareholder which notice shall include the price and the other terms of the intended Sale (the “BBVA Tag Along Trigger Notice”)
before legally binding document to effect such Sale to third party is entered into. The BBVA Shareholder may require such Dogus Shareholder, upon written notice given to such Dogus Shareholder within 10 (ten) Business Days following the date on
which the BBVA Shareholder has received the BBVA Tag Along Trigger Notice, to procure the third person who has agreed to purchase the Offered Shares from such Dogus Shareholder to purchase all (but not less than all) BBVA Shares it then owns on the
terms and conditions (including, without limitation, the price) at which the third person has purchased the Offered Shares. If the BBVA Shareholder so requires such Dogus Shareholder to procure such third person to purchase the BBVA Shares, no Sale
of the Offered Shares may be completed by such Dogus Shareholder unless and until such third person purchases the BBVA Shares on terms on which the Offered Shares are being purchased. The Dogus Shareholder shall have the right but not the obligation
to purchase such BBVA Shares on the same terms and conditions in lieu of procuring the purchase by such third person. The tag-along right of the BBVA Shareholder shall be exercisable in the manner and upon the terms stated in the Amended and
Restated BBVA Shareholder’s Tag-Along Agreement, duly executed on the date hereof by and among the Dogus Shareholders and the BBVA Shareholder. 

(B) Right of First Offer of Dogus Shareholders. 

(i) If at any time the BBVA Shareholder wishes to Sell any part of the BBVA Shares it then owns, it undertakes to provide a right of first offer to Dogus
Holding (acting on its own behalf and on behalf of the other Dogus Shareholders), provided the Dogus Shareholders at the time own at least 10% of the Shares. The BBVA Shareholder shall provide this right by delivering to Dogus Holding an Offer
Notice (as defined in Section 3.04(A)) of such intended Sale stating the number of BBVA Shares to be Sold (the “Offered Shares”), its price expectations per BBVA Share (the “Offer Price”) (including such
documents as are reasonably necessary to support its price expectations) and the other terms of the intended Sale. Within 10(ten) Business Days of receipt of the Offer Notice, Dogus Holding shall have the right to inform the BBVA Shareholder in
writing if it wishes to engage in negotiations to buy all of the Offered Shares (but not less than all). If Dogus Holding so informs the BBVA Shareholder, Dogus Holding and the BBVA Shareholder shall attempt to reach agreement on the terms of the
Sale during the Negotiation Period (such term shall have the same meaning ascribed to it in Section 3.04(A)). No later than the end of the Negotiation Period, the BBVA Shareholder shall inform the Dogus Shareholder in writing of the final terms
of the Sale it 

  

					
			11		***Confidential Treatment Requested

 
would be willing to proceed with (such notice being the “Notice of the Final Terms of Sale”). Within 10 (ten) Business Days of receipt of the Notice of the Final Terms of Sale
from the BBVA Shareholder, the Dogus Shareholder shall inform the BBVA Shareholder in writing if it wishes to buy all of the Offered Shares (but not less than all) on such terms (such notice being referred to as the “Acceptance
Notice”). Upon receipt of the Acceptance Notice, the BBVA Shareholder shall Sell all of the Offered Shares to Dogus Holding on such terms within 120 (one hundred and twenty) Business Days from the date of the Acceptance Notice (this period
only being subject to extension as may be reasonably necessary to obtain required governmental or regulatory approvals). If Dogus Holding fails to respond to the Offer Notice or the Notice of Final Terms of Sale, as the case may be, within the
relevant periods stipulated above or, at any time of this process, it informs the BBVA Shareholder that it elects not to exercise its right of first offer with respect to the Offered Shares (any such event being referred to as a “No Action
Event”), then, subject to the Dogus Shareholders’ tag-along right as set out in Section 3.04 (B)(iv), within 120 (one hundred and twenty) Business Days (this period only being subject to extension as may be reasonably necessary to
obtain required governmental or regulatory approvals) from (i) the end of the applicable response period to (A) the Offer Notice or (B) the Notice of Final terms of Sale or (ii) the receipt of notice from Dogus Holding (acting on
its own behalf and on behalf of the other Dogus Shareholders) stating that it does not wish to exercise its right of first offer, as applicable, the BBVA Shareholder will be permitted to Sell all (but not less than all) of the Offered Shares to any
third person at any consideration not less than (a) the Offer Price or, if the process has proceeded to negotiations, (b) the price stated in the Final Terms of Sale and on other terms not more favourable to the purchaser than those
specified in the Offer Notice or the Notice of Final Terms of Sale, as applicable. [***] 
 (ii) If at the relevant time that a right of first offer would
otherwise be required to be made to the Dogus Shareholders under this Section 3.04(B), the BBVA Shareholder wishing to Sell any or all of its Shares own equal to or more than 50% of the Shares the Dogus Shareholders shall not be entitled to a
right of first offer hereunder in respect of such Sale and the BBVA Shareholder shall be free to Sell to a third party in such circumstances subject to the Dogus Shareholders’ tag along rights as described below. 

(iii) In the event of a voluntary tender offer or MTO by a third party in respect of the Company’s shares made pursuant to the MTO Communiqué,
which the BBVA Shareholder wishes to accept, the Offer Notice for the purposes of Section 3.04(B) shall apply to those BBVA Shares in relation to which it wishes to accept the tender offer (being the Offered Shares), the Offer Price shall be
the price referred to in such tender offer and the other terms of the tender offer shall constitute the other terms of the Offer Notice. The Dogus Shareholders shall have 10 (ten) Business Days to accept the terms of sale of such Offer Notice by way
of delivery of an Acceptance Notice as referred to in Section 3.04(B), and no Negotiation Period as referred to in Section 3.04(B) shall apply. If the Dogus Shareholder fails to respond to such Offer Notice, (i) the BBVA Shareholder
may only Sell into such tender offer such Offered Shares at the tender offer price and on the other terms of the tender offer and provided that the tender offeror becomes a Party to and becomes bound by this Agreement on the terms of
Section 3.06(A) upon completion of the Sale, and (ii) the Dogus Shareholders’ tag-along right as set out in Section 3.04(B)(iv) shall not apply to such Sale. Any revision(s) of the terms of the tender offer by the third party
which the BBVA Shareholder intends to accept shall trigger an obligation to issue a further Offer Notice on the terms of this paragraph. 

  

					
			12		***Confidential Treatment Requested

 (iv) Dogus Shareholders’ Tag-Along Right. If at any time a No Action Event occurs and the BBVA
Shareholder wish to Sell the Offered Shares to a third party, they shall send a notice to the Dogus Shareholders which notice shall include the price and the other terms of the intended Sale (the “Dogus Tag Along Trigger Notice”)
before legally binding document to effect such Sale to third party is entered into, the Dogus Shareholders (through Dogus Holding) may require the BBVA Shareholder, upon written notice given to the BBVA Shareholder within 10 (ten) Business Days
following the date on which the Dogus Shareholders have received the Dogus Tag Along Trigger Notice, to procure the third person who has agreed to purchase the Offered Shares from the BBVA Shareholder to purchase all (but not less than all) Dogus
Shares the Dogus Shareholders then own on the terms and conditions (including, without limitation, the price) at which the third person has purchased the Offered Shares. If the Dogus Shareholders so require the BBVA Shareholder to procure such third
person to purchase the Dogus Shares, no Sale of the Offered Shares may be completed by the BBVA Shareholder unless and until such third person purchases the Dogus Shares on terms on which the Offered Shares are being purchased. The BBVA Shareholder
shall have the right but not the obligation to purchase such Dogus Shares on the same terms and conditions in lieu of procuring the purchase by such third person. The tag-along right of Dogus Shareholders shall be exercisable in the manner and upon
the terms stated in Amended and Restated Dogus Shareholders’ Tag-Along Agreement, duly executed on the date hereof by and among the Dogus Shareholders and the BBVA Shareholder. 

3.05 Public Offers or Private Placements. If the BBVA Shareholder, or at any time after the end of the Dogus Lock-up Period the Dogus
Shareholders, as applicable, wishes to Sell any or part of the Shares it then owns in a Public Offer or Private Placement (the “Selling Party”), it undertakes to provide a right of first offer to that other Party (the
“Recipient Party”) (provided that such Recipient Party at the time owns at least 10% of the Shares) by way of sending an Offer Notice. The Offer Price for the purposes of the Offer Notice in Section 3.04(A) and 3.04(B) shall be
the price notified by the Selling Party. The Recipient Party shall have 10 (ten) Business Days to accept the terms of sale stated in the Offer Notice by way of delivery of an Acceptance Notice as referred to in Section 3.04 (Right of First
Offer), and no Negotiation Period as referred to in Section 3.04 (Right of First Offer) shall apply. Accordingly: 
 (A) If the
Recipient Party accepts the terms stated in the Offer Notice, the Sale shall be completed between the Parties within the time period stipulated above in Section 3.04(A) and 3.04(B). 

(B) If the Recipient Party does not respond to the Offer Notice within 10(ten) Business Days of delivery of the Offer Notice, then,
notwithstanding anything to the contrary in Sections 3.04(A) and 3.04(B), such Party shall be free to complete the Sale of the Offered Shares (in part or in whole) in a Public Offer or Private Placement within, but not later than, 45 (forty five)
Business Days of delivery of the Offer Notice (this period only being subject to extension as may be reasonably necessary to obtain required governmental or regulatory approvals) for any consideration (whether higher or lower than the Offered
Price). 
 (C) If the Recipient Party does not accept the Offer Price, but otherwise by way of an Acceptance Notice accepts the other terms
of sale and quotes a price which is lower than the Offer Price (the “Counter Offer Price”) as being the price at which it will be willing to purchase the Offered Shares (the “Counter Offer Notice”), then the Selling
Party shall have a 

  

					
			13		***Confidential Treatment Requested

 
further 5 (five) Business Days upon delivery of the Counter Offer Notice to accept or reject the Counter Offer Notice by notice to the Recipient Party (the “Counter Offer Response
Notice”): 
 (a) If the Selling Party accepts the terms of the Counter Offer Notice the Sale shall be completed between the Parties
within the time period stipulated above in Section 3.04(A) and 3.04(B). 
 (b) If the Selling Party rejects the terms of the Counter
Offer Notice then (subject to sub-paragraph (D) below) the Selling Party shall only be permitted to complete the Sale of the Offered Shares (in part or in whole) by way of a Public Offer or Private Placement at a price for any consideration
(whether higher or lower than the Counter Offer Price or Offered Price) and otherwise on the other terms of sale in the Offer Notice; and such completion must occur within 45 (forty five) Business Days of delivery of the Counter Offer Response
Notice (this period only being subject to extension as may be necessary to obtain required governmental or regulatory consents). 
 (D)
Where the Selling Party is to Sell the Offered Shares under sub-paragraph (B) or (C)(b) above, then the Selling Party agrees that: 

(a) it shall invite the Recipient Party (or any of its Affiliates) to submit offers for the Offered Shares as part of the bookbuilding process
for the Public Offer or Private Placement and to prioritize the offer made by the Recipient Party as between potential transferees submitting offers in the bookbuilding process such that the Shares requested by the Recipient Party in its offer are
allocated to the Recipient Party first provided that it does not prejudice the pricing of the Public Offer or the Private Placement, as the case may be, and only then shall the rest of the Offered Shares be allocated to the other potential
transferees; 
 (b) it shall, in any event, permit the Recipient Party to approve jointly with the Selling Party the allocation basis for the
Offered Shares amongst potential transferees (in cases where the bookbuilding demand of potential transferees exceeds the amount of Offered Shares available for allocation), provided that the Recipient Party may not act in a manner which prejudices
the pricing for the Public Offer or Private Placement (as applicable); 
 (c) if, as a result of the Public Offer or Private Placement
process, a transferee’s shareholding in the Company (alone or together with its Affiliates) exceeds three percent of the Shares the Selling Party shall procure (by way of including this in the offering terms and all other means as may be
necessary) that the third party transferee shall become by execution of the Deed of Adherence a Party to this Agreement and become bound by it as if it were the Selling Party. 

3.06 New Shareholders. 

(A) In the event of the Sale of all or a part of a Party’s Shares pursuant to Section 3.02, 3.04(A), 3.04(B), or 3.05(D)(c) (in the
case of 3.05(D)(c), if applicable), the Party Selling the Shares shall procure that the third party purchaser shall become by execution of the Deed of Adherence a Party to this Agreement and become bound by it as if it were the Shareholder Selling
the Shares to it. The Selling Shareholder does not guarantee the third party purchaser’s compliance with the terms of this Agreement; 

  

					
			14		***Confidential Treatment Requested

 (B) Furthermore, in any partial Sale of Shares to a third party pursuant to Section 3.02,
3.04(A), 3.04(B) or 3.05(D)(c) (in the case of 3.05(D)(c) if applicable), for the purposes of this Agreement, such Selling Party and the third party purchaser shall be treated as a single Party in terms of their rights and obligations against the
non-Selling Party; and 
 (C) When a Sale of Shares occurs pursuant to Sections 3.02, 3.04(A), 3.04(B) or 3.05(D)(c) (in the case of
3.05(D)(c) if applicable): 
 (a) Where the BBVA Shareholder owns less than 50% of the Shares at the time that such Sale occurs, the rights
that the third party purchaser and the Selling Shareholder will jointly be entitled to exercise under this Agreement (including, without limitation, those under Section 5.02(A)), will be determined based on the percentage of the Shares that
they own in the aggregate; 
 (b) Where the BBVA Shareholder owns equal to or more than 50% of the Shares at the time that such Sale occurs:

  

	 	a.	The rights that the third party purchaser and the Selling Shareholder will jointly be entitled to exercise under this Agreement (including, without limitation, those under Section 5.02(A)), will be determined based
on the percentage of the Shares that the Selling Shareholder owns only and not the Shares that the Selling Shareholder and the third party purchaser own in aggregate. 

 

	 	b.	If the Selling Party is a third party which is neither a Dogus Shareholder nor a BBVA Shareholder or an Affiliate, the third party purchaser will not execute a Deed of Adherence and will not become a party to this
Agreement. 

 3.07 No Lien. 

(A) No Party shall enter into any transaction involving the creation of a Lien on any Garanti Shares including, without limitation, any
derivatives transactions, voting arrangements, grant of usufruct rights having an effect similar to the creation of a pledge without the prior written consent of the other Party. Once the BBVA Shareholder or the Dogus Shareholders own 50% or more of
the Shares (a “Qualifying Party”), this provision shall no longer apply to such Qualifying Party, even if such Qualifying Party subsequently falls below a shareholding of 50% or more of the Shares. 

(B) Notwithstanding the foregoing paragraph (i), a Party may pledge its Shares in favor of any reputable bank, either international banks or
banks which are in the top 5 Turkish private banks by market share, in order to procure financing provided, always, that the Party creating the pledge shall, prior to creating the pledge, deliver to the other Party a Deed of Undertaking executed by
the pledgee bank. 

  

					
			15		***Confidential Treatment Requested

 ARTICLE IV 

GOVERNANCE AND MANAGEMENT OF THE COMPANY: GENERAL PROVISIONS 

4.01 Public Listing. The Parties agree and undertake to vote all Garanti Shares they then own to maintain the Company’s listing on
Borsa Istanbul for as long as the Garanti Shares owned by any one of them represent at least 1% of the Shares. 
 4.02 Dividend
Policy. For as long as each Party owns Garanti Shares representing at least 9.95% of the Shares, each Party agrees to vote all Garanti Shares it then owns to cause the Company to distribute at least 25% of the distributable profits based on the
Company’s financial statements prepared in accordance with the accounting principles promulgated by the BRSA in Turkey subject to, after the proposed distribution, having a capital adequacy ratio of not less than the higher of [***]% and such
ratio required by law or regulation at the relevant time, calculated pursuant to the regulations regarding the capital adequacy of banks in force in the Republic of Turkey at the date of any such distribution. 

4.03 [***] 
 4.04 Company
Conduct 
 (A) Subject to the decisions permitted to be taken by the Reserved Matters Decision Committee, each Party undertakes to
procure that all decisions made by or on behalf of the Company or any of its subsidiaries which are material to the Group as a whole are approved either (i) at a properly convened meeting of the Board of Directors or (ii) in the absence of
a meeting, by a resolution in writing signed by or otherwise approved in writing by at least the same number of Directors whose affirmative votes are required to pass a decision at a properly convened meeting of the Board of Directors and such
resolution shall be distributed to all Directors (or as otherwise permitted by applicable Law at the relevant time), and shall ensure that the delegation of any material matter to any committee of the Board of Directors shall only be approved with
the prior consent of the requisite majority of a quorate meeting of the Board of Directors. 
 (B) Each Party further covenants with each
other (and shall cause the members of the Board of Directors (other than the Independent Directors), subject to their fiduciary duties to ensure) that so long as this Agreement remains in force and effect, the Company will: 

 

	(i)	promptly notify the others of any matters of which it becomes aware which may materially affect the Group; 

  

	(ii)	take all steps reasonably available to it to ensure that any meeting of the Board of Directors or any Shareholder meeting has the necessary quorum; 

 

	(iii)	 procure the Company and its subsidiaries to keep proper and up to date accounting and financial, tax and legal books and records in relation to its
business and affairs and shall further procure that, to the extent permitted under the applicable legislation: (A) the BBVA Shareholder be provided with information, documents and records of a

  

					
			16		***Confidential Treatment Requested

	 	
standard to enable the BBVA Group to comply with its legal, accounting and regulatory obligations (including to comply with SEC reporting obligations or Spanish regulatory reporting requirements)
and (B) such information, documents and records (during normal business hours) be available for inspection by the BBVA Shareholder and/or Dogus Shareholders (or by any Person authorized by them); and 

 

	(iv)	procure the Company and its subsidiaries to operate its business and affairs so as to comply with all applicable laws, including, where applicable and to the extent that such compliance obligation would not violate
applicable Turkish law, any laws applying to the BBVA Group that it is required to comply with in respect of its interests in the Group (where such laws have been notified in writing to the Company by the BBVA Shareholder). 

4.05 Parties’ Consultation Rights and Nominee Directors 

(A) Each Party hereby agrees to authorize the Company to disclose information relating to the Group to (i) the Parties; (ii) each
other; (iii) their Affiliates; (iv) their professional advisers; and (v) the auditors of the Company and the auditors of the respective Party. Such authority shall also extend to any disclosures of information which any of the Parties
is required to make by applicable Law or any regulatory authority to which the relevant Party is subject. 
 (B) Each Party hereby agrees
and acknowledges that any Nominee shall be entitled to report to such Party upon the affairs of the Company and its subsidiaries and to disclose such information as he or she shall reasonably consider appropriate. 

Notwithstanding any other provisions of this Agreement, no Nominee shall be obliged to act or omit to act in any way that would or is likely to lead to such
Nominee incurring personal loss or liability. To the extent that any Nominee does incur any such personal loss or liability as a result of any act or omission of the Company and/or its subsidiaries, such Nominee shall be entitled to seek the
recovery of its losses and liabilities from the Company. 
 ARTICLE V 

GOVERNANCE AND MANAGEMENT OF THE COMPANY 

5.01 [***] 

  

					
			17		***Confidential Treatment Requested

 5.02 Board and Management. Each Party agrees to vote all Garanti Shares they then own to
cause (or procure the Company to cause) the following: 
 (A) the formation of the Board of Directors to be on the following basis: 

 

					
	 Dogus Shareholders Shares
	  	 Board Composition
	  	 Number of Directors on
the Board of Directors

			
	Where Dogus Shareholders own in excess of 9.95% of the Shares	  	 Seven of the Directors to be elected shall be designated by BBVA Shareholder (two of which shall be members of the Audit Committee and
therefore be considered as Independent Directors under the Corporate Governance Communiqué)
  

Two of the Directors to be elected shall be designated by Dogus Shareholders
  

One Independent Director shall be jointly designated by the Parties
	  	10 Directors
			
	Where Dogus Shareholders own 9.95% of the Shares	  	 Eight of the Directors to be elected shall be designated by BBVA Shareholder (two of which shall be members of the Audit Committee and
therefore be considered as independent directors under the Corporate Governance Communiqué)
  

One of the Directors to be elected shall be designated by Dogus Shareholders
  

One Independent Director shall be jointly designated by the Parties
	  	10 Directors
			
	Where Dogus Shareholders owns less than 9.95% of the Shares	  	All of the Directors to be elected shall be designated by BBVA Shareholder	  	BBVA Shareholder may determine number of Directors on the Board of Directors

 and, in the event that Dogus Shareholders drops to or below the 9.95% threshold above and holds 9.95% or less
than 9.95% of the Shares, then the provisions applicable to such threshold shall continue to apply to it notwithstanding any future increase in its ownership of Shares, and 

(B) BBVA Shareholder shall determine and approve the person appointed to the post of Chief Executive Officer and of Chairman. 

5.03 Quorum requirements. 

(A) In respect of any matters that do not constitute Shareholder Reserved Matters at the applicable time, the meeting quorum in respect of
such matters shall be six Directors and the decision quorum shall be formed by the favourable vote of at least six Directors present at a quorate meeting. 

  

					
		 	18	 	***Confidential Treatment Requested

 (B) Each Party agrees, solely in respect of each Shareholder Reserved Matter described in
Section 5.04 (Shareholder Reserved Matters), (a) the meeting quorum referred to in Section 5.03(A) shall include at least one Director representing Dogus Shareholders; and (b) the decision quorum at such quorate meeting of the
Board of Directors shall be a majority of the votes cast at such meeting which must include the affirmative vote of at least one Director representing Dogus Shareholders. 

(C) The Parties hereby acknowledge that this Agreement sets forth the agreed terms between the Parties for the nomination and the election of
the Independent Directors based on the currently applicable Law as at the date hereof which (i) requires listed banks to appoint three Independent Directors; and (ii) allows all of them to be appointed from among audit committee members
who are not required to satisfy the independency criteria as determined by the Law, except for one Independent Director who is required to satisfy such criteria regardless of whether he/she is a member of the audit committee. Where there is a change
in the currently applicable Law that would affect Parties’ rights and obligations under this Agreement, including but not limited to those in relation to the composition of the Board of Directors or committees, number or qualifications of
Independent Directors and/or quorum requirements or otherwise causing deviation from the legal regime described in the immediately foregoing sentence, the Parties agree that they shall amend this Agreement and shall take all such steps as they are
able to take in order to preserve the spirit of this Agreement and the control structure and quorum requirements set out in this Agreement. 

(D) The Parties agree to vote all Garanti Shares they then own and take all such steps as they are able to cause the quorum requirements in
this Section 5.03 (Quorum Requirements) to be observed and implemented by them. 
 5.04 Shareholder Reserved Matters. 

(A) For so long as Dogus Shareholders own Garanti Shares representing over 9.95%, (i) each Party shall vote all Garanti Shares it then
owns to ensure that the matters listed below (whether such matters are decided by the Company or a Material Subsidiary (as the case may be) in a meeting of the Board of Directors, annual or extra-ordinary meeting of shareholders or otherwise) shall
only be implemented or approved with each Parties’ consent or as decided at the Reserved Matters Decision Committee meeting; and (ii) Dogus Shareholders otherwise undertakes not to vote against or challenge (for the avoidance of doubt,
including seeking compensation) any other matter not listed below proposed to be implemented or approved by BBVA Shareholder (save where such matter conflicts with an express right granted to it under this Agreement): 

(a) to adversely affect the voting and other rights attached to any Garanti Shares that Dogus Shareholders own, whether by
amendment to the Articles, the articles of association of such Subsidiaries or otherwise; 
 (b) to make any changes to the
constitutional documents of the Company or a Material Subsidiary that conflict with the rights of the Dogus Shareholders holding 9.95% or more of the Shares; 

(c) to liquidate, or enter into any insolvency proceedings, in relation to the Company or a Material Subsidiary; 

  

					
			19		***Confidential Treatment Requested

 (d) to grant any right to any person or persons that restricts the pre-emptive
rights of Dogus Shareholders in respect of share capital increases; or 
 (e) the disposal or discontinuance of, or material
changes to, in one or a series of related transactions in one financial year any line of business or business entity within the Group that has a value in excess of 25% of the Group’s total net assets based on the latest consolidated audited
accounts of the Company. 
 (B) Once Dogus Shareholders own Garanti Shares representing equal to or under 9.95% of the Shares, Dogus
Shareholders’ only rights and protections as a shareholder shall be those granted to it under Turkish law or under the Articles provided that Dogus Shareholders undertake not to vote against or challenge (for the avoidance of doubt, including
seeking compensation) any matter proposed to be implemented or approved by BBVA Shareholder (save where such matter conflicts with an express right granted to it under this Agreement). 

(C) In the event that Dogus Shareholders drop below one of the thresholds above in this Section 5.04(A) or (B), then the provisions
applicable to such lower threshold in this Section 5.04 (Shareholder Reserved Matters) shall continue to apply to it notwithstanding any future increase in its ownership of Shares. 

5.05 Further Acquisitions of Shares. 

(A) In the event of: (i) the acquisition of any Shares, or a controlling position, that results in an MTO being triggered by a Party and
(ii) the CMB requiring in those circumstances that the Parties jointly make an MTO pursuant to the MTO Communiqué (“Tender Offer”), then: 
  

	 	(i)	the Party triggering the MTO obligation (the “Tendering Party”) is required to notify (the “Tender Notice”) the other Party (the “Recipient Party”), as soon as possible
but no later than 10 (ten) Business Days prior to the acquisition of Shares triggering the obligation to make an MTO, of the terms (including as to the price) on which the Tender Offer is proposed to be carried out (for the avoidance of doubt,
subject always to the approval of the CMB) (the “Tender Offer Terms”); 

  

	 	(ii)	the Recipient Party shall have the right (but not the obligation) for a period of 10 (ten) Business Days from receipt of the Tender Notice (and in any event prior to the filing of such Tender Offer application with the
CMB) to notify the Tendering Party (i) whether it wishes to join the Tender Offer on the Tender Offer Terms, and (ii) if it does, on what (up to 50:50) basis it wishes to join the Tender Offer (the “Accepted Tender Offer
Terms”). If the Recipient Party notifies the Tendering Party of the Accepted Tender Offer Terms then the Tendering Party must accept such Accepted Tender Offer Terms, and on that basis each Party shall (i) acquire the Shares tendered
pursuant to and on the terms of such Tender Offer on the Accepted Tender Offer Terms; and (ii) assume between themselves the risk, liabilities, costs and expenses of such Tender Offer on the Accepted Tender Offer Terms; 

  

					
			20		***Confidential Treatment Requested

	 	(iii)	if the Recipient Party fails to respond to the Tender Notice in accordance with (ii) above, then it shall be deemed to have rejected to make a joint Tender Offer with the Tendering Party on the Terms of the Tender
Notice; 

  

	 	(iv)	if the Tendering Party decides to change the Tender Offer Terms due to the existence of a competing Tender Offer or otherwise, it shall notify the Recipient Party of the new terms of the Tender Offer (the
“Revised Tender Offer Notice”) as soon as possible but in any event no later than 10(ten) Business Days before it files such new terms of the Tender Offer with the CMB in which event the Recipient Party shall have the right (but not
the obligation) for a period of 10 (ten) Business Days from receipt of the Revised Tender Notice (and in any event prior to the filing of such Revised Tender Offer Terms with the CMB) to notify the Tendering Party (a) whether it wishes to
maintain its position in the Accepted Tender Offer; or (b) increase (up to 50:50 basis) or reduce (down to a zero participation basis) its commitment in the Accepted Tender Offer Terms (the “Accepted Revised Tender Offer
Terms”). If the Recipient Party notifies the Tendering Party of the Accepted Revised Tender Offer Terms then the Tendering Party must accept such Accepted Revised Tender Offer Terms, and on that basis each Party shall (a) acquire the
Shares tendered pursuant to and on the terms of such Tender Offer on the Accepted Revised Tender Offer Terms; and (b) assume between themselves the risk, liabilities, costs and expenses of such Tender Offer on the Accepted Revised Tender Offer
Terms; 

  

	 	(v)	the Tendering Party shall indemnify and hold harmless the Recipient Party in respect of any and all risks, liabilities, costs and expenses suffered or incurred (as applicable) either (a) on a full indemnity basis
in relation to the MTO if the Recipient Party specifies a zero participation basis in the Accepted Tender Offer Terms; or (b) in excess of the percentage risk allocation basis specified in the Accepted Tender Offer Terms or the Accepted Revised
Tender Offer Terms, as the case may be; 

  

	 	(vi)	in any event, where the Recipient Party’s Accepted Tender Offer Terms or Accepted Revised Tender Offer Terms, as the case may be, are on a zero participation basis or in any event on a less than 50:50 basis, the
Tendering Party shall, at the written request of the Recipient Party, use all reasonable endeavours to make all applications, submissions and defences on a timely basis as are reasonably required to obtain a waiver or exemption from the CMB from any
joint liability that is imposed on the Recipient Party to make an MTO jointly with the Tendering Party; and 

  

	 	(vii)	during the period between the receipt of the Tender Offer Notice by the Recipient and the end of the purchasing period of the Tender Offer, neither the Tendering Party or Recipient Party shall purchase any Shares unless
they mutually agree in writing otherwise. 

  

					
			21		***Confidential Treatment Requested

 ARTICLE VI 

COMMERCIAL PROTECTIONS 

6.01 [***] 
 6.02 Brand.
For as long as the Dogus Shareholders own at least 9.95% of the Shares, unless otherwise agreed between the Parties, the Parties agree to conduct the businesses of the Company and its subsidiaries using the name “Garanti Bankasi” or
names containing “Garanti” as the context requires. Once the Shares owned by Dogus Shareholders fall below 9.95%, BBVA shall be free to conduct the businesses of the Company using the name of its choice. Where the BBVA Shareholder agrees
that it would be in the best interests of the Group, it covenants to seek any necessary BBVA Shareholder group approvals as shall be necessary to allow the Group to use the BBVA Shareholder name, logo or any other BBVA Shareholder branding or
intellectual property as the context shall require. Save for where such approvals have been confirmed in writing in advance, the Company shall not expressly or impliedly use any such BBVA Shareholder branding either externally or within the Group.

 ARTICLE VII 

COMPULSORY TRANSFERS OF SHARES 

7.01 Triggering Events. For the purposes of this Section 7.01 (Triggering Events), the following events shall be referred to as
“Triggering Events”: 
  

	 	(i)	Change of Control, 

  

	 	(ii)	Bankruptcy, 

  

	 	(iii)	Involuntary Transfer, or 

  

	 	(iv)	Event of Material Breach. 

  

					
			22		***Confidential Treatment Requested

 (A) Notice of Triggering Event. Upon the occurrence of a Triggering Event, (a) in
respect of the Triggering Events in (i), (ii) or (iii), the affected Party shall forthwith give notice in writing to the other Party stating when the Triggering Event occurred (and in the event of an Involuntary Transfer the affected Party
shall use its best efforts to give notice prior to the actual transfer of Shares), the reason therefore, the number of Garanti Shares it then owns and the name and the address of the transferee if a transfer has occurred. If no such notice is given,
the other Party may institute the put/call proceedings stipulated in Section 7.01(B) by a written notice to the affected Party and the transferee; and (b) in respect of the Triggering Event in (iv) the non-defaulting Party may
institute the put/call proceedings stipulated in Section 7.01(B) by a written notice to the defaulting Party and, if relevant, the transferee. 

(B) The Put/Call Right of the Non-Affected/Non-Defaulting Party. 

(a) Upon the receipt of the notice referred to in Section 7.010 or if no notice is given, upon becoming aware of the occurrence of the
Triggering Event (the “Trigger Date”), the non-affected/non-defaulting Party shall have the right and option by delivery of a written notice to the affected/defaulting Party (the “Acceptance Delivery Date”) for a
period ending 30 (thirty) Business Days following the Trigger Date, and subject to Section 7.01(B)(b), (a) to purchase all Garanti Shares the affected/defaulting Party owns or has transferred to the transferee or (b) to require the
affected/defaulting Party and/or the transferee to purchase all Garanti Shares it then owns, in cash at the price equal to the volume weighted average market price over the last ten trading days on the Borsa Istanbul prior to the Acceptance Delivery
Date. In the event of the Shares being transferred by the affected/defaulting Party (or by a pledgee bank referred to in Section 3.07(B)) to a transferee, the affected/defaulting Party shall procure the compliance of the transferee with such
provisions. 
 In the event of a Triggering Event being caused by an Event of Material Breach, the price for the (i) purchase of the Garanti Shares by
the non-defaulting party shall be at a discount of 10% to the price determination in this Section 7.01(B)(a); and (ii) the Sale of the Garanti Shares by the non-defaulting party shall be at a premium of 10% to the price determination in
this Section 7.01(B)(a). 
 (b) In the event that the relevant Shares subject to the above described put/call proceedings have been
transferred and the affected/defaulting Party is unable to procure the transferee’s compliance with such proceedings, the affected/defaulting Party shall compensate the non-affected/non-defaulting Party for the damages resulting from its
inability to exercise such put/call proceedings (such damages to take account of the premium and discount it would have benefited from in such circumstances). 

7.02 Consummation of Sale. The delivery of Garanti Shares and the payment of the purchase price referred to in Section 7.01(B)
shall take place, subject to any extension period reasonably required to comply with any governmental or regulatory approvals, within 30 (thirty) Business Days following the last day of the option period. 

  

					
			23		***Confidential Treatment Requested

 ARTICLE VIII 

TERM AND TERMINATION 
 8.01
Effectiveness; Termination. This Agreement shall come into full force and effect as set out in Article II (Conditionality) and continue in force indefinitely unless terminated: 

 

	 	(a)	in accordance with Section 2.02 (Termination upon condition not being met); 

  

	 	(b)	upon the mutual written agreement of the Parties; or 

  

	 	(c)	at 18:00 (Istanbul time) on such date when either Party holds less than 1% of the then issued share capital of the Company (provided that such less than 1% holding has not resulted from a breach of this Agreement by the
other Party). 

 8.02 Effect of Termination. If this Agreement is validly terminated pursuant to Section 8.01(b),
this Agreement will forthwith become null and void, but the provisions of 9.03 (Notices), 9.04 (Publicity and Confidentiality), 9.07 (Amendment), 9.08 (Governing Law), 9.9 (Arbitration), 9.11 (Costs), 9.12 (No Partnership) shall continue to apply
regardless of such termination. Upon termination of this Agreement, no liability or obligation on the part of any Party (or any of its respective officers, directors, employees, agents or other representatives or Affiliates) shall arise, except for
any breach of this Agreement by any Party prior to such termination. 
 ARTICLE IX 

MISCELLANEOUS 
 9.01
Damages, remedies. Without limitation to the rights of the non-defaulting Party under Article VII (Compulsory Transfer of Shares), the non-defaulting Party reserves its rights to claim damages or any other remedies (including without
limitation any remedies of specific performance or injunctive relief) available under Law for all damages, losses, costs and expenses arising from or in connection with any breach or anticipated breach of any of the terms of this Agreement by the
defaulting Party. 
 9.02 Entire Agreement. This Agreement, the Initial Share Purchase Agreements, the New Share Purchase Agreements
and all documents delivered as part of this Agreement or which are incorporated as part of this Agreement by reference constitute and contain the entire Agreement between the Parties and the Company and, replace in its entirety any and all
agreements, arrangements and understandings between the Parties with respect to the subject matter hereof. 
 9.03 Notices. All
notices, requests and communications hereunder must be in writing and will be deemed duly given only if delivered by facsimile transmission or sent by recognized international courier to the Parties and/or the Company at the following addresses or
facsimile numbers. 

  

					
			24		***Confidential Treatment Requested

 If to Dogus Holding to: 

Huzur Mahallesi, 
 Maslak Ayazaga Caddesi No:2 

34396 Sariyer, Istanbul 
 Attn: Husnu Akhan, Chief Financial
Officer 
 Facsimile No: +90 212 285 4003 
 If to the BBVA
Shareholder to: 
 Paseo de la Castellana 81, Planta 25, 

Madrid 28046, Spain 
 Attn: Jaime Saenz de Tejada Pulido, Chief
Financial Officer  
 Facsimile No: +34 91 3744471 
 Copy
to: Javier Rodriguez-Soler, Head of M & A 
 Facsimile No: +34 91 3746038 

Copy to: Eduardo Arbizu Lostao, General Counsel 

Facsimile No: +34 91 3744471 
 Copy to: María Jesús
Arribas de Paz, Head of Corporate Legal Services 
 Facsimile No: 34 91 3743551 

If to the Company to: 
 Attn: Aydin Senel 

Facsimile No: + 90 212 318 3854 
 All such
notices, requests and other communications will (a) if delivered personally to the address as provided in this Section 9.03 (Notices), be deemed given upon delivery, (b) if delivered by facsimile transmission to the facsimile number as
provided in this Section 9.03 (Notices), be deemed given upon receipt, (c) if delivered by recognized international courier to the address as provided in this Section 9.03 (Notices), be deemed given upon confirmed receipt (in each case
regardless of whether such notice, request or other communication is received by any other Person to whom a copy of such notice is to be delivered pursuant to this Section 9.03 (Notices)). Any Party from time to time may change its address,
facsimile number or the other information for the purpose of notices to that Party by giving written notice specifying such change to the other Parties hereto. 

9.04 Publicity and Confidentiality. 

(a) Except, as ordered or required by any applicable Law or competent judicial, governmental or other authority or in accordance with the
requirements of any securities exchange, no Party shall issue any press release or make any other public statement related to this Agreement or any of the transactions contemplated by this Agreement without obtaining

  

					
			25		***Confidential Treatment Requested

 
the prior written approval of the other Party as to the contents and the manner of presentation and publication of such press release or public statement, or use the other Party’s name or
tradename or any trademark or other intellectual property right of the Party without obtaining the prior approval of the other Party as to the manner of such use. 

(b) Each Party agrees to keep in strictest confidence all information relating to or acquired from the other Party in connection with the
Agreement, the performance of this Agreement or through participation in the ownership or management of the Company. Each Party agrees that it will not publish, communicate, divulge, disclose or use any information described in the preceding
sentence without the prior written consent of the other Party, except as expressly provided herein. The restriction contained in this Section 9.04(b) shall not apply with respect to: (i) information which at the time of disclosure was in the
public domain unless the same occurs in consequence of the breach hereof by the receiving Party; (ii) information which can be demonstrated to have been independently developed by the receiving Party or acquired from a third party which did not
itself acquire such information with restrictions on further dissemination directly or indirectly from the disclosing Party; (iii) information which the Parties have agreed is no longer confidential; (iv) information reasonably required to
be disclosed to any underwriter or auditor or other person involved in the process of offering of the Shares held by such Party to the public; and (v) information ordered or required to be disclosed by any applicable Law or competent judicial,
governmental or other authority or in accordance with the requirements of any stock exchange or securities regulation. 
 9.05
Assignment; Successors and Assigns. 
 (a) Without prejudice to Section 3.06 (New Shareholders), each Party may assign and
transfer this Agreement or any of its rights and obligations under it only to such Party’s Affiliate if that Party’s Shares are transferred to such an Affiliate in compliance with the provisions of Section 3.03(B) (in which case the
assigning Party must continue to be jointly and severally liable with such Affiliate in respect of the punctual and exact performance by the latter of all obligations arising from this Agreement). 

(b) This Agreement shall be binding upon and inure to the benefit of the Parties, their successors and permitted assignees. 

9.06 Waiver. Any term or condition of this Agreement may be waived at any time by the Party that is entitled to the benefit thereof,
but no such waiver shall be effective unless in a written instrument duly executed by or on behalf of the Party waiving such term or condition. No waiver by any Party of any term or condition of this Agreement, in any one or more instances, shall be
deemed to be or construed as a waiver of the same or any other term or condition of this Agreement on any future occasion. All remedies, either under this Agreement or by law or otherwise afforded, will be cumulative and not alternative. 

9.07 Amendment. This Agreement may be amended, supplemented or modified only by a written instrument duly executed by or on behalf of
each Party. 
 9.08 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the Republic of
Turkey, without giving effect to any conflicts of laws principles thereof which would result in the application of the laws another jurisdiction. 

  

					
			26		***Confidential Treatment Requested

 9.09 Arbitration. All disputes arising out of or in connection with this Agreement shall
be finally settled under the Rules of Arbitration of the International Chamber of Commerce (“ICC”) by three arbitrators appointed in accordance with the said Rules. The first arbitrator will be appointed by the Party initiating the
arbitration proceedings simultaneously with its demand for arbitration, the second one of which will be appointed by the other Party within 20 (twenty) Business Days of the date on which it has received notice of the demand for arbitration and the
third one of which (who shall act as Chairman of the arbitration panel) will be designated by agreement of the first two within 20 (twenty) Business Days from the appointment of the second Arbitrator or, failing such agreement, the ICC Court of
Arbitration, which will also designate (a) the second arbitrator if the Party required to make such designation will not have done so within the period indicated above; and (b) the replacement of any arbitrator who is unable or unwilling
to serve or to continue to serve as such, but only in the event that such replacement has not been designated by the Party which appointed the arbitrator to be replaced within 20 (twenty) Business Days from the date on which such arbitrator resigned
or otherwise ceased from office or, in the case of the Chairman, by agreement of the other two Arbitrators. The place of arbitration shall be Paris, France. The language to be used in the arbitral proceedings shall be English. 

The expenses of the arbitration proceedings referred to in this section shall be borne by the Parties in accordance with the applicable determinations of the
Arbitration Tribunal. 
 The Dogus Shareholders and the BBVA Shareholder hereby designate their respective addresses for the giving of notice, as set forth
in Section 9.03 (Notices) as their respective domiciles at which service of process may be made in any arbitration, legal action or proceeding arising hereunder. The Dogus Shareholders and the BBVA Shareholder may change such address, except that
each such address shall always be, as to the Dogus Shareholders, within the geographical area encompassed (as of the date of this Agreement) by the boundaries of Turkey and, as to the BBVA Shareholder, within the geographical area encompassed (at
the same date) by the boundaries of Spain. 
 9.10 Interpretation. 

(A) If any provision contained in this Agreement or any other document executed in connection herewith is or shall become invalid, illegal or
unenforceable in any jurisdiction, the invalidity, illegality or unenforceability of such provision in such jurisdiction shall not affect or impair the validity, legality or enforceability of (a) any other provision of this Agreement or any
such other document in such jurisdiction or (b) such provision or any other provision of this Agreement or any such other document in any other jurisdiction. 

(B) The Parties hereby acknowledge and agree that if there shall be at any time a conflict, misinterpretation or discrepancy between this
Agreement and the Articles, the provisions of this Agreement shall prevail among the Parties. 
 (C) This Agreement has been negotiated and
executed in the English language. All certificates, reports, notices and other documents and communications given or delivered 

  

					
			27		***Confidential Treatment Requested

 
pursuant to this Agreement shall be in the English language or accompanied by an English translation thereof and the English version thereof shall govern for purposes hereof in any conflict with
any non-English version. 
 (D) No provision of this Agreement shall be interpreted against the interest of a Party merely because that
Party drafted the provision. 
 9.11 Costs. Each of the parties shall pay its own costs and expenses in connection with the
negotiation, preparation and carrying into effect of this Agreement. 
 9.12 No Partnership. Nothing in this Agreement shall be
deemed to constitute a partnership between the Parties. 
 9.13 Further Assurance. 

(A) The Company and each of the Parties shall do and execute and perform all such further deeds, documents, assurances, acts and things as may
reasonably be required to give effect to the terms of this Agreement. 
 (B) The Parties covenant to and agree with each other that so long
as this Agreement is in effect each of them shall vote its Garanti Shares so as to give effect to the provisions of this Agreement and to the rights granted hereunder and under the Articles. 

(C) The Parties agree and acknowledge that the Usufruct Right created over 251,580,000 Shares in the share capital of the Company owned by the
BBVA Shareholder in favor of the Dogus Shareholders is hereby terminated with immediate effect upon entry into force of this Agreement. 

9.14 Unlawful Fetter. 

(A) Notwithstanding any other provision of this Agreement, the Company shall not be bound by any provision of this Agreement to the extent
that for it to be so bound would constitute a breach of or is not permitted by the laws of the Republic of Turkey, being the country in which the Company is incorporated, but any such provision shall remain valid and binding as regards all other
parties to which it is expressed to apply. 
 (B) Notwithstanding any other provision of this Agreement, the Directors shall not be bound by
any provision of this Agreement to the extent that for it to be so bound would constitute a breach of its fiduciary, good faith or other duties to the Company. 

  

					
			28		***Confidential Treatment Requested

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be signed in their respective names as of
the date first above written; 
  

					
	Dogus Holding A.S.
		
	By:		  

			Name:		Ferit Faik Şahenk
			Title:		
		
	By:		  

			Name:		Süleyman Sözen
			Title:		
	
	Dogus Nakliyat ve Ticaret A.S.
		
	By:		  

			Name:		Ferit Faik Şahenk
			Title:		
		
	By:		  

			Name:		Süleyman Sözen
			Title:		
	
	Dogus Arastirma Gelistirme Musavirlik Hizmetleri A.S.
		
	By:		  

			Name:		Ferit Faik Şahenk
			Title:		
		
	By:		  

			Name:		Süleyman Sözen
			Title:		

  

					
			29		***Confidential Treatment Requested

					
	Banco Bilbao Vizcaya Argentaria, S.A.
		
	By:		  

			Name:		Javier Rodriguez-Soler
			Title:		

  

					
			30		***Confidential Treatment Requested

 SCHEDULE I 

DEED OF ADHERENCE 
 This Deed of
Adherence (the “Deed”) is entered into on [date] 
 BY 

[—], a company organized under the laws of [—] with its
registered offices at [—] (“New Shareholder”). 
 WHEREAS 

 

	(A)	Banco Bilbao Vizcaya Argentaria, S.A. a company organized under the laws of the Kingdom of Spain; and 

  

	(B)	Dogus Holding A.S., Dogus Nakliyat ve Ticaret A.S. and Dogus Arastirma Gelistirme ve Musavirlik Hizmetleri A.S., each a joint stock company organized under the laws of the Republic of Turkey entered into a
shareholders’ agreement (the “Amended and Restated Shareholders’ Agreement”), the Amended and Restated BBVA Shareholder’s Tag-Along Agreement and the Amended and Restated Dogus Shareholders’ Tag-Along Agreement
on [—]. 

 THIS DEED WITNESSES
AS FOLLOWS: 
  

	1.	The New Shareholder confirms that it has been given and read a copy of the Amended and Restated Shareholders’ Agreement and the [Amended and Restated BBVA Shareholder’s Tag Along Agreement]/[Amended and
Restated Dogus Shareholders’ Tag Along Agreement] and hereby adheres to and becomes bound by the provisions of the Amended and Restated Shareholders’ Agreement and the [Amended and Restated BBVA Shareholder’s Tag Along
Agreement]/[Amended and Restated Dogus Shareholders’ Tag Along Agreement], and to perform the obligations imposed by the Amended and Restated Shareholders’ Agreement and the [Amended and Restated BBVA Shareholder’s Tag Along
Agreement]/[Amended and Restated Dogus Shareholders’ Tag Along Agreement] which are to be performed on or after the date of this Deed, in all respects as if the New Shareholder were a party to the Amended and Restated Shareholders’
Agreement and the [Amended and Restated BBVA Shareholder’s Tag Along Agreement]/[Amended and Restated Dogus Shareholders’ Tag Along Agreement] and named therein as a shareholder. 

 

	2.	This Deed and the Amended and Restated Shareholders Agreement and the [Amended and Restated BBVA Shareholder’s Tag Along Agreement]/[Amended and Restated Dogus Shareholders’ Tag Along Agreement] is made for
the benefit of: (a) the original parties to the Amended and Restated Shareholders’ Agreement; and (b) any other person or persons who after the date of the Amended and Restated Shareholders’ Agreement (and whether or not prior to
or after the date of this Deed) adheres to the Amended and Restated Shareholders’ Agreement. 

  

	3.	Article IX (Miscellaneous) of the Amended and Restated Shareholders’ Agreement shall apply mutatis mutandis to this Deed. 

  
 ***Confidential Treatment
Requested 

 IN WITNESS of which this Deed has been executed and delivered by the New Shareholder on the date which
first appears above. 
  

			
	Executed as a deed by:
		
	[—]		
		
	By:		  

	Name:		
	Title:		
	
	Acknowledged and agreed by:
		
	[—]		
		
	By:		  

	Name:		
	Title:		

  

					
			32		***Confidential Treatment Requested

 SCHEDULE II 

DEED OF UNDERTAKING 
 To:
[BBVA/Dogus Shareholder(s)] (the “Beneficiary”) 
 WHEREAS: 

(A) [BBVA/Dogus Shareholder(s)] (the “Pledgor”) and [—] (the
“Bank”) entered into a secured loan agreement on [date] pursuant to which [—] shares in the share capital of Turkiye Garanti Bankasi A.S. (the “Company”)
were pledged in favour of the Bank (the “Pledged Shares”).  
 (B) The Pledgor, the Beneficiary and others entered into a
shareholders’ agreement (as amended from time to time) on [date] (the “Amended and Restated Shareholders’ Agreement”). 

IT IS HEREBY AGREED AS FOLLOWS: 
  

	1.	Definitions 

 “Affiliate” an Affiliate of a Person shall mean
(i) any Person which (a) is directly or indirectly controlled by such Person, (b) directly or indirectly controls such Person, or (c) is under common control with such Person. For the purposes of this definition,
“control” shall mean the absolute power (not on a shared basis), whether held directly or indirectly, to direct or cause direction of management and policies through ownership of voting securities, by contract or otherwise. 

“Borsa Istanbul” shall mean Borsa Istanbul Anonim Sirketi. 

“BBVA Shares” shall mean the Shares owned from time to time by BBVA Shareholders. 

“BBVA Shareholder(s)” Banco Bilbao Vizcaya Argentaria, S.A. a company organized under the laws of the Kingdom of Spain
(including its Affiliates to the extent any such Affiliate becomes a Shareholder pursuant to the terms of the Amended and Restated Shareholders’ Agreement). 

“Business Day” shall mean a day other than Saturday, Sunday or any other day on which commercial banks located in Istanbul
(Turkey) and Madrid (Spain) are not open for general business. 
 “Deed” shall mean this deed of undertaking. 

“Dogus Shares” shall mean the Shares owned from time to time by Dogus Shareholders. 

  

					
			33		***Confidential Treatment Requested

 “Dogus Shareholders” shall mean Dogus Holding A.S. (“Dogus
Holding”), Dogus Nakliyat ve Ticaret A.S. and Dogus Arastirma Gelistirme ve Musavirlik Hizmetleri A.S., collectively, each a joint stock company organized under the laws of the Republic of Turkey (including their Affiliates to the extent
any such Affiliate becomes a Shareholder pursuant to the terms of the Amended and Restated Shareholders’ Agreement). 

“Garanti Shares” shall mean the Dogus Shares and BBVA Shares collectively. 

“Party” shall mean the Beneficiary, or the Bank, individually and “Parties” shall mean the Beneficiary and
Bank collectively. 
 “Person” shall mean an individual, partnership, joint venture, company, trust, unincorporated
organization, government or other entity. 
 “Sale” shall mean transfer of any Garanti Shares including, without
limitation, pursuant to a tender offer (The words “Sell”, “Sold” and “Selling” shall have similar meaning as the context requires). 

“Shares” shall mean the entire issued and outstanding shares in the capital of the Company from time to time. 

“Shareholders” shall mean the owners of the Shares from time to time. 

 

	2.	Right of First Offer 

 The Bank hereby irrevocably and unconditionally undertakes to the
Beneficiary that in the event that the Bank enforces its pledge over, and wishes to Sell, any or all of the Pledged Shares, it shall not Sell any such Pledged Shares before giving the Beneficiary, provided the Beneficiary at the time owns at least
10% of the Shares, a right of first offer on the following terms: 
 (i) The Bank shall provide the Beneficiary with a written notice
(“Offer Notice”) for such intended Sale stating: (a) the number of the Pledged Shares (“Offered Shares”); and (b) its price expectations per Pledged Share (the “Offer Price”) which shall
not be more than the volume weighted average market price over the last 30 trading days on the Borsa Istanbul prior to the date of delivery of the Offer Notice. Within 15 (fifteen) Business Days of receipt of the Offer Notice from the Bank, the
Beneficiary may send a written notice if it wishes to buy all of the Offered Shares (but not less than all) on such terms (the “Acceptance Notice”) to the Bank. Upon receipt of the Acceptance Notice, the Bank shall Sell all of the
Offered Shares to the Beneficiary on such terms within 120 (one hundred and twenty) Business Days from the date of the Acceptance Notice (this period only being subject to extension as may be reasonably necessary to obtain required governmental or
regulatory approvals). 
 (ii) If the Beneficiary fails to respond to the Offer Notice within the relevant period stipulated above or, at any time during
this process, it informs the Bank that it elects not to exercise its right of first offer with respect to the Offered Shares (any such event being referred to as a “No Action Event”), then the Bank will be permitted to Sell all (but
not less than all) the Offered Shares to any third person at any consideration. 

  

					
			34		***Confidential Treatment Requested

	3.	Notices 

 All notices, requests and communications hereunder must be in writing and will be deemed duly
given only if delivered by facsimile transmission or sent by recognized international courier to the Parties and/or the Company at the following addresses or facsimile numbers. 

If to the Beneficiary: 
 Facsimile No: [—] 
 Attn: [—] 

If to the Bank: 
 Facsimile No: [—] 
 Attn: [General Counsel] 

Copy to: Corporate Development 
 All such notices, requests and
other communications will (a) if delivered personally to the address as provided in this Section 3 (Notices), be deemed given upon delivery, (b) if delivered by facsimile transmission to the facsimile number as provided in this
Section 3 (Notices), be deemed given upon receipt, (c) if delivered by recognized international courier to the address as provided in this Section 3 (Notices), be deemed given upon confirmed receipt (in each case regardless of whether
such notice, request or other communication is received by any other Person to whom a copy of such notice is to be delivered pursuant to this Section 3 (Notices)). Any Party from time to time may change its address, facsimile number or the
other information for the purpose of notices to that Party by giving written notice specifying such change to the other Parties hereto. 
  

	4.	Publicity and Confidentiality 

 (A) Except, as ordered or required by any applicable law
or competent judicial, governmental or other authority or in accordance with the requirements of any securities exchange, the Bank shall not issue any press release or make any other public statement related to the Amended and Restated
Shareholders’ Agreement or this Deed or any of the transactions contemplated by the Amended and Restated Shareholders’ Agreement or this Deed without obtaining the prior written approval of the other Party as to the contents and the manner
of presentation and publication of such press release or public statement, or use the Beneficiary’s name or tradename or any trademark or other intellectual property right of the Beneficiary without obtaining the prior approval of the
Beneficiary as to the manner of such use. 
 (B) The Bank agrees to keep in strictest confidence all information relating to or acquired
from the Beneficiary in connection with the Amended and Restated Shareholders’ 

  

					
			35		***Confidential Treatment Requested

 
Agreement or this Deed, the performance of the Amended and Restated Shareholders’ Agreement or this Deed or through financing of the Company. The Bank agrees that it will not publish,
communicate, divulge, disclose or use any information described in the preceding sentence without the prior written consent of the Beneficiary, except as expressly provided herein. The restriction contained in this Section 4(B) shall not apply
with respect to: (i) information which at the time of disclosure was in the public domain unless the same occurs in consequence of the breach hereof by the Bank; (ii) information which can be demonstrated to have been independently
developed by the Bank or acquired from a third party which did not itself acquire such information with restrictions on further dissemination directly or indirectly from the Beneficiary; (iii) information which the Beneficiary has agreed is no
longer confidential; (iv) information reasonably required to be disclosed to any underwriter or auditor or other person involved in the process of offering of the Pledged Shares to the public; and (v) information ordered or required to be
disclosed by any applicable law or competent judicial, governmental or other authority or in accordance with the requirements of any stock exchange or securities regulation. 
  

	5.	Miscellaneous 

 (A) The Bank may not assign or transfer any of its rights or obligations
under this Deed. 
 (B) This Deed shall be governed by and construed in accordance with the laws of the Republic of Turkey. All disputes
arising out of or in connection with this Deed shall be finally settled under the Rules of Arbitration of the International Chamber of Commerce (“ICC”) by three arbitrators appointed in accordance with the said Rules. The first
arbitrator will be appointed by the Party initiating the arbitration proceedings simultaneously with its demand for arbitration, the second one of which will be appointed by the other Party within 20 (twenty)Business Days of the date on which it has
received notice of the demand for arbitration and the third one of which (who shall act as Chairman of the arbitration panel) will be designated by agreement of the first two within 20 (twenty)Business Days from the appointment of the second
Arbitrator or, failing such agreement, the ICC Court of Arbitration, which will also designate (a) the second arbitrator if the Party required to make such designation will not have done so within the period indicated above; and (b) the
replacement of any arbitrator who is unable or unwilling to serve or to continue to serve as such, but only in the event that such replacement has not been designated by the Party which appointed the arbitrator to be replaced within 20 (twenty)
Business Days from the date on which such arbitrator resigned or otherwise ceased from office or, in the case of the Chairman, by agreement of the other two Arbitrators. The place of arbitration shall be Paris, France. The language to be used in the
arbitral proceedings shall be English. 
 The expenses of the arbitration proceedings referred to in this section shall be borne by the Parties in
accordance with the applicable determinations of the Arbitration Tribunal. 
 The Parties hereby designate their respective addresses for the giving of
notice, as set forth in Section 3 (Notices) as their respective domiciles at which service of process may be made in any arbitration, legal action or proceeding arising hereunder. Each Party may change such address, except that each such
address shall always be, as to the Bank, within the geographical area encompassed (as of the date of this Deed) by the boundaries of Turkey and, as to the BBVA Shareholders, within the geographical area encompassed (at the same date) by the
boundaries of Spain. 

  

					
			36		***Confidential Treatment Requested

			
	Executed as a deed by:
	[—]		
		
	By:		  

	Name:		
	Title:		
	
	Acknowledged and agreed by:
	[—]		
		
	By:		  

	Name:		
	Title:		

  

					
			37		***Confidential Treatment RequestedEX-10.3

 Exhibit 10.3 

DATED November 19, 2014 

DOGUS HOLDING A.S. 
 and

 BANCO BILBAO VIZCAYA ARGENTARIA, S.A. 

SHARE PURCHASE AGREEMENT 

relating to the sale and purchase of 

certain shares in Turkiye Garanti BankasI A.S. 
  

 CONTENTS 
  

							
	 1.
		Interpretation		 	2	  
			
	 2.
		Sale and purchase		 	8	  
			
	 3.
		Conditions		 	9	  
			
	 4.
		Conduct of business before Completion		 	10	  
			
	 5.
		Consideration		 	10	  
			
	 6.
		Completion		 	11	  
			
	 7.
		Warranties		 	12	  
			
	 8.
		Indemnification		 	13	  
			
	 9.
		Limitations on Liability		 	13	  
			
	 10.
		Undertakings		 	15	  
			
	 11.
		Effect of Completion		 	15	  
			
	 12.
		Remedies and waivers		 	15	  
			
	 13.
		Assignment		 	16	  
			
	 14.
		Entire Agreement		 	16	  
			
	 15.
		Notices		 	17	  
			
	 16.
		Announcements		 	18	  
			
	 17.
		Confidentiality		 	19	  
			
	 18.
		Costs and expenses		 	20	  
			
	 19.
		Counterparts		 	20	  
			
	 20.
		Invalidity		 	20	  
			
	 21.
		No set-off		 	20	  
			
	 22.
		Further assurance		 	20	  

							
			
	 23.
		Payments		 	21	  
			
	 24.
		Choice of governing law		 	21	  
			
	 25.
		Jurisdiction		 	21	  
			
	 26.
		Language		 	22	  
		
	SCHEDULE 1 (CONDITIONS TO COMPLETION)		 	23	  
		
	SCHEDULE 2 (COMPLETION ARRANGEMENTS)		 	25	  
		
	SCHEDULE 3 (WARRANTIES)		 	28	  
		
	SCHEDULE 4 (STAMP TAX PROTOCOL)		 	30	  

 THIS AGREEMENT is made on the 19th day of November
2014 
 BETWEEN: 
  

	1.	DOGUS HOLDING A.S. whose registered office is at Huzur Mahallesi, Maslak Ayazaga Caddesi No. 2 34396 Sariyer Istanbul, Turkey (registered in Turkey Trade Registry No. 132298/79618) (the
“Seller”); 

  

	2.	BANCO BILBAO VIZCAYA ARGENTARIA, S.A. whose registered office for these purposes is at Paseo de la Castellana 81, Planta 25, Madrid 28046, Spain (registered at the Vizcaya Mercantile Registry in volume 2,083,
sheet 1, Hoja BI-17-A, 1st inscription) (the “Purchaser”); 

 WHEREAS: 

 

	(A)	The Purchaser acquired shares corresponding to approximately 24.8902% of the share capital of the Company (as defined below) on March 22, 2011 and subsequently acquired shares corresponding to approximately 0.1198%
of the share capital of the Company from the Istanbul Stock Exchange. As of the date of this Agreement, each of BBVA and the Dogus Group (as defined below) holds approximately 25.0100% and approximately 24.8902% of the share capital of the Company,
respectively. 

  

	(B)	On November 1, 2010, the Purchaser, the Seller, Dogus Nakliyat ve Ticaret A.S. and Dogus Arastirma Gelistirme ve Musavirlik Hizmetleri A.S. signed a shareholders’ agreement in relation to the governance and
management of the Company which came into effect simultaneously with the acquisition of approximately 24.8902% shareholding in the Company by the Purchaser on March 22, 2011 and signed an amendment protocol regarding such agreement on
April 26, 2013. 

  

	(C)	The Seller has agreed to sell and the Purchaser has agreed to purchase and pay for shares corresponding to approximately 14.2254% of the share capital of the Company in each case on the terms and subject to the
conditions of this agreement (as the same may be amended in accordance with the provisions hereof) (the “Agreement”). 

  

	(D)	According to the provisions of Section 5.01 of the Shareholders Agreement (as defined below), the acquisition of the referred shares by the Purchaser together with the acquisition of the Sahenk Family Shares (as
defined below), from the Seller and the Sahenk Family (as defined below), respectively, results in the commencement of the Phase II Period (as defined therein). 

  

	(E)	Simultaneously with entry into this Agreement the Purchaser and the Seller, together with certain Dogus Group Members (as defined below), have entered into the Restated Shareholders’ Agreement (as defined below)
and the Purchaser and the Sahenk Family Sellers (as defined below) have entered into the Sahenk Family SPA (as defined below), both of which shall come into effect simultaneously with, and is conditional upon completion of, this Agreement.

  
 1 

 NOW IT IS HEREBY AGREED as follows: 

 

	1.	Interpretation 

  

	1.1	In this Agreement: 

  

			
	 “Additional

Amount”
		has the meaning given to it in sub-clause 5.3;
		
	 “Agreement”
		has the meaning given to it in the preamble;
		
	 “Backstop Date”
		means three months after the Longstop Date;
		
	 “BRSA”
		means the Banking Regulation and Supervision Agency of Turkey (BankacIlIk Denetleme ve Düzenleme Kurumu);
		
	 “Business Day”
		means a day (other than a Saturday or a Sunday) on which banks are open for business in Istanbul and Madrid;
		
	 “Claim”
		means any claim brought by either the Seller or the Purchaser in connection with the provisions of this Agreement and “Claims” shall be construed accordingly;
		
	 “CMB”
		means the Capital Markets Board of Turkey (Sermaye PiyasasI Kurulu);
		
	 “Company”
		means Turkiye Garanti BankasI A.S, a joint stock company, incorporated and governed under the laws of the Republic of Turkey whose head office is at Nispetiye Mah. Aytar Cad. No:2, 34340 Levent, Besiktas, Istanbul,
Turkey;
		
	 “Company Group”
		means the Company and its subsidiaries. The term “Company Group Member” shall mean any entity within the Company Group;
		
	 “Completion”
		means completion of the sale and purchase of the Shares under this Agreement;
		
	 “Completion Date”
		means the fifth Business Day following the day on which the last in time of the Conditions shall have been satisfied in accordance with this Agreement or such other date as the Seller and the Purchaser may agree in
writing;
		
	 “Conditions”
		has the meaning given to it in sub-clause 3.1;

  
 2 

			
	 “Consideration”
		means the consideration to be paid by the Purchaser to the Seller in respect of the Shares as provided under Clause 5 (Consideration);
		
	 “Dividend

Share”
		has the meaning given to it in sub-clause 5.2;
		
	 “Dogus Bank

Account”
		means the Seller’s Euro bank account to be notified to the Purchaser no later than five Business Days before the Completion Date;
		
	 “Dogus Group”
		means the Sahenk Family together with its subsidiaries and subsidiary undertakings from time to time. The term “Dogus Group Member” shall mean a member of the Dogus Group;
		
	 “Dogus

Shareholders”
		means the Seller, Dogus Nakliyat ve Ticaret A.S., and Dogus ArastIrma Gelistirme ve Musavirlik Hizmetleri A.S. collectively;
		
	 “Encumbrances”
		means any mortgage, charge (fixed or floating), pledge, lien, option, right to acquire (whether through right of first offer or otherwise), right of pre-emption, assignment by way of security, trust arrangement for the purpose of
providing security or other security interest of any kind (including any retention arrangement), conditional sale or other title retention agreement, any agreement to exercise voting rights or any agreement to create any of the foregoing and the
term “Encumber” shall be construed accordingly;
		
	 “EURIBOR”
		means the rate (expressed as a percentage per annum) for deposits in Euro that appears on Reuters Page 248 as of 11:00 a.m. London time, on the relevant date. If Reuters Page 248 does not include such a rate or is unavailable on a
particular date, the Parties agree to request that four major European banks provide such bank’s offered quotation (expressed as a percentage per annum) as of approximately 11:00 a.m., London time, on the relevant date. In such case, the
Parties agree to use the average of the four provided rates.
		
	 “Governmental

Authority”
		means any ministry, governmental department, governmental commission, governmental board, governmental agency, regulatory authority, judicial or administrative body, having jurisdiction over the matter in question;
		
	 “Group”
		in relation to anybody corporate means that body corporate and all its subsidiary undertakings together with that body corporate’s parent undertakings and all of their respective subsidiary undertakings and the term
“Group Member” shall mean a member of the Group;
		
	 “Longstop

Date”
		means the date falling seven months after the date of this Agreement or such other date as the Seller and the Purchaser may agree in writing;

  
 3 

			
	 “Losses”
		means any and all actions, claims, proceedings, loss, damage, payments, costs or expenses of any kind;
		
	 “Merger

Regulation”
		has the meaning given to it in sub-paragraph 2.4 of Schedule 1 (Conditions to Completion);
		
	 “Parties”
		shall mean the Seller and the Purchaser;
		
	 “Payment”
		has the meaning given to it in sub-clause 1.2(K);
		
	 “Payment

Obligation”
		has the meaning given to it in sub-clause 1.2(K);
		
	 “Postponed

Longstop Date”
		has the meaning given to it in sub-clause 3.6;
		
	 “Purchase Price”
		means TL 5,251,755,932.47, which is to be paid on the Completion Date in Euros, by converting such TL 5,251,755,932.47 by using the arithmetical average of buy (selling Euros for TL) and sell (buying Euros for TL) rates of the
Central Bank of Turkey during a period of 3 consecutive Business Days ending on the Business Day immediately preceding the Completion Date;
		
	 “Purchaser”
		has the meaning given to it in the preamble;
		
	 “Purchaser

Conditions”
		has the meaning given to it in sub-clause 3.2;
		
	 “Regulatory

Action”
		means any order, regulation or judgment having been issued or made (i) for the transfer of the Shares or any of them (or rights exercisable in respect of the Shares) to the Savings Deposit Insurance Fund; (ii) for the expropriation
of assets forming a material part of the undertakings of the Company Group by a Governmental Authority; or (iii) that otherwise renders the Transaction unlawful or prohibits the Parties from completing the Transaction;
		
	 “Restated

Shareholders’

Agreement”
		means the amended and restated shareholders’ agreement entered into on today’s date by the Purchaser, the Seller, Dogus Nakliyat ve Ticaret A.S. and Dogus Arastirma Gelistirme ve Musavirlik Hizmetleri A.S. in relation to
the governance and management of the Company in order to replace the Shareholders’ Agreement (as defined below);

  
 4 

			
	“Sahenk Family”		means Mr. Ferit Sahenk and his relatives by blood or affinity, up to and including the third degree as defined under Turkish law;
		
	“Sahenk Family Shares”		means the total of (1) 2,762,630,322 shares with a nominal value of 1 Kr each in the Company, with a nominal value of, in aggregate, TL 27,626,303.22, representing approximately 0.6577% of the total issued share capital of the
Company and owned by Ferit Faik Şahenk; (2) 16,153,831 shares with a nominal value of 1 Kr each in the Company, with a nominal value of, in aggregate, TL 161,538.31, representing approximately 0.0038% of the total issued share capital of the
Company and owned by Dianne Şahenk; and (3) 12,276,911 shares with a nominal value of 1 Kr each in the Company, with a nominal value of, in aggregate, TL 122,769.11, representing approximately 0.0029% of the total issued share capital of the
Company and owned by Defne Şahenk;
		
	“Sahenk Family Sellers”		means Ferit Faik Şahenk, Dianne Şahenk and Defne Şahenk;
		
	“Sahenk Family SPA”		means the share purchase agreement entered into on today’s date by the Purchaser, Ferit Faik Şahenk, Dianne Şahenk and Defne Şahenk in relation to the sale and purchase of the Sahenk Family Shares;
		
	“SDIF Fee”		means the amount payable to the Savings Deposit Insurance Fund in connection with the sale and purchase of the Shares as stipulated under this Agreement;
		
	“Seller”		has the meaning given to it in the preamble;
		
	“Shareholders’ Agreement”		means the shareholders’ agreement and the protocol regarding the shareholders’ agreement entered into on November 1, 2010 and April 26, 2013, respectively, by the Purchaser, the Seller, Dogus Nakliyat ve Ticaret A.S. and
Dogus Arastirma Gelistirme ve Musavirlik Hizmetleri A.S. in relation to the governance and management of the Company;
		
	“Shares”		means 59,746,938,936 shares with a nominal value of 1 Kr each in the Company, with a nominal value of, in aggregate, TL 597,469,389.36, representing approximately 14.2254% of the total issued share capital of the Company;
		
	“Stamp Tax”		means any stamp or documentary tax, fee or duty (damga vergisi) as defined under Law no. 488 regarding Stamp Tax, together with all penalties, charges and interest relating
thereto;

  
 5 

			
	“Subsidiary”		means any person (i) which is Controlled, directly or indirectly, by the first-mentioned person; (ii) more than half the issued share capital of which is beneficially owned by the first-mentioned person; or (iii) which is a
subsidiary of another subsidiary of the first-mentioned person. For the purposes of this definition “control” shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies
of any person and/or control the composition of its board of directors or equivalent body, whether through the ownership of voting securities, by contract or otherwise;
		
	“Tax”		means all taxes, levies, duties (customs or otherwise), imposts, charges and withholdings of any nature whatsoever, including (without limitation) taxes on gross or net income, social security charges, profits or gains and taxes on
transactions, receipts, sales, use, occupation, franchise, value added and personal property, together with all penalties, charges and interest relating to any of them;
		
	“Tax Authority”		means any taxing, revenue or other authority (whether within or outside Turkey or Spain) competent to impose any liability to, or assess or collect any Tax;
		
	“Transaction”		means the agreement between the Parties for the sale and purchase of the Shares and matters contemplated by the Transaction Documents;
		
	“Transaction Documents”		means this Agreement, the Restated Shareholders’ Agreement, and any other document entered into pursuant to this Agreement or any of the foregoing documents;
		
	“Treasury”		means the Republic of Turkey Prime Ministry Undersecretariat of Turkey;
		
	“Turkish Code of Obligations”		means the Turkish Code of Obligations numbered 6098;
		
	“Turkish Commercial Code”		means the Turkish Commercial Code numbered 6102;
		
	“Turkish Competition Board”		means the decision-making body of the Turkish Competition Authority;
		
	“Turkish Lira” or “TL”		means the lawful currency of Turkey for the time being;

  
 6 

			
	“Warrantor”		means, in relation to the Warranties in Part B of Schedule 3 (Warranties), the party giving the Warranty;
		
	“Warranty”		means each of the representations and warranties set out in Schedule 3 (Warranties);
		
	“Working Hours”		means 9.30 a.m. to 5.30 p.m. on a Business Day;

  

	1.2	In this Agreement, unless otherwise specified: 

  

	 	(A)	references to clauses, sub-clauses, paragraphs, sub-paragraphs and Schedules are to clauses,
sub-clauses, paragraphs, sub-paragraphs of, and Schedules to, this Agreement; 

  

	 	(B)	a reference to any statute or statutory provision shall be construed as a reference to the same as it may have been, or may from time to time be, amended, modified or re-enacted;

  

	 	(C)	references to a “company” shall be construed so as to include any company, corporation or other body corporate, wherever and however incorporated or established; 

 

	 	(D)	references to a “person” shall be construed so as to include any individual, firm, company, government, state or agency of a state, local or municipal authority or government body or any joint venture,
association or partnership (whether or not having separate legal personality); 

  

	 	(E)	general words shall not be given a restrictive meaning by reason of the fact that they are preceded or followed by particular examples intended to be embraced by the general words and the words “include(s)” or
“including” shall be deemed to have the words “without limitation” following them; 

  

	 	(F)	references to any document in the “agreed form” means the document in a form agreed by the parties to this Agreement and initialled for the purposes of identification only by the Purchaser (or by the
Purchaser’s legal advisers on its behalf) and the Seller (or by the Seller’s legal advisers on their behalf); 

  

	 	(G)	references to writing shall include any modes of reproducing words in a legible and non-transitory form; 

 

	 	(H)	references to times of the day are to Istanbul time; 

  

	 	(I)	headings to clauses and Schedules are for convenience only and do not affect the interpretation of this Agreement; 

  
 7 

	 	(J)	the Schedules form part of this Agreement and shall have the same force and effect as if expressly set out in the body of this Agreement, and any reference to this Agreement shall include the Schedules;

  

	 	(K)	other than the payment of the Dividend Share by the Purchaser to the Seller pursuant to sub-clause 5.2(B), which shall be paid net of all Taxes which would be applicable to the Purchaser in Turkey on the dividend
distribution received by the Purchaser from the Company corresponding to the Shares, any indemnity or covenant to pay (the “Payment Obligation”) being given on an “after-Tax basis” or expressed to be
“calculated on an after-Tax basis” means that to the extent that the amount payable pursuant to such Payment Obligation (the “Payment”) is subject to a deduction or withholding required by law in respect of Tax or
is chargeable to any Tax in the hands of the recipient it shall be increased so as to ensure that, after taking into account: 

  

	 	(i)	the amount of Tax required to be deducted or withheld from, and the Tax chargeable on such amount (including on the increased amount); and 

 

	 	(ii)	any Tax credit, repayment or other Tax benefit which is available to the indemnified party or the recipient of the Payment solely as a result of the matter giving rise to the Payment Obligation or as a result of
receiving the Payment; 

 (which amount of Tax and Tax credit, repayment or other Tax benefit is to be determined by the
auditors of the recipient at the expense of the recipient and is to be certified as such by the auditors of the recipient to the party making the Payment), the recipient of the Payment is in the same position as it would have been in if there had
been no such Tax or Tax credit, repayment or other Tax benefit. 
  

	2.	Sale and purchase 

  

	2.1	At Completion, the Seller shall sell and the Purchaser shall purchase the Shares together with full legal and beneficial title and all rights (including, without limitation, rights to receive dividends declared, made or
paid after the Completion Date (subject to sub-clause 5.2)) attaching thereto and free from any and all Encumbrances and all other rights exercisable by or claims by third parties. 

 

	2.2	The allocation between the Seller and the Purchaser of the costs of any Stamp Tax charged on the execution or delivery of this Agreement or the transfer of the Shares from the Seller to the Purchaser shall be as set out
in Schedule 4 (Stamp Tax Protocol). 

  

	2.3	The Purchaser shall pay the SDIF Fee. 

  
 8 

	3.	Conditions 

  

	3.1	The sale and purchase of the Shares pursuant to this Agreement is in all respects conditional upon those matters listed in Schedule 1 (Conditions to Completion) (the “Conditions”).

  

	3.2	The Purchaser shall use all reasonable endeavours to fulfil or procure the fulfilment of the conditions listed in paragraphs 1 and 2 of Schedule 1 (Conditions to Completion) (the “Purchaser
Conditions”) as soon as reasonably practicable and in any event on or before the Longstop Date and will notify the Seller in writing immediately upon the satisfaction of each such condition. 

The Seller (for the benefit of the Purchaser) shall give such co-operation and assistance in a timely manner to the Purchaser as the Purchaser
may reasonably require to fulfil or procure the fulfilment of the Purchaser Conditions. Without limitation to the foregoing, the Seller (for the benefit of the Purchaser) shall accordingly provide assistance with submissions to the Governmental
Authorities, procure information reasonably required by the Governmental Authorities and take all reasonable actions within its power to procure that the Company and the Company Group Members co-operate with the Purchaser in fulfilling the Purchaser
Conditions and take all reasonable actions and steps it is required to take under or in connection with this Agreement with a view to ensuring that the fulfilment of the Purchaser Conditions is achieved in an efficient and timely manner. 

 

	3.3	The Seller shall use all reasonable endeavours to fulfil or procure the fulfilment of the conditions listed in paragraph 3 of Schedule 1 (Conditions to Completion) as soon as reasonably practicable and in
any event on or before the Longstop Date and will notify the Purchaser in writing immediately upon the satisfaction of each such condition. 

  

	3.4	The Parties shall keep each other (or their advisers) reasonably informed as to the progress towards satisfaction of the Conditions. 

 

	3.5	Each of the Parties undertakes to disclose in writing to the other any matter which will or may reasonably prevent any of the Conditions from being satisfied on or prior to the Longstop Date (or any Postponed Longstop
Date) immediately after it comes to its attention. 

  

	3.6	Subject to sub-clause 3.8, if any of the Conditions is not fulfilled by the Purchaser or the Seller, as applicable, by 5.30 p.m. on the Longstop Date, then either the Purchaser or the Seller may by notifying the
other party within five Business Days of the Longstop Date postpone the Longstop Date to (but not before) the Backstop Date, unless the Parties mutually agree in writing to an extension to a date prior to the Backstop Date, in which event further
extensions of the Longstop Date may be made on the same basis (the Longstop Date, as so postponed, being the “Postponed Longstop Date”). 

  

	3.7	The Purchaser or the Seller (as applicable) shall only be entitled to postpone the Longstop Date in accordance with sub-clause 3.6 if: 

  
 9 

	 	(A)	it has complied in all material respects with its obligations under this Agreement; and 

  

	 	(B)	it is reasonable to expect that all of the Conditions will be fulfilled by the Backstop Date. 

  

	3.8	This Agreement shall terminate if any of the Conditions has not been satisfied at the Longstop Date or (where postponed in accordance with sub-clause 3.6 of this Agreement) the Postponed Longstop Date with the
effect that all obligations of the parties under this Agreement shall end (except for the provisions of Clauses 16 (Announcements) and 17 (Confidentiality)) but (for the avoidance of doubt) all rights and liabilities of the parties
which have accrued before termination shall continue to exist. 

  

	4.	Conduct of business before Completion 

  

	4.1	In addition to the obligations of the Seller and other members of Dogus Group under the Shareholders’ Agreement between the date hereof and the Completion, neither the Seller nor any other Dogus Group Member shall
sell, transfer, Encumber or otherwise dispose of the Shares or any interest therein (or enter into an option or agreement to do so); or make or progress any preparations in respect of a public offering or private placement of such Shares.

  

	5.	Consideration 

  

	5.1	Without prejudice to the provisions of sub-clause 5.2 and sub-clause 5.3, the total consideration for the sale of the Shares shall be the payment by the Purchaser to the Seller of the Purchase Price.

  

	5.2	The Seller shall be entitled to receive the dividends corresponding to the Shares and distributed by the Company relating to the financial year 2014 (the “Dividend Share”) regardless of whether the
Completion Date takes place before or after the declaration or payment of such dividends subject to the following terms and conditions: 

  

	 	(A)	In the event that the Completion Date is after the date upon which the Company has paid dividends relating to the financial year 2014, then the Seller will have received the Dividend Share from the Company as the owner
of the Shares. If the Dividend Share exceeds TL 65,721,632.83 in aggregate, then the Purchase Price shall be reduced in the amount of such excess and, consequently, the Purchaser will pay to the Seller on the Completion Date the Purchase Price
as reduced according to this Clause. 

  

	 	(B)	In the event that the Completion Date is prior to the date upon which the Company has paid dividends relating to the financial year 2014, then the Purchaser shall pay to the Seller the Dividend Share net of all Taxes
which would be applicable to the Purchaser in Turkey on the dividends received by the Purchaser from the Company corresponding to the Shares, on the fifth Business Day after receipt by the Purchaser of the dividends from the Company. If the Dividend
Share exceeds TL 65,721,632.83, then the Purchaser will only pay to the Seller TL 65,721,632.83 net of all Taxes applicable to the Purchaser in Turkey. 

  
 10 

	5.3	In the event that the Completion Date is after April 30, 2015, the Purchaser shall pay to the Seller an additional amount in Euros, equal to the amount, which is the product of the Purchase Price multiplied by
3-month EURIBOR plus .75 per cent (per annum) divided by the number of days elapsed after April 30, 2015 up to but excluding the Completion Date (the “Additional Amount”). The Purchase Price shall be deemed to be adjusted
by an amount equal to such Additional Amount. 

  

	5.4	Any payment made by any party under this Agreement shall: 

  

	 	(A)	(so far as possible) be treated as an adjustment to the Purchase Price to the extent of the payment and be paid in TL, unless otherwise stated in this Agreement; and 

 

	 	(B)	in respect of any payment made in relation to a Claim hereunder where the Claim is assessable in any currency other than Turkish Lira, payment in such currency shall be based on the spot rate of exchange obtainable in
the London foreign exchange market at 12:00 (noon) of Turkish Lira to the relevant currency on the date that the Claim is paid under this Agreement. 

  

	6.	Completion 

  

	6.1	Completion shall take place at the head offices of the Company in Istanbul, Turkey at 11:00 a.m. on the Completion Date. 

  

	6.2	At Completion the Seller shall do those things listed in Part A (Transfer obligations), in so far as applicable to the Seller, and in Part B (Seller’s obligations) of Schedule 2 (Completion
arrangements) and the Purchaser shall do those things listed in Part A (Transfer obligations), in so far as applicable to the Purchaser, and Part C (Purchaser’s obligations) of Schedule 2 (Completion arrangements).
Completion shall take place in accordance with Part D (General) of Schedule 2 (Completion arrangements). 

  

	6.3	Neither the Purchaser nor the Seller shall be obliged to complete the sale and purchase of the Shares unless the sale and purchase of all the Shares under this Agreement and the Sahenk Family Shares under the Sahenk
Family SPA are completed simultaneously. 

  

	6.4	With effect from Completion, the Restated Shareholders’ Agreement shall come into full force and effect and replace the Shareholders’ Agreement. 

 

	6.5	If the respective obligations of the Seller and/or the Purchaser under sub-clause 6.2 and Schedule 2 (Completion arrangements) are not complied with on the
Completion Date the non-defaulting party may: 

  

	 	(A)	defer Completion (so that the provisions of this Clause 6 (Completion) shall apply to Completion as so deferred); or 

  
 11 

	 	(B)	proceed to Completion as far as practicable (without limiting its rights under this Agreement); or 

  

	 	(C)	terminate this Agreement by notice in writing to the other party. 

  

	6.6	If this Agreement is terminated in accordance with sub-clause 6.5 (and without limiting any Party’s right to claim damages from the other in respect thereof): 

 

	 	(A)	all obligations of the Parties shall end (except for the provisions of Clauses 16 (Announcements) and 17 (Confidentiality)) but (for the avoidance of doubt) all rights and liabilities of the Parties which
have accrued before termination shall continue to exist; 

  

	 	(B)	in circumstances in which the termination has resulted solely from the Purchaser’s failure to fulfil its obligations under sub-clauses 6.2 and Schedule 2 (Completion arrangements), the Purchaser will
indemnify the Seller on demand on an after-Tax basis for all costs and expenses reasonably incurred by the Seller; and 

  

	 	(C)	in circumstances in which the termination has resulted solely from the failure of the Seller to fulfil its obligations under sub-clause 6.2 and Schedule 2 (Completion arrangements), the Seller will
indemnify the Purchaser on demand on an after-Tax basis for all costs and expenses reasonably incurred by the Purchaser. 

  

	6.7	Following the Completion, the Purchaser shall make (or procure the Company to make) any notifications of the transfer of the Shares as may be required by law or regulation and the Seller shall provide such assistance as
the Purchaser may reasonably require in making such notifications. 

  

	7.	Warranties 

 Representations and Warranties by the Seller 

 

	7.1	The Seller represent and warrants to the Purchaser that the Warranties set out in Part A and Part B of Schedule 3 (Warranties) are true and accurate at the date of this Agreement (or such other date
if so specified in the relevant Warranty) and the Warranties shall be deemed to be repeated on the Completion Date, each by reference to the facts and circumstances as at the Completion Date (or such other date if so specified in the relevant
Warranty). The Warranties contained in Part A and Part B of Schedule 3 (Warranties) are the only representations and warranties made by the Seller in connection with the sale of the Shares. The Seller makes no other
representation or gives no other warranty or assumes no other liability in connection with the sale of the Shares, whether by contract or arising from the Law. 

  
 12 

 Representations and Warranties by the Purchaser 

 

	7.2	The Purchaser represents and warrants to the Seller that the Warranties set out in Part B of Schedule 3 (Warranties) are true and accurate at the date of this Agreement (or such other date if so specified
in the relevant Warranty) and the Warranties shall be deemed to be repeated on the Completion Date, each by reference to the facts and circumstances as at the Completion Date (or such other date if so specified in the relevant representation and
warranty). The Warranties contained in Part B of Schedule 3 (Warranties) are the only representations and warranties made by the Purchaser in connection with the purchase of the Shares. The Purchaser makes no other representation or
gives no other warranty or assumes no other liability in connection with the purchase of the Shares, whether by contract or arising from the Law. 

Warranties separate and independent 
  

	7.3	Each of the Warranties shall be construed as a separate and independent warranty and (except where expressly provided to the contrary) shall not be limited or restricted by reference to or inference from the terms of
any other Warranty. 

  

	8.	Indemnification 

 Indemnification by the Seller 

 

	8.1	Subject to the provisions of Clause 9 (Limitations on Liability), the Seller hereby undertakes to indemnify and hold harmless the Purchaser in respect of any Losses which would not have been suffered or incurred
by the Purchaser had the representations and warranties of the Seller herein contained been true and accurate. 

 Indemnification by the
Purchaser 
  

	8.2	Subject to the provisions of Clause 9 (Limitations on Liability), the Purchaser hereby undertakes to indemnify and hold harmless the Seller in respect of any Losses which would not have been incurred or suffered
by the Seller had the representations and warranties of the Purchaser herein contained been true and accurate. 

 Payment of
Indemnification 
  

	8.3	Any and all payments to be made pursuant to the indemnification provisions of this Clause 8 (Indemnification) shall be in Turkish Lira. For the avoidance of doubt, the terms of Clause 23 (Payments) shall
apply to such payments. 

  

	9.	Limitations on Liability 

  

	9.1	The liability of the Seller and the Purchaser in respect of Claims made or brought under this Agreement shall be limited as follows: 

  
 13 

	 	(a)	neither the Seller nor the Purchaser shall be liable to make payment for any Claim based upon a liability which is contingent unless and until such contingent liability becomes an actual liability; 

 

	 	(b)	neither the Seller nor the Purchaser shall be liable for any Claim to the extent that the liability arises or is increased as a result of any legislative, legal or regulatory requirement not in force at the date of this
Agreement, where such requirement has been made or issued outside the reasonable control of the Parties or has not been issued or made as a result of the breach of this Agreement by either Party; 

 

	 	(c)	neither the Seller nor the Purchaser shall be liable for any Claim to the extent that the matter giving rise to such Claim has been made good or is otherwise compensated for without loss to the other Party;

  

	 	(d)	neither the Seller nor the Purchaser shall be liable for any Claim to the extent that the same loss under such Claim has been recovered by the Seller or Purchaser (as applicable) under any provision of this Agreement or
any other Transaction Document and accordingly the Seller or the Purchaser (as applicable) may only recover once in respect of the same loss; 

  

	 	(e)	the Seller and the Purchaser shall only be liable in respect of a Claim if and to the extent that such Claim is admitted by the relevant party, the subject of an arbitral award or proven in a court of competent
jurisdiction; 

  

	 	(f)	any payment made by the Seller or any other person in respect of any Claim shall be deemed to be a reduction of the Purchase Price; and 

 

	 	(g)	neither the Seller nor the Purchaser shall be liable for any Claim to the extent that the matter giving rise to such Claim has been carried out with the express consent of the Parties. 

None of the limitations in this sub-clause 9.1 shall apply to the extent that any breach by a party of its obligations under this
Agreement is caused by fraud, wilful default or wilful concealment or gross negligence. 
  

	9.2	Other than as expressly set out in this Agreement (including, for the avoidance of doubt the payment of the Consideration in accordance with Clause 5 (Consideration)), neither the Seller nor the Purchaser shall
be liable to make any payment under this Agreement nor exercise any right of set-off or counterclaim against or otherwise withhold payment of any sums stated to be payable by the other hereunder or under any other agreement subsisting between them
unless and until the liability of the Seller or the Purchaser (as applicable) has been agreed or adjudged payable in legal or arbitration proceedings. 

  
 14 

	9.3	The Seller hereby irrevocably and unconditionally undertakes that it shall not bring or conduct (in the absence of fraudulent or dishonest conduct or concealment) at any time any claims or actionable rights which it may
have under contract, law or otherwise against the Company or any Company Group Member (or any of their respective directors, officers, employees or agents) arising out of or in connection with: (i) any matters relating to any period prior to
Completion; or (ii) any matters for which it is or may be liable to the Purchaser arising out of or in connection with the Transaction. 

  

	9.4	The Parties hereby agree and acknowledge that the indemnification obligations specified in this Clause 9 is not a liability for defects (ayIba karşI tekeffül
sorumluluğu) but the Seller’s and Purchaser’s respectively independent covenant and obligation of indemnity and the Seller’s and Purchaser’s respectively independent guarantee for the completeness and accuracy of all the
representations, covenants and warranties. Therefore, notice periods and statutes of limitations in connection with the liability for defects shall not be applied for the independent covenants provided herein by the Seller. For the avoidance of
doubt, the statute of limitation periods and the time periods applicable to the Purchaser’s duty to examine the object of the sale and/or notify the Seller of any defect or breach set forth in the Turkish Code of Obligations and the Turkish
Commercial Code and in particular in Articles 223 and 231 of the Turkish Code of Obligations and Article 25 of the Turkish Commercial Code, as well as in any other laws and regulations shall not be applied to the independent covenants provided
herein by the Seller. 

  

	10.	Undertakings 

 Following the board meeting of the Company held under paragraph 4
of Part B of Schedule 2 (Completion arrangements), the Seller undertakes to the Purchaser that it shall together with the Purchaser and in so far as it is within its powers to do so, execute and deliver or procure the execution and
delivery of, all resolutions, notices and other documentation necessary to appoint and remove the directors and committee members as set out in paragraph 2 and 3 of Part B of Schedule 2 (Completion arrangements) pursuant
to the Turkish Commercial Code. 
  

	11.	Effect of Completion 

 Any provision of this Agreement which is capable of being
performed after but which has not been performed at or before Completion shall remain in full force and effect notwithstanding Completion. 
  

	12.	Remedies and waivers 

  

	12.1	No delay or omission by any party to this Agreement in exercising any right, power or remedy provided by law or under this Agreement or any other documents referred to in it shall: 

 

	 	(A)	affect that right, power or remedy; or 

  

	 	(B)	operate as a waiver thereof. 

  
 15 

	12.2	The single or partial exercise of any right, power or remedy provided by law or under this Agreement shall not preclude any other or further exercise of it or the exercise of any other right, power or remedy.

  

	12.3	Except as otherwise expressly provided in this Agreement, the rights, powers and remedies provided in this Agreement are cumulative and not exclusive of any rights, powers and remedies provided by law.

  

	13.	Assignment 

  

	13.1	Subject to sub-clause 13.2: 

  

	 	(A)	no party shall assign, or purport to assign, all or any part of the benefit of, or its rights or benefits under, this Agreement; 

  

	 	(B)	no party shall make a declaration of trust in respect of or enter into any arrangement whereby it agrees to hold in trust for any other person all or any part of the benefit of, or its rights or benefits under, this
Agreement; and 

  

	 	(C)	no party shall sub-contract or enter into any arrangement whereby another person is to perform any or all of its obligations under this Agreement. 

 

	13.2	The restrictions in sub-clause 13.1 shall not apply to the Seller in relation to any member of the Dogus Group and to the Purchaser in relation to any member of its Group. 

 

	14.	Entire Agreement 

  

	14.1	The Transaction Documents shall constitute the whole and only agreements between the Parties relating to the sale and purchase of the Shares. In entering into this Agreement, each party to this Agreement acknowledges
that it is not relying upon any pre-contractual statement which is not expressly set out in this Agreement, or the Restated Shareholders’ Agreement. 

  

	14.2	Except in the case of fraud no party shall have any right of action against any other party to this Agreement arising out of or in connection with any pre-contractual statement except to the extent that it is repeated
in this Agreement. 

  

	14.3	For the purposes of this clause and save as referred to above, “pre-contractual statement” means any draft, agreement, undertaking, representation, warranty,
promise, assurance or arrangement of any nature whatsoever, whether or not in writing, relating to the subject matter of this Agreement made or given by any person at any time prior to the date of this Agreement. 

 

	14.4	This Agreement may only be varied in writing signed by each of the Parties. 

  
 16 

	15.	Notices 

  

	15.1	Subject to sub-clause 15.2: 

  

	 	(A)	a notice under this Agreement shall only be effective if it is in writing. Any notice given under this Agreement shall be delivered either personally or by registered mail or reputable international courier (for next
day delivery), or in accordance with the provisions of Article 18(3) of the Turkish Commercial Code if and when such provisions become applicable; and 

  

	 	(B)	Faxes and e-mail are not permitted. 

  

	15.2	Any notices provided pursuant to sub-clause 3.4, 3.5 or Schedule 2 (Completion arrangements) may be provided by e-mail. 

 

	15.3	Notices given under sub-clause 15.1 shall be sent to a party to this Agreement at its address and for the attention of the individual set out below: 

 

			
	 Party (and title of

individual)
		Address
		
	Seller		 FAO:

		
			Husnu Akhan
		
			Huzur Mahallesi, Maslak Ayazaga Caddesi No:2 34396 Sariyer Istanbul
		
	Purchaser		FAO:
		
			Jaime Saenz de Tejada Pulido (Chief Financial Officer of the BBVA group) and Javier Rodriguez-Soler (Head of M&A)
		
			Paseo de la Castellana 81; 28046 MADRID, SPAIN
		
			cc: Eduardo Arbizu Lostao (General Counsel) and María Jesús Arribas de Paz (Head of Corporate Legal Services)

  

	15.4	Notices given under sub-clause 15.2 shall be sent to a party to this Agreement at its email address and for the attention of the individual set out below: 

 

			
	 Party (and title of

Individual)
		 E-mail address

		
	Seller		hakhan@dogusgrubu.com.tr
		
	Purchaser		jsaenzt@bbva.com
		
			javier.rodriguez.soler@bbva.com
		
			cc:eduardo.arbizu@bbva.com mjesus.arribas@bbva.com

  
 17 

	15.5	A party may change its notice details given in sub-clause 15.3 and sub-clause 15.4 on giving notice to the other parties of the change in accordance with this clause. That notice shall only be effective on
the day falling five clear Business Days after the notification has been received or such later date as may be specified in the notice. 

  

	15.6	Any notice given under this Agreement shall, in the absence of earlier receipt, be deemed to have been duly given as follows: 

  

	 	(A)	if delivered personally, on delivery; 

  

	 	(B)	if sent by registered mail or reputable international courier, for next day delivery, the next day; and 

  

	 	(C)	if sent by e-mail, when dispatched. 

  

	15.7	Any notice given under this Agreement outside Working Hours in the place to which it is addressed shall be deemed not to have been given until the start of the next period of Working Hours in such place.

  

	16.	Announcements 

  

	16.1	No announcement concerning the sale of the Shares or any ancillary matter shall be made by any Party without the prior written approval of the Seller and the Purchaser, such approval not to be unreasonably withheld or
delayed. This sub-clause 16.1 does not apply in the circumstances described in sub-clause 16.2 and 16.3. 

  

	16.2	The Seller and the Purchaser may make an announcement concerning the sale of the Shares or any ancillary matter if required by: 

  

	 	(A)	law; or 

  

	 	(B)	 any securities exchange or regulatory or governmental body or any Tax Authority to which that party (or the group of which that party is a member) is
subject, wherever situated, whether or not the requirement has the force of law, 

  
 18 

	 	
in which case the party concerned shall, where practicable and/or lawful, take all such steps as may be reasonable and practicable in the circumstances to agree the contents of such announcement
with the other party before making such announcement. 

  

	16.3	For the avoidance of doubt, this provision does not apply to announcements in relation to the Restated Shareholders’ Agreement following Completion. 

 

	17.	Confidentiality 

  

	17.1	Each Party shall (for the benefit of each other and the Company (save for any matter in relation to the Restated Shareholders’ Agreement) treat as confidential all information obtained as a result of entering into
or performing this Agreement which relates to: 

  

	 	(A)	the provisions of this Agreement, the Transaction Documents, or the Sahenk Family SPA; 

  

	 	(B)	the negotiations relating to this Agreement, the Transaction Documents, or the Sahenk Family SPA; or 

  

	 	(C)	the other parties to this Agreement. 

  

	17.2	Notwithstanding the other provisions of this clause, a party may disclose confidential information: 

  

	 	(A)	if and to the extent required by law; 

  

	 	(B)	if and to the extent required by any securities exchange or regulatory or governmental body or any Tax Authority to which that party (or the group of which that party is a member) is subject wherever situated, whether
or not the requirement for information has the force of law; 

  

	 	(C)	if and to the extent required to vest the full benefit of this Agreement in that party; 

  

	 	(D)	to its employees, directors, officers, professional advisers, consultants, auditors and bankers; 

  

	 	(E)	to the employees, directors, officers, professional advisers, consultants, auditors and bankers of those members of the group of companies of which the relevant party is a part; 

 

	 	(F)	if and to the extent the information has come into the public domain through no breach by that party of its obligations hereunder; 

  

	 	(G)	if and to the extent the other party has given prior written consent to the disclosure, such consent not to be unreasonably withheld or delayed. 

  
 19 

 Except in circumstances where (and to the extent that) such notification is prohibited by law or
court order, any information to be disclosed pursuant to paragraph (A) or (B) shall be disclosed only after reasonable notice to the other party and the Company. 

 

	18.	Costs and expenses 

 Except as otherwise expressly stated in any other provision
of this Agreement, each party to this Agreement shall pay its own costs and expenses in relation to the negotiations leading up to the sale and purchase of the Shares and the preparation, execution and carrying into effect of this Agreement and all
other documents referred to in this Agreement. 
  

	19.	Counterparts 

  

	19.1	This Agreement may be executed in any number of counterparts, and by the parties to it on separate counterparts, but shall not be effective until each party has executed at least one counterpart. 

 

	19.2	Each counterpart shall constitute an original of this Agreement, but all the counterparts shall together constitute but one and the same instrument. 

 

	20.	Invalidity 

 If at any time any provision of this Agreement is or becomes illegal,
invalid or unenforceable in any respect under the law of any jurisdiction that shall not affect or impair: 
  

	 	(A)	the legality, validity or enforceability in that jurisdiction of any other provision of this Agreement; or 

  

	 	(B)	the legality, validity or enforceability under the law of any other jurisdiction of that or any other provision of this Agreement. 

  

	21.	No set-off 

 Except as expressly provided under this Agreement (including, without
limitation, under sub-clause 5.2), any payment to be made by any party under this Agreement shall be made in full without any set-off, restriction, condition or deduction for or on account of any counterclaim. 

 

	22.	Further assurance 

 Each Party shall from time to time at its own cost, on being
required to do so by the other Party, now or at any time in the future, do or procure the doing of all such acts and/or execute or procure the execution of all documents which that other party may reasonably consider necessary for giving full effect
to this Agreement. 

  
 20 

	23.	Payments 

  

	23.1	Other than the payment of the Dividend Share by the Purchaser to the Seller pursuant to sub-clause 5.2(B), which shall be paid net of all Taxes which would be applicable to the Purchaser in Turkey on the
dividends received by the Purchaser from the Company corresponding to the Shares all sums payable under this Agreement shall be paid free and clear of all deductions or withholdings. If any deductions or withholdings are required by law to be made
from any amount payable under Clause 5 (Consideration), other than the payment of the Dividend Share pursuant to sub-clause 5.2(B) (which shall be net of the above-mentioned relevant Taxes), the Purchaser shall be
obliged to pay to the Seller such sum as will, after the deduction or withholding has been made, leave the Seller with the same amount as they would have been entitled to receive in the absence of any such requirement to make a deduction or
withholding. 

  

	23.2	If a party defaults in the payment when due of any sum payable under this Agreement (whether determined by agreement or pursuant to an order of a court or otherwise), the liability of that party shall be increased to
include interest on the balance of such sum outstanding from time to time from the date when such payment is due until the date of actual payment (as well after as before judgment) at a rate of 2 per cent. per annum above the base rates from
time to time of the arithmetic average of YapI Kredi Bank, İş Bank and Akbank. Such interest shall accrue from day to day and shall be compounded monthly. 

 

	24.	Choice of governing law 

 This Agreement and any non-contractual obligations arising out
of or in connection with it shall be governed by and shall be construed in accordance with Turkish law. Any matter, claim or dispute arising out of or in connection with this Agreement, whether contractual or non-contractual, is to be governed and
determined in accordance with Turkish law. 
  

	25.	Jurisdiction 

  

	25.1	 All disputes arising out of or in connection with this Agreement shall be finally settled under the Rules of Arbitration of the International Chamber
of Commerce (“ICC”) by three arbitrators appointed in accordance with the said Rules. The first arbitrator will be appointed by the Party initiating the arbitration proceedings simultaneously with its demand for arbitration, the
second one of which will be appointed by the other Party within 20 (twenty) Business Days of the date on which it has received notice of the demand for arbitration and the third one of which (who shall act as Chairman of the arbitration panel) will
be designated by agreement of the first two within twenty (20) Business Days from the appointment of the second Arbitrator or, failing such agreement, the ICC Court of Arbitration, which will also designate (A) the second arbitrator if the
Party required to make such designation will not have done so within the period indicated above; and (B) the replacement of any arbitrator who is unable or unwilling to serve or to continue to serve as such, but only in the event that such
replacement has not been designated by the Party which appointed the arbitrator to be replaced within twenty (20) Business Days from the date on which such arbitrator resigned or otherwise ceased from

  
 21 

	 	
office or, in the case of the Chairman, by agreement of the other two Arbitrators. The place of arbitration shall be Paris, France. The language to be used in the arbitral proceedings shall be
English. 

  

	25.2	The expenses of the arbitration proceedings referred to in this section shall be borne by the Parties in accordance with the applicable determinations of the Arbitration Tribunal. 

 

	25.3	The Seller and the Purchaser hereby designate their respective addresses for the giving of notice, as set forth in Clause 15 (Notices) as their respective domiciles at which service of process may be made in any
arbitration, legal action or proceeding arising hereunder. 

  

	26.	Language 

  

	26.1	Each notice, demand, request, statement, instrument, certificate, or other communication under or in connection with this Agreement shall be: 

 

	 	(A)	in English; or 

  

	 	(B)	if not in English, accompanied by an English translation made by a translator, and certified by the party giving the notice to be accurate. 

 

	26.2	The receiving party shall be entitled to assume the accuracy of and rely upon any English translation of any document provided pursuant to sub-clause 26.1(B).

 IN WITNESS OF WHICH the parties have entered into this Agreement on the date first mentioned above. 

  
 22 

 Schedule 1 

(Conditions to Completion) 
  

	1.	Regulatory consents in Turkey 

  

	1.1	The BRSA having notified the Purchaser that it has approved the acquisition of the Shares in the Company by the Purchaser. 

  

	1.2	Receipt by the Purchaser of a notification (by way of certificate or letter) from the Turkish Competition Board approving the acquisition of the Shares in the Company by the Purchaser or stating that it has no objection
thereto or, in the alternative, the approval of the Turkish Competition Board of the acquisition of the Shares in the Company by the Purchaser being deemed to have been given by the Turkish Competition Board by virtue of the failure or omission by
the Turkish Competition Board to respond to the Purchaser’s application to the Turkish Competition Board requesting its approval of the acquisition of the Shares in the Company by the Purchaser within a period of 30 (thirty) calendar days
commencing from the date of submission of such application. 

  

	1.3	The CMB having notified the Purchaser that it has approved the indirect change in ownership of Garanti Portföy Yönetimi A.Ş. by reason of the acquisition of the Shares in the Company by the Purchaser.

  

	1.4	The Purchaser having notified the CMB about the indirect change in ownership of Garanti YatIrIm Menkul KIymetler A.Ş. within 10 Business Days of the receipt of the
BRSA’s approval set out in sub-paragraph 1.1. 

  

	1.4	The BRSA having notified the Purchaser that it has approved the indirect change in ownership of Garanti Factoring Hizmetleri A.Ş. and Garanti Finansal Kiralama A.Ş. by reason of the acquisition of the Shares
in the Company by the Purchaser. 

  

	1.5	The Turkish Treasury (Hazine MüsteşarlIğI) having notified the Purchaser that it has approved the indirect change in ownership of Garanti Emeklilik ve Hayat A.Ş. by reason of
the acquisition of the Shares in the Company by the Purchaser. 

  

	2.	Other regulatory consents 

  

	2.1	The Purchaser having obtained a declaration of no objection (verklaring van geen bezwaar) of the Dutch Central Bank (De Nederlandsche Bank N.V.) in relation to the acquisition of the Shares in the Company by the
Purchaser. 

  

	2.2	Each of the central bank of Spain and the European Central Bank, as applicable, having notified the Purchaser that it has approved the acquisition of the Shares in the Company by the Purchaser. 

  
 23 

	2.3	The national bank of Romania having notified the Purchaser that it has approved the acquisition of the Shares in the Company by the Purchaser. 

 

	2.4	If applicable, the European Commission having issued a decision under Article 6(1)(b) or 6(2) of Council Regulation (EC) No. 139/2004 (the “Merger Regulation”) (or being deemed to have done so
under Article 10(6) of the Merger Regulation) approving the purchase of the Shares as being compatible with the common market and/or, if any aspect of the Transaction is referred by the European Commission to a national competition authority of an
EU or EFTA state or more than one such competition authorities under Article 9 of the Merger Regulation, approval having been received from each such competent authority that the purchase of the Shares by the Purchaser may proceed.

  

	2.5	The Central Bank of Russia having notified the Purchaser that it has approved the acquisition of the Shares in the Company by the Purchaser. 

 

	2.6	The Malta Financial Services Authority having notified the Purchaser that it has approved the acquisition of the Shares in the Company by the Purchaser. 

 

	2.7	The Central Bank of Turkish Republic of Northern Cyprus (KKTC Merkez BankasI) having notified the Purchaser that it has approved the acquisition of the Shares in the Company by the
Purchaser. 

  

	2.8	The Purchaser having notified the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg about the acquisition of the Shares in the Company by the Purchaser. 

 

	2.9	If applicable, the Ministry of Commerce of the People’s Republic of China having notified the Purchaser that it has approved the acquisition of the Shares in the Company by the Purchaser. 

 

	3.	Regulatory consents applicable to the Seller 

  

	3.1	If required, the Seller having obtained a declaration of no objection (verklaring van geen bezwaar) of the Dutch Central Bank (De Nederlandsche Bank N.V.) in relation to holding a qualifying shareholding in the Company.

 The words “approved”, “approving”, “approval” or “notice of no objection” or their
derivatives in relation to the regulatory consents in paragraphs 1 and 2 above shall mean an approval (or declaration of no objection, as applicable) by the relevant competent authority which does not impose conditions, undertakings or obligations
on the Purchaser such that the impact of any such conditions, undertakings or obligations imposed on the Purchaser is so serious and adverse that they could reasonably be expected to affect fundamentally the willingness of a reasonable purchaser to
proceed to Completion. 
  

	4.	Regulatory Action 

 No Regulatory Action having occurred. 

  
 24 

 Schedule 2 

(Completion arrangements) 
 Part
A (Transfer Obligations) 
  

	1.	At Completion, the Purchaser shall transfer an amount equal to the Purchase Price to the Dogus Bank Account in immediately available funds with value date the Completion Date. 

 

	2.	At Completion, the Seller shall provide a signed written instruction to its broker to confirm that the Shares have been transferred to the Purchaser and instructing registration of the share transfer with the MKK with a
signed copy also delivered to the Purchaser including the following declaration: “Pursuant to a share purchase agreement dated November 19, 2014, we have sold 59,746,938,936 shares in Turkiye Garanti Bankasi A.S. and hereby instruct you to
transfer such shares to BBVA’s account of [—] held by [—] for purpose of delivery of such shares” and procure the transfer of legal
title to the Shares to the Purchaser free of any Encumbrance and shall cause (together with the Purchaser) the board of directors of the Company to resolve to register and register the Purchaser in the share ledger of the Company as the new
registered owner of the Shares. 

 Part B (Seller’s obligations) 

At or prior to Completion, the Seller shall: 
  

	1.	deliver to the Purchaser a copy (certified by a director or officer of the Seller to be a true copy of a resolution in force at Completion) of the resolution of the directors of the Seller authorising the execution by
the Seller of this Agreement; 

  

	2.	deliver to the Purchaser a certified copy of the resolution of the general assembly of the Seller approving the execution by the Seller of this Agreement and the transfer of the Shares to the Purchaser;

  

	3.	procure that those Dogus Shareholders’ representatives on the Board of Directors (as determined in the Restated Shareholders’ Agreement) who are required to resign in order to comply with the board composition
agreed upon by the Dogus Shareholders in Section 5.02(A) of the Restated Shareholders’ Agreement resign their offices as such, such resignations to be tendered at the board meeting referred to in paragraph 4 of Part B of this
Schedule 2; 

  

	4.	procure that those Dogus Shareholders’ representatives on the audit committee (or any other committee) of the Company (if any) who are required to resign in order to comply with the committee composition agreed
upon by the Dogus Shareholders in Section 6.03 of the Shareholders’ Agreement resign their offices as such, such resignations to be tendered at the board meeting referred to in paragraph 4 of Part B of this Schedule 2;

  
 25 

	5.	procure a board meeting of the Company to be held for the purposes of considering and resolving upon the following matters and at which: 

 

	 	(A)	the Seller shall procure that (i) the resignation of the Dogus Shareholders’ nominated representatives (to the extent necessary) on the board of directors of the Company and (ii) the resignation of the
Dogus Shareholders’ nominated representatives on the audit committee (or any other committee) of the Company, to ensure compliance with the board of directors and committee composition agreed upon in the Restated Shareholders’ Agreement,
shall be tendered and accepted; and 

  

	 	(B)	the Seller shall procure that (i) such Dogus Shareholders’ representatives on the board of directors or audit committee (or any other committee) of the Company (if any) vote to accept the appointment of the
individuals nominated by the Purchaser to the board of directors of the Company (and to the relevant committees) in accordance with the Board and committee composition agreed upon by Dogus Shareholders in accordance with Section 6.03 of the
Shareholders’ Agreement and Section 5.02 of the Restated Shareholders’ Agreement (such nominees to be notified to the Seller by the Purchaser no less than three Business Days prior to Completion) and (ii) no such Dogus
Shareholders’ representative withdraws or revokes its vote at any time, 

 and in each case, such resignations and
appointments to be made and resignations to be accepted in such sequence as is required so as to satisfy the quorum requirements for the board meeting. 

Part C (Purchaser’s obligations) 
 At or prior to
Completion, the Purchaser shall: 
  

	1.	procure that the Purchaser’s representatives on the board of directors (or any committee) of the Company vote to accept the resignations referred to in paragraph 2 and 3 of Part B above and
shall procure that no such Purchaser’s representative withdraws or revokes its vote at any time; and 

  

	2.	deliver to the Seller a copy (certified by a director or officer of the Purchaser to be a true copy of a power of attorney in force at Completion) of the power of attorney executed by the Purchaser authorising the
execution by the Purchaser of this Agreement. 

 Part D (General) 

All documents and items delivered at or prior to Completion pursuant to this Schedule 2 shall be held by the recipient to the order of the person
delivering the same until such time as Completion shall be deemed to have taken place. Simultaneously with: 

  
 26 

	(A)	delivery of all documents and items required to be delivered at Completion in accordance with this Schedule 2 (or waiver of the delivery of it by the person entitled to receive the relevant document or item); and

  

	(B)	receipt of an electronic funds transfer by the Seller of an amount equal to the total consideration payable by the Purchaser in respect of the Shares and in accordance with Part A above, 

the documents and items delivered in accordance with this Schedule shall cease to be held to the order of the person delivering them and Completion shall be
deemed to have taken place. 

  
 27 

 Schedule 3 

(Warranties) 
 Part A:
Seller’s Warranties 
  

	1.	The Seller is the sole legal and beneficial owner of the Shares free and clear of any and all Encumbrances. 

  

	2.	The Shares are duly issued and paid up and constitute approximately 14.2254% of the total issued share capital of the Company. 

  

	3.	The Shares rank pari passu with all other issued shares of the Company and there are no founder shares or privileged shares (as such term is defined by the Turkish Commercial Code) in issue in the share capital of the
Company or any of its Company Group Members. 

  

	4.	(i) As at the date of this Agreement, the Dogus Group and the Sahenk Family are the legal and beneficial owner of 24.89% of the total issued share capital of the Company; and (ii) immediately following Completion,
upon the sale of the Shares hereunder to the Purchaser, the Dogus Group shall be the legal and beneficial owner of 10% of the total issued share capital of the Company. Neither the Seller nor any member of the Dogus Group is the legal or beneficial
owner of any shares, or has rights or options to acquire any shares, in the share capital of the Company or any Company Group Member other than as described in the foregoing sentence. 

 

	5.	The Shares have been owned by the Seller for more than 2 years. 

 Part B: Representations by both the
Seller and the Purchaser in relation to capacity 
  

	1.	Each of the Seller and the Purchaser (as “Warrantor”) warrants, in the case of the Seller both on behalf of itself and the other Dogus Shareholders, that it has the requisite power and authority to
enter into and perform this Agreement and the Transaction Documents to which it is a party. 

  

	2.	The Warrantor warrants, in the case of the Seller both on behalf of itself and the other Dogus Shareholders, that the obligations of the Warrantor, in the case of the Seller including the obligations of the other Dogus
Shareholders, under this Agreement and the Transaction Documents constitute valid, binding and enforceable obligations of the Warrantor, and in the case of the Seller also of the Dogus Shareholders, enforceable against the Warrantor, and in the case
of the Seller also against the Dogus Shareholders, in accordance with their terms. 

  

	3.	The execution and delivery of, and the performance by the Warrantor, in the case of the Seller also by the Dogus Shareholders, of its obligations under, this Agreement and the Transaction Documents will not:

  

	 	(A)	result in a material breach of any provision of the constitutional documents of the Warrantor, in the case of the Seller also of the Dogus Shareholders; 

  
 28 

	 	(B)	result in a material breach of, or constitute a default under, any agreement, instrument, lien or other restriction to which the Warrantor, in the case of the Seller also the Dogus Shareholders, is a party or by which
the Warrantor is bound; 

  

	 	(C)	result in a breach of any order, judgment or decree of any court or governmental agency to which the Warrantor, in the case of the Seller also the Dogus Shareholders, is a party or by which the Warrantor, in the case of
the Seller also the Dogus Shareholders, is bound, or violate any law applicable to a Warrantor; or 

  

	 	(D)	require the consent of its shareholders or of any other person (other than as described in Schedule 1 (Conditions to Completion). 

  
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 Schedule 4 

(Stamp Tax Protocol) 

Stamp Tax Protocol 
 This protocol (the
“Protocol”) is executed on November 19, 2014 between: 
  

	1.	DOGUS HOLDING A.S. whose registered office is at Eskibuyukdere Caddesi, Oycan Plaza, No:15, 34398, Maslak, Istanbul, Turkey (registered in Turkey Trade Registry No. 132298/79618) (the
“Dogus”); and 

  

	2.	BANCO BILBAO VIZCAYA ARGENTARIA, S.A. whose registered office for these purposes is at Paseo de la Castellana 81, Planta 27, Madrid 28046, Spain (registered at the Vizcaya Mercantile Registry in volume 2,083,
sheet 1, Hoja BI-17-A, 1st inscription) (the “BBVA”); 

 (Dogus and BBVA shall each be referred to as a
“Party” and collectively as the “Parties”.) 
 WHEREAS, the Parties signed a Share Purchase Agreement (the
“Agreement”) dated November 19, 2014 and in connection with the acquisition of 59,746,938,936 shares in T. Garanti BankasI A.Ş by BBVA, in two original copies and agreed to equally bear the Stamp Tax arising
therefrom; 
 WHEREAS, Dogus represents that (a) it has held the Shares for more than two years and (b) its Board of Directors has adopted
a resolution (a copy of which is attached hereto as Annex 1) not to distribute 75% of the capital gain from the disposal of the Shares which is calculated as being the difference between the Purchase Price and the carrying value of such Shares in
the statutory accounts of Dogus immediately before the disposal of such Shares (such amount being the “Exempt Capital Gain”), in part or in whole for at least five years from the Completion Date. The Parties agree that Dogus’
compliance with the condition set forth in paragraph (b) above (the “Exemption Condition”) will exempt both copies of the Agreement from the Stamp Tax as foreseen in Law no. 488 regarding Stamp Tax (the “Stamp Tax
Law”), table no 2(IV)(35). The capitalization of the Exempt Capital Gain into the share capital of Dogus does not constitute a breach of the Exemption Condition. 

Unless otherwise defined in this Protocol, all capitalized terms used herein shall have the meanings assigned to them in the Agreement. 

NOW, THEREFORE, IT IS AGREED AS FOLLOWS: 
  

	1.	If Dogus breaches the Exemption Condition (the “Breach”), BBVA shall only be responsible for (a) 50% of the principal amount of the Stamp Tax arising from the Agreement; and (b) subject
to paragraph 2 below, the default interest (including any pişmanlIk zammI, if applicable) arising as a result of the application of the Stamp Tax Law accruing during the period from December 26, 2014 to
the date of actual payment of the Stamp Tax arising from the Agreement to the tax offices. For the avoidance of doubt, the payment of all penalties and fines (vergi ziyaI or usulsüzlük
cezasI) and any interest accruing on such penalty or fine that may become payable on account of Stamp Tax in relation to the Agreement due to such Breach shall be for the sole responsibility of and discharge by
Dogus. 

  
 30 

	2.	Dogus shall notify BBVA as soon as a Breach occurs. BBVA shall not be responsible for or pay any amount in respect of any default interest (including any pişmanlIk
zammI ̧ if applicable) accruing during the period from (and including) the date on which the Breach occurs to (but excluding) the date on which Dogus notifies BBVA of such Breach. 

 

	3.	The Parties agree that in respect of Stamp Taxes the provisions of this Protocol shall prevail over Clauses 2.2 and 18 of the Agreement. 

 

	4.	This Protocol is supplemental to and should be read in conjunction with, and construed as one document with, the Agreement. 

  

	5.	This Protocol and any non-contractual obligations arising out of or in connection with it shall be governed by and shall be construed in accordance with the laws of the Republic of Turkey. Any matter, claim or
dispute arising out of or in connection with this Agreement, whether contractual or non-contractual, is to be governed and determined in accordance with the laws of the Republic of Turkey. 

 

	6.	Clauses 15, 16, 17, 18, 19, 20, 21, 22, 25 and 26 of the Agreement shall apply mutatis mutandis with respect to this Protocol. 

 

			
	DOGUS HOLDING A.S.
	
	  

	By:		Ferit Faik Şahenk
	
	  

	By:		Süleyman Sözen
	
	BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
	
	  

	By:		Javier Rodriguez-Soler

  
 31 

 SIGNED BY THE PARTIES 
  

					
	Signed by		)		
	Ferit Faik Şahenk		)		
			
	  
				  

	for and on behalf of		)		Duly authorised signatory
	DOGUS HOLDING A.S.		)		
			
	Signed by		)		
	Süleyman Sözen		)		
			
	  
				  

	for and on behalf of		)		Duly authorised signatory
	DOGUS HOLDING A.S.		)		
			
	Signed by		)		
	Javier Rodriguez-Soler		)		
			
	  
				  

	for and on behalf of		)		Duly authorised signatory
	 BANCO BILBAO VIZCAYA
 ARGENTARIA,
S.A.
		)

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