Company: BBVXF
Filing Date: 2025-08-12
Form Type: DRS
Source: 0000950123-25-007520
Chunk: 245

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-08-12
Form: DRS
Chunk 245
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supervisory bodies and BBVA’s corporate bodies, as applicable). This policy is typically implemented through the distribution of an interim dividend for the year (typically paid in October of each year) and a complementary dividend (payable
after the end of each fiscal year in April of the following year after the approval by BBVA’s general shareholders’ meeting), that may combine cash distributions and share buy-backs, all subject to the authorizations and approvals
applicable at any given time.

BBVA intends to maintain its shareholder remuneration policy following completion of the exchange offer.

Plans Regarding the Structure, Composition, and Functioning of the Management Bodies of Banco Sabadell and the Banco Sabadell Group; Plans Regarding the Appointment of Members to These Bodies by BBVA

BBVA intends to reflect the controlling interest it may achieve after
completion of the exchange offer in the composition of the management, administration and control bodies of Banco Sabadell by appointing a number of directors corresponding to that controlling interest (which will result in BBVA appointing more than
half of Banco Sabadell’s directors). BBVA also intends to reflect the controlling interest in the composition of the committees of the board of directors of Banco Sabadell to the extent legally possible. The Council of Ministers’
Authorization contemplates BBVA’s right to appoint directors to the board of directors of Banco Sabadell.

In this regard, BBVA does
not have any plans or intentions regarding the size of the board of directors of Banco Sabadell and in any event, BBVA will seek to ensure that the size of the board of directors of Banco Sabadell is consistent with the provisions of the Spanish
Corporation Law, as well as, to the extent applicable, the recommendations on good corporate governance of listed companies issued by the CNMV, in particular with respect to the appointment of independent directors.

In compliance with applicable law, Banco Sabadell’s directors will be subject to fiduciary duties and will have to exercise their
respective roles in the best interest of Banco Sabadell.

Additionally, BBVA will promote the execution of a parent-subsidiary protocol,
in compliance with the second recommendation of good corporate governance of listed companies issued by the CNMV.

If Banco
Sabadell’s shares are delisted from the Spanish Stock Exchanges as a result of the exercise of the squeeze-out right provided for in article 47 of the Spanish Takeover Regulation, BBVA will carry out the
changes deemed appropriate to adapt