Company: BBVXF
Filing Date: 2025-08-12
Form Type: DRS
Source: 0000950123-25-007520
Chunk: 461

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-08-12
Form: DRS
Chunk 461
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 rate                |
| Fair value changes of the hedged items in portfolio hedge of interest rate risk |     |                  |    (422,347 | ) |     |                  |         — |     |       |    (422,347 | ) |     |                            | Interest rate                |
| Financial liabilities at amortised cost                                         |     |                  | 216,071,766 |   |     |                  |         — |     |       | 216,071,766 |   |     |                            | Interest rate                |
| Other liabilities                                                               |     |                  |   1,604,914 |   |     |                  |         — |     |       |   1,604,914 |   |     |                            | —                            |
| Equity                                                                          |     |                  |  13,879,206 |   |     |                  |         — |     |       |  13,879,206 |   |     |                            |                              |

The market risk acceptance, management and oversight system is based on managing positions expressly assigned to different trading desks and establishing limits for each one, in such a way that the different trading desks have the obligation to always manage their positions within the limits established by the Board of Directors and the Investments and Liquidity Committee. Market risk limits are aligned with the Group’s targets and Risk Appetite Framework. A-192

As confidentially submitted to the Securities and Exchange Commission on August 11, 2025. This Amendment No. 4 has not been publicly filed with the Securities and Exchange Commission and all information herein remains strictly confidential. Trading activity The main market risk factors considered by the Group in its trading activity are the following:

| – | Interest rate risk: risk associated with the possibility of interest rate fluctuations adversely affecting the value                                 
 of a financial instrument. This is reflected, for example, in transactions involving interbank deposits, fixed income and interest rate derivatives. |

| – | Credit spread risk: this risk arises from fluctuations in the credit spreads at which instruments are quoted with              
 respect to other benchmark instruments, such as interbank interest rates. This risk occurs mainly in fixed-income instruments. |

| – | Foreign exchange risk: risk associated with the fluctuation of exchange rates with respect to the functional                                                      
 currency. In the case of Banco Sabadell, the functional currency is the euro. This risk occurs mainly in currency exchange transactions and currency derivatives. |

| – | Equity price risk: risk arising from fluctuations in the value of capital instruments (