General disclosures

Dodd-Frank Title VII External Business Conduct Disclosures

Banco Bilbao Vizcaya Argentaria, S.A. (“we”, “us”, “our”, “BBVA”), is registered as a non-U.S. swap dealer (“Swap Dealer”) (LEI K8MS7FD7N5Z2WQ51AZ71) with the Commodity Futures Trading Commission (“CFTC”) and as a non -US security based swap dealer (“SBS Dealer”) with the Security Exchange Commission (“SEC”), hereinafter. In accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act, prior to entering into a swap or a security-based swaps (“SBS”) transaction, a swap dealer must provide several disclosures (the “Disclosures”) to a counterparty who is not a swap dealer, major swap participant, security based swap dealer or major security based swap participant (“you”). The Disclosures provided herein are delivered to our U.S. swap counterparties pursuant to CFTC Regulation 23.431 and SEC Rule 15Fh-3. If you are a swap dealer, major swap participant, security-based swap dealer, major security-based swap participant, or are not a U.S. person (as defined under CFTC Regulation 23.23(a)(23) or relevant CFTC/SEC guidance), the Disclosures included herein are not intended for nor provided for your use.

The Disclosures are being provided in order to assist you with evaluating, among other risk considerations, the following:

• The material risks of the swap and SBS transaction, including market, credit, liquidity, foreign currency, legal, operational and other applicable risks,
• The material characteristics of the swap and SBS transaction, including the material economic terms, operational terms, and the rights and obligations of the parties during the term of the swap, and 
• The material incentives and conflicts of interest that may apply with respect to the swap, including the price and pre-trade mid-market mark of the swap and SBS and any compensation or other incentive BBVA may receive from any source other than you in connection with the swap and SBS transaction.
• This website and the various links found herein provide you with the Disclosures that should be carefully evaluated before you enter into a swap and SBS transaction with us.

The Disclosures included in this website do not supersede but complement any additional information and disclosures included in any transactional specific documentation, including any derivatives master agreement, transactional term sheet, confirmation agreement, any other agreement between you and BBVA, and such other communications exchanged between you and BBVA. In the event of any conflict between such transactional disclosures and the Disclosures, the transactional disclosures shall prevail. 

Changes & Updates

Please note that BBVA may provide additional disclosures or notices to supplement or supersede the Disclosures provided herein. In addition, information owned or controlled by others, including ISDA, may change or be updated from time to time on their websites or otherwise. Revisit this website and relevant web pages regularly to ensure that you have the most current information and disclosures before entering into each swap or SBS transaction.

Clearing

With respect to any swap or SBS transaction entered into between you and BBVA that is subject to the mandatory clearing requirements under Section 2(h) of the Commodities Exchange Act, subject to applicable laws and any agreement between you and us, you have the sole right to select the derivative clearing organization at which the swap or SBS transaction will be cleared. If you elect a derivative clearing organization at which to clear the swap, you acknowledge and understand that BBVA SA as registered Swap and SBS Dealer may be unable to enter into such swap with you if BBVA SA does not have a clearing relationship at the clearing organization you have selected. 

With respect to any swap and SBS that is not subject to the mandatory clearing requirements, but is eligible for clearing, you may in your sole discretion elect to clear such swap or SBS transaction, and you have the right to select the derivatives clearing organization at which the swap or SBS transaction will be cleared. If you elect to clear a swap or SBS transaction, you acknowledge and understand that BBVA SA as registered Swap or SBS Dealer may be unable to enter into such swap with you if BBVA SA does not have a clearing relationship at the clearing organization you have selected. 

If you do not select a derivatives clearing organization, BBVA may designate a clearing organization.

Notwithstanding the foregoing, a swap or SBS transaction may be cleared at any time after execution of such swap or SBS on such terms and conditions as both parties may agree, which may include an adjustment to the terms of a swap or SBS and/or possible additional payments to take into account that the swap is to be cleared.

Please note that prior to entering into any swap that will be cleared, you must (i) notify BBVA in writing of your preference of the derivatives clearing organization on which the swap may be cleared, and (ii) have taken all necessary action on your part for the swap to be submitted for clearing. 

You are hereby notified that, upon acceptance of a swap by a clearing organization, (i) the original swap or SBS between the Swap Dealer or SBS Dealer and Counterparty is extinguished; (ii) the original swap or SBS between the Swap Dealer or SBS Dealer and you is replaced by equal and opposite swaps or SBS with the designated clearing organization; and (iii) all terms of the swap or SBS shall conform to the product specifications of the cleared swap established under the designated clearing organization’s rules.

Scenario Analysis

Effective January 29, 2026, CFTC Regulation 23.431 no longer requires the disclosure of the right to request and consult on the design of a scenario analysis regarding a swap transaction. 

Conflicting Terms

In the event of any conflict between the terms and conditions on this website and such additional terms and conditions in a written agreement between you and BBVA, the additional terms and conditions shall govern and control. Nothing herein or contained in any Disclosures on this website shall be construed to amend, modify, change or supersede the express terms of any written agreement between you and us, including any swap confirmation or swap trading relationship documentation.

No Offer, Commitment, Advice or Recommendation

This website is for informational purposes only and does not constitute an offer of sale or commitment. Furnishing you with the Disclosures made available on or through this website, or the website of another organization, is for your convenience and does not replace the need for a written agreement between the parties. The content of any material or Disclosures provided on this website does not constitute legal, financial, tax, accounting or other advice, and you should consider consulting your professional advisors for such advice. With respect to each transaction, and all interactions between you and BBVA regarding such transactions, BBVA is acting in its capacity as a counterparty and is not undertaking to assess the suitability of any swap, product or strategy involving a transaction for you. You must make your own, independent evaluation of the terms and risks of any transaction and decide whether entering into such transaction with BBVA is suitable for you, based on your own judgment and the advice of any advisors you deem necessary.

Complaints

Should you have a complaint or concern regarding your interaction with BBVA or any of the information contained on this website related to swaps, SBS and/or FX products, please contact BBVA by sending an email to the following address:customersupportgm@bbva.com

Pre-Trade Mid-Market Marks

Pursuant to CFTC regulatory amendments effective January 29, 2026, CFTC Regulation 23.431 no longer requires swap dealers to provide pre-trade mid-market marks (“PTMMM”) to counterparties prior to trade execution. Consequently, BBVA does not provide PTMMMs for prospective swap transactions. .

Market Commentary

From time to time the foreign exchange and/or derivatives sales units of BBVA may distribute commentary on economic, political and/or market conditions (“Market Commentary”). Such Market Commentary may be considered to be a general solicitation for entering into swaps, SBS and/or foreign exchange transactions, but should never be considered a “research report” as defined in Section 23.605 of the CFTC regulations. 

Market Commentary is not to be construed as a recommendation or opinion with respect to any specific swap or SBS or trading strategy involving a swap or SBS. Market Commentary does not take into account the investment objectives, financial conditions, or needs of any individual party and is not intended to serve as a basis for entering into a swap or SBS transaction or to suggest, in any manner, that a party should enter into a particular swap or SBS transaction, or trading strategy involving a swap or SBS. All expressions of opinion in Market Commentary are subject to change without notice

The information contained in Market Commentary is obtained from sources believed to be reliable but it is not represented to be accurate, complete or objective. In providing Market Commentary, neither BBVA nor any affiliate of BBVA is acting as your agent, broker, advisor, or fiduciary, or is offering any tax, accounting, or legal advice regarding these instruments or transactions. BBVA may have current positions or strategies that may be inconsistent with any views expressed in Market Commentary.

Segregation of Initial Margin

Pursuant to CFTC Rule 23.701 and Section 3E(f)(1)(A) of the Securities Exchange Act, you have the right to require that any initial margin (independent amount) provided to BBVA to secure uncleared swap or SBS obligations be segregated with an independent custodian. Please note that this notification is deemed delivered to you prior to executing each uncleared swap or SBS.

Daily Marks

Pursuant to CFTC Rule 23.431(d) and SEC Rule 15Fh-3(c), BBVA provides counterparties with a daily mark as of the close of business on each business day for all uncleared swaps and SBSs.

The daily mark represents a calculation of the net present value (NPV) of expected future cash flows, calculated using BBVA’s proprietary valuation models and observable mid-market inputs. Daily marks are indicative only and do not include amounts for profit, credit reserves, hedging, funding, liquidity, or capital adjustments. The daily mark does not constitute a firm price or offer to unwind, replace, or terminate a transaction, nor does it necessarily dictate margin calls unless expressly agreed in trading relationship documentation.

For cleared swaps and SBS, counterparties have the right under CFTC Rule 23.431(d)(1) to receive daily marks directly from the relevant Derivatives Clearing Organization (DCO) or clearing agency upon request.

Each mid-market mark (each, a “Mark”) for a swap or SBS between you and BBVA  is provided to you subject to the terms and conditions set forth in these notes.

Each Mark is for the date specified for the relevant swap or SBS that BBVA is required to deliver to you pursuant to Section 23.431(d)(2) of the rules promulgated by the CFTC or Section 15Fh-3(c) of the rules promulgated by the SEC (the “Daily Mark”). All Marks are shown from your point of view.

Each Mark is the midpoint between the bid and offer, or the calculated equivalent thereof as of the close of business of the previous business day without taking into account any amounts for profit, credit reserves, hedging, funding, liquidity and other relevant costs, reserves and adjustments that would be included in an executable price for the swap or SBS. The Mark for a swap or SBS can change from day to day as a result of changes in the relevant economic markets. These changes, which can be sudden and material, can make the next Mark for the relevant swap or SBS substantially less favorable from your point of view.

Because a Mark does not include amounts for profit, credit reserves, hedging, funding, liquidity and other relevant costs, reserves and adjustments, it a) may not represent the price at which BBVA would agree to replace or terminate the relevant swap or SBS, b) may not necessarily be the value assigned to the relevant swap or SBS for purposes of the books and records of BBVA, and c) depending on the terms of the trading relationship documentation between the parties, may not represent the value assigned to the relevant swap or SBS for the purposes of computing collateral calls and returns. If BBVA is obligated pursuant to the terms of any contract or otherwise agrees to quote a live price to terminate a swap or SBS prior to its stated maturity, that live price may differ from the most recent Mark for the swap or SBS. Each Mark is provided solely for the information of the counterparty to the swap or SBS and is not intended for the benefit of any other party. Data used in calculating a Mark may be obtained from third-party sources that BBVA believes are reliable, but may not have been independently verified. BBVA specifically disclaims liability for any use the recipient may make of any Mark including, without limitation, use of such Mark in the preparation of its own financial books and records. BBVA provides each Mark without charge and without restrictions on the internal use of the Mark by the counterparty

BBVA makes no representations or warranties that any such daily mark is suitable for your accounting or investment purposes, complying with any financial or tax reporting obligation, determining net asset value, computing any tax liability or any other purpose, matters which you should discuss with your own financial, legal, tax, accounting and other professional advisors. BBVA will have no liability for any losses or damages, whether direct, indirect, special, consequential or incidental, arising out of your use or reliance on the daily mark provided to you, even if BBVA is advised of such possibility.

BBVA will provide you with the daily mark for each uncleared swap and SBS executed between you and us, through email. 

For further information about BBVA SA Daily Marks methodology please refer to the following link.

Products information

Please ask your sales representative to provide you with the product information, in order to read important product and disclosure information provided by ISDA as well as information related to the various products offered by BBVA SA. Please note that each product has its own unique characteristics and related risks. You should review all information carefully, including all disclosures.

Material Characteristics & Material Economic Terms Disclosure

This Disclosure Statement describes the manner in which the terms of any Transaction that BBVA may enter into with you will be determined. The term “Transaction” has the meaning set forth in the ISDA General Disclosure Statement for Transactions provided to you.

Before entering into any Transaction, you should conduct a thorough and independent evaluation of the terms of the Transaction in light of your particular circumstances and the nature and extent of your exposure to, and willingness to incur, risk. You should also consider whether the Transaction is appropriate for you in light of your experience, objectives, financial and operational resources and other relevant circumstances. Unless expressly agreed in writing, BBVA is not providing you with legal, regulatory, financial, tax, accounting or other advice in connection with any Transaction.

The terms of any Transaction that you and BBVA enter into will be set forth in the confirmation or other agreement evidencing the Transaction, including any terms incorporated by reference therein. Subject to the exactions described below, any Transaction that you and BBVA enter into will have the terms that you and BBVA expressly agree upon (orally, via email or in any other manner) in connection with the Transaction and other terms determined as follows:

1. Prior transaction specified term sheet, form confirmation or terms spreadsheet. If BBVA notifies you that the Transaction will have the terms set forth in a prior transaction’s specified term sheet, form confirmation or terms spreadsheet, the Transaction will have such terms, subject to any express agreement between you and BBVA in connection with the Transaction.
2. Master confirmation agreement. If 1. does not apply and you and BBVA are party to a master confirmation agreement that governs the Transaction, the Transaction will have the terms set forth in the master confirmation agreement, subject to any express agreement between you and BBVA in connection with the Transaction. 
3. Unspecified prior transaction. If neither 1. nor 2. applies and you and BBVA have previously entered into a transaction of the same type, the Transaction will have the terms set forth in the most recent transaction of the same type that you and BBVA entered into, subject to any express agreement between you and BBVA in connection with the Transaction.
4. Unspecified form confirmation or terms spreadsheet. If none of 1., 2. or 3. applies and the Transaction is of a type that is covered by form confirmation and/or a terms spreadsheet that is available on this site, then the Transaction will have the terms set forth in the formal confirmation and/or terms spreadsheet, as applicable, subject to any express agreement between you and BBVA in connection with the Transaction. In the event of any inconsistency between a form confirmation and a terms spreadsheet that relate to the same type of transaction, the terms set forth in the terms spreadsheet will prevail.

The description above of the manner in which the terms of any Transactions that you and BBVA enter into will be determined is subject to the following important exceptions.

1. If you and BBVA enter into a Transaction that is cleared through a clearing organization or executed through an execution facility that prescribes the terms of the Transaction, the Transaction will have the terms specified by the applicable clearing organization or execution facility and, subject to the rules of the clearing organization or execution facility, any additional terms that you and BBVA expressly agree upon in connection with the transaction.
2. If you and BBVA enter into a Transaction for “give-up” to a third party, the terms of the Transaction will be subject to the terms of any agreement with that third party.