Banco Bilbao Vizcaya Argentaria Annual Report 2015

FY2015 Annual Report · Banco Bilbao Vizcaya Argentaria

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Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally
accepted accounting principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-
IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a
discrepancy, the original Spanish-language version prevails.

Annual Report
Financial Statements,
Management Report
and Audit Report 2015

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

Contents

Financial Statements

Balance sheets ........................................................................................................................................ 4

Income statements ................................................................................................................................... 7

Statements of recognized income and expenses .......................................................................................... 9

Statements of changes in equity ............................................................................................................... 10

Statements of cash flows ......................................................................................................................... 12

Notes to the Accompanying Financial Statements

Introduction, basis for presentation of the financial statements and internal control of financial
information and other information .............................................................................................................. 14

2. Accounting policies and valuation criteria applied ..................................................................................... 16

3. System of shareholder remuneration ......................................................................................................... 33

4. Earnings per share ..................................................................................................................................... 34

5. Risk management ...................................................................................................................................... 35

6. Fair value of financial instruments ............................................................................................................. 64

7. Cash and balances with central banks ...................................................................................................... 72

8. Financial assets and liabilities held for trading .......................................................................................... 72

9. Other financial assets and liabilities at fair value through profit or loss ..................................................... 76

10. Available-for-sale financial assets.............................................................................................................. 76

11. Loans and receivables ............................................................................................................................... 79

12. Hedging derivatives (receivable and payable) and Fair-value changes of the hedged items in portfolio
hedges of interest-rate risk ........................................................................................................................ 81

13. Non-current assets held for sale ................................................................................................................ 85

14. Investments in entities ............................................................................................................................... 88

15. Tangible assets .......................................................................................................................................... 93

16. Intangible assets ........................................................................................................................................ 94

17. Tax assets and liabilities ............................................................................................................................ 95

18. Other assets and liabilities ......................................................................................................................... 99

19. Financial liabilities at amortized cost........................................................................................................ 100

20. Provisions ................................................................................................................................................. 105

21. Pensions and other post-employment commitments ............................................................................... 107

22. Common stock ......................................................................................................................................... 113

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

23. Share premium......................................................................................................................................... 116

24. Reserves .................................................................................................................................................. 116

25. Treasury stock .......................................................................................................................................... 118

26. Valuation adjustments .............................................................................................................................. 119

27. Capital base, capital management and liquidity management ................................................................ 119

28. Contingent risks and commitments .......................................................................................................... 123

29. Other contingent assets and liabilities ..................................................................................................... 123

30. Purchase and sale commitments and future payment obligations .......................................................... 124

31. Transactions for the account of third parties ............................................................................................ 124

32. Interest income and expense and similar items ....................................................................................... 125

33. Dividend income....................................................................................................................................... 126

34. Fee and commission income ................................................................................................................... 127

35. Fee and commission expenses ............................................................................................................... 127

36. Net gains (losses) on financial assets and liabilities ................................................................................ 128

37. Other operating income and expenses .................................................................................................... 129

38. Administration costs ................................................................................................................................. 130

39. Depreciation and amortization ................................................................................................................. 133

40. Provisions (net) ........................................................................................................................................ 134

41. Impairment losses on financial assets (net) ............................................................................................. 134

42. Impairment losses on other assets (net) .................................................................................................. 134

43. Gains (losses) on derecognized assets not classified as non-current assets held for sale .................... 135

44. Gains (losses) on non-current assets held for sale ................................................................................. 135

45. Statements of cash flows ......................................................................................................................... 135

46. Accountant fees and services .................................................................................................................. 136

47. Related-party transactions ....................................................................................................................... 137

48. Remuneration and other benefits of the Board of Directors and Members of the Bank’s Management
Committee ................................................................................................................................................ 138

49. Other information ..................................................................................................................................... 143

50. Subsequent events .................................................................................................................................. 146

51. Explanation added for translation into English ......................................................................................... 147

APPENDIX I. ...................................................................................................................................................... 149

APPENDIX II. ..................................................................................................................................................... 160

APPENDIX III. .................................................................................................................................................... 170

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

APPENDIX IV. .................................................................................................................................................... 171

APPENDIX V. ..................................................................................................................................................... 178

APPENDIX VI ..................................................................................................................................................... 179

APPENDIX VII. ................................................................................................................................................... 180

APPENDIX VIII ................................................................................................................................................... 180

APPENDIX IX. .................................................................................................................................................... 182

APPENDIX X. ..................................................................................................................................................... 183

APPENDIX XI ..................................................................................................................................................... 188

APPENDIX XII .................................................................................................................................................... 193

APPENDIX XIII. .................................................................................................................................................. 201

Glossary

Management Report

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

Balance sheets as of December 31, 2015 and 2014

ASSETS

CASH AND BALANCES WITH CENTRAL BANKS
FINANCIAL ASSETS HELD FOR TRADING

Loans and advances to credit institutions
Loans and advances to customers
Debt securities
Equity instruments
Trading derivatives
Memorandum item: Loaned or advanced as collateral
OTHER FINANCIAL ASSETS DESIGNATED AT FAIR VALUE
THROUGH PROFIT OR LOSS

Loans and advances to credit institutions
Loans and advances to customers
Debt securities
Equity instruments

AVAILABLE-FOR-SALE FINANCIAL ASSETS

Debt securities
Equity instruments
Memorandum item: Loaned or advanced as collateral

LOANS AND RECEIVABLES

Loans and advances to credit institutions
Loans and advances to customers
Debt securities
Memorandum item: Loaned or advanced as collateral

HELD-TO-MATURITY INVESTMENTS
FAIR VALUE CHANGES OF THE HEDGED ITEMS IN PORTFOLIO
HEDGES OF INTEREST RATE RISK
HEDGING DERIVATIVES
NON-CURRENT ASSETS HELD FOR SALE
EQUITY METHOD
Associates
Jointly controlled entities
Subsidiaries

INSURANCE CONTRACTS LINKED TO PENSIONS
TANGIBLE ASSETS

Property, plants and equipment

For own use
Other assets leased out under an operating lease

Investment properties
Memorandum item: Loaned or advanced as collateral

INTANGIBLE ASSETS

Goodwill
Other intangible assets

TAX ASSETS
Current
Deferred

OTHER ASSETS
TOTAL ASSETS

Millions of Euros

Notes

2015

2014(*)

7
8

12
12
13
14

21
15

11,108
58,606
-
-
14,133
3,974
40,499
6,215

-
-
-
-
-
50,601
46,583
4,018
27,758
226,863
25,228
197,422
4,213
30,417
-

54
1,714
2,340
31,599
396
18
31,185
2,151
1,521
1,516
1,516
-
5
-
853
-
853
8,194
652
7,542
1,699
397,303

9,262
64,495
-
-
15,590
4,264
44,641
7,525

-
-
-
-
-
53,709
47,393
6,316
34,719
230,724
23,813
203,865
3,046
26,689
-

121
2,112
2,771
26,153
261
3,948
21,944
2,189
1,539
1,534
1,534
-
5
-
874
-
874
8,385
986
7,399
1,507
403,841

(*)

Presented for comparison purposes only (note 1.3).

The accompanying Notes 1 to 51 and Appendices I to XIII are an integral part of the balance sheet as of
December 31, 2015.

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

Balance sheets as of December 31, 2015 and 2014

LIABILITIES AND EQUITY

Notes

2015

2014(*)

Millions of Euros

FINANCIAL LIABILITIES HELD FOR TRADING

Deposits from central banks
Deposits from credit institutions
Customer deposits
Debt certificates
Trading derivatives
Short positions
Other financial liabilities

OTHER FINANCIAL LIABILITIES DESIGNATED AT FAIR VALUE
THROUGH PROFIT OR LOSS

Deposits from central banks
Deposits from credit institutions
Customer deposits
Debt certificates
Subordinated liabilities
Other financial liabilities

FINANCIAL LIABILITIES AT AMORTIZED COST

Deposits from central banks
Deposits from credit institutions
Customer deposits
Debt certificates
Subordinated liabilities
Other financial liabilities

FAIR VALUE CHANGES OF THE HEDGED ITEMS IN PORTFOLIO
HEDGES OF INTEREST RATE RISK
HEDGING DERIVATIVES
LIABILITIES ASSOCIATED WITH NON-CURRENT ASSETS HELD
FOR SALE
PROVISIONS

Provisions for pensions and similar obligations
Provisions for taxes and other legal contingencies
Provisions for contingent exposures and commitments
Other provisions

TAX LIABILITIES

Current
Deferred

OTHER LIABILITIES
TOTAL LIABILITIES

46,973
-
-
-
-
39,720
7,253
-

-
-
-
-
-
-
-
303,095
19,642
55,462
187,118
25,775
8,295
6,803

50,976
-
-
-
-
43,826
7,150
-

-
-
-
-
-
-
-
305,036
18,400
58,091
187,731
26,754
7,701
6,359

12
12

13
20

-
1,542

-
1,959

-
6,209
5,177
-
263
769
1,225
24
1,201
1,439
360,483

-
6,157
5,267
-
238
652
1,655
29
1,626
1,444
367,227

(*)

Presented for comparison purposes only (note 1.3).

The accompanying Notes 1 to 51 and Appendices I to XIII are an integral part of the balance sheet as of
December 31, 2015.

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

Balance sheets as of December 31, 2015 and 2014

LIABILITIES AND EQUITY (Continued)

Notes

2015

2014(*)

Millions of Euros

STOCKHOLDERS’ FUNDS

Common Stock

Issued
Unpaid and uncalled (-)

Share premium
Reserves
Other equity instruments

Equity component of compound financial instruments
Other equity instruments

Less: Treasury stock
Income attributed
Less: Dividends and remuneration

VALUATION ADJUSTMENTS

Available-for-sale financial assets
Cash flow hedging
Hedging of net investment in foreign transactions
Exchange differences
Non-current assets held-for-sale
Other valuation adjustments

TOTAL EQUITY
TOTAL LIABILITIES AND EQUITY

MEMORANDUM ITEM

CONTINGENT RISK
CONTINGENT COMMITMENTS

23
24

36,439
3,120
3,120
-
23,992
7,810
28
-
28
(19)
2,864
(1,356)
381
458
(75)
-
21
-
(23)
36,820
397,303

34,923
3,024
3,024
-
23,992
7,642
47
-
47
(46)
1,105
(841)
1,691
1,781
(82)
-
12
-
(20)
36,614
403,841

Millions of Euros

Notes

2015

2014(*)

28
28

39,850
58,255

45,137
53,968

(*)

Presented for comparison purposes only (note 1.3).

The accompanying Notes 1 to 51 and Appendices I to XIII are an integral part of the balance sheet as of
December 31, 2015.

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

Income statements for the years ended December 31, 2015 and 2014.

Millions of Euros

Notes

2015

2014(*)

INTEREST AND SIMILAR INCOME
INTEREST AND SIMILAR EXPENSES
NET INTEREST INCOME
DIVIDEND INCOME
FEE AND COMMISSION INCOME
FEE AND COMMISSION EXPENSES
NET GAINS (LOSSES) ON FINANCIAL ASSETS AND LIABILITIES

32
32

33
34
35
36

Financial instruments held for trading

5,464
(2,125)
3,339
2,117
1,751
(289)
910
150

6,763
(3,493)
3,270
2,848
1,773
(308)
1,154
(8)

Other financial instruments at fair value through profit or loss

Other financial instruments not at fair value through profit or loss
Rest

EXCHANGE DIFFERENCES (NET)
OTHER OPERATING INCOME
OTHER OPERATING EXPENSES
GROSS INCOME
ADMINISTRATION COSTS
Personnel expenses
General and administrative expenses

DEPRECIATION AND AMORTIZATION
PROVISIONS (NET)
IMPAIRMENT LOSSES ON FINANCIAL ASSETS (NET)

Loans and receivables

Other financial instruments not at fair value through profit or loss

NET OPERATING INCOME

37
37

39
40
41

760
-
224
114
(465)
7,701
(3,756)
(2,198)
(1,558)
(519)
(651)
(1,304)
(1,291)

(13)
1,471

1,162
-
109
120
(433)
8,533
(3,664)
(2,194)
(1,470)
(517)
(872)
(1,868)
(1,857)

(11)
1,612

(*)

Presented for comparison purposes only (note 1.3).

The accompanying Notes 1 to 51 and Appendices I to XIII are an integral part of the income statement for the
year ended December 31, 2015.

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

Income statements for the years ended December 31, 2015 and 2014.

(Continued)

NET OPERATING INCOME
IMPAIRMENT LOSSES ON OTHER ASSETS (NET)

Goodwill and other intangible assets
Other assets

GAINS (LOSSES) ON DERECOGNIZED ASSETS NOT
CLASSIFIED AS NON-CURRENT ASSETS HELD FOR SALE
NEGATIVE GOODWILL
GAINS (LOSSES) IN NON-CURRENT ASSETS HELD FOR SALE
NOT CLASSIFIED AS DISCONTINUED OPERATIONS
INCOME BEFORE TAX
INCOME TAX

INCOME FROM CONTINUING TRANSACTIONS
INCOME FROM DISCONTINUED TRANSACTIONS (NET)
NET INCOME

(*)

Presented for comparison purposes only (note 1.3).

Millions of Euros

Notes

2015

2014(*)

44.1

44.2

1,471
813
-
813

8
-

760
3,052
(188)

2,864
-
2,864

1,612
40
-
40

(1)
-

(371)
1,280
(175)

1,105
-
1,105

The accompanying Notes 1 to 51 and Appendices I to XIII are an integral part of the income statement for the
year ended December 31, 2015.

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

Statements of recognized income and expenses for the years ended
December 31, 2015 and 2014.

Millions of Euros

2015

2014(*)

NET INCOME RECOGNIZED IN INCOME STATEMENT
OTHER RECOGNIZED INCOME (EXPENSES)
ITEMS NOT SUBJECT TO RECLASSIFICATION TO P&L

Actuarial gains and losses from defined benefit pension
plans
Non-current assets available for sale
Income tax related to items not subject to reclassification to
p&l

ITEMS SUBJECT TO RECLASSIFICATION TO P&L
Available-for-sale financial assets

Valuation gains/(losses)
Amounts removed to income statement
Reclassifications
Cash flow hedging

Valuation gains/(losses)
Amounts removed to income statement
Amounts removed to the initial carrying amount of the hedged items
Reclassifications

Hedging of net investment in foreign transactions

Valuation gains/(losses)
Amounts removed to income statement
Reclassifications
Exchange differences

Valuation gains/(losses)
Amounts removed to income statement
Reclassifications

Non-current assets held for sale

Valuation gains/(losses)
Amounts removed to income statement
Reclassifications

Rest of recognized income and expenses
Income tax relating to items that may be reclassified to profit
or (-) loss
TOTAL RECOGNIZED INCOME/EXPENSES

(*)

Presented for comparison purposes only (note 1.3).

2,864
(1,310)
(2)

(3)
-

1
(1,308)
(1,890)
(723)
(1,167)
-
10
19
(9)
-
-
-
-
-
-
12
29
(17)
-
-
-
-
-
-

560
1,554

1,105
1,807
-

-
-

-
1,807
2,770
3,124
(354)
-
(53)
(53)
-
-
-
-
-
-
-
16
17
(1)
-
-
-
-
-
-

(926)
2,912

The accompanying Notes 1 to 51 and Appendices I to XIII are an integral part of the statement of recognized
income and expenses for the year ended December 31, 2015

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting principles (Bank of Spain Circular 4/2004, and as amended thereafter, which
adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-language version prevails.

Statements of changes in equity for the years ended December 31, 2015 and 2014.

BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

2015

Balances as of January 1, 2015 (*)

Effect o f changes in acco unting po licies (*)

Effect o f co rrectio n o f erro rs

Adjusted initial balance

Total incom e/expense recognized

Other changes in equity

Co mmo n sto ck increase

Co mmo n sto ck reductio n

Co nversio n o f financial liabilities into capital

Increase o f o ther equity instruments

Reclassificatio n o f financial liabilities to o ther equity instruments

Reclassificatio n o f o ther equity instruments to financial liabilities

Dividend distributio n

Transactio ns including treasury sto ck and o ther equity instruments (net)

Transfers between to tal equity entries

Increase/Reductio n due to business co mbinatio ns

P ayments with equity instruments

Rest o f increases/reductio ns in to tal equity

Of which:

A cquisitio n o f the free allo tment rights (No te 3)

T o t a l E quit y A t t ribut e d t o t he P a re nt C o m pa ny

M illio ns o f E uro s

S t o c k ho lde rs ’ F unds

C o m m o n
S t o c k
( N o t e 2 2 )

S ha re
P re m ium
( N o t e 2 3 )

R e s e rv e s
( N o t e 2 4 )

O t he r
E quit y
Ins t rum e nt s

Le s s :
T re a s ury
S t o c k
( N o t e 2 5 )

P ro f it f o r t he
Y e a r

Less:
D i vi d end s
and
R emuner at i o ns

T o t a l
S t o c k ho lde rs
' F unds

V a lua t io n
A djus t m e nt s
( N o t e 2 6 )

Total
Equity

3 ,0 2 4

2 3 ,9 9 2

7 ,6 4 2

3 ,0 2 4

2 3 ,9 9 2

7 ,6 4 2

9 6

16 8

(96)

(1)

272

(7)

7 ,8 10

4 7

( 19 )

(8)

(27)

2 8

( 4 6 )

1,10 5

( 8 4 1)

3 4 ,9 2 3

1,6 9 1

3 6 ,6 14

( 4 6 )

2 7

1,10 5

2 ,8 6 4

( 1,10 5 )

(1,105)

( 8 4 1)

( 5 15 )

(1,225)

841

(131)

3 4 ,9 2 3

2 ,8 6 4

( 1,3 4 8 )

(1,225)

(165)

(131)

1,6 9 1

( 1,3 10 )

3 6 ,6 14

1,5 5 4

( 1,3 4 8 )

(1,225)

(165)

(131)

( 19 )

2 ,8 6 4

( 1,3 5 6 )

3 6 ,4 3 9

3 8 1

3 6 ,8 2 0

B a la nc e s a s o f D e c e m be r 3 1, 2 0 15

3 ,12 0

2 3 ,9 9 2

(*) Presented for comparison purposes only (note 1.3).

The accompanying Notes 1 to 51 and Appendices I to XIII are an integral part of the statement of changes in equity for the year ended December 31, 2015.

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting principles (Bank of Spain Circular 4/2004, and as amended thereafter, which
adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-language version prevails.

Statements of changes in equity for the years ended December 31, 2015 and 2014.

BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

M illio ns o f E uro s

T o t a l Equit y A t t ribut e d t o t he P a re nt C o m pa ny

S to c k ho lde rs ’ F unds

C o m m o n
S t o c k
(N o t e 2 2 )

S ha re
P re m ium
( N o t e 2 3 )

R e s e rve s
( N o t e 29 )

O t he r
E quit y
Ins t rum e nt s

Le s s :
T re a s ury
S t o c k
(N o t e 3 5 )

P ro f it f o r t he
Y e a r

Less:
D i vi d end s
and
R emuner at i o ns

T o t a l
S t o c kho lde rs
' F unds

Va lua t io n
A djus t m e nt s
( N o t e 2 6 )

Total
Equity
(*)

2014

Balances as of January 1, 2014 (*)

Effect o f changes in acco unting po licies (**)

Effect o f co rrectio n o f erro rs

Adjusted initial balance

Total incom e/expense recognized

Other changes in equity

Co mmo n sto ck increase

Co mmo n sto ck reductio n

Co nversio n o f financial liabilities into capital

Increase o f o ther equity instruments

Reclassificatio n o f financial liabilities to o ther equity instruments

Reclassificatio n o f o ther equity instruments to financial liabilities

Dividend distributio n

Transactio ns including treasury sto ck and o ther equity instruments (net)

Transfers between to tal equity entries

Increase/Reductio n due to business co mbinatio ns

Payments with equity instruments

Rest o f increases/reductio ns in to tal equity

Of which:

A cquisitio n o f the free allotment rights (No te 3)

2 ,8 3 5

2 2 ,111

7,2 4 4

2 ,8 3 5

18 9

189

2 2 ,111

1,8 81

1,881

(140)

7,2 4 4

3 9 8

(70)

(7)

499

(24)

B ala nc e s a s o f D e c e m be r 3 1, 2 0 14

3 ,0 2 4

2 3 ,9 92

7,6 4 2

(*)

(**)

Presented for comparison purposes only (note 1.3).

Balance as of December 31, 2013, previously published (note 1.3)

4 3

(4)

(26)

4 7

( 2 0 )

( 2 6 )

(26)

1,2 63

(143)

1,2 63

1,105

( 1,2 63 )

(1,263)

( 4 6 )

1,105

(7 6 8 )

3 2 ,7 0 8

( 116 )

3 2 ,5 92

(7 6 8 )

( 7 3 )

(597)

768

(283)

3 2 ,7 0 8

1,10 5

1,110

2,000

(597)

(33)

(244)

(294)

(244)

( 8 4 1)

(244)

3 4 ,9 2 3

( 116 )

1,8 0 7

1,6 9 1

(283)

3 2 ,5 92

2 ,9 12

1,110

2,000

(597)

(33)

(294)

(244)

3 6 ,614

The accompanying Notes 1 to 51 and Appendices I to XIII are an integral part of the statement of changes in equity for the year ended December 31, 2015.

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

Statements of cash flows for the years ended December 31, 2015 and 2014.

Millions of Euros

Notes

2015

2014(*)

CASH FLOW FROM OPERATING ACTIVITIES (1)
Net income for the year

Adjustments to obtain the cash flow from operating activities:

Depreciation and amortization
Other adjustments

Net increase/decrease in operating assets

Financial assets held for trading
Other financial assets designated at fair value through profit
or loss
Available-for-sale financial assets
Loans and receivables
Other operating assets

Net increase/decrease in operating liabilities

Financial liabilities held for trading
Other financial liabilities designated at fair value through profit
or loss
Financial liabilities at amortized cost
Other operating liabilities

Collection/Payments for income tax
CASH FLOWS FROM INVESTING ACTIVITIES (2)
Investment

Tangible assets
Intangible assets
Investments
Other business units
Non-current assets held for sale and associated liabilities
Held-to-maturity investments
Other settlements related to investing activities

Divestments

Tangible assets
Intangible assets
Investments
Subsidiaries and other business units
Non-current assets held for sale and associated liabilities
Held-to-maturity investments
Other collections related to investing activities

4,706
2,864

(1,770)
519
(2,289)
11,514
5,889

-
1,564
3,861
200
(8,090)
(4,003)

-
(2,975)
(1,112)
188
(2,257)
5,623
211
298
4,113
-
1,001
-
-
3,366
12
-
62
-
1,249
-
2,043

(4,709)
1,105

4,749
517
4,232
(18,714)
(7,864)

-
(10,408)
(201)
(241)
7,976
7,377

-
1,250
(651)
175
(1,711)
2,194
156
265
714
-
1,059
-
-
483
14
-
147
-
322
-
-

(*)

Presented for comparison purposes only (note 1.3).

The accompanying Notes 1 to 51 and Appendices I to XIII are an integral part of the statement of cash flows for
the year ended December 31, 2015.

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

Statements of cash flows for the years ended December 31, 2015 and 2014.

(Continued)

CASH FLOWS FROM FINANCING ACTIVITIES (3)
Investment
Dividends
Subordinated liabilities
Common stock amortization
Treasury stock acquisition
Other items relating to financing activities

Divestments

Subordinated liabilities
Common stock increase
Treasury stock disposal
Other items relating to financing activities
EFFECT OF EXCHANGE RATE CHANGES (4)
NET INCREASE/DECREASE IN CASH OR CASH EQUIVALENTS
(1+2+3+4)
CASH OR CASH EQUIVALENTS AT BEGINNING OF THE YEAR
CASH OR CASH EQUIVALENTS AT END OF THE YEAR

COMPONENTS OF CASH AND EQUIVALENT AT END OF THE
YEAR
Cash
Balance of cash equivalent in central banks
Other financial assets
Less: Bank overdraft refundable on demand
TOTAL CASH OR CASH EQUIVALENTS AT END OF THE YEAR

Millions of Euros

Notes

2015

2014(*)

(302)
4,124
916
767
-
2,297
144
3,822
1,500
-
2,322
-
(301)

3,749
4,108
772
678
-
2,658
-
7,857
3,015
2,000
2,623
219
(152)

1,846
9,262
11,108

(2,823)
12,085
9,262

Millions of Euros

Notes

2015

2014(*)

825
10,283
-
-
11,108

726
8,536
-
-
9,262

(*)

Presented for comparison purposes only (note 1.3).

The accompanying Notes 1 to 51 and Appendices I to XIII are an integral part of the statement of cash flows for
the year ended December 31, 2015.

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

Notes to the financial statements for the year ended December 31, 2015.

Introduction, basis for presentation of the financial statements and

internal control of financial information and other information

1.1

Introduction

Banco Bilbao Vizcaya Argentaria, S.A. (hereinafter “the Bank” or “BBVA") is a private-law entity subject to the laws
and regulations governing banking entities operating in Spain. It carries out its activity through branches and
agencies across the country and abroad.

The Bylaws and other public information are available for consultation at the Bank’s registered address (Plaza San
Nicolás, 4 Bilbao) and on its official website: www.bbva.com.

In addition to the transactions it carries out directly, the Bank heads a group of subsidiaries, jointly controlled and
associated entities which perform a wide range of activities and which together with the Bank constitute the
Banco Bilbao Vizcaya Argentaria Group (hereinafter, “the Group” or “the BBVA Group”). In addition to its own
individual financial statements, the Bank is therefore obliged to prepare the Group’s consolidated financial
statements.

The Bank’s financial statements for the year ended December 31, 2014 were approved by the shareholders at
the Bank’s Annual General Meeting (“AGM”) held on March 13, 2015.

The Bank’s financial statements for the year ended December 31, 2015 are pending approval by the Annual
General Meeting. However, the Bank’s Board of Directors considers that the aforementioned financial statements
will be approved without any changes.

1.2 Basis for the presentation of the financial statements

The Bank's financial statements for 2015 are presented in accordance with Bank of Spain Circular 4/2004, dated
December 22, and its subsequent amendments, and with any other legislation governing financial reporting
applicable to the Bank. Circular 4/2004 implements and adapts the International Financial Reporting Standards
(EU-IFRS) to Spanish credit institutions, following stipulations established under Regulation 1606/2002 of the
European Parliament and of the Council, dated July 19, 2002, relating to the application of the International
Accounting Standards.

The Bank's financial statements for the year ended December 31, 2015 have been prepared by the Bank’s
directors (at the Board of Directors meeting held on February 2, 2016) by applying the accounting policies and
valuation criteria described in Note 2, so that they present fairly the Bank's equity and financial position as of
December 31, 2015, together with the results of its operations and cash flows generated during the year ended
on that date.

All obligatory accounting standards and valuation criteria with a significant effect in the financial statements were
applied in their preparation.

The amounts reflected in the accompanying financial statements are presented in millions of euros, unless it is
more convenient to use smaller units. Some items that appear without a total in these financial statements do so
because of the size of the units used. Also, in presenting amounts in millions of euros, the accounting balances
have been rounded up or down. It is therefore possible that the amounts appearing in some tables are not the
exact arithmetical sum of their component figures.

The percentage changes in amounts have been calculated using figures expressed in thousands of euros.

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

1.3 Comparative information

The information contained in these financial statements for 2014 is presented solely for the purpose of
comparison with information relating to December 31, 2015. It does not constitute the Bank's financial
statements for 2014.

1.4 Seasonal nature of income and expenses

The nature of the most significant operations carried out by the Bank is mainly related to traditional activities
carried out by financial institutions, which are not significantly affected by seasonal factors.

1.5 Responsibility for the information and for the estimates made

The information contained in the Bank's financial statements is the responsibility of the Bank’s Directors.

Estimates have to be made at times when preparing these financial statements in order to calculate the registered
amount of some assets, liabilities, income, expenses and commitments. These estimates relate mainly to the
following:

Impairment on certain financial assets (see Notes 5, 6, 10, 11, 12 and 14).

•
• The assumptions used to quantify certain provisions (see Note 20) for the actuarial calculation of post-

employment benefit liabilities and commitments (see Note 21).

• The useful life and impairment losses of tangible and intangible assets (see Notes 13, 15 and16).
• The fair value of certain unlisted financial assets and liabilities in organized markets (see Notes 5, 6, 8, 9, 10

and 12).

Although these estimates were made on the basis of the best information available as of December 31, 2014 on
the events analyzed, future events may make it necessary to modify them (either up or down). This would be
done in accordance with applicable regulations and prospectively, recording the effects of changes in the
estimates in the corresponding income statement.

1.6 Control of the BBVA Group’s financial reporting

The description of the BBVA Group’s Internal Financial Reporting Control model is described in the management
report accompanying the Financial Statements for 2015

1.7 Deposit guarantee fund

The Bank is part of the “Fondo de Garantía de Depósitos” (Deposit Guarantee Fund). Adjusting to the previously
mentioned accounting criteria modification, the expense incurred by the contributions made to this Agency in
2015 and 2014 amounted to €117 million and €215 million, respectively. These amounts are registered under
the heading "Other operating expenses" of the accompanying income statements (see Note 37).

The previously mentioned amount registered in year 2013 includes the extraordinary contribution established by
the Royal Decree-Law 6/2013. A one-off Deposit Guarantee Fund contribution, applicable to 3 per thousand of
eligible deposits. The first contribution (40%) amounted to 121 million euros paid in 2013. Of the second
contribution (remaining 60%) in 2014 a seventh part was paid and according to the new payment schedule
established by the Management Committee of the Deposit Guarantee Fund. The remaining part of the previously
mentioned second contribution was recognized as a liability as of December 31, 2014 and 50% paid off in June
2015. The remaining 50% of the amount will be paid off in in June 30th 2016.

In accordance with the new regulations, in 2015 a contribution was made to Spain's Orderly Banking Resolution
Fund (FROB) of €123m, which are registered under the heading "Other Operating Expenses" in the attached
income statements (see Note 37). In the coming years, the establishment of a single European resolution fund
will mean that these contributions will be made directly to this European fund.

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

1.8 Consolidated financial statements

The consolidated financial statements of the BBVA Group for the year ended December 31, 2015 have been
prepared by the Bank's Directors (at the Board of Directors meeting held on February 3, 2016) in accordance
with the International Financial Reporting Standards adopted by the European Union and applicable at the close
of 2015, taking into account Bank of Spain Circular 4/2004, dated December 22, and subsequent amendments,
and with any other legislation governing financial reporting applicable to the Group.

The management of the Group’s operations is carried out on a consolidated basis, independently of the individual
allocation of the corresponding equity changes and their related results. Consequently, the Bank's annual financial
statements have to be considered within the context of the Group, due to the fact that they do not reflect the
financial and equity changes that result from the application of the consolidation policies (full consolidation or
proportionate consolidation methods) or the equity method.

These changes are reflected in the consolidated financial statements of the BBVA Group for the year 2015, which
the Bank's Board of Directors has also prepared. Appendix I includes the Group's consolidated financial
statements. In accordance with the content of these consolidated financial statements prepared following the
International Financial Reporting Standards adopted by the European Union, the total amount of the BBVA
Group’s assets and consolidated equity at the close of 2015 amounted to €750,078 million and €55,439
million, respectively, while the consolidated net profit attributed to the parent company totaled €2,642 million.

Accounting policies and valuation criteria applied

The Glossary includes the definition of some of the financial and economic terms used in Note 2 and subsequent
Notes.

The accounting standards and policies and valuation criteria used in preparing these financial statements are as
follows:

2.1 Financial instruments

Measurement of financial instruments and recognition of changes in subsequent fair value

All financial instruments are initially accounted for at fair value which, unless there is evidence to the contrary,
shall be the transaction price.

All the changes in the value of financial instruments, except in trading derivatives, arising from the accrual of
interests and similar items are recognized under the headings “Interest and similar income” or “Interest and
similar expenses”, as appropriate, in the accompanying income statement for the year in which the accrual took
place (see Note 32). The dividends paid from other companies, other than associate entities and joint venture
entities, are recognized under the heading “Dividend income” in the accompanying income statement for the
year in which the right to receive them arises (see Note 33).

The changes in fair value after the initial recognition, for reasons other than those mentioned in the preceding
paragraph, are treated as described below, according to the categories of financial assets and liabilities:

2.1.1

“Financial assets held for trading” and “Other financial assets and liabilities

designated at fair value through profit or loss”

The assets and liabilities recognized in these chapters of the balance sheets are measured at fair value, and
changes in value (gains or losses) are recognized as their net value under the heading “Net gains (losses) on
financial assets and liabilities” in the accompanying income statements (see Note 36). However, changes resulting
from variations in foreign exchange rates are recognized under the heading “Exchange differences (net)" in the
accompanying income statements.

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

2.1.2

“Available-for-sale financial assets”

Assets recognized under this heading in the balance sheets are measured at their fair value. Subsequent changes
in this measurement (gains or losses) are recognized temporarily for their amount net of tax effect under the
heading “Valuation adjustments - Available-for-sale financial assets” in the balance sheets (see Note 26).

Changes in the value of non-monetary items resulting from changes in foreign exchange rates are recognized
temporarily under the heading “Valuation adjustments - Exchange differences” in the accompanying balance
sheets. Changes in foreign exchange rates resulting from monetary items are recognized under the heading
“Exchange differences (net)" in the accompanying income statements.

The amounts recognized under the headings “Valuation adjustments - Available-for-sale financial assets” and
“Valuation adjustments - Exchange differences” continue to form part of the Bank's equity until the asset is
derecognized from the balance sheet or until an impairment loss is recognized in the financial instrument in
question. If these assets are sold, these amounts are derecognized and entered under the headings “Net gains
(losses) on financial assets and liabilities” or “Exchange differences (net)", as appropriate, in the income statement
for the year in which they are derecognized (see Note 36).

In the specific case of the sale of equity instruments considered strategic investments and recognized under the
heading “Available-for-sale financial assets”, the gains or losses generated are recognized under the heading
“Gains (losses) in non-current assets held-for-sale not classified as discontinued operations” in the income
statement, even if they had not been classified in a previous balance sheet as non-current assets held for sale, as
indicated in Rule 56 of Circular 4/2004 and its subsequent amendments (see Note 44).

The net impairment losses in “Available-for-sale financial assets” over the year are recognized under the heading
“Impairment losses on financial assets (net) – Other financial instruments not at fair value through profit or loss” in
the income statement for that year (see Note 41).

2.1.3

“Loans and receivables”, “Held-to-maturity investments” and “Financial liabilities

at amortized cost”

Assets and liabilities recognized under these headings in the accompanying balance sheets are measured once
acquired at “amortized cost” using the “effective interest rate” method. This is because the Bank intends to hold
such financial instruments to maturity.

Net impairment losses of assets recognized under these headings arising in a particular year are recognized
under the heading “Impairment losses on financial assets (net) – Loans and receivables” or “Impairment losses on
financial assets (net) – Other financial instruments not valued at fair value through profit or loss” in the income
statement for that year (see Note 41).

2.1.4

“Hedging derivatives” and “Fair value changes of the hedged items in portfolio

hedges of interest-rate risk”

Assets and liabilities recognized under these headings in the accompanying balance sheets are measured at fair
value.

Changes that take place subsequent to the designation of the hedging relationship in the measurement of
financial instruments designated as hedged items as well as financial instruments designated as hedge accounting
instruments are recognized as follows:

•

In fair value hedges, the changes in the fair value of the derivative and the hedged item attributable to the
hedged risk are recognized under the heading “Net gains (losses) on financial assets and liabilities” in the
income statement (see Note 36), with a balancing item under the headings of the balance sheet where
hedging items ("Hedging derivatives") or the hedged items are recognized, as applicable.

In fair value hedges of interest rate risk of a portfolio of financial instruments (portfolio-hedges), the gains or
losses that arise in the measurement of the hedging instrument are recognized in the income statement, and
those that arise from the change in the fair value of the hedged item (attributable to the hedged risk) are also
recognized in the income statement (in both cases under the heading “Net gains (losses) on financial assets
and liabilities”, using, as a balancing item, the headings "Fair value changes of the hedged items in portfolio
hedges of interest rate risk" in the balance sheets, as applicable.

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

•

In cash flow hedges, the gain or loss on the hedging instruments relating to the effective portion are
recognized temporarily under the heading "Valuation adjustments – Cash flow hedging” in the balance sheets,
with a balancing entry under the heading “Hedging derivatives” of the Assets or Liabilities of the Consolidated
Financial Statements as applicable. These differences are recognized in the accompanying income statement
at the time when the gain or loss in the hedged instrument affects profit or loss, when the forecast
transaction is executed or at the maturity date of the hedged item. Almost all of the hedges used by the Bank
are for interest-rate risks. Therefore, the valuation changes are recognized under the headings “Interest and
similar income” or “Interest and similar expenses” in the accompanying income statement (see Note 32).
• Differences in the measurement of the hedging items corresponding to the ineffective portions of cash flow
hedges are recognized directly under the heading “Net gains (losses) on financial assets and liabilities” in the
income statement (see Note 36).

•

In hedges of net investments in foreign operations, the differences in the effective portions of hedging items
are recognized temporarily under the heading "Valuation adjustments – Hedging of net investments in foreign
transactions" in the balance sheets, with counterpart in the headings “Assets - Hedging derivatives” or
“Liabilities – Hedging derivatives” as applicable. These differences in valuation are recognized under the
heading “Exchange differences (net)" in the income statement when the investment in a foreign operation is
disposed of or derecognized.

2.1.5

Other financial instruments

The following exceptions are applicable with respect to the above general criteria:

• Equity instruments whose fair value cannot be determined in a sufficiently objective manner and financial
derivatives that have those instruments as their underlying asset and are settled by delivery of those
instruments remain in the balance sheet at acquisition cost; this may be adjusted, where appropriate, for any
impairment loss.

• Valuation adjustments arising from financial instruments classified at balance sheet date as non-current assets
held for sale are recognized with a balancing entry under the heading “Valuation adjustments - Non-current
assets held for sale” in the accompanying balance sheets (see Note 26).

2.2

Impairment losses on financial assets

2.2.1

Definition of impaired financial assets

A financial asset is considered to be impaired – and therefore its carrying amount is adjusted to reflect the effect
of the impairment – when there is objective evidence that events have occurred which:

•

In the case of debt instruments (loans and debt securities), give rise to an adverse impact on the future cash
flows that were estimated at the time the transaction was arranged. So they are considered impaired when
there are reasonable doubts that the balances will be recovered in full and/or the related interest will be
collected for the amounts and on the dates initially agreed.

In the case of equity instruments, it means that their carrying amount may not be fully recovered.

As a general rule, the carrying amount of impaired financial instruments is adjusted with a charge to the income
statement for the year in which the impairment becomes known, and the recoveries of previously recognized
impairment losses are recognized in the income statement for the year in which the impairment is reversed or
reduced. any recovery of previously recognized impairment losses for an investment in an equity instrument
classified as financial assets available for sale is not recognized in the income statement, but under the heading
"Valuation Adjustments - Available-for-sale financial assets" (see Note 26) in the balance sheet.

In general, amounts collected in relation to impaired loans and receivables are used to recognize the related
accrued interest and any excess amount is used to reduce the principal not yet paid.

When the recovery of any recognized amount is considered to be remote, this amount is written-off on the
balance sheet, without prejudice to any actions that may be taken in order to collect the amount until the rights
extinguish in full either because it is time-barred debt, the debt is forgiven, or for other reasons.

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

In the case of particularly significant financial assets, and assets that cannot be classified within similar groups of
instruments in terms of risk, the amounts recognized are measured individually. In the case of financial assets for
lower amounts that can be classified in standard groups, this measurement is carried out as a group.

According to the Bank's established policy, the recovery of a recognized amount is considered to be remote and,
therefore, removed from the balance sheet in the following cases:

• Any loan (except for those carrying an effective guarantee) of a company in bankruptcy and/or in the last
phases of a “concurso de acreedores” (the Spanish equivalent of a Chapter 11 bankruptcy proceeding), and
• Financial assets (bonds, debentures, etc.) whose issuer’s solvency has undergone a notable and irreversible

deterioration.

Additionally, loans classified as non-performing secured loans are written off in the balance sheet within a
maximum period of four years from the date on which they are classified as non-performing, while non-
performing unsecured loans (such as commercial and consumer loans, credit cards, etc.) are written off within
two years of their classification as non-performing.

Calculation of impairment on financial assets

The impairment on financial assets is determined by type of instrument and other circumstances that could affect
it, taking into account the guarantees received by the owners of the financial instruments to assure (in part or in
full) the performance of transactions. The Bank recognizes impairment charges directly against the impaired asset
when the likelihood of recovery is deemed remote, and uses offsetting or allowance accounts when it registers
non-performing loan provisions to cover the estimated loss.

2.2.2

Impairment of debt securities measured at amortized cost

With regard to impairment losses arising from insolvency risk of the obligors (credit risk), a debt instrument is
impaired due to insolvency when a deterioration in the ability to pay by the obligor is evidenced, either due to
past due status or for other reasons.

BBVA has developed policies, methods and procedures to estimate losses which may be incurred as a result of
outstanding credit risk. These policies, methods and procedures are applied in the study, approval and execution
of debt instruments and contingent liabilities and commitments; as well as in identifying the impairment and,
where appropriate, in calculating the amounts necessary to cover estimated losses.

The amount of impairment losses on debt instruments measured at amortized cost is calculated based on
whether the impairment losses are determined individually or collectively. First it is determined whether there is
objective evidence of impairment individually for individually significant financial assets, and collectively for
financial assets that are not individually significant. In the case where the Group determines that no objective
evidence of impairment in the case of assets analyzed individually will be included in a group of assets with
similar risk characteristics and collectively impaired is analyzed.

In determining whether there is objective evidence of impairment the Group uses observable data on the
following aspects:

•

Significant financial difficulties of the debtor.

• Ongoing delays in the payment of interest or principal.

• Refinancing of credit conditions by the counterparty.

• Bankruptcy or reorganization / liquidation are considered likely.

• Disappearance of the active market for a financial asset because of financial difficulties.

• Observable data indicating a reduction in future cash flows from the initial recognition such as adverse
changes in the payment status of the counterparty (delays in payments, reaching credit cards limits, etc.)

• National or local economic conditions that are linked to "defaults " (unemployment, falling property prices,

etc).

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
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language version prevails.

Impairment losses determined individually

The amount of the impairment losses incurred on these instruments relates to the positive difference between
their respective carrying amounts and the present values of their expected future cash flows. These cash flows
are discounted using the original effective interest rate. If a financial instrument has a variable interest rate, the
discount rate for measuring any impairment loss is the current effective rate determined under the contract.

As an exception to the rule described above, the market value of quoted debt instruments is deemed to be a fair
estimate of the present value of their future cash flows.

The following is to be taken into consideration when estimating the future cash flows of debt instruments:

• All the amounts that are expected to be recovered over the residual life of the instrument; including, where
appropriate, those which may result from the collateral and other credit enhancements provided for the
instrument (after deducting the costs required for foreclosure and subsequent sale). Impairment losses
include an estimate for the possibility of collecting accrued, past-due and uncollected interest.

• The various types of risk to which each instrument is subject.
• The circumstances in which collections will foreseeably be made.

Impairment losses determined collectively

Impairment losses are calculated collectively, both in the case of certain assets classified as impaired that are not
individually significant and are therefore not determined on an individual basis (impaired portfolio), and for asset
portfolios that are currently not impaired but that represent a potential loss ("inherent loss") or it is not specifically
allocated (non-impaired portfolio), average and substandard risks.

Inherent losses are losses incurred on the date of preparing the financial statements that are still pending
allocation to specific transactions. They are therefore estimated using statistical procedures.

The Bank calculates the inherent loss in relation to the credit risk assumed by Spanish banking institutions by
applying the parameters set out in Appendix IX to Bank of Spain Circular 4/2004, which are based on the Bank of
Spain's experience of the Spanish banking sector. For the specific case of the real-estate risk provisions existing as
of December 31, 2011, the Bank applies the parameters set out in section V of Appendix IX to the Circular,
which are a transposition of the provisions of Royal Decree-Law 2/2012, dated February 3, on the restructuring
of the financial sector and of Act 8/2012, dated October 30, on the restructuring and sale of real-estate assets in
the financial sector.

Following is a description of the methodology used to estimate the collective loss of credit risk corresponding to
operations with residents in Spain:

•

Impaired financial assets

As a general rule, provided that impaired debt instruments do not have any of the guarantees mentioned
below, they are provisioned by applying the percentages indicated to the amount of the outstanding risk,
according to the oldest past-due amount, or the date on which the assets are classified as impaired, if earlier:

Allowance Percentages for Impairment Loans

Age of the Past-due Amount

Allowance Percentage

Up to 180 days
Over 180 days and up to 270 days
Over 270 days and up to 1 year
Over 1 year

25%
50%
75%
100%

• The impairment of debt instruments that have one or more of the guarantees indicated below is calculated
by applying the above percentages to the amount of the outstanding risk that exceeds the value of the
guarantees, in accordance with the following criteria:

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
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language version prevails.

− Transactions secured by real estate

For the purposes of calculating impairment of financial assets classified as impaired, the value of the real
rights received as security will be calculated according to the type of asset secured by the real right,
using the following criteria, provided they are first-call and duly constituted and registered in favor of the
bank:

− Completed home that is the primary residence of the borrower

Includes homes with a current certificate of habitability or occupancy, issued by the corresponding
administrative authority, in which the borrower usually lives and feels more attached to.
The calculation of the value of the rights received as collateral shall be 80% of the cost of the
completed home and the appraisal value of its current state, whichever is lower. For these
purposes, the cost will be the purchase price declared by the borrower in the public deed. If the
deed is manifestly old, the cost may be obtained by adjusting the original cost by an indicator that
accurately reflects the average change in price of existing homes between the date of the deed and
the calculation date.

− Rural buildings in use, and completed offices, premises and multi-purpose buildings

Includes land not declared as urbanized, and on which construction is not authorized for uses other
than agricultural, forest or livestock, as appropriate; as well as multi-purpose buildings, whether or
not they are linked to an economic use, that do not include construction or legal characteristics or
elements that limit or make difficult their multi-purpose use and thus their easy conversion into cash.
The calculation of the value of the rights received as collateral shall be 70% of the cost of the
completed property or multi-purpose buildings and the appraisal value of its current state, whichever
is lower. For these purposes, the cost will be the purchase price declared by the borrower in the
public deed. If the property was constructed by the borrower himself, the cost shall be calculated by
using the price of acquisition of the land declared in the public deed plus the value of work
certificates, and including any other necessary expenses and accrued taxes, but excluding financial
and business expenses.

− Finished homes (rest)

Includes finished homes that, on the date referred to by the financial statements, have the
corresponding current certificate of habitability or occupancy issued by the corresponding
administrative authority, but that do not qualify for consideration under above section “Completed
home that is the primary residence of the borrower”.
The value of the rights received as collateral shall be 60% of the cost of the completed home and
the appraisal value of its current state, whichever is lower. The cost will be the purchase price
declared by the borrower in the public deed.
In the case of finance for real estate construction, the cost will include the amount declared on the
purchase deed for the land, together with any necessary expenses actually paid for its development,
excluding commercial and financial expenses, plus the sum of the costs of construction as shown in
partial work certificates issued by experts with appropriate professional qualifications, including that
corresponding to work completion. In the case of groups of homes that form part of developments
partially sold to third parties, the cost shall be that which can be rationally assigned to the homes
making up the collateral.

− Land, lots and other real estate assets

The value of the rights received as collateral shall be 50% of the cost of the lot or real-estate asset
affected and the appraisal value of its current state, whichever is lower. For these purposes, the cost
is made up of the purchase price declared by in the public deed, plus the necessary expenses that
have actually been incurred by the borrower for the consideration of the land or lot in question as
urban land, as well as those stipulated in the previous section.

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

− Transactions secured by other collateral (not real estate):

Transactions that have as collateral any of the pledges indicated below shall be hedged by applying the
following criteria:

− Partial cash guarantees: Transactions that have partial cash guarantees shall be hedged by applying
the hedging percentages stipulated as general criteria to the difference between the amount for
which they are registered in the asset and the current value of the deposits.

− Partial pledges: Transactions that have partial pledges on shares in monetary financial institutions or
debt securities issued by the government, credit institutions or financial credit institutions rated in
the “negligible risk” class, or other financial instruments traded on active markets, shall be hedged
by applying the hedging percentages stipulated as a general rule to the difference between the
amount for which they are registered in the asset and 90% of the fair value of these financial
instruments.

• Non-impaired portfolio
− Average Risk

Debt instruments, whoever the obligor and whatever the guarantee or collateral, that are not considered
impaired are assessed collectively, including the assets in a group with similar credit risk characteristics,
including sector of activity of the debtor or the type of guarantee. The applicable hedging percentages
are as follows:

Risk

Negligible risk
Low risk
Medium-low risk
Medium risk
Medium-high risk
High risk

− Substandard Risk

Allowance Range

0%
0.06%
0.15%
0.18%
0.2%
0.25%

0%
0.75%
1.88%
2.25%
2.50%
3.13%

Loans classified in the Substandard Risk category will be analyzed to determine the necessary generic
provision, which is the difference between the amount recognized in assets for these instruments and the
present value of cash flows expected to be received for the group, discounted at the average contractual
interest.

The coverage to be performed for each of the homogeneous groups of debt instruments classified as
substandard risks for belonging to a troubled range, will be collectively estimated for assets with similar
credit risk characteristics to the group’s based on historical loss experience. This historical experience is
adjusted on the basis of observable data to reflect the effect of current conditions that did not affect the
period that has been extracted from historical experience, and to remove the effects of conditions in the
historical period that do not exist today.

• Country risk allowance or provision

On the basis of the countries' economic performance, political situation, regulatory and institutional
framework, and payment capacity and record, the Bank classifies all the transactions into different groups,
assigning to each group the insolvency provision percentages derived from those analyses.

However, due to the dimension of the Bank and to the proactive management of its country risk exposure,
the allowances recognized in this connection are not material with respect to the credit loss allowances
recognized (as of December 31, 2015, these country risk allowances represent 0.33% of the credit loss
allowances recognized of the Bank).

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

Impairment of other debt instruments classified as financial assets available for sale

The impairment losses on debt securities included in the “Available-for-sale financial asset portfolio are equal to
the positive difference between their acquisition cost (net of any principal repayment), after deducting any
impairment loss previously recognized in the income statement, and their fair value.

When there is objective evidence that the negative differences arising on measurement of these assets are due to
impairment, they are no longer considered as “Valuation adjustments - Available-for-sale financial assets” and are
recognized in the income statement.

If all or part of the impairment losses are subsequently recovered, the amount is recognized in the income
statement for the year in which the recovery occurred, up to the limit of the amount recognized previously in
earnings.

Impairment of equity instruments

The amount of the impairment in the equity instruments is determined by the category where they are
recognized:

• Equity instruments measured at fair value: The criteria for quantifying and recognizing impairment losses on
equity instruments are similar to those for “Debt instruments”, with the exception that any recovery of
previously recognized impairment losses for an investment in an equity instrument classified as available for
sale is not recognized in the income statement but under the heading “Valuation adjustments – Available-for-
sale financial assets” in the balance sheet (see Note 26).

The Bank considers that there is objective evidence of impairment on equity instruments classified as
available-for-sale when significant unrealized losses have existed over a sustained period of time due to a
price reduction of at least 40% or over a period of more than 18 months.

When applying this evidence of impairment, the Bank takes into account the volatility in the price of each
individual security to determine whether it is a percentage that can be recovered through its sale on the
market; other different thresholds may exist for certain securities or specific sectors.

In addition, for individually significant investments, the Bank compares the valuation of the most significant
securities against valuations performed by independent experts.

• Equity instruments measured at cost: The impairment losses on equity instruments measured at acquisition
cost are equal to the difference between their carrying amount and the present value of expected future cash
flows discounted at the market rate of return for similar securities. These impairment losses are determined
taking into account the equity of the investee (except for valuation adjustments due to cash flow hedges) for
the last approved balance sheet, adjusted for the unrealized gains on the measurement date.

Impairment losses are recognized in the income statement for the year in which they arise as a direct
reduction of the cost of the instrument. These losses may only be reversed subsequently in the event of the
sale of these assets.

Impairment of holdings in subsidiaries, associates or jointly controlled entities

When evidence of impairment exists in the holdings in subsidiaries, associates or jointly controlled entities, the
entity will estimate the amount of the impairment losses by comparing their recoverable amount, which is the fair
value minus the necessary sale costs or their value in use, whichever is greater, with their carrying amount.
Impairment losses are recognized immediately under the heading “Impairment losses on other assets (net)” in the
income statement (see Note 42). Recoveries subsequent to impairment losses recognized previously are
recognized under the same heading in the income statement for the period.

2.2.3

Transfers and derecognition of financial assets and liabilities

The accounting treatment of transfers of financial assets is determined by the way in which risks and benefits
associated with the assets involved are transferred to third parties. Thus, the financial assets are only
derecognized from the balance sheet when the cash flows that they generate are extinguished, or when their
implicit risks and benefits have been substantially transferred to third parties. In the latter case, the financial asset
transferred is derecognized from the balance sheet, and any right or obligation retained or created as a result of
the transfer is simultaneously recognized.

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

Similarly, financial liabilities are derecognized from the balance sheet only if their obligations are extinguished or
acquired (with a view to subsequent cancellation or renewed placement).

The Bank is considered to have transferred substantially all the risks and benefits if such risks and benefits
account for the majority of the risks and benefits involved in ownership of the transferred assets. If substantially
all the risks and benefits associated with the transferred financial asset are retained:

• The transferred financial asset is not derecognized from the balance sheet and continues to be measured

using the same criteria as those used before the transfer.

• A financial liability is recognized at an amount equal to the amount received, which is subsequently measured

at amortized cost.

In the specific case of securitizations, this liability is recognized under the heading “Financial liabilities at
amortized cost – Customer deposits” in the balance sheets (see Note 19). As these liabilities do not constitute
a current obligation, when measuring such a financial liability the Bank deducts those financial instruments
owned by it which constitute financing for the entity to which the financial assets have been transferred, to
the extent that these instruments are deemed specifically to finance the transferred assets.

• Both the income generated on the transferred (but not derecognized) financial asset and the expenses

associated with the new financial liability continue to be recognized.

The criteria followed with respect to the most common transactions of this type made by the Bank are as follows:

• Purchase and sale commitments: Financial instruments sold with a repurchase agreement are not
derecognized from the balance sheets and the amount received from the sale is considered to be financing
from third parties.

Financial instruments acquired with an agreement to subsequently resell them are not recognized in the
balance sheets and the amount paid for the purchase is considered to be credit given to third parties.

• Securitization: The Bank has applied the most stringent criteria for determining whether or not it retains
substantially all the risk and rewards on such assets for all securitizations performed since January 1, 2004.
As a result of this analysis, the Bank has concluded that none of the securitizations undertaken since that
date meet the prerequisites for derecognizing the securitized assets from the balance sheets (see Note 11
and Appendix VI), as the Bank retains substantially all the expected credit risks and possible changes in net
cash flows, while retaining the subordinated loans and lines of credit extended to these securitization funds.

2.3 Financial guarantees

Financial guarantees are considered to be those contracts that require their issuer to make specific payments to
reimburse the holder for a loss incurred when a specific borrower breaches its payment obligations on the terms
– whether original or subsequently modified – of a debt instrument, irrespective of the legal form it may take.
Financial guarantees may take the form of a deposit, financial guarantee, insurance contract or credit derivative,
among others.

In their initial recognition, financial guarantees provided on the liability side of the balance sheet at fair value,
which is generally the present value of the fees, commissions and interest receivable from these contracts over
the term thereof, and we simultaneously recognize a credit on the asset side of the balance sheet for the amount
of the fees and commissions received at the inception of the transactions and the amounts receivable at the
present value of the fees, commissions and interest outstanding.

Financial guarantees, irrespective of the guarantor, instrumentation or other circumstances, are reviewed
periodically so as to determine the credit risk to which they are exposed and, if appropriate, to consider whether
a provision is required for them. The credit risk is determined by application of criteria similar to those established
for quantifying impairment losses on debt instruments measured at amortized cost (see Note 2.2).

The provisions made for financial guarantees considered impaired are recognized under the heading “Provisions -
Provisions for contingent risks and commitments” on the liability side in the balance sheets (see Note 20). These
provisions are recognized and reversed with a charge or credit, respectively, to “Provisions (net)” in the income
statements (see Note 40).

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

Income from guarantee instruments is registered under the heading “Fee and commission income” in the income
statement and is calculated by applying the rate established in the related contract to the nominal amount of the
guarantee (see Note 34).

2.4 Non-current assets held for sale and liabilities associated with non-current

assets held for sale

The heading “Non-current assets held-for-sale” in the balance sheets includes the carrying amount of financial or
non-financial assets that are not part of the Bank’s operating activities. The recovery of this carrying amount is
expected to take place through the price obtained on its disposal (see Note 13).

This heading includes individual items and groups of items (“disposal groups”) that form part of a major operating
segment and are being held for sale as part of a disposal plan (“discontinued transactions”). The individual items
include the assets received by the Bank from their debtors in full or partial settlement of the debtors’ payment
obligations (assets foreclosed or in lieu of repayment of debt and recovery of lease finance transactions), unless
the Bank has decided to make continued use of these assets. The Bank has units that specialize in real estate
management and the sale of this type of asset.

Symmetrically, the heading “Liabilities associated with non-current assets held for sale” in the balance sheets
reflects the balances payable arising from disposal groups and discontinued operations.

Non-current assets held for sale are generally measured at fair value less sale costs, or their carrying amount,
calculated on the date of their classification within this category, whichever is lower. Non-current assets held for
sale are not depreciated while included under this heading.

The fair value of the non-current assets held for sale from foreclosures or recoveries is mainly based on appraisals
or valuations made by independent experts and not more than one year old, or less if there are indications of
impairment. The Bank applies the rule that these appraisals may not be older than one year, and their age is
reduced if there is an indication of deterioration in the assets.The Spanish entities mainly use the services of the
following valuation and appraisal companies. None of them is linked to the BBVA Group and all are entered in the
official Bank of Spain register: Sociedad de Tasación, S.A., Valtecnic, S.A., Krata, S.A., Gesvalt, S.A., Alia
Tasaciones, S.A., Tasvalor, S.A., Tinsa, S.A., Ibertasa, S.A., Valmesa, S.A., Arco Valoraciones, S.A., Tecnicasa,
S.A. and Uve Valoraciones, S.A.

Gains and losses generated on the disposal of assets and liabilities classified as non-current held for sale, and
related impairment losses and subsequent recoveries, where pertinent, are recognized under the heading “Gains
(losses) on non-current assets held for sale not classified as discontinued transactions” in the income statements
(see Note 44). The remaining income and expense items associated with these assets and liabilities are classified
within the relevant income statement headings.

Income and expenses for discontinued operations, whatever their nature, generated during the year, even if they
have occurred before their classification as discontinued operations, are presented net of the tax effect as a single
amount under the heading “Income from discontinued transactions” in the income statement, whether the
business remains on the balance sheet or is derecognized from the balance sheet. As long as an Asset remains in
this category, it will not be amortized. This heading includes the earnings from their sale or other disposal.

2.5 Tangible assets

Property, plants and equipment for own use

This heading includes the assets under ownership or acquired under lease finance, intended for future or current
use by the Bank and that it expects to hold for more than one year. It also includes tangible assets received by
the Bank in full or part settlement of financial assets representing receivables from third parties and those assets
expected to be held for continuing use.

Property, plants and equipment for own use is recognized in the balance sheets at acquisition cost, less any
accumulated depreciation and, where appropriate, any estimated impairment losses resulting from comparing the
net carrying amount of each item with its corresponding recoverable value.

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

Depreciation is calculated using the straight-line method, on the basis of the acquisition cost of the assets less
their residual value; the land on which the buildings and other structures stand is considered to have an indefinite
life and is therefore not depreciated.

The tangible asset depreciation charges are recognized in the accompanying income statements under the
heading "Depreciation and amortization" (see Note 39) and are based on the application of the following
depreciation rates (determined on the basis of the average years of estimated useful life of the different assets):

Tangible Assets

Annual Percentage

Buildings for own use
Furniture
Fixtures
Office supplies and computerization

1% - 4%
8% - 10%
6% - 12%
8% - 25%

The Bank’s criteria for determining the recoverable amount of these assets, in particular the buildings for own
use, is based on up-to-date independent appraisals that are no more than 3-5 years old at most, unless there are
indications of impairment.

At each accounting close, the Bank analyzes whether there are internal or external indicators that a tangible asset
may be impaired. When there is evidence of impairment, the entity then analyzes whether this impairment
actually exists by comparing the asset’s net carrying amount with its recoverable amount. When the carrying
amount exceeds the recoverable amount, the carrying amount is written down to the recoverable amount and
future depreciation charges are adjusted to reflect the asset’s remaining useful life.

Similarly, if there is any indication that the value of a tangible asset has been recovered, the entities will estimate
the recoverable amounts of the asset and recognize it in the income statement, registering the reversal of the
impairment loss registered in previous years and thus adjusting future depreciation charges. Under no
circumstances may the reversal of an impairment loss on an asset raise its carrying amount above that which it
would have if no impairment losses had been recognized in prior years.

Upkeep and maintenance expenses relating to tangible assets held for own use are recognized as an expense in
the year they are incurred and recognized in the income statements under the heading "Administration costs -
General and administrative expenses - Property, fixtures and equipment" (see Note 38.2).

Other assets leased out under an operating lease

The criteria used to recognize the acquisition cost of assets leased out under operating leases, to calculate their
depreciation and their respective estimated useful lives and to register the impairment losses on them, are the
same as those described in relation to tangible assets for own use.

Investment properties

The heading “Tangible assets - Investment properties” in the balance sheets reflects the net values (purchase cost
minus the corresponding accumulated depreciation and, if appropriate, estimated impairment losses) of the land,
buildings and other structures that are held either to earn rentals or for capital appreciation through sale and that
are neither expected to be sold off in the ordinary course of business nor are destined for own use (see Note 15).

The criteria used to recognize the acquisition cost of investment properties, calculate their depreciation and their
respective estimated useful lives and register the impairment losses on them, are the same as those described in
relation to tangible assets held for own use.

The Bank’s criteria for determining the recoverable amount of these assets is based on up-to-date independent
appraisals that are no more than one year old at most, unless there are indications of impairment.

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

2.6

Intangible assets

These assets may have an indefinite useful life if, based on an analysis of all relevant factors, it is concluded that
there is no foreseeable limit to the period over which the asset is expected to generate net cash flows for the
Bank. In all other cases they have a finite useful life.

Intangible assets with a finite useful life are amortized according to the duration of this useful life, using methods
similar to those used to depreciate tangible assets. The depreciation charge for these assets is recognized in the
accompanying income statements under the heading "Depreciation and amortization" (see Note 39).

The Bank recognizes any impairment loss on the carrying amount of these assets with charge to the heading
“Impairment losses on other assets (net) - Goodwill and other intangible assets” in the accompanying income
statements (see Note 42). The criteria used to recognize the impairment losses on these assets and, where
applicable, the recovery of impairment losses recognized in prior years, are similar to those used for tangible
assets.

2.7 Tax assets and liabilities

Expenses on corporation tax applicable to Spanish companies are recognized in the income statement, except
when they result from transactions on which the profits or losses are recognized directly in equity, in which case
the related tax effect is also recognized in equity.

The total corporate income tax expense is calculated by aggregating the current tax arising from the application
of the corresponding tax rate to the tax for the year (after deducting the tax credits allowable for tax purposes)
and the change in deferred tax assets and liabilities recognized in the income statement.

Deferred tax assets and liabilities include temporary differences, defined as at the amounts to be payable or
recoverable in future fiscal years arising from the differences between the carrying amount of assets and liabilities
and their tax bases (the “tax value”), and the tax loss and tax credit carry forwards. These amounts are registered
by applying to each temporary difference the tax rates that are expected to apply when the asset is realized or
the liability settled (see Note 17).

Deferred tax liabilities in relation to taxable temporary differences associated with investments in subsidiaries,
associates or jointly controlled entities are recognized for accounting purposes, except where the Bank can
control the timing of the reversal of the temporary difference and it is also unlikely that it will reverse in the
foreseeable future.

Deferred tax assets are only recognized if it is considered probable that they will have sufficient tax gains in the
future against which they can be made effective.

The deferred tax assets and liabilities recognized are reassessed by the Bank at the close of each accounting
period in order to ascertain whether they are still current, and the appropriate adjustments are made on the basis
of the findings of the analyses performed.

In those circumstances in which it is unclear how a specific requirement of the tax law applies to a particular
transaction or circumstance, and the acceptability of the definitive tax treatment depends on the decisions taken
by the relevant taxation authority in future, the entity recognizes current and deferred tax liabilities and assets
considering whether it is probable or not that a taxation authority will accept an uncertain tax treatment.
Thus, if the entity concludes that it is not probable that the taxation authority will accept an uncertain tax
treatment, the entity uses the most likely amount or expected value in determining tax assets.

The income and expenses directly recognized in equity that do not increase or decrease taxable income are
accounted for as temporary differences.

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

2.8 Provisions, contingent assets and contingent liabilities

The heading “Provisions” in the balance sheets includes amounts recognized to cover the Bank’s current
obligations arising as a result of past events. These are certain in terms of nature but uncertain in terms of
amount and/or extinguishment date. The settlement of these obligations by the Bank is deemed likely to entail an
outflow of resources embodying economic benefits (see Note 20). The obligations may arise in connection with
legal or contractual provisions, valid expectations formed by Bank companies relative to third parties in relation to
the assumption of certain responsibilities or through virtually certain developments of particular aspects of the
regulations applicable to the operation of the entities; and, specifically, future legislation to which the Bank will
certainly be subject.

The provisions are recognized in the balance sheets when each and every one of the following requirements is
met:

• They represent a current obligation that has arisen from a past event;
• At the date referred to by the financial statements, there is more probability that the obligation will have to be

met than that it will not;

•

It is probable that an outflow of resources embodying economic benefits will be required to settle the
obligation; and

• The amount of the obligation can be reasonably estimated.

Among other items, these provisions include the commitments made to employees (mentioned in section 2.9),
as well as provisions for tax and legal litigation.

Contingent assets are possible assets that arise from past events and whose existence is conditional on, and will
be confirmed only by, the occurrence or non-occurrence of events beyond the control of the Bank. Contingent
assets are not recognized in the balance sheet or in the income statement; however, they are disclosed in the
Notes to the financial statements, provided that it is probable that these assets will give rise to an increase in
resources embodying economic benefits (see Note 29).

Contingent liabilities are possible obligations of the Bank that arise from past events and whose existence is
conditional on the occurrence or non-occurrence of one or more future events beyond the control of the entity.
They also include the existing obligations of the entity when it is not probable that an outflow of resources
embodying economic benefits will be required to settle them; or when, in extremely rare cases, their amount
cannot be measured with sufficient reliability.

2.9 Pensions and other post-employment commitments

Below is a description of the most significant accounting criteria relating to the commitments to employees, in
terms of post-employment benefits and other long term commitments assumed by the Bank's companies in Spain
and abroad (see Note 21).

Commitments’ valuation: assumptions and actuarial gains/losses recognition

The present values of the commitments are quantified based on an individual member data. Costs are calculated
using the projected unit credit method, which sees each period of service as giving rise to an additional unit of
benefit/commitment and measures each unit separately to build up the final obligation.

The actuarial assumptions should take into account that:

• They are unbiased, in that they are not unduly aggressive nor excessively conservative.
• They are compatible with each other and adequately reflect the existing economic relations between factors
such as inflation, foreseeable wage increases, discount rates and the expected return on plan assets, etc. The
expected return on plan assets is calculated by taking into account both market expectations and the
particular nature of the assets involved..

• The rate used to discount the commitments is determined by reference to market yields at the date referred

to by the financial statements on high quality bonds.

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

The Bank recognizes actuarial differences originating in the commitments assumed with staff taking early
retirement, benefits awarded for seniority and other similar items under the heading “Provisions (net)” of the
income statement for the period (see Note 40) in which these differences occur. The Bank recognizes the
actuarial gains or losses arising on all other defined-benefit post-employment commitments directly under the
heading "Valuation adjustments" of equity in the accompanying consolidated balance sheets (see Note 26).

Post-employment benefit commitments

Pensions

The Bank’s post-employment benefit commitments are either defined-contribution or defined-benefit.

• Defined-contribution commitments: The amounts of these commitments are established as a percentage of
certain remuneration items and/or as a fixed pre-established amount. The contributions made in each period
by the Bank’s companies for these commitments are recognized with a charge to the heading
“Administration costs - Personnel expenses - Defined-contribution plan expense” in the consolidated income
statements (see Note 38).

• Defined-benefit commitments: The Bank has defined-benefit commitments for permanent disability and death
for certain current employees and early retirees, and defined-benefit retirement commitments applicable only
to certain groups of serving employees, or early retired employees and retired employees. These
commitments are either funded by insurance contracts or registered as internal provisions.

The amounts recognized under the heading “Provisions – Provisions for pensions and similar obligations” (see
Note 20) are the differences, at the date of the financial statements, between the present values of the defined-
benefit commitments, adjusted by the past service cost, and the fair value of plan assets.

The cost of the benefits provided by Spanish entities in the BBVA Group to active employees are recognized
under the heading “Personnel expenses - Other personnel expenses” in the consolidated income statements (see
Note 38.1).

Early retirement

The Bank has offered certain employees in Spain the possibility of taking early retirement before the age
stipulated in the collective labor agreement in force and has put into place the corresponding provisions to cover
the cost of the commitments acquired for this item. The present values paid for early retirement are quantified
based on an individual member data and are recognized under the heading “Provisions – Provisions for pensions
and similar obligations” in the accompanying balance sheets (see Note 20).

The early retirement commitments in Spain include the compensation and indemnities and contributions to
external pension funds payable during the period of early retirement. The commitments relating to this group of
employees after they have reached normal retirement age are dealt with in the same way as pensions.

Other post-employment welfare benefits

The Bank has welfare benefit commitments whose effects extend beyond the retirement of the employees
entitled to the benefits. These commitments relate to certain current employees and retirees, depending on the
employee group they belong to.

The present values of post-employment welfare benefits are quantified based on an individual member data and
are recognized under the heading “Provisions – Provisions for pensions and similar obligations” in the
consolidated balance sheets (see Note 20).

Other long-term commitments to employees

The Bank is required to provide certain goods and services to groups of employees. The most significant of
these, in terms of the type of remuneration and the event giving rise to the commitments, are as follows: loans to
employees, life insurance, study assistance and long-service awards.

Some of these commitments are measured using actuarial studies, so that the present values of the vested
obligations for commitments with personnel are quantified based on an individual member data. They are
recognized under the heading “Provisions – Other provisions” in the balance sheets (see Note 20).

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

The cost of these benefits provided by the Bank's Spanish companies to active employees are recognized under
the heading “Personnel expenses - Other personnel expenses” in the consolidated income statements (see Note
38).

Other commitments for current employees accrue and are settled on a yearly basis, so it is not necessary to
register a provision in this regard.

2.10 Equity-settled share-based payment transactions

Provided they constitute the delivery of such instruments following the completion of a specific period of services,
equity-settled share-based payment transactions are recognized as en expense for services being provided by
employees, by way of a balancing entry under the heading “Stockholders’ equity – Other equity instruments” in
the balance sheet. These services are measured at fair value, unless this value cannot be calculated reliably. In
this case, they are measured by reference to the fair value of the equity instruments committed, taking into
account the date on which the commitments were assumed and the terms and other conditions included in the
commitments.

When the initial compensation agreement includes what may be considered market conditions among its terms,
any changes in these conditions will not be reflected in the income statement, as these have already been
accounted for in calculating the initial fair value of the equity instruments. Non-market vesting conditions are not
taken into account when estimating the initial fair value of instruments, but they are taken into consideration
when determining the number of instruments to be granted. This will be recognized on the income statement
with the corresponding increase in equity.

2.11 Termination benefits

Termination benefits are recognized in the accounts when the Bank agrees to terminate employment contracts
with its employees and has established a detailed plan to do so.

2.12 Treasury stock

The value of the equity instruments (basically, shares and derivatives over the Bank's shares held by some Group
companies that comply with the requirements for recognition as equity instruments) is recognized under the
heading "Stockholders' funds - Treasury stock" in the balance sheets (see Note 25).

These financial assets are recognized at acquisition cost, and the gains or losses arising on their disposal are
credited or debited, as appropriate, under the heading “Stockholders’ funds - Reserves” in the balance sheets (see
Note 24).

2.13 Foreign-currency transactions

Assets, liabilities and futures transactions

The assets and liabilities in foreign currencies, including those of branches abroad, and the unmatured hedging
forward foreign currency purchase and sale transactions, are converted to euros at the average exchange rates
on the Spanish spot currency market (or based on the price of the U.S. dollar on local markets for the currencies
not listed on this market) at the end of each period, with the exception of:

• Non-current investments in securities denominated in foreign currencies and financed in euros or in a

currency other than the investment currency, which are converted at historical exchange rates.

• Unmatured non-hedging forward foreign currency purchase and sale transactions, which are converted at
the exchange rates on the forward currency market at the end of each period as published by the Bank of
Spain for this purpose.

The exchange differences that arise when converting these foreign-currency assets and liabilities (including those
of the branches) into euros are recognized under the heading “Exchange differences (net)" in the income
statement, except for those differences that arise in non-monetary items classified as available for sale.

The breakdown of the main balances in foreign currencies as of December 31, 2015 and 2014, with reference
to the most significant foreign currencies, is set forth in Appendix VIII.

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

Structural currency positions

As a general policy, the Bank’s investments in foreign subsidiaries and the endowment funds provided to
branches abroad are financed in the same currency as the investment in order to eliminate the future currency
risk arising from these transactions. However, the investments made in countries whose currencies do not have a
market which permits the obtainment of unlimited, lasting and stable long-term financing are financed in another
currency.

2.14 Recognition of income and expenses

The most significant criteria used by the Bank to recognize its income and expenses are as follows.

•

Interest income and expenses and similar items

As a general rule, interest income and expenses and similar items are recognized on the basis of their period
of accrual using the effective interest rate method. The financial fees and commissions that arise on the
arrangement of loans (basically origination and analysis fees) must be deferred and recognized in the income
statement over the expected life of the loan. The direct costs incurred in arranging these transactions can be
deducted from the amount thus recognized. These fees are part of the effective rate for loans. Also dividends
received from other companies are recognized as income when the companies’ right to receive them arises.

However, when a debt instrument is deemed to be impaired individually or is included in the category of
instruments that are impaired because of amounts more than three months past-due, the recognition of
accrued interest in the income statement is interrupted. This interest is recognized for accounting purposes
as income, as soon as it is received.

• Commissions, fees and similar items
•

Income and expenses relating to commissions and similar fees are recognized in the income statement using
criteria that vary according to the nature of such items. The most significant items in this connection are:
− Those relating to financial assets and liabilities measured at fair value through profit or loss, which are

recognized when collected/paid.

− Those arising from transactions or services that are provided over a period of time, which are recognized

over the life of these transactions or services.

− Those relating to single acts, which are recognized when this single act is carried out.

• Non-financial income and expenses

These are recognized for accounting purposes on an accrual basis.

• Deferred collections and payments

These are recognized for accounting purposes at the amount resulting from discounting the expected cash
flows at market rates.

2.15 Sales and income from the provision of non-financial services

The heading “Other operating income – Sales and income form the provision of non-financial services” in the
income statement includes the amount of sales of goods and revenue from the provision of non-financial services
(see Note 37).

2.16 Leases

Lease contracts are classified as finance from the start of the transaction, if they substantially transfer all the risks
and rewards incidental to ownership of the asset forming the subject-matter of the contract. Leases other than
finance leases are classified as operating leases.

When the Bank acts as the lessor of an asset in finance leases, the aggregate present values of the lease
payments receivable from the lessee plus the guaranteed residual value (usually the exercise price of the lessee’s
purchase option on expiration of the lease agreement) are recognized as financing provided to third parties and,
therefore, are included under the heading “Loans and receivables” in the balance sheets.

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

When the Bank acts as lessor of an asset in operating leases, the acquisition cost of the leased assets is
recognized under "Tangible assets – Property, plants and equipment – Other assets leased out under an operating
lease" in the balance sheets (see Note 15). These assets are depreciated in line with the criteria adopted for items
of tangible assets for own use, while the income arising from the lease arrangements is recognized in the income
statements on a straight-line basis under the headings "Other operating income - Rest of other operating income"
and "Other operating expenses" (see Note 37).

In the case of a fair value sale and leaseback, the profit or loss generated by the sale is recognized in the income
statement at the time of sale. If such a transaction gives rise to a finance lease, the corresponding gains or losses
are amortized over the lease period.

2.17 Entities and branches located in countries with hyperinflationary economies

None of the functional currencies of the branches located abroad relate to hyperinflationary economies as defined
by Circular 4/2004 and subsequent amendments. Accordingly, as of December 31, 2015 and 2014 it was not
necessary to adjust the financial statements of any branch to correct for the effect of inflation.

2.18 Statements of recognized income and expenses

The statements of recognized income and expenses reflect the income and expenses generated each year. They
distinguish between income and expenses recognized as results in the income statements and “Other recognized
income (expenses)” recognized directly in equity. “Other recognized income (expenses)” include the changes that
have taken place in the year in the “Valuation adjustments” broken down by item.

The sum of the changes to the heading “Valuation adjustments” of the total equity and the net income of the year
forms the “Total recognized income/expenses of the year”.

2.19 Statements of changes in equity

The statements of changes in equity reflect all the movements generated in each year in each of the headings of
the equity, including those from transactions undertaken with shareholders when they act as such, and those due
to changes in accounting criteria or corrections of errors, if any.

The applicable regulations establish that certain categories of assets and liabilities are recognized at their fair value
with a charge to equity. These charges, known as “Valuation adjustments” (see Note 26), are included in the
Bank’s total equity net of tax effect, which has been recognized as deferred tax assets or liabilities, as appropriate.

2.20 Statements of cash flows

The indirect method has been used for the preparation of the statement of cash flows. This method starts from
the Bank’s net income and adjusts its amount for the effects of transactions of a non-cash nature, any deferrals or
accruals of past or future operating cash receipts or payments, and items of income or expense associated with
cash flows classified as investment or finance. As well as cash, short-term, highly liquid investments subject to a
low risk of changes in value, such as cash and deposits in central banks, are classified as cash and cash
equivalents.

When preparing these financial statements the following definitions have been used:

• Cash flows: Inflows and outflows of cash and cash equivalents.
• Operating activities: The typical activities of credit institutions and other activities that cannot be classified as

investment or financing activities.

•

Investing activities: The acquisition, sale or other disposal of long-term assets and other investments not
included in cash and cash equivalents or in operating activities.

• Financing activities: Activities that result in changes in the size and composition of the Bank's equity and of

liabilities that do not form part of operating activities.

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

System of shareholder remuneration

Shareholder remuneration system

During 2011, 2012, 2013 and 2014, a shareholder remuneration system called the “Dividend Option” was
implemented.

Under this remuneration scheme, BBVA offers its shareholders the opportunity to receive part of their
remuneration in the form of new ordinary shares; however, they can still choose to receive it in cash by selling
their free allocation rights to BBVA (in execution of the commitment assumed by BBVA to acquire the free
allocation rights attributed to the shareholders at a guaranteed fixed price) or by selling their free allocation rights
on the market at the prevailing market price at that time.

On March 25, 2015, the Executive Committee approved the execution of the first of the capital increases
charged to reserves as agreed by the AGM held on March 13, 2015 to implement the Dividend Option. As a
result of this increase, the Bank’s common stock increased by €39,353,896.26 (80,314,074 shares at a €0.49
par value each). 90.31% of shareholders opted to receive their remuneration in the form of ordinary shares of
BBVA (see Note 25). The other 9.69% of the right owners opted to sell the rights assigned to them to BBVA, and
as a result, BBVA acquired 602,938,646 rights for a total amount of €78,382,023.98; said shareholders were
paid in cash at a gross fixed price of €0.13 per right, registered in “Total Equity- Dividends and remuneration” of
the consolidated balance sheet as of December 31, 2015.

On September 30, 2015, the Executive Committee approved the execution of the second of the capital increases
charged to reserves as agreed by the AGM held on March 13, 2015 to implement the Dividend Option. As a
result of this increase, the Bank’s common stock increased by €30,106,631.94 (61,442,106 shares at a €0.49
par value each). 89.65% of shareholders opted to receive their remuneration in the form of shares. The other
10.35% of the right owners opted to sell the rights assigned to them to BBVA, and as a result, BBVA acquired
652,564,118 rights for a total amount of €52,205,129.44, said shareholders were paid in cash at a gross fixed
price of €0.08 per right, registered in “Total Equity- Dividends and remuneration” of the consolidated balance
sheet as of December 31, 2015

Dividends

At its meeting of July 1, 2015, the Board of Directors of BBVA approved the payment of an interim dividend
against 2015 earnings of €0.08 gross (€0.0644 net) per outstanding share to be paid on July 16, 2015.

At its meeting of December 22, 2015 the Board of Directors of BBVA approved the second payment of an
interim dividend against 2015 earnings of €0.08 gross (€0.0648 net) per outstanding share to be paid on
January 12, 2016.

The expected financial statements prepared in accordance with legal requirements evidenced the existence of
sufficient liquidity for the distribution of the amounts to the interim dividend, as follows:

Available Amount for Interim Dividend Payments

Profit of BBVA, S.A. at each of the dates indicated, after the
provision for income tax

Less -

Estimated provision for Legal Reserve
Acquisition by the bank of the free allotment rights in 2015
capital increase
Additional Tier I capital instruments remuneration
Interim dividends for 2015 already paid

Maximum amount distributable
Amount of proposed interim dividend

BBVA cash balance available to the date

Millions of Euros
May 31,
2015

November 30,
2015

1,596

1,981

78
96
-
1,408
504

3,360

131
212
504
1,115
509

2,870

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

The first amount of the interim dividend which has been paid to the shareholders on 16 July, 2015, amounted to
€504 million and was recognized under the heading “Stockholders’’ funds – Dividends and remuneration” of the
balance sheet as of December 31, 2015. The dividend which was paid to the shareholders on January 12,
2016, amounted to €509 million and was recognized under the heading “Stockholders’ funds - Dividends and
remuneration” charged against “Financial liabilities at amortized cost – Other financial liabilities” of the balance
sheet as of December 31, 2015 (see Note 19.5).

The table below shows the allocation of the Bank's earnings for 2015 that the Board of Directors will submit for
approval by the General Shareholders' Meeting:

Application of Earnings

Net income for year
Distribution:

Interim dividends
Acquisition by the bank of the free allotment rights(*)

Additional Tier 1 securities
Legal reserve
Voluntary reserves

Millons of euros

2015

2,864

1,014
131

212
19
1,488

(*)

Concerning to the remuneration to shareholders who chose to be paid in cash through the "Dividend Option".

Earnings per share

Earnings per share, basic and diluted are calculated in accordance with the criteria established by IAS 33. For
more information see Glossary of terms

The Bank issued additional share capital in 2015 and 2014 (see Note 22). In accordance with IAS 33, when
there is a capital increase earnings per share, basic and diluted, should be recalculated for previous periods
applying a corrective factor to the denominator (the weighted average number of shares outstanding) This
corrective factor is the result of dividing the fair value per share immediately before the exercise of rights by the
theoretical ex-rights fair value per share. The basic and diluted earnings per share for December 2014 were
recalculated on this basis.

The calculation of earnings per share of the BBVA Group is as follows:

Basic and Diluted Earnings per Share

2015

2014 (*)

Numerator for basic and diluted earnings per share (millions of euros)

Profit attributable to parent company

Adjustment: Mandatory convertible bonds interest expenses (1)
Profit adjusted (millions of euros) (A)
Profit from discontinued operations (net of non-controlling interest) (B)
Denominator for basic earnings per share (number of shares outstanding)

Weighted average number of shares outstanding (2)
Weighted average number of shares outstanding x corrective factor (3)
Adjusted number of shares - Basic earning per share (C)
Adjusted number of shares - diluted earning per share (D)

Basic earnings per share from continued operations (Euros per share)A-B/C
Diluted earnings per share from continued operations (Euros per share)A-B/D

2,642

(212)
2,430
-

6,290
6,290
6,290
6,290
0.39
0.39

2,618

(126)
2,492
-

5,905
6,059
6,059
6,059
0.41
0.41

(1)
(2)

(3)
(*)

Remuneration in the period related to contingent convertible securities (See Note 19.4)
Weighted average number of shares outstanding (millions of euros), excluded weighted average of treasury
shares during the period.
Corrective factor, due to the capital increase with pre-emptive subscription right, applied for the previous years.
Data recalculated due to the mentioned corrective factor

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
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This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

As of December 31, 2015 and 2014 there were no other financial instruments or share option commitments
with employees that could potentially affect the calculation of the diluted earnings per share for the years
presented. For this reason the basic and diluted earnings are matched.

Risk management

5.1 General risk management and control model

BBVA has an overall control and risk management model (hereinafter 'the model') tailored to their business, their
organization and the geographies in which it operates, allowing them to develop their activity in accordance with
their strategy and policy control and risk management defined by the governing bodies of the Bank and adapt to
a changing economic and regulatory environment, tackling management globally and adapted to the
circumstances of each instance.

This model is applied comprehensively in the BBVA and consists of the basic elements listed below::

• Governance and organization
• Risk appetite
• Decisions and processes
• Assessment, monitoring and reporting
•

Infrastructure

BBVA encourages the development of a risk culture to ensure consistent application of the control and risk
management model in the Group, and to ensure that the risk function is understood and assimilated at all levels
of the organization.

5.1.1 Governance and organization

The governance model for risk management at BBVA is characterized by a special involvement of its corporate
bodies, both in setting the risk strategy and in the ongoing monitoring and supervision of its implementation.

Thus, as developed below, the corporate bodies are the ones that approve this risk strategy and corporate
policies for the different types of risk, being the risk function responsible for the management, its implementation
and development, reporting to the governing bodies.

The responsibility for the daily management of the risks lies on the businesses which abide in the development of
their activity to the policies, standards, procedures, infrastructure and controls, based on the framework set by
the governing bodies, which are defined by the function risk.

To perform this task properly, the risk function in the BBVA Group is configured as a single, comprehensive and
independent role of commercial areas.

Corporate governance system

BBVA has developed a corporate governance system that is in line with the best international practices and
adapted to the requirements of the regulators in the countries in which its different business units operate.

The Board of Directors (hereinafter also referred to as "the Board") approves the risk strategy and supervises the
internal control and management systems. Specifically, the strategy approved by the Board includes, at least, the
Group's Risk Appetite statement, the fundamental metrics and the basic structure of limits by geographies, types
of risk and asset classes, as well as the bases of the control and risk management model. The Board ensures that
the budget is in line with the approved risk appetite.

On the basis established by the Board of Directors, the Executive Committee approves specific corporate policies
for each type of risk. Furthermore, the committee approves the Group's risk limits and monitors them, being
informed of both limit excess occurrences and, where applicable, the appropriate corrective measures taken.

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
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This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

Lastly, the Board of Directors has set up a Board committee specializing in risks, the Risk Committee ("RC"). This
committee is responsible for analyzing and regularly monitoring risks within the remit of the corporate bodies and
assists the Board and the SC in determining and monitoring the risk strategy and the corporate policies,
respectively. Another task of special relevance it carries out is detailed control and monitoring of the risks that
affect the Group as a whole, which enables it to supervise the effective integration of the risk strategy
management and the application of corporate policies approved by the corporate bodies.

The head of the risk function in the executive hierarchy is the Group’s Chief Risk Officer (CRO), who carries out its
functions with independence, authority, capacity and resources to do so. He is appointed by the Board of
Directors of the Bank as a member of its senior management, and has direct access to its corporate bodies
(Board of Directors, Executive Standing Committee and Risk Committee), who reports regularly on the status of
risks to the Group.

The Chief Risk Officer, for the utmost performance of its functions, is supported by a cross composed set of units
in corporate risk and the specific risk units in the geographical and / or business areas of the Group structure.
Each of these units is headed by a Risk Officer for the geographical and/or business area who, within his/her field
of competence, carries out risk management and control functions and is responsible for applying the corporate
policies and rules approved at Group level in a consistent manner, adapting them if necessary to local
requirements and reporting to the local corporate bodies.

The Risk Officers of the geographical and/or business areas report both to the Group's Chief Risk Officer and to
the head of their geographical and/or business area. This dual reporting system aims to ensure that the local risk
management function is independent from the operating functions and that it is aligned with the Group's
corporate risk policies and goals.

Organizational structure and committees

The risk management function, as defined above, consists of risk units from the corporate area, which carry out
cross-cutting functions, and risk units from the geographical and/or business areas.

• The corporate area's risk units develop and present the Group's risk appetite proposal, corporate policies,
rules and global procedures and infrastructures to the Group's Chief Risk Officer (CRO), within the action
framework approved by the corporate bodies, ensure their application, and report either directly or through
the Group's Chief Risk Officer (CRO) to the Bank's corporate bodies. Their functions include:

− Management of the different types of risks at Group level in accordance with the strategy defined by the

corporate bodies.

− Risk planning aligned with the risk appetite principles.
− Monitoring and control of the Group's risk profile in relation to the risk appetite approved by the Bank's
corporate bodies, providing accurate and reliable information with the required frequency and in the
necessary format.

− Prospective analyses to enable an evaluation of compliance with the risk appetite in stress scenarios and

the analysis of risk mitigation mechanisms.

− Management of the technological and methodological developments required for implementing the

Model in the Group.

− Design of the Group's Internal Risk Control model and definition of the methodology, corporate criteria
and procedures for identifying and prioritizing the risk inherent in each unit's activities and processes.

− Validation of the models used and the results obtained by them in order to verify their adaptation to the

different uses to which they are applied.

• The risk units in the business units develop and present to the Risk Officer of the geographical and/or
business area the risk appetite proposal applicable in each geographical and/or business area, independently
and always within the Group's risk appetite. They also ensure that the corporate policies and rules approved
consistently at a Group level are applied, adapting them if necessary to local requirements; they are provided
with appropriate infrastructures for managing and controlling their risks; and they report to their corporate
bodies and/or to senior management, as appropriate.

The local risk units thus work with the corporate area risk units in order to adapt to the risk strategy at Group
level and share all the information necessary for monitoring the development of their risks.

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
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This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

The risk function has a decision-making process to perform its functions, underpinned by a structure of
committees, where the Global Risk Management Committee (GRMC) acts as the highest committee within Risk. It
proposes, examines and, where applicable, approves, among others, the internal risk regulatory framework and
the procedures and infrastructures needed to identify, assess, measure and manage the material risks faced by
the Group in its businesses. The members of this Committee are the Group's Chief Risk Officer and the heads of
the risk units of the corporate area and of the most representative geographical and/or business areas.

The Global Risk Management Committee (GRMC) carries out its functions assisted by various support committees
which include:

• Global Technical Operations Committee: It is responsible for decision-making related to wholesale credit risk

admission in certain customer segments.

• Monitoring, Assessment & Reporting Committee: It guarantees and ensures the appropriate development of
aspects related to risk identification, assessment, monitoring and reporting, with an integrated and cross-
cutting vision.

• Asset Allocation Committee: The executive body responsible for analysis and decision-making on all credit
risk matters related to the processes intended for obtaining a balance between risk and return in accordance
with the Group's risk appetite.

• Technology and Methodologies Committee: It determines the need for new models and infrastructures and
channels the decision-making related to the tools needed for managing all the risks to which the Group is
exposed.

• Corporate Technological Risks and Operational Control Committee: It approves the Technological Risks and
Operational Control Management Frameworks in accordance with the General Risk Management Model's
architecture and monitors metrics, risk profiles and operational loss events.

• Global Market Risk Unit Committee: It is responsible for formalizing, supervising and communicating the

monitoring of trading desk risk in all the Global Markets business units.

• Corporate Operational and Outsourcing Risk Admission Committee: It identifies and assesses the operational

risks of new businesses, new products and services, and outsourcing initiatives.

Each geographical and/or business area has its own risk management committee (or committees), with objectives
and contents similar to those of the corporate area, which perform their duties consistently and in line with
corporate risk policies and rules.

Under this organizational scheme, the risk management function ensures the risk strategy, the regulatory
framework, and standardized risk infrastructures and controls are integrated and applied across the entire Group.
It also benefits from the knowledge and proximity to customers in each geographical and/or business area, and
transmits the corporate risk culture to the Group's different levels.

Internal Risk Control and Internal Validation

BBVA has a specific Internal Risk Control unit whose main function is to ensure there is an adequate internal
regulatory framework in place, together with a process and measures defined for each type of risk identified in
the Bank, (and for other types of risk that could potentially affect the Bank, to oversee their application and
operation, and to ensure that the risk strategy is integrated into the Bank's management. The Internal Risk
Control unit is independent from the units that develop risk models, manage running processes and controls. Its
scope is global both geographically and in terms of type of risk.

The Director of Group Internal Control Risk is responsible for the function, and reports its activities and work plans
to the CRO and the Risk Committee of the Board, besides attending to it on issues deemed necessary.

For this purpose, the Risk area also has a Technical area independent from the units that develop risk models,
manage running processes and controls, which gives the Commission the necessary technical support to better
perform their functions.

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
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language version prevails.

The unit has a structure of teams at both corporate level and in the most relevant geographical areas in which
the Group operates. As in the case of the corporate area, local units are independent of the business areas that
execute the processes, and of the units that execute the controls. They report functionally to the Internal Risk
Control unit. This unit's lines of action are established at Group level, and it is responsible for adapting and
executing them locally, as well as for reporting the most relevant aspects.

Additionally, the Group has an Internal Validation unit, also independent rom the units that develop risk models
and of those who use them to manage. Its functions include, among others, review and independent validation,
internally, of the models used for the control and management of the Group's risks.

BBVA Group’s internal control system is based on the best practices developed in “Enterprise Risk Management –
Integrated Framework” by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) and
in the “Framework for Internal Control Systems in Banking Organizations” by the Bank for International
Settlements (BIS).

The control model has a system with three lines of defense:

• The first line is made up of the Group's business units, which are responsible for control within their area and

for executing any measures established by higher management levels.

• The second line consists of the specialized control units (Legal Compliance, Global Accounting & Information
Management/Internal Financial Control, Internal Risk Control, IT Risk, Fraud & Security, Operations Control
and the Production Divisions of the support units, such as Human Resources, Legal Services, etc.). This line
supervises the control of the various units within their cross-cutting field of expertise, defines the necessary
improvement and mitigating measures, and promotes their proper implementation. The Corporate
Operational Risk Management unit also forms part of this line, providing a methodology and common tools
for management.

• The third line is the Internal Audit unit, which conducts an independent review of the model, verifying the
compliance and effectiveness of the corporate policies and providing independent information on the control
model.

5.1.2 Risk appetite

The Group's risk appetite, approved by the Board of Directors, determines the risks (and their level) that the
Group is willing to assume to achieve its business targets. These are expressed in terms of capital, liquidity,
profitability, recurrent earnings, cost of risk or other metrics. The definition of the risk appetite has the following
goals:

• To express the Group's strategy and the maximum levels of risk it is willing to assume, at both Group and

geographical and/or business area level.

• To establish a set of guidelines for action and a management framework for the medium and long term that
prevent actions from being taken (at both Group and geographical and/or business area level) which could
compromise the future viability of the Group.

• To establish a framework for relations with the geographical and/or business areas that, while preserving their

decision-making autonomy, ensures they act consistently, avoiding uneven behavior.

• To establish a common language throughout the organization and develop a compliance-oriented risk

culture.

• Alignment with the new regulatory requirements, facilitating communication with regulators, investors and

other stakeholders, thanks to an integrated and stable risk management framework.

Risk appetite is expressed through the following elements:

• Risk appetite statement: sets out the general principles of the Group's risk strategy and the target risk profile.
• BBVA's risk policy aims to maintain the risk profile set out in the Group's risk appetite statement, which is

reflected in a series of metrics (fundamental metrics and limits).

• Fundamental metrics: they reflect, in quantitative terms, the principles and the target risk profile set out in

the risk appetite statement.

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
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This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

• Limits: they establish the risk appetite at geographical and/or business area, legal entity and risk type level, or

any other level deemed appropriate, enabling its integration into management.

The corporate risk area works with the various geographical and/or business areas to define their risk appetite,
which will be coordinated with and integrated into the Group's risk appetite to ensure that its profile fits as
defined.

The BBVA Group assumes a certain degree of risk to be able to provide financial services and products to its
customers and obtain attractive returns for its shareholders. The organization must understand, manage and
control the risks it assumes.

The aim of the organization is not to eliminate all risks, but to assume a prudent level of risks that allows it to
generate returns while maintaining acceptable capital and fund levels and generating recurrent earnings.

BBVA's risk appetite expresses the levels and types of risk that the bank is willing to assume to be able to
implement its strategic plan with no relevant deviations, even in situations of stress.

Fundamental metrics

Those metrics that characterize the bank's objective behavior (as defined in the statement), enabling the
expression of the risk culture at all levels in a structured and understandable manner. They summarize the bank's
goals, and are therefore useful for communication to the stakeholders.

The fundamental metrics are strategic in nature. They are disseminated throughout the Group, understandable
and easy to calculate, and objectifiable at business and/or geographical area level, so they can be subject to
future projections.

Limits

Metrics that determine the bank's strategic positioning for the different types of risk: credit, ALM, liquidity,
markets, operational. They differ from the fundamental metrics in the following respects:

• They are levers, not the result. They are a management tool related to a strategic positioning that must be

geared toward ensuring compliance with the fundamental metrics, even in an adverse scenario.

• Risk metrics: a higher level of specialization, they do not necessarily have to be disseminated across the

Group.

•

Independent of the cycle: they can include metrics with little correlation with the economic cycle, thus
allowing comparability that is isolated from the specific macroeconomic situation.

Thus, they are levers for remaining within the thresholds defined in the fundamental metrics and are used for
day-to-day risk management. They include tolerance limits, sub-limits and alerts established at the level of
business and/or geographical areas, portfolios and products.

5.1.3 Decisions and processes

The transfer of risk appetite to ordinary management is supported by three basic aspects:

• A standardized set of regulations
• Risk planning
•

Integrated management of risks over their life cycle

Standardized regulatory framework

The corporate GRM area is responsible for proposing the definition and development of the corporate policies,
specific rules, procedures and schemes of delegation based on which risks decisions should take within the
Group.

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
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language version prevails.

This process aims for the following objectives:

• Hierarchy and structure: well-structured information through a clear and simple hierarchy creating relations

between documents that depend on each other.

Simplicity: an appropriate and sufficient number of documents.

•
•
• Accessibility: ability to search for, and easy access to, documentation through the corporate risk

Standardization: a standardized name and content of document.

management library.

The approval of corporate policies for all types of risks corresponds to the corporate bodies of the Bank, while the
corporate risk area endorses the remaining regulations.

Risk units of geographical and / or business areas continue to adapt to local requirements the regulatory
framework for the purpose of having a decision process that is appropriate at local level and aligned with the
Group policies. If such adaptation is necessary, the local risk area must inform the corporate GRM area, which
must ensure the consistency of the set of regulations at the level of the entire Group, and thus must give its
approval prior to any modifications proposed by the local risk areas.

Risk planning

Risk planning ensures that the risk appetite is integrated into management, through a cascade process for
establishing limits, in which the function of the corporate area risk units and the geographical and/or business
areas is to guarantee the alignment of this process against the Group's risk appetite.

It has tools in place that allow the risk appetite defined at aggregate level to be assigned and monitored by
business areas, legal entities, types of risk, concentrations and any other level considered necessary.

The risk planning process is present within the rest of the Group's planning framework so as to ensure
consistency among all of them.

Daily risk management

All risks must be managed integrally during their life cycle, and be treated differently depending on the type.

The risk management cycle is composed of 5 elements:

• Planning: with the aim of ensuring that the Bank’s activities are consistent with the target risk profile and

guaranteeing solvency in the development of the strategy.

• Assessment: a process focused on identifying all the risks inherent to the activities carried out by the Bank.
• Formalization: includes the risk origination, approval and formalization stages.
• Monitoring and reporting: continuous and structured monitoring of risks and preparation of reports for

internal and/or external (market, investors, etc.) consumption.

• Active portfolio management: focused on identifying business opportunities in existing portfolios and new

markets, businesses and products.

5.1.4

Assessment, monitoring and reporting

Assessment, monitoring and reporting is a cross-cutting element that should ensure that the Model has a
dynamic and proactive vision to enable compliance with the risk appetite approved by the corporate bodies, even
in adverse scenarios. The materialization of this process covers all the categories of material risks and has the
following objectives:

• Assess compliance with the risk appetite at the present time, through monitoring of the fundamental

management metrics and limits.

• Assess compliance with the risk appetite in the future, through the projection of the risk appetite variables, in

both a baseline scenario determined by the budget and a risk scenario determined by the stress tests.

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

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language version prevails.

•

Identify and assess the risk factors and scenarios that could compromise compliance with the risk appetite,
through the development of a risk repository and an analysis of the impact of those risks.

• Act to mitigate the impact in the Bank of the identified risk factors and scenarios, ensuring this impact

remains within the target risk profile.

• Monitor the key variables that are not a direct part of the risk appetite, but that condition its compliance.

These can be either external or internal.

The following phases need to be developed for undertaking this process:

•

Identification of risk factors:Aimed at generating a map with the most relevant risk factors that can
compromise the Group's performance in relation to the thresholds defined in the risk appetite.

Impact evaluation: This involves evaluating the impact that the materialization of one (or more) of the risk
factors identified in the previous phase could have on the risk appetite metrics, through the occurrence of a
given scenario.

• Response to undesired situations and realignment measures:Exceeding the parameters will trigger an analysis

of the realignment measures to enable dynamic management of the situation, even before it occurs.

• Monitoring: The aim is to avoid losses before they occur by monitoring the Group's current risk profile and

the identified risk factors.

• Reporting: This aims to provide information on the assumed risk profile by offering accurate, complete and
reliable data to the corporate bodies and to senior management, with the frequency and completeness
appropriate to the nature, significance and complexity of the risks.

5.1.5 Infrastructure

The infrastructure is an element that must ensure that the Group has the human and technological resources
needed for effective management and supervision of risks in order to carry out the functions set out in the
Group's risk Model and the achievement of their objectives.

With respect to human resources, the Group's risk function will have an adequate workforce, in terms of number,
skills and experience.

With regards to technology, the Group ensures the integrity of management information systems and the
provision of the infrastructure needed for supporting risk management, including tools appropriate to the needs
arising from the different types of risks for their admission, management, assessment and monitoring.

The principles that govern the Bank risk technology are:

•

Standardization: the criteria are consistent across the Group, thus ensuring that risk handling is standardized
at geographical and/or business area level.

Integration in management: the tools incorporate the corporate risk policies and are applied in the Group's
day-to-day management.

• Automation of the main processes making up the risk management cycle.
• Appropriateness: provision of adequate information at the right time.

Through the “Risk Analytics” function, the Bank has a corporate framework in place for developing the
measurement techniques and models. It covers all the types of risks and the different purposes and uses a
standard language for all the activities and geographical/business areas and decentralized execution to make the
most of the Group's global reach. The aim is to continually evolve the existing risk models and generate others
that cover the new areas of the businesses that develop them, so as to reinforce the anticipation and
proactiveness that characterize the Group's risk function.

Also the risk units of geographical and / or business areas shall ensure that they have sufficient means from the
point of view of resources, structures and tools to develop a risk management in line with the corporate model.

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
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This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

5.1.6 Risk culture

BBVA considers risk culture to be an essential element for consolidating and integrating the other components of
the Model. The culture transfers the implications that are involved in the Group's activities and businesses to all
the levels of the organization. The risk culture is organized through a number of levers, including the following:

• Communication: promotes the dissemination of the Model, and in particular the principles that must govern
risk management in the Group, in a consistent and integrated manner across the organization, through the
most appropriate channels. GRM has a number of communication channels to facilitate the transmission of
information and knowledge among the various teams in the function and the Group, adapting the frequency,
formats and recipients based on the proposed goal, in order to strengthen the basic principles of the risk
function. The risk culture and the management model thus emanate from the Group's corporate bodies and
senior management and are transmitted throughout the organization.

• Training: its main aim is to disseminate and establish the model of risk management across the organization,
ensuring standards in the skills and knowledge of the different persons involved in the risk management
processes.

Well defined and implemented training ensures continuous improvement of the skills and knowledge of the
Bank's professionals, and in particular of the GRM area, and is based on four aspects that aim to develop
each of the needs of the GRM group by increasing its knowledge and skills in different fields such as: finance
and risks, tools and technology, management and skills, and languages.

• Motivation: the aim in this area is for the incentives of the risk function teams to support the strategy for
managing those teams and the function's values and culture at all levels. Includes compensation and all those
elements related to motivation – working environment, etc… which contribute to the achievement Model
objectives.

5.2 Risk events

As mentioned earlier, BBVA has processes in place for identifying risks and analyzing scenarios that enable the
Group to manage risks in a dynamic and proactive way.

The risk identification processes are forward-looking to ensure the identification of emerging risks and take into
account the concerns of both the business areas, which are close to the reality of the different geographical
areas, and the corporate areas and senior management.

Risks are captured and measured consistently using the methodologies deemed appropriate in each case. Their
measurement includes the design and application of scenario analyses and stress testing and considers the
controls to which the risks are subjected.

As part of this process, a forward projection of the risk appetite variables in stress scenarios is conducted in order
to identify possible deviations from the established thresholds. If any such deviations are detected, appropriate
measures are taken to keep the variables within the target risk profile.

To this extent, there are a number of emerging risks that could affect the Bank’s business trends. These risks are
described in the following main blocks:

• Macroeconomic and geopolitical risks

− The slowdown in economic growth in emerging countries and potential difficulties in the recovery of

European economies is a major focus for the Bank.

−

In addition, financial institutions are exposed to the risks of political and social instability in the countries
in which they operate, which can have significant effects on their economies and even regionally.

In this regard the Group's diversification is a key to achieving a high level of recurring revenues, despite
environmental conditions and economic cycles of the economies in which it operates.

• Regulatory, legal, tax and reputational risks

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language version prevails.

− Financial institutions are exposed to a complex and ever-changing regulatory and legal environment
defined by governments and regulators. This can affect their ability to grow and the capacity of certain
businesses to develop, and result in stricter liquidity and capital requirements with lower profitability
ratios. The Bank constantly monitors changes in the regulatory framework that allow for anticipation and
adaptation to them in a timely manner, adopt best practices and more efficient and rigorous criteria in its
implementation.

− The financial sector is under ever closer scrutiny by regulators, governments and society itself. Negative
news or inappropriate behavior can significantly damage the Group's reputation and affect its ability to
develop a sustainable business. The attitudes and behaviors of the group and its members are governed
by the principles of integrity, honesty, long-term vision and best practices through, inter alia, internal
control model, the Code of Conduct and Responsible Business Strategy of the Bank.

− The financial sector is exposed to increased litigation, so that financial institutions face a large number of
proceedings whose economic consequences are difficult to predict. The Group constantly manages and
monitors these proceedings in order to defend their interests, making the adequate provisions in respect
of such legal proceedings, when necessary, following the expert judgment of internal and external
lawyers responsible for the legal aspects in accordance to the applicable regulations.

• Business and operational risks

− New technologies and forms of customer relationships: Developments in the digital world and in
information technologies pose significant challenges for financial institutions, entailing threats (new
competitors, disintermediation…) but also opportunities (new framework of relations with customers,
greater ability to adapt to their needs, new products and distribution channels...).

− Technological risks and security breaches: The financial entities are exposed to new threats such as
cyber-attacks, theft of internal and customer databases, fraud in payment systems, etc. that require
major investments in security from both the technological and human point of view. The Bank gives
great importance to the active operational and technological risk management and control. One example
was the early adoption of advanced models for management of these risks (AMA - Advanced
Measurement Approach).

5.3 Credit risk

Credit risk arises from the probability that one party to a financial instrument will fail to meet its contractual
obligations for reasons of insolvency or inability to pay and cause a financial loss for the other party.

It is the most important risk for the Group and includes counterparty risk, issuer risk, settlement risk and country
risk management.

The principles underpinning credit risk management in BBVA are as follows:

• Availability of basic information for the study and proposal of risk, and supporting documentation for

approval, which sets out the conditions required by the relevant body.

•

Sufficient generation of funds and asset solvency of the customer to assume principal and interest
repayments of loans owed.

• Establishment of adequate and sufficient guarantees that allow effective recovery of the operation, this being

considered a secondary and exceptional method of recovery when the first has failed.

Credit risk management in the Bank has an integrated structure for all its functions, allowing decisions to be taken
objectively and independently throughout the life cycle of the risk.

• At Group level: frameworks for action and standard rules of conduct are defined for handling risk, specifically,

the circuits, procedures, structure and supervision.

• At the business area level: they are responsible for adapting the Group's criteria to the local realities of each

geographical area and for direct management of risk according to the decision-making circuit:

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language version prevails.

− Retail risks: in general, the decisions are formalized according to the scoring tools, within the general
framework for action of each business area with regard to risks. The changes in weighting and variables
of these tools must be validated by the corporate GRM area.

− Wholesale risks: in general, the decisions are formalized by each business area within its general
framework for action with regard to risks, which incorporates the delegation rule and the Group's
corporate policies.

5.3.1

Credit risk exposure

BBVA maximum credit risk exposure (see definition below) by headings in the balance sheet as of December 31,
2015 and 2014 is provided below. It does not consider the availability of collateral or other credit enhancements
to guarantee compliance with payment obligations. The details are broken down by financial instruments and
counterparties.

Maximum Credit Risk Exposure

Notes

2015

2014

Millions of Euros

Financial assets held for trading

Debt securities
Debt securities

Available-for-sale financial assets

Debt securities
Debt securities

Loans and receivables

Loans and advances to credit institutions
Loans and advances to customers

Government
Agriculture
Industry
Real estate and construction
Trade and f inance
Loans to individuals
Other

Debt securities

Held-to-maturity investments
Derivatives (trading and hedging)
Total financial assets risk
Financial guarantees
Drawable by third parties
Other contingent commitm ents

Total Contingent Risks and Commitments

28
28
28

18,107
14,133
3,974
49,945
45,515
4,430
234,346
25,227
204,900
23,183
1,192
22,724
27,027
25,982
84,875
19,917
4,219
-
35,535
337,933
39,850
47,751
10,504
98,105

19,854
15,590
4,264
51,164
45,392
5,772
239,434
23,786
212,598
25,915
1,298
20,780
28,709
34,139
87,434
14,323
3,050
-
44,383
354,835
45,137
44,306
9,662
99,105

Total maximum credit exposure

436,038

453,940

The maximum credit exposure of the table above is determined by type of financial asset as explained below:

•

In the case of financial assets recognized in the bank’s balance sheets, exposure to credit risk is considered
equal to its gross carrying amount, not including certain valuation adjustments (impairment losses, hedges
and others), with the sole exception of trading and hedging derivatives.

The maximum credit risk exposure on financial guarantees granted is the maximum that the Group would be
liable for if these guarantees were called in, and that is their carrying amount.

• Our calculation of risk exposure for derivatives is based on the sum of two factors: the derivatives fair value

and their potential risk (or "add-on").

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language version prevails.

− The first factor, market value, reflects the difference between original commitments and market values on
the reporting date (mark-to-market). As indicated in Note 2.2.1 to the consolidated financial statements,
derivatives are accounted for as of each reporting date at fair value in accordance with IAS 39.

− The second factor, potential risk (‘add-on’), is an estimate of the maximum increase to be expected on
risk exposure over a derivative market value (at a given statistical confidence level) as a result of future
changes in the fair value over the remaining term of the derivatives.

The consideration of the potential risk ("add-on") relates the risk exposure to the exposure level at the time of a
customer’s default. The exposure level will depend on the customer’s credit quality and the type of transaction
with such customer. Given the fact that default is an uncertain event which might occur any time during the life
of a contract, the BBVA Group has to consider not only the credit exposure of the derivatives on the reporting
date, but also the potential changes in exposure during the life of the contract. This is especially important for
derivatives, whose valuation changes substantially throughout their terms, depending on the fluctuation of
market prices.

5.3.2 Mitigation of credit risk, collateralized credit risk and other credit enhancements

In most cases, maximum credit risk exposure is reduced by collateral, credit enhancements and other actions
which mitigate the Group’s exposure. The BBVA Group applies a credit risk hedging and mitigation policy deriving
from a banking approach focused on relationship banking. The existence of guarantees could be a necessary but
not sufficient instrument for accepting risks, as the assumption of risks by the Group requires prior evaluation of
the debtor’s capacity for repayment, or that the debtor can generate sufficient resources to allow the
amortization of the risk incurred under the agreed terms.

The policy of accepting risks is therefore organized into three different levels in the BBVA Group:

• Analysis of the financial risk of the operation, based on the debtor’s capacity for repayment or generation of

funds;

• The constitution of guarantees that are adequate, or at any rate generally accepted, for the risk assumed, in

any of the generally accepted forms: monetary, secured, personal or hedge guarantees; and finally,

• Assessment of the repayment risk (asset liquidity) of the guarantees received.

The procedures for the management and valuation of collaterals are set out in the Corporate Policies (retail and
wholesale), which establish the basic principles for credit risk management, including the management of
collaterals assigned in transactions with customers.

The methods used to value the collateral are in line with the best market practices and imply the use of appraisal
of real-estate collateral, the market price in market securities, the trading price of shares in mutual funds, etc. All
the collaterals assigned must be properly drawn up and entered in the corresponding register. They must also
have the approval of the Group’s legal units.

The following is a description of the main types of collateral for each financial instrument class:

• Financial instruments held for trading: The guarantees or credit enhancements obtained directly from the

issuer or counterparty are implicit in the clauses of the instrument.

• Trading and hedging derivatives: In derivatives, credit risk is minimized through contractual netting
agreements, where positive- and negative-value derivatives with the same counterparty are offset for their net
balance. There may likewise be other kinds of guarantees, depending on counterparty solvency and the
nature of the transaction.

• Other financial assets designated at fair value through profit or loss and Available-for-sale financial assets: The
guarantees or credit enhancements obtained directly from the issuer or counterparty are inherent to the
structure of the instrument.

• Loans and receivables:

− Loans and advances to credit institutions: These usually only have the counterparty’s personal guarantee.

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language version prevails.

− Loans and advances to customers: Most of these operations are backed by personal guarantees
extended by the counterparty. There may also be collateral to secure loans and advances to customers
(such as mortgages, cash guarantees, pledged securities and other collateral), or to obtain other credit
enhancements (bonds, hedging, etc.).

− Debt securities: The guarantees or credit enhancements obtained directly from the issuer or counterparty

are inherent to the structure of the instrument.

Collateralized loans granted by the Group as of December 31, 2015 and 2014 excluding balances deemed
impaired, is broken down in the table below:

Collateralized Credit Risk

Mortgage loans

Operating assets mortgage loans
Home mortgages
Non-home mortgages

Secured loans, except mortgage

Cash guarantees
Secured loan (pledged securities)
Rest of secured loans

Total

Millions of Euros

2015

2014

83,249
1,810
70,540
10,899
2,672
70
418
2,184
85,921

87,159
1,636
73,181
12,342
2,810
59
309
2,442
89,969

•••• Financial guarantees, other contingent risks and drawable by third parties: These have the counterparty’s

personal guarantee.

5.3.3

Financial instrument netting

Financial assets and liabilities may be netted, i.e. they are presented for a net amount on the balance sheet only
when the Group's entities comply with the provisions of IAS 32-Paragraph 42, so they have both the legal right to
net recognized amounts, and the intention of settling the net amount or of realizing the asset and simultaneously
paying the liability.

In addition, the Bank has unnetted assets and liabilities on the balance sheet for which there are master netting
arrangements in place, but for which there is neither the intention nor the right to settle. The most common
types of events that trigger the netting of reciprocal obligations are bankruptcy of the entity, swifter accumulation
of indebtedness, failure to pay, restructuring and dissolution of the entity.

In the current market context, derivatives are contracted under different framework contracts being the most
widespread developed by the International Swaps and Derivatives Association (ISDA) and, for the Spanish market,
the Framework Agreement on Financial Transactions (CMOF). Almost all portfolio derivative transactions have
been concluded under these framework contracts, including in them the netting clauses mentioned in the
preceding paragraph as "Master Netting Agreement", greatly reducing the credit exposure on these instruments.
Additionally, in contracts signed with professional counterparts, the collateral agreement annexes called Credit
Support Annex (CSA) are included, thereby minimizing exposure to a potential default of the counterparty.

Moreover, in transactions involving assets purchased or sold under a purchase agreement there has greatly
increased the volume transacted through clearing houses that articulate mechanisms to reduce counterparty risk,
as well as through the signature of various master agreements for bilateral transactions, the most widely used
being the Global Master Repurchase Agreement (GMRA), published by ICMA (International Capital Market
Association), to which the clauses related to the collateral exchange are usually added within the text of the
master agreement itself.

The assets and liabilities subject to contractual netting rights at the time of their settlement are presented below
as of December 31, 2015.

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2015

Im porte bruto
reconocido (A)

Im porte
com pensado en
balance (B)

Im porte neto
presentado en
balance (C=A-B)

Milliones de euros

Im porte bruto no com pensado en
balance (D)

Im porte relativo
a instrum entos
financieros
reconocidos

Colaterales
(Incluyendo
efectivo)

Im porte neto
(E=C-D)

Derivados de negociación y de cobertura

Adquisición temporal de activos y similares

Total Activo

Derivados de negociación y de cobertura

Cesión temporal de activos y similares

Total Pasivo

50,019

16,847

66,865

49,685

44,533

94,218

7,805

8,423

42,214

16,847

59,060

41,263

44,533

85,796

31,552

17,230

48,782

31,552

45,568

77,120

4,838

4,862

9,155

106

9,261

5,824

-408

5,416

556

-1,142

-585

The amount of recognized financial instruments within derivatives includes the effect in case of compensation
with counterparties with which the bank holds netting agreements, while, for repos, it reflects the market value of
the collateral associated with the transaction.

Information on risk concentration by activity and geography is in Appendix XII, and the concentration of risks in
the real estate sector in Spain in Appendix XI.

5.3.4

Credit quality of financial assets that are neither past due nor impaired

The BBVA Group has tools (“scoring” and “rating”) that enable it to rank the credit quality of its operations and
customers based on an assessment and its correspondence with the probability of default (“PD”) scales. To
analyze the performance of PD, the Group has a series of tracking tools and historical databases that collect the
pertinent internally generated information, which can basically be grouped together into scoring and rating
models.

Scoring

Scoring is a decision-making model that contributes to both the arrangement and management of retail loans:
consumer loans, mortgages, credit cards for individuals, etc. Scoring is the tool used to decide to originate a
loan, what amount should be originated and what strategies can help establish the price, because it is an
algorithm that sorts transactions by their credit quality. This algorithm enables the BBVA Group to assign a score
to each transaction requested by a customer, on the basis of a series of objective characteristics that have
statistically been shown to discriminate between the quality and risk of this type of transactions. The advantage of
scoring lies in its simplicity and homogeneity: all that is needed is a series of objective data for each customer,
and this data is analyzed automatically using an algorithm.

There are three types of scoring, based on the information used and on its purpose:

• Reactive scoring: measures the risk of a transaction requested by an individual using variables relating to the
requested transaction and to the customer’s socio-economic data available at the time of the request. The
new transaction is approved or rejected depending on the score.

• Behavioral scoring: scores transactions for a given product in an outstanding risk portfolio of the entity,
enabling the credit rating to be tracked and the customer’s needs to be anticipated. It uses transaction and
customer variables available internally. Specifically, variables that refer to the behavior of both the product
and the customer.

•

Proactive scoring: gives a score at customer level using variables related to the individual’s general behavior
with the entity, and to his/her payment behavior in all the contracted products. The purpose is to track the
customer’s credit quality and it is used to pre-grant new transactions.

Rating

Rating tools, as opposed to scoring tools, do not assess transactions but focus on the rating of customers
instead: companies, corporations, SMEs, public authorities, etc. A rating tool is an instrument that, based on a
detailed financial study, helps determine a customer’s ability to meet his/her financial obligations. The final rating
is usually a combination of various factors: on one hand, quantitative factors, and on the other hand, qualitative
factors. It is a middle road between an individual analysis and a statistical analysis.

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

The main difference between ratings and scorings is that the latter are used to assess retail products, while
ratings use a wholesale banking customer approach. Moreover, scorings only include objective variables, while
ratings add qualitative information. And although both are based on statistical studies, adding a business view,
rating tools give more weight to the business criterion compared to scoring tools.

For portfolios where the number of defaults is very low (sovereign risk, corporates, financial entities, etc.) the
internal information is supplemented by “benchmarking” of the external rating agencies (Moody’s, Standard &
Poor’s and Fitch). To this end, each year the PDs compiled by the rating agencies at each level of risk rating are
compared, and the measurements compiled by the various agencies are mapped against those of the BBVA
master rating scale.

Once the probability of default of a transaction or customer has been calculated, a "business cycle adjustment" is
carried out. This is a means of establishing a measure of risk that goes beyond the time of its calculation. The aim
is to capture representative information of the behavior of portfolios over a complete economic cycle. This
probability is linked to the Master Rating Scale prepared by the BBVA Group to enable uniform classification of the
Group’s various asset risk portfolios.

The table below shows the abridged scale used to classify the BBVA Group’s outstanding risk as of December 31,
2015:

External rating

Internal rating

Standard&Poor's List

Reduced List (22 groups)

Probability of default
(basic points)
Minimum
from >=

Average

Maximum

AAA
AA+
AA
AA-
A+
A
A-
BBB+
BBB
BBB-
BB+
BB
BB-
B+
B
B-
CCC
CCC
CCC
CCC
CCC
CCC

1
2
3
4
5
8
10
14
20
31
51
88
150
255
441
785
1,191
1,500
1,890
2,381
3,000
3,780

-
2
3
4
5
6
9
11
17
24
39
67
116
194
335
581
1,061
1,336
1,684
2,121
2,673
3,367

2
3
4
5
6
9
11
17
24
39
67
116
194
335
581
1,061
1,336
1,684
2,121
2,673
3,367
4,243

AAA
AA+
AA
AA-
A+
A
A-
BBB+
BBB
BBB-
BB+
BB
BB-
B+
B
B-
CCC+
CCC
CCC-
CC+
CC
CC-

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

The table below outlines the distribution of exposure, including derivatives, by internal ratings, to corporates,
financial entities and institutions (excluding sovereign risk), of the main BBVA Group entities as of December 31,
2015:

Credit Risk Distribution by Internal
Rating

Millions of
Euros

A
BBB+
BBB
BBB-
BB+
BB
BB-
B+
B
B-
CCC/CC

Total

56,092
39,835
21,618
30,114
16,386
11,114
4,932
4,307
3,168
2,561
16,678
234,134

23.96%
17.01%
9.23%
12.86%
7.00%
4.75%
2.11%
1.84%
1.35%
1.09%
7.12%
100.00%

These different levels and their probability of default were calculated by using as a reference the rating scales and
default rates provided by the external agencies Standard & Poor’s and Moody’s. These calculations establish the
levels of probability of default for the BBVA’s Master Rating Scale. Although this scale is common to the entire
Group, the calibrations (mapping scores to PD sections/Master Rating Scale levels) are carried out at tool level.

5.3.5

Financial assets past due but not impaired

The table below provides details of financial assets past due as of December 31, 2015 and 2014, but not
considered to be impaired, listed by their first past-due date:

2015

2014

Millions of Euros

Financial Assets Past Due but Not
Impaired

Loans and advances to credit institutions
Loans and advances to customers

Government
Other sectors
Debt securities
Total

Less than 1
Month
Past-Due

1 to 2 Months
Past-Due

2 to 3 Months
Pas t-Due

Less than 1
Month
Past-Due

1 to 2 Months
Past-Due

2 to 3 Months
Past-Due

-
373
150
223
-
373

-
52
2
50
-
52

-
32
1
31
-
32

-
797
28
769
-
797

-
73
1
72
-
73

-
44
3
41
-
44

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

5.3.6

Impaired assets and impairment losses

The table below shows the composition of the impaired financial assets and risks as of December 31, 2015 and
2014, broken down by heading in the accompanying balance sheet:

Impaired Risks.
Breakdown by Type of Asset and by Sector
Asset Instruments Impaired

Available for sale financial assets

Debt securities
Loans and receivables
Loans and advances to credit institutions

Loans and advances to customers

Debt securities

Total 'Asset Instruments Impaired (1)
Contingent Risks Impaired

Contingent Risks Impaired (2)

Total Impaired Risks (1)+(2)
Of w hich:

Government
Credit institutions
Other sectors
Contingent Risks Impaired

Total impaired risks (1) + (2)

Millions of Euros

2015

2014

27
16,559
21

16,533

5
16,586

431
17,017

178
43
16,365
431
17,017

27
19,102
23

19,074

5
19,129

371
19,500

178
44
18,907
371
19,500

The changes in the year ended December 31, 2015 and 2014 in the impaired financial assets and contingent
risks are as follows:

Changes in Impaired Financial Assets and Contingent Risks

2015

2014

Millions of Euros

Balance at the beginning

Additions (1)
Recoveries (2)
Net additions (1)+(2)

Transfers to write-off
Exchange differences and others

Balance at the end
Recoveries on entries (%)

19,500
4,471
(3,968)
503
(2,880)
(107)
17,017
89

22,358
4,252
(4,569)
(317)
(2,566)
25
19,500
107

Below are the details of the impaired financial assets as of December 31, 2015 and 2014, classified by
geographical area and by the time since their oldest past-due amount or the period since they were deemed
impaired:

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

Impaired Assets by Geographic Area and Time

2015

Spain
Rest of Europe
Rest of the world

Total

Less than 6
Months
Past-Due

6 to 9
Months
Past-Due

Millions of Euros
9 to 12
Months
Past-Due

More than
12 Months
Past-Due

9,182
56
6
9,244

476
-
-
476

451
-
-
451

6,343
72
-
6,415

Total

16,452
128
6
16,586

Impaired Assets by Geographic Area and Time

2014

Spain
Rest of Europe
Rest of the world

Total

Less than 6
Months
Past-Due

6 to 9
Months
Past-Due

Millions of Euros
9 to 12
Months
Past-Due

More than
12 Months
Past-Due

8,517
172
6
8,695

612
-
-
612

743
-
-
743

9,008
71
-
9,079

Total

18,880
243
6
19,129

Below are details of the impaired financial assets as of December 31, 2015 and 2014, classified by type of loan
according to its associated guarantee, and by the time elapsed since their oldest past-due amount or the period
since they were deemed impaired:

Impaired Assets by Guarantee and by the Time since they were Deemed Impaired.

2015

Unsecured loans
Mortgage

Residential mortgage
Commercial mortgage (rural properties in operation
and offices, and industrial buildings)
property of the borrower
Plots and other real state assets

Other partially secured loans
Others

Total

Less than 6
Months
Past-Due

6 to 9
Months
Past-Due

Millions of Euros
9 to 12
Months
Past-Due

More than
12 Months
Past-Due

5,246
3,819
2,124

833
407
455
-
179
9,244

127
349
138

80
67
64
-
-
476

128
323
139

53
59
72
-
-
451

612
5,803
1,369

1,216
1,467
1,751
-
-
6,415

Impaired Assets by Guarantee and by the Time since they were Deemed Impaired.

2014

Unsecured loans
Mortgage

Residential mortgage
Commercial mortgage (rural properties in operation
and offices, and industrial buildings)
Rest of residential mortgage
Plots and other real state assets

Other partially secured loans
Others

Total

Less than 6
Months
Past-Due

6 to 9
Months
Past-Due

Millions of Euros
9 to 12
Months
Past-Due

More than
12 Months
Past-Due

3,225
5,275
2,209

944
770
1,352
-
195
8,695

144
468
200

119
86
63
-
-
612

198
545
172

115
112
146
-
-
743

1,251
7,828
1,802

1,409
2,103
2,514
-
-
9,079

Total

6,113
10,294
3,770

2,182
2,000
2,342
-
179
16,586

Total

4,818
14,116
4,383

2,587
3,071
4,075
-
195
19,129

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

Below is the accumulated financial income accrued as of December 31, 2015 and 2014 with origin in the
impaired assets that, as mentioned in Note 2.2, are not recognized in the accompanying income statements as
there are doubts as to the possibility of collection:

Financial Income from Impaired Assets

2,041

2,340

The changes in 2015 and 2014 in financial assets derecognized from the accompanying balance sheet as their
recovery is considered unlikely (hereinafter “write-offs”) is shown below:

Millions of Euros

2015

2014

Changes in Impaired Financial Assets Written-Off from
the Balance Sheet

Millions of Euros

2015

2014

Balance at the beginning
Increase:

Assets of remote collectability
Past-due and not collected income
Contributions by mergers

Decrease:

Cash recovery
Foreclosed assets
Definitive derecognitions
Cancellation
Expiry of rights and other causes

Net exchange differences
Balance at the end

16,431
4,948
2,880
2,068
-
(4,454)
(380)
(105)
(3,969)
(3,019)
(950)
(20)
16,905

14,460
4,111
2,566
1,545
-
(2,144)
(310)
(61)
(1,773)
(1,247)
(526)
4
16,431

As indicated in Note 2.2, although they have been derecognized from the balance sheet, the Bank continues to
attempt to collect on these write-offs, until the rights to receive them are fully extinguished, either because it is
time-barred debt, the debt is forgiven, or other reasons.

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

5.3.7

Impairment losses

Below is a breakdown of the provisions registered on the accompanying balance sheets to cover estimated
impairment losses as of December 31, 2015 and 2014 in financial assets and contingent risks, according to the
different headings under which they are classified in the balance sheet:

Impairment losses and provisions for contingent
risks
Available-for-sale portfolio
Loans and receivables

Loans and advances to customers
Loans and advances to credit institutions
Debt securities

Held to maturity investment
Impairment losses
Provisions for Contingent Risks and Commitments
Total
Of w hich:
For impaired portfolio
For current portfolio non impaired

Notes

10.1

11.2
11.1
11.3

Millions of Euros

2015

2014

83
8,588
8,561
21
6

8,671
263
8,934

8,701
233

20
10,178
10,146
28
4
-
10,198
238
10,436

10,203
233

Below are the changes in 2015 and 2014 in the estimated impairment losses, broken down by the headings in
the accompanying balance sheet:

Changes in the year 2015:
Impairment losses provisions (*)

Balance at the beginning

Increase in impairm ent losses charged to income
Decrease in impairment losses credited to incom e
Impairment losses (net)
Transfers to written-off loans
Losses due to merger transactions
Exchange differences and other

Balance at the end

40-41

Notes

Held to
maturity
investment

Available-for-
sale porfolio

Loans and
receivables

Contingent
risks

Total

Millions of Euros

-
-
-
-
-
-
-
-

20
57
(4)
53
-
-
10
83

10,178
2,763
(1,092)
1,671
(2,880)
-
(381)
8,588

238
35
(6)
29
-
-
(4)
263

10,436
2,855
(1,102)
1,753
(2,880)
-
(375)
8,934

(*)

Includes impairment losses on financial assets (Note 41) and the provisions for contingent risks (Note 40).

Changes in the year 2014:
Impairment losses provisions (*)

Balance at the beginning

Increase in im pairm ent losses charged to incom e
Decrease in im pairm ent losses credited to income
Impairment losses (net) (*)
Transfers to written-off loans
Losses due to merger transactions
Exchange differences and other

Balance at the end

40-41

Notes

Held to
maturity
investment

Available-for-
sale porfolio

Loans and
receivables

Contingent
risks

Total

Millions of Euros

-
-
-
-
-
-
-
-

20
2
(2)
-
(1)
-
1
20

10,833
8,269
(6,103)
2,166
(2,566)
-
(255)
10,178

221
38
(21)
17
-
-
-
238

11,074
8,309
(6,126)
2,183
(2,567)
-
(254)
10,436

(*)

Includes impairment losses on financial assets (Note 41) and the provisions for contingent risks (Note 40).

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

5.4 Market risk

5.4.1

Trading portfolio activities

Market risk originates as a result of movements in the market variables that impact the valuation of traded
financial products and assets. The main risks generated can be classified as follows:

•

Interest-rate risk: This arises as a result of exposure to movements in the different interest-rate curves
involved in trading. Although the typical products that generate sensitivity to the movements in interest rates
are money-market products (deposits, interest-rate futures, call money swaps, etc.) and traditional interest-
rate derivatives (swaps and interest-rate options such as caps, floors, swaptions, etc.), practically all the
financial products are exposed to interest-rate movements due to the effect that such movements have on
the valuation of the financial discount.

• Equity risk: This arises as a result of movements in share prices. This risk is generated in spot positions in
shares or any derivative products whose underlying asset is a share or an equity index. Dividend risk is a sub-
risk of equity risk, arising as an input for any equity option. Its variation may affect the valuation of positions
and it is therefore a factor that generates risk on the books.

• Exchange-rate risk: This is caused by movements in the exchange rates of the different currencies in which a
position is held. As in the case of equity risk, this risk is generated in spot currency positions, and in any
derivative product whose underlying asset is an exchange rate. In addition, the quanto effect (operations
where the underlying asset and the instrument itself are denominated in different currencies) means that in
certain transactions in which the underlying asset is not a currency, an exchange-rate risk is generated that
has to be measured and monitored.

• Credit-spread risk: Credit spread is an indicator of an issuer's credit quality. Spread risk occurs due to
variations in the levels of spread of both corporate and government issues, and affects positions in bonds
and credit derivatives.

• Volatility risk: This occurs as a result of changes in the levels of implied price volatility of the different market
instruments on which derivatives are traded. This risk, unlike the others, is exclusively a component of
trading in derivatives and is defined as a first-order convexity risk that is generated in all possible underlying
assets in which there are products with options that require a volatility input for their valuation.

The metrics developed to control and monitor market risk in BBVA Group are aligned with best practices in the
market and are implemented consistently across all the local market risk units.

Measurement procedures are established in terms of the possible impact of negative market conditions on the
trading portfolio of the Group's Global Markets units, both under ordinary circumstances and in situations of
heightened risk factors.

The standard metric used to measure market risk is Value at Risk (VaR), which indicates the maximum loss that
may occur in the portfolios at a given confidence level (99%) and time horizon (one day). This statistic is widely
used in the market and has the advantage of summing up in a single metric the risks inherent to trading activity,
taking into account how they are related and providing a prediction of the loss that the trading book could
sustain as a result of fluctuations in equity prices, interest rates, foreign exchange rates and commodity prices. In
addition, for some positions other risks also need to be considered, such as credit spread risk, basis risk, volatility
risk and correlation risk.

Most of the headings on the bank’s balance sheet subject to market risk are positions whose main metric for
measuring their market risk is VaR.

With respect to the risk measurement models used in BBVA Group, the Bank of Spain has authorized the use of
the internal model to determine bank capital requirements deriving from risk positions on the BBVA S.A. and
BBVA Bancomer trading book, which jointly account for around 80% of the Group’s trading-book market risk. For
the rest of the geographical areas (South America and Compass), bank capital for the risk positions in the trading
book is calculated using the standard model.

The current management structure includes the monitoring of market-risk limits, consisting of a scheme of limits
based on VaR (Value at Risk), economic capital (based on VaR measurements) and VaR sub-limits, as well as stop-
loss limits for each of the Group’s business units.

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

The model used estimates VaR in accordance with the "historical simulation" methodology, which involves
estimating losses and gains that would have taken place in the current portfolio if the changes in market
conditions that took place over a specific period of time in the past were repeated. Based on this information, it
infers the maximum expected loss of the current portfolio within a given confidence level. This model has the
advantage of reflecting precisely the historical distribution of the market variables and not assuming any specific
distribution of probability. The historical period used in this model is two years.

VaR figures are estimated following two methodologies:

• VaR without smoothing, which awards equal weight to the daily information for the previous two years. This
is currently the official methodology for measuring market risks for the purpose of monitoring compliance
with risk limits.

• VaR with smoothing, which gives a greater weight to more recent market information. This metric

supplements the previous one.

In the case of South America, a parametric methodology is used to measure risk in terms of VaR.

At the same time, and following the guidelines established by the Spanish and European authorities, BBVA
incorporates metrics in addition to VaR with the aim of meeting the Bank of Spain's regulatory requirements with
respect to the calculation of bank capital for the trading book. Specifically, the new measures incorporated in the
Group since December 2011 (stipulated by Basel 2.5) are:

• VaR: In regulatory terms, the charge for VaR Stress is added to the charge for VaR and the sum of both (VaR
and VaR Stress) is calculated. This quantifies the loss associated with movements in the risk factors inherent
in market operations (interest rate, FX, equity, credit, etc.). Both VaR and Stressed VaR are re-scaled by a
regulatory multiplication factor, set at 3 and by the square root of 10, to calculate the capital charge.

•

Specific Risk: IRC. Quantification of the risks of default and rating downgrade of the bond and credit
derivative positions on the trading book. The specific risk capital IRC is a charge exclusively for those
geographical areas with an approved internal model (BBVA S.A. and Bancomer). The capital charge is
determined based on the associated losses (at 99.9% over a time horizon of 1 year under the constant risk
assumption) resulting from the rating migration and/or default status of the asset's issuer. Also included is the
price risk in sovereign positions for the indicated items.

Specific Risk: Securitizations and Correlation Portfolios. Capital charge for securitizations and for the
correlation portfolio to include the potential losses associated with the rating level of a given credit structure
(rating). Both are calculated using the standardized approach. The perimeter of the correlation portfolios is
referred to FTD-type market operations and/or market CDO tranches, and only for positions with an active
market and hedging capacity.

Validity tests are performed regularly on the risk measurement models used by the Group. They estimate the
maximum loss that could have been incurred in the positions with a certain level of probability (backtesting), as
well as measurements of the impact of extreme market events on risk positions (stress testing). As an additional
control measure, backtesting is conducted at trading desk level in order to enable more specific monitoring of the
validity of the measurement models.

Market risk in 2015

The Group’s market risk remains at low levels compared with the aggregates of risks managed by BBVA,
particularly in the case of credit risk. This is due to the nature of the business and the Group’s policy of minimal
proprietary trading. In 2015, the market risk of trading book increase slightly versus the previous year and, in
terms of VaR, stood at €9 million at the close of the period.

The average VaR for 2015 stood at €11 million, in comparison with the €10 million registered in 2014, with a
high for the year on day March 4 at €15 million.

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

By type of market risk assumed by the Bank’s trading portfolio, the main risk factor in the Group is linked to
volatility and correlation risk, accounting for 46% of the total weight at the end of 2015, increasing its relative
weight (vs. 20% at the end of 2014). Interest rates (this figure includes the spread risk) amounts 39%, its relative
weight is lower than the figure at the end of 2014 (70%). Exchange-rate risk accounts for 10%, an increase on
the figure 12 months prior (5%), while equity risk maintain the same level (5%).

Market risk by risk factor
Interest + credit spread
Exchange rate
Equity
Volatility
Diversification effect (*)
Total
Average VaR
Maximum VaR
Minimum VaR

Millions of euros

2014

2013

17
1
1
5
(12)
12
10
15
7

9
1
1
9
(11)
9
11
21
7

(*)

The diversification effect is the difference between the sum of the average individual risk factors and the total VaR
figure that includes the implied correlation between all the variables and scenarios used in the measurement.

Validation of the model

The internal market risk model is validated on a regular basis by backtesting in both BBVA S.A. and Bancomer.

The aim of backtesting is to validate the quality and precision of the internal model used by BBVA Group to
estimate the maximum daily loss of a portfolio, at a 99% level of confidence and a 250-day time horizon, by
comparing the Group's results and the risk measurements generated by the model. These tests showed that the
internal market risk model of both BBVA, S.A. and Bancomer is adequate and precise.

Two types of backtesting have been carried out in 2015:

••••

"Hypothetical" backtesting: the daily VaR is compared with the results obtained, not taking into account
the intraday results or the changes in the portfolio positions. This validates the appropriateness of the
market risk metrics for the end-of-day position.

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

••••

"Real" backtesting: the daily VaR is compared with the total results, including intraday transactions, but
discounting the possible minimum charges or fees involved. This type of backtesting includes the
intraday risk in portfolios.

In addition, each of these two types of backtesting was carried out at the level of risk factor or business type, thus
making a deeper comparison of the results with respect to risk measurements.

In 2015, it was carried out the backtesting of the internal VaR calculation model, comparing the daily results
obtained with the estimated risk level estimated by the VaR calculation model. At the end of the year the
comparison showed the model was working correctly, within the "green" zone (0-4 exceptions), thus validating
the model, as has occurred each year since the internal market risk model was approved for the Group.

Stress test analysis

A number of stress tests are carried out on BBVA Group's trading portfolios. First, global and local historical
scenarios are used that replicate the behavior of an extreme past event, such as for example the collapse of
Lehman Brothers or the "Tequilazo" crisis. These stress tests are complemented with simulated scenarios, where
the aim is to generate scenarios that have a significant impact on the different portfolios, but without being
anchored to any specific historical scenario. Finally, for some portfolios or positions, fixed stress tests are also
carried out that have a significant impact on the market variables affecting these positions.

Historical scenarios

The historical benchmark stress scenario for the BBVA Group is Lehman Brothers, whose sudden collapse in
September 2008 led to a significant impact on the behavior of financial markets at a global level. The following
are the most relevant effects of this historical scenario:

• Credit shock: reflected mainly in the increase of credit spreads and downgrades in credit ratings.

•

Increased volatility in most of the financial markets (giving rise to a great deal of variation in the prices of
different assets (currency, equity, debt).

Liquidity shock in the financial systems, reflected by a major movement in interbank curves, particularly in
the shortest sections of the euro and dollar curves.

Simulated scenarios

Unlike the historical scenarios, which are fixed and therefore not suited to the composition of the risk portfolio at
all times, the scenario used for the exercises of economic stress is based on Resampling methodology. This
methodology is based on the use of dynamic scenarios are recalculated periodically depending on the main risks
held in the trading portfolios. On a data window wide enough to collect different periods of stress (data are taken
from January 1, 2008 until today), a simulation is performed by resampling of historic observations, generating a
loss distribution and profits to analyze most extreme of births in the selected historical window. The advantage of
this methodology is that the period of stress is not predetermined, but depends on the portfolio maintained at
each time, and making a large number of simulations (10,000 simulations) allows a richer information for the
analysis of expected shortfall than what is available in the scenarios included in the calculation of VaR.

The main features of this approach are: a) The generated simulations respect the correlation structure of the
data, b) Flexibility in the inclusion of new risk factors and c) allows to introduce a lot of variability in the
simulations (desirable to consider extreme events).

5.4.2 Structural risk

Structural interest-rate risk

The structural interest-rate risk (SIRR) is related to the potential impact that variations in market interest rates have
on an entity's net interest income and equity. In order to properly measure SIRR, BBVA takes into account the
main sources that generate this risk: reprising risk, yield curve risk, option risk and basis risk, which are analyzed
from two complementary points of view: net interest income (short term) and economic value (long term).

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

BBVA's structural interest-rate risk management control and monitoring is based on a set of metrics and tools that
enable the Entity's risk profile to be monitored correctly. A wide range of scenarios are measured on a regular
basis, including sensitivities to parallel movements in the event of different shocks, changes in slope and curve,
as well as delayed movements. Other probabilistic metrics based on statistical scenario-simulating methods are
also assessed, such as income at risk (IaR) and economic capital (EC), which are defined as the maximum
adverse deviations in net interest income and economic value, respectively, for a given confidence level and time
horizon. Impact thresholds are established on these management metrics both in terms of deviations in net
interest income and in terms of the impact on economic value. The process is carried out separately for each
currency to which the Group is exposed, and the diversification effect between currencies and business units is
considered after this.

In order to guarantee its effectiveness, the model is subjected to regular internal validation, which includes
backtesting. In addition, interest-rate risk measurements are subjected to stress testing in order to reveal balance
sheet vulnerabilities under extreme scenarios. This testing includes an analysis of adverse macroeconomic
scenarios designed specifically by BBVA Research, together with a wide range of potential scenarios that aim to
identify interest-rate environments that are particularly damaging for the Entity. This is done by generating
extreme scenarios of a breakthrough in interest rate levels and historical correlations, giving rise to sudden
changes in the slopes and even to inverted curves.

The model is necessarily underpinned by an elaborate set of hypotheses that aim to reproduce the behavior of
the balance sheet as closely as possible to reality. Especially relevant among these assumptions are those related
to the behavior of “accounts with no explicit maturity”, for which stability and remuneration assumptions are
established, consistent with an adequate segmentation by type of product and customer, and prepayment
estimates (implicit optionality). The hypotheses are adapted regularly to signs of changes in behavior, kept
properly documented and reviewed on a regular basis in the internal validation processes.

The impacts on the metrics are assessed both from a point of view of economic value (gone concern) and from
the perspective of net interest income, for which a dynamic model (going concern) consistent with the corporate
assumptions of earnings forecasts is used.

In 2015, the expansionary monetary policies in Europe were intensified with has led interest rates to stand at
negative levels in several sections of the rate curve. whereas in the United States and Mexico there were the first
increase in interest rates by the end of the year. The main economies of South America also initiated the upward
cycle of interest rates during the second half of the year.

The BBVA Group in all its Balance Sheet Management Units ("BSMUs") maintains a positive sensitivity in its net
interest income to an increase in interest rates. The entry of Turkey, has helped to diversify the Group's net
exposure due to the opposite direction of its position on Europe. The higher sensitivities in the net interest
income, relatively speaking, are observed in mature markets (Europe and USA), where, however, the negative
sensitivity in their net interest income to decrease in interest rates is limited by the plausible downward trend in
interest rates. The Group maintains a moderate risk profile, according to its target risk, through effective
management of its balance sheet structural risk.

Structural equity risk

BBVA's exposure to structural equity risk stems basically from investments in industrial and financial companies
with medium- and long-term investment horizons. This exposure is mitigated through net short positions held in
derivatives of their underlying assets, used to limit portfolio sensitivity to potential falls in prices.

Structural management of equity portfolios is the responsibility of the Group's units specializing in this area. Their
activity is subject to the corporate risk management policies for equity positions in the equity portfolio. The aim is
to ensure that they are handled consistently with BBVA's business model and appropriately to its risk tolerance
level, thus enabling long-term business sustainability.

The Group's risk management systems also make it possible to anticipate possible negative impacts and take
appropriate measures to prevent damage being caused to the Entity. The risk control and limitation mechanisms
are focused on the exposure, annual operating performance and economic capital estimated for each portfolio.
Economic capital is estimated in accordance with a corporate model based on Monte Carlo simulations, taking
into account the statistical performance of asset prices and the diversification existing among the different
exposures.

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

Backtesting is carried out on a regular basis on the risk measurement model used.

As for the market, in 2015. the strength of the US dollar continued the trend that began in 2014, along with the
weakness of the currencies of emerging economies, which have depreciated sharply against the dollar, affected
by falling prices in raw materials, especially oil, and uncertainty about the growth in these economies after the
change of monetary policy of the Federal Reserve and the slowdown in China. As a result of these factors, there
was also an upturn in volatility in foreign exchange markets in emerging markets. Also it is noteworthy the
significant adjustment in the Argentina's currency, affected by imbalances in its economy.

The Group's structural exchange-rate risk exposure level has decreased sharply during 2015 as a result of the
sale of participations in the Citic Group.

Stress tests and analyses of sensitivity to different simulated scenarios are carried out periodically to analyze the
risk profile in more depth. They are based on both past crisis situations and forecasts made by BBVA Research.
This checks that the risks are limited and that the tolerance levels set by the Group are not at risk.

5.5 Liquidity risk

Management of liquidity and structural finance within the BBVA Group is based on the principle of the financial
autonomy of the entities that make it up. This approach helps prevent and limit liquidity risk by reducing the
Group’s vulnerability in periods of high risk. This decentralized management avoids possible contagion due to a
crisis that could affect only one or various BBVA Group entities, which must cover their liquidity needs
independently in the markets where they operate. Liquidity Management Units have been set up for this reason
in the geographical areas where the main foreign subsidiaries operate, and also for the parent BBVA S.A. within
the Euro currency scope, specifically BBVA Portugal and the recent Catalunya Banc acquisition.

Thus a core principle of the BBVA Group’s liquidity management is the financial independence of its banking
subsidiaries. This aims to ensure that the cost of liquidity is correctly reflected in price formation. Accordingly, a
liquidity pool is maintained at an individual entity level, both in Banco Bilbao Vizcaya Argentaria, S.A. and in the
banking subsidiaries, including BBVA Compass, BBVA Bancomer and the Latin American subsidiaries.

The table below shows the liquidity available by instrument as of December 31, 2015 for the most significant
entities:

2015

BBVA
Eurozone (1)

Cash and balances with central banks

Assets for credit operations with central banks

Central governments issues

Of Which: Spanish government securities

Other issues
Loans

Other non-eligible liquid assets
ACCUMULATED AVAILABLE BALANCE

AVERAGE BALANCE

10,939

51,811
31,314
25,317
20,497
-
5,760
68,510

67,266

(1)

Includes Banco Bilbao Vizacaya Argentaria, S.A., Catalunya Banc, S.A. and Banco Bilbao Vizcaya Argentaria (Portugal), S.A.

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

The Finance Division, through Balance Sheet Management, manages BBVA Group's liquidity and funding. It plans
and executes the funding of the long-term structural gap of each Liquidity Management Unit (LMUs) and
proposes to ALCO the actions to adopt in this regard in accordance with the policies and limits established by the
Standing Committee.

The Bank's target behavior, in terms of liquidity and funding risk is characterized through the Loan to Stable
Customer Deposits (LtSCD) ratio. The aim is to preserve a stable funding structure in the medium term for each
of the LMUs making up BBVA Group, taking into account that maintaining an adequate volume of stable
customer funds is key to achieving a sound liquidity profile.

For the purpose of establishing the (maximum) target levels for LtSCD in each LMU and providing an optimal
funding structure reference in terms of risk appetite, GRM-Structural Risks identifies and assesses the economic
and financial variables that condition the funding structures in the various geographical areas.

The second core element in liquidity and funding risk management is to achieve proper diversification of the
wholesale funding structure, avoiding excessive reliance on short-term funding and establishing a maximum level
of short-term wholesale borrowing.

The third element promotes the short-term resilience of the liquidity risk profile, making sure that each LMU has
sufficient collateral to address the risk of wholesale markets closing. Basic Capacity is the short-term liquidity risk
management and control metric that is defined as the relationship between the available explicit assets and the
maturities of wholesale liabilities and volatile funds, at different terms, with special relevance being given to 30-
day maturities.

The above metrics are completed with a series of indicators and thresholds that aim to avoid the concentration of
wholesale funding by product, counterparty, market and term, as well as to promote diversification by
geographical area. In addition, reference thresholds are established on a series of advance indicators that make it
possible to anticipate stress situations in the markets and adopt, if necessary, preventive actions.

Stress analyses are also a basic element of the liquidity and funding risk monitoring system, as they help
anticipate deviations from the liquidity targets and limits set out in the risk appetite. They also play a key role in
the design of the Liquidity Contingency Plan and in defining the specific measures for action for realigning the risk
profile. For each of the scenarios, a check is carried out whether the Bank has a sufficient stock of liquid assets to
ensure the ability to meet the liquidity commitments/outflows in the different periods analyzed. The analysis
considers four scenarios, one core and three crisis-related: systemic crisis; unexpected internal crisis with a
considerable rating downgrade and/or affecting the ability to issue in wholesale markets and the perception of
business risk by the banking intermediaries and the bank's customers; and a mixed scenario, as a combination of
the two aforementioned scenarios. Each scenario considers the following factors: liquidity existing on the market,
customer behavior and sources of funding, impact of rating downgrades, market values of liquid assets and
collateral, and the interaction between liquidity requirements and the performance of the bank's asset quality. The
results of these stress analyses carried out regularly reveal that BBVA has a sufficient buffer of liquid assets to deal
with the estimated liquidity outflows in a scenario such as a combination of a systemic crisis and an unexpected
internal crisis with a major downgrade in the bank's rating (by up to three notches).

In 2015, both long and short-term wholesale funding markets continued to be stable thanks to the positive trend
in sovereign risk premiums and the setting of negative rates by the ECB for the marginal deposit facility, in an
environment marked by greater uncertainty on growth in the Eurozone, which has led to new actions by the
ECB.

Long and short term wholesale funding markets were stable in 2015. The ECB carried out quarterly targeted
longer-term refinancing operations (TLTRO) with the aim of boosting channeled lending and improving financial
conditions for the whole European economy. At these auctions the Euro LMU took €8 billion in 2015 (see Note
7).

The liquidity position of all the subsidiaries outside Europe has continued to be comfortable, maintaining a solid
liquidity position in all the jurisdictions in which the Group operates.

In this context of improved access to the market, BBVA has maintained its objective of strengthening the funding
structure of the different Group entities based on growing their self-funding from stable customer funds, while
guaranteeing a sufficient buffer of fully available liquid assets, diversifying the various sources of funding available,
and optimizing the generation of collateral available for dealing with stress situations in the markets. The liquidity
risk exposure has been kept within the risk appetite and the limits approved by the Board of Directors.

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

5.6 Encumbered Assets

As of December 31, 2015, the encumbered (given as collateral for certain liabilities) and unencumbered assets
ate broken down as follows:

December 2015
Assets
Assets

Equity instruments
Debt Securities
Loans and Advances and other assets

Encum bered assets

Unencum bered assets

Book value of
Encum bered assets

Market value of
Encum bered assets

Book value of non-
encum bered assets

Market value of non-
encum bered assets

Millions of Euros

106,029
2,680
23,493
79,856

2,680
23,569

292,081
5,312
41,435
245,334

5,312
41,520

These assets are mainly linked to covered bonds. Such assets relate mainly to loans linked to the issue of
mortgage bonds, covered bonds or long term securitized bonds (see Note 19); to debt securities that are
committed in repurchase agreements; collateral pledged and also loans or debt instruments, in order to access to
financing transactions with central banks. The encumbered assets caption also includes any type of collateral
pledged to derivative transactions.

As of December 31, 2015 collateral pledge mainly due to repurchase agreements and securities lending, and
those which could be committed in order to obtain funding are provided below:

December 2015
Collateral received

Collateral received

Equity instruments
Debt securities
Loans and Advances and other assets

Own debt securities issued other than own covered bonds
or ABSs

Fair value of encum bered
collateral received or ow n
debt securities issued

Millions of Euros
Fair value of collateral
received or ow n debt
securities issued
available for
encum brance

Nom inal am ount of
collateral received or ow n
debt securities issued
not available for
encum brance

12,317
-
12,317
-

7,236
-
7,236
-

142

-
-
-
-

As of December 31, 2015, financial liabilities issued were as follows:

December 2015
Sources of encumbrance

Millions of Euros

Matching liabilities,
contingent liabilities or
securities lent

Assets, collateral received and
ow n
debt securities issued other
than covered bonds and ABSs
encum bered

Book value of financial liabilities

101,779

118,352

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

5.7 Residual maturity

Below is a breakdown by contractual maturity of the balances of certain headings in the accompanying
consolidated balance sheets, excluding any valuation adjustments or impairment losses:

2015

ASSETS -

Cash and balances with central banks
Loans and advances to credit institutions
Loans and advances to custom ers
Debt securities
OTC derivatives

LIABILITIES-

Deposits from central banks
Deposits from credit institutions
Deposits from customers
Debt certificates (including bonds)
Subordinated liabilities
Short positions
Other financial liabilities
OTC derivatives

CONTINGENT LIABILITIES
Financial guarantees

2014

ASSETS -

Cash and balances with central banks
Loans and advances to credit institutions
Loans and advances to customers
Debt securities
OTC derivatives

LIABILITIES-

CONTINGENT LIABILITIES
Financial guarantees

5.8 Operational Risk

Demand

Up to 1
Month

1 to 3
Months

3 to 12
Months

1 to 5 Years

Over 5
Years

Total

Millions of Euros

11,108
2,942
21,727
-
-

1
2,176
83,412
-
-
7,253
5,422
-

-
6,455
18,915
1,682
1,245

2,853
28,049
20,464
2,018
-
-
916
1,205

-
1,642
12,439
1,287
1,774

2,668
6,391
22,473
1,990
-
-
200
1,640

-
9,512
22,821
10,665
3,825

848
9,100
38,062
91
208
-
131
4,199

-
2,913
51,155
23,481
11,925

13,257
6,191
19,498
9,694
1,611
-
69
12,104

-
1,763
77,843
27,249
23,444

-
3,479
3,109
10,111
6,449
-
65
22,114

11,108
25,227
204,900
64,364
42,213

19,627
55,386
187,018
23,904
8,268
7,253
6,803
41,262

3,121

1,375

1,936

3,071

8,191

3,264

20,958

Demand

Up to 1
Month

1 to 3
Months

3 to 12
Months

1 to 5 Years

Over 5
Years

Total

Millions of Euros

9,262
2,210
21,439
28
-

2
2,856
72,830
-
-
7,150
501
-

-
16,116
21,534
547
1,835

4,839
31,884
26,941
18
-
-
5,724
2,142

-
640
14,507
1,676
2,180

6,812
4,960
12,039
3,521
-
-
59
2,238

-
1,819
27,859
5,498
4,098

1,483
6,740
45,412
153
63
-
71
4,044

-
1,137
44,698
27,392
11,317

5,256
8,876
29,219
11,920
1,546
-
2
11,466

-
1,864
82,561
30,091
27,324

-
2,670
983
8,743
6,036
-
2
25,895

9,262
23,786
212,598
65,232
46,754

18,392
57,986
187,424
24,355
7,645
7,150
6,359
45,785

3,024

3,748

685

7,746

7,924

2,931

26,058

Operational risk is defined as one that could potentially cause losses due to human errors, inadequate or faulty
internal processes, system failures or external events. This definition includes legal risk and excludes strategic
and/or business risk and reputational risk.

Operational risk is inherent to all banking activities, products, systems and processes. Its origins are diverse
(processes, internal and external fraud, technology, human resources, commercial practices, disasters, suppliers).

Operational risk management framework

Operational risk management in the Group is based on the value-adding drivers generated by the advanced
measurement approach (AMA), as follows:

• Active management of operational risk and its integration into day-to-day decision-making means:

− Knowledge of the real losses associated with this type of risk.

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

Identification, prioritization and management of real and potential risks.

−
− The existence of indicators that enable the Bank to analyze operational risk over time, define warning

signals and verify the effectiveness of the controls associated with each risk.

The above helps create a proactive model for making decisions about control and business, and for
prioritizing the efforts to mitigate relevant risks in order to reduce the Group's exposure to extreme
events.

Improved control environment and strengthened corporate culture.

•
• Generation of a positive reputational impact.

Operational Risk Management Principles

Operational risk management in BBVA Group should:

• Be aligned with the risk appetite statement set out by the Board of Directors of BBVA.
• Anticipate the potential operational risks to which the Group would be exposed as a result of new or modified
products, activities, processes, systems or outsourcing decisions, and establish procedures to enable their
evaluation and reasonable mitigation prior to their implementation.

• Establish methodologies and procedures to enable a regular reassessment of the relevant operational risks to
which the Group is exposed in order to adopt appropriate mitigation measures in each case, once the
identified risk and the cost of mitigation (cost/benefit analysis) have been considered, while preserving the
Group's solvency at all times.

•

Identify the causes of the operational losses sustained by the Group and establish measures to reduce them.
Procedures must therefore be in place to enable the capture and analysis of the operational events that cause
those losses.

• Analyze the events that have caused operational risk losses in other institutions in the financial sector and
promote, where appropriate, the implementation of the measures needed to prevent them from occurring in
the Group.

•

Identify, analyze and quantify events with a low probability of occurrence and high impact in order to ensure
their mitigation. Due to their exceptional nature, it is possible that such events may not be included in the
loss database or, if they are, they have impacts that are not representative.

• Have an effective system of governance in place, where the functions and responsibilities of the areas and

bodies involved in operational risk management are clearly defined.

These principles reflect BBVA Group's vision of operational risk, on the basis that the resulting events have an
ultimate cause that should always be identified, and that the impact of the events is reduced significantly by
controlling that cause.

Irrespective of the adoption of all the possible measures and controls for preventing or reducing both the
frequency and severity of operational risk events, BBVA ensures at all times that sufficient capital is available to
cover any expected or unexpected losses that may occur.

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

Fair value of financial instruments

The fair value of financial instrument is defined as the price that would be received to sell an asset or paid to
transfer a liability in an orderly transaction between market participants at the measurement date. It is therefore a
market-based measurement and not specific to each entity.

All financial instruments, both assets and liabilities are initially recognized at fair value, which at that point is
equivalent to the transaction price, unless there is evidence to the contrary in an active market. Subsequently,
depending on the type of financial instrument, it may continue to be registered at fair value through adjustments
in the profit and loss or equity.

When possible, the fair value is determined as the market price of a financial instrument. However, for many of
the assets and liabilities of the Group, especially in the case of derivatives, there is no market price available, so its
fair value is estimated on the basis of the price established in recent transactions involving similar instruments or,
in the absence thereof, by using mathematical measurement models that are sufficiently tried and trusted by the
international financial community. The estimates used in such models take into consideration the specific features
of the asset or liability to be measured and, in particular, the various types of risk associated with the asset or
liability. However, the limitations inherent in the measurement models and possible inaccuracies in the
assumptions and parameters required by these models may mean that the estimated fair value of an asset or
liability does not exactly match the price for which the asset or liability could be exchanged or settled on the date
of its measurement.

The process for determining the fair value established in the entity to ensure that trading portfolio assets are
properly valued, BBVA has established, at a geographic level, a structure of New Product Committees responsible
for validating and approving new products or types of assets and liabilities before being contracted. The
members of these Committees, responsible for valuation, are independent from the business (see Note 5).

These areas are required to ensure, prior to the approval stage, the existence of not only technical and human
resources, but also adequate informational sources to measure these assets and liabilities, in accordance with the
rules established by the Global Valuation Area and using models that have been validated and approved by the
Department of Methodologies that reports to Global Risk Management.

Additionally, for assets and liabilities that show significant uncertainty in inputs or model parameters used for
assessment, criteria is established to measure said uncertainty and activity limits are set based on these. Finally,
these measurements are compared, as much as possible, against other sources such as the measurements
obtained by the business teams or those obtained by other market participants.

The process for determining the fair value required the classification of the financial assets and liabilities according
to the measurement processes used set forth below:

• Level 1: Measurement using market observable quoted prices for the financial instrument in question,
secured from independent sources and referred to active markets - according to the Group policies. This level
includes listed debt securities, listed equity instruments, some derivatives and mutual funds.

• Level 2: Measurement that applies techniques using inputs drawn from observable market data.
• Level 3: Measurement using techniques where some of the material inputs are not taken from market
observable data. As of December 31, 2015, the affected instruments accounted for approximately 0.16% of
financial assets and 0.08% of the Group’s financial liabilities registered at fair value. Model selection and
validation is undertaken by control areas outside the market units.

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

Below is a comparison of the carrying amount of the Bank’s financial instruments in the accompanying balance
sheets and their respective fair values.

Fair Value and Carrying Amount

ASSETS-

Cash and balances with central banks
Financial assets held for trading
Other financial assets at fair value
through profit and loss
Available-for-sale financial assets
Loans and receivables
Fair value changes of the hedges items in
portfolio hedges of interes rate risk
Hedging derivatives

LIABILITIES-

Financial assets held for trading

Financial liabilities at amortized cost
Fair value changes of the hedges items in
portfolio hedges of interes rate risk
Hedging derivatives

Millions of Euros

2015

2014

Notes

Carrying
Amount

Fair Value

Carrying
Amount

Fair Value

7
8

10
11

12
12

11,108
58,606

9,262
64,495

-
50,601
226,863

-
50,601
228,757

-
53,709
230,724

-
53,709
232,314

54
1,714

121
2,112

46,973

50,976

303,095

304,875

305,036

301,154

1,542

-
1,959

Not all assets and liabilities are recorded at fair value, so below we provide the information on financial
instruments at fair value and subsequently the information of those recorded at cost with an assigned value,
although this value is not used when accounting for these instruments.

6.1 Fair value of certain financial instruments registered at fair value using
valuation criteria

The following table shows the main financial instruments carried at fair value in the accompanying balance
sheets, broken down by the measurement technique used to determine their fair value:

Fair Value by Levels

Notes

Level 1

Level 2

Level 3

Level 1

Level 2

Level 3

Millions of Euros

2015

2014

ASSETS-
Financial assets held for trading

Debt securities
Other equity instruments
Trading derivatives

Available-for-sale financial assets

Debt securities
Other equity instruments

Hedging derivatives
LIABILITIES-
Financial liabilities held for trading

Trading derivatives
Short positions

Hedging derivatives

39,554
417
2
39,135
912
911
1
1,714

38,764
38,764
-
1,542

158
24
92
42
22
22
-
-

37
37
-
-

20,637
15,046
4,172
1,419
52,657
46,495
6,162
-

8,510
1,360
7,150
-

43,694
533
15
43,146
926
896
30
2,112

42,430
42,430
-
1,959

164
11
77
76
2
2
-
-

36
36
-
-

18,894
13,692
3,880
1,322
49,539
45,650
3,889
-

8,172
919
7,253
-

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

The heading “Available-for-sale financial assets” in the accompanying balance sheets as of December 31, 2015
and 2014 additionally includes €128 and €124 million, respectively, accounted for at cost, as indicated in the
section of this Note entitled “Financial instruments at cost”.

The following table sets forth the main measurement techniques, hypothesis and inputs used in the estimation of
fair value of the financial instruments classified under Levels 2 and 3, based on the type of financial asset and
liability and the corresponding balances as of December 31, 2015:

Financial Instrum ents
Level 2

Fair Value
(Millions of
euros )

Valuation te chnique(s)

Unobs ervable inputs

Debt se curities

Trading portfolio

Other financial assets at fair value
through profit and loss

Available-for-sale financial assets

Equity Instrum ents

Trading portfolio

Available-for-sale financial assets

Derivatives

Tradi ng deri vatives

Trading asset portfolio

Trading liability portfolio

Hedging deri vatives

Assets

Liability

417

911

39,135

38,764

1,714

1,542

Pres ent-value m ethod
(Discounted future cas h flow s )

Active price in inactive m arket

Com parable pricing
(Obs ervable price in a sim ilar m ark et)

- Prepayment rates
- Issuer credit risk
- Current market interest rates

- Brokers/dealers quotes
- External contributing prices
- Market benchmarks

Com parable pricing
(Obs ervable price in a sim ilar m ark et)

- Brokers quotes
- Market operations
- NAVs published

• Commodit ies: Discount ed cash f lows and moment adjust ment
• Credit product s: Def ault model and Gaussian copula
• Exchange rat e product s: Discount ed cash f lows, Black, Local Vol and
M oment adjust ment
• Fixed income product s: Discount ed cash f lows
• Equit y inst rument s: Local-Vol, B lack, M oment adjust ment and
Discount ed cash f lows
• Int erest rat e product s:
- Int erest rat e swaps, Call money Swaps y FRA: Discount ed cash
f lows
- Caps/ Floors: Black, Hull-Whit e y SABR
- Bond opt ions: Black
- Swapt ions: Black, Hull-Whit e y LGM
- Int erest rat e opt ions: Black, Hull-Whit e y SABR
- Const ant M at urit y Swaps: SA BR

- Exchange rates
- M arket quo ted future prices
- M arket interest rates
- Underlying assests prices: shares, funds,
co mmo dities
- M arket o bservable vo latilities
- Issuer credit spread levels
- Quo ted dividends
- M arket listed co rrelatio ns

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

Financial Instrum ents
Level 3

Fair Value
(Millions of
euros)

Valuation technique(s)

Unobservable inputs

Debt securities

Trading portfolio

Available-for-sale financial assets

Equity Instrum ents

Trading portfolio

Available-for-sale financial assets

Derivatives

Trading derivatives

Trading asset portfolio

Trading liability portfolio

Hedging derivatives

Liability

Present-value m ethod
(Discounted future cash flow s)

- Credit spread
- Reco very rates
- Interest rates
- M arket benchmark
- Default co rrelation

Com parable pricing
(Com parison w ith prices of sim ilar
instrum ents)

- P rices o f similar instruments o r market
benchmark

Net Asset Value

- NA V pro vided by the administrato r o f
the fund

Com parable pricing
(Com parison w ith prices of sim ilar
instrum ents)

- P rices o f similar instruments o r market
benchmark

Credit Option: Gaussian Copula

Equity OTC Options : Heston

Interest rate options: Libor Market Model

- Co rrelatio n default
- Credit spread
- Reco very rates
- Interest rate yields

- Vo latility o f vo latility
- Interest rate yields
- Dividends
- A ssets co rrelation

- B eta
- Co rrelatio n rate/credit
- Credit default vo latility

Quantitative information of non-observable inputs used to calculate Level 3 valuations is presented below:

Instrum ento Financiero

Método de valoración

Inputs no observables
significativos

Min

Max

Media

Unidades

Valores representativos
de deuda

Valor actual neto

Diferencial de crédito

264.00

320.00

264.23

b.p.

Precios comparables

Precio

Tasa de recuperación

Renta Variable

Net Asset Value

Net Asset Value (*)

Precios comparables

Precio (*)

Opciones de crédito

Cópula gaussiana

Correlación de impago

Opciones de bonos
corporativos

Black 76

Price Volatillity

Opciones RV OTC

Heston

Volatility of volatility

Opciones de tipo de
interés

Libor Market Model

Beta

0.25

37.39

4.46

36.41

0.03

Correlación tipo/crédito

(100.00)

Volatilidad de impago

0.00

40.00

89.41

81.83

6.30

88.34

18.00

100.00

0.00

39.99

51.50

45.63

5.91

Vegas

38.77

Vegas

5.41

(**)

0.00

Vegas

Range is not provided as it would be too wide to take into account the diverse nature of the different positions.

(*)
(**) Depending on the sensitivity of the worst scenario transaction by transaction.

The techniques used for the assessment of the main instruments classified in Level 3, and its main unobservable
inputs, are described below:

• The net present value: This model uses the future cash flows of each instrument, which are established in the
different contracts, and discounted to their present value. This model often includes many observable market
parameters, but may also include unobservable market parameters directly, as described below:

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

− Credit Spread: represents the difference in yield of an instrument and the reference rate, reflecting the
additional return that a market participant would require to take the credit risk of that instrument.
Therefore, the credit spread of an instrument is part of the discount rate used to calculate the present
value of future cash flows.

− Recovery rate: defines how the percentage of principal and interest recovered from a debt instrument

that has defaulted.

• Comparable prices: prices of comparable instruments and benchmarks are used to calculate its yield from the
entry price or current rating making further adjustments to account for differences that may exist between
valued asset and it is taken reference. It can also be assumed that the price of an instrument is equivalent to
the other.

• Net asset value: represents the total value of the assets and liabilities of a fund and is published by the fund

manager thereof.

• Gaussian copula: dependent on credit instruments of various references, the joint density function to
integrate to value is constructed by a Gaussian copula that relates the marginal densities by a normal
distribution, usually extracted from the correlation matrix of events approaching default by CDS issuers.
• Heston: the model, typically applied to equity options assumes stochastic behavior of volatility. According to
which, the volatility follows a process that reverts to a long-term level and is correlated with the underlying
instrument. As opposed to local volatility models, in which the volatility evolves deterministically, the Heston
model is more flexible, allowing it to be similar to that observed in the short term today.

• Libor market model: This model assumes that the dynamics of the interest rate curve can be modeled based
on the set of forwards that compose the process. The correlation matrix is parameterized on the assumption
that the correlation between any two forwards decreases at a constant rate, beta, to the extent of the
difference in their respective due dates. The multifactorial frame of this model makes it ideal for the valuation
of instruments sensitive to the slope or curve.

Adjustments to the valuation for risk of default

The credit valuation adjustments (“CVA”) and debit valuation adjustments (“DVA”) are a part of derivative
valuations, both assets and liabilities, to reflect the impact in the fair value of the credit risk of the counterparty
and its own, respectively.

These adjustments are calculated by estimating Exposure At Default, Probability of Default and Loss Given
Default, for all derivative products on any instrument at the legal entity level (all counterparties under a same
ISDA / CMOF) in which BBVA has exposure.

As a general rule, the calculation of CVA is done through simulations of market and credit variables to calculate
the expected positive exposure, given the Exposure at Default and multiplying the result by the Loss Given
Default of the counterparty. Consequently, the DVA is calculated as the result of the expected negative exposure
given the Exposure at Default and multiplying the result by the Loss Given Default of the counterparty. Both
calculations are performed throughout the entire period of potential exposure.

The information needed to calculate the exposure at default and the loss given default come from the credit
markets (Credit Default Swaps or iTraxx Indexes), save for cases where an internal rating is available. For those
cases where the information is not available, BBVA implements a mapping process based on the sector, rating
and geography to assign probabilities of both probability of default and loss given default, calibrated directly to
market or with an adjustment market factor for the probability of default and the historical expected loss.

The impact recorded under "Net gains (losses) on financial asset and liabilities" in the income statement for the
year ended December 31, 2015 corresponding to the credit risk assessment of the asset derivative positions as
"Credit Valuation Adjustment" (CVA) and liabilities derivative position as "Debit Valuation Adjustment" (DVA), was
negative -€222 and positive €194 million, respectively. The impact recorded under “Net gains (losses) on
financial asset and liabilities” in the consolidated income statement corresponding to the mentioned adjustments
was a net impact of €98 million.

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

Financial assets and liabilities classified as Level 3

The changes in the balance of Level 3 financial assets and liabilities included in the accompanying balance sheets
are as follows:

Financial Assets Level 3
Changes in the Period
Balance at the beginning

Valuation adjustments recognized in the income
Valuation adjustments not recognized in the income
Acquisitions, disposals and liquidations
Net transfers to level 3

Balance at the end

Millions of Euros

2015

2014

Assets Liabilities Assets Liabilities

166
19
-
(77)
72
180

36
(2)
-
3
-
37

236
40
1
(116)
5
166

17
23
-
(4)
-
36

(*)

Profit or loss that is attributable to gains or losses relating to those assets and liabilities held at the end of the reporting
period. Valuation adjustments are recorded under the heading “Net gains (losses) on financial assets and liabilities
(net)”.

In 2015, the profit/loss on sales of financial instruments classified as level 3 recognized in the accompanying
income statement was not material.

Transfers between levels

The Global Valuation Area, in collaboration with the Technology and Methodology Area, has established the rules
for a proper trading portfolio asset classification according to the fair value hierarchy defined by international
accounting standards.

On a monthly basis, any new assets registered in the portfolio are classified, according to this criterion, by the
generating subsidiary. Then, there is a quarterly review of the portfolio in order to analyze the need for a change
in classification of any of these assets.

The financial instruments transferred between the different levels of measurement in 2015 are at the following
amounts in the accompanying balance sheets as of December 31, 2015:

From:

Level I

Millions of Euros

Level 2

Level 3

Transfer between levels

To:

Level 2

Level 3

Level 1

Level 3

Level 1

Level 2

ASSETS

Financial assets held for trading
Available-for-sale financial assets
Hedging derivatives

LIABILITIES-

Financial liabilities held for trading
Hedging derivatives

176
36
140
-

-
-

-
-
-
-

-
-

640
159
481
-

-
-

118
83
35
-

-
-

-
-
-
-

-
-

15
10
5
-

-
-

The amount of financial instruments that were transferred between levels of valuation for 2015 is insignificant
relative to the total portfolios, basically corresponding to the above revisions of the classification between levels
because these assets had modified some of its features . Specifically:

• The transfers between Tier 1 and 2 were produced mainly in debt securities, which are either no longer listed
on an active market (transfer from Tier 1 to 2) or are just starting to be listed (transfer from Tier 2 to 1).

• The transfers from Tier 2 to Tier 3 are due €43 million to debt securities and €75 million to equity

instruments for which observable data are not available in their valuation.

• The transfers from Tier 3 to Tier 2 are solely in equity instruments, for which observable market data are

available for valuation

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

Sensitivity Analysis

Sensitivity analysis is performed on products with significant unobservable inputs (products included in level 3), in
order to obtain a reasonable range of possible alternative valuations. This analysis is carried out on a monthly
basis, based on the criteria defined by the Global Valuation Area taking into account the nature of the methods
used for the assessment and the reliability and availability of inputs and proxies used. In order to establish, with a
sufficient degree of certainty, the valuating risk that is incurred in such assets without applying diversification
criteria between them.

As of December 31, 2015, the effect on the income and equity of changing the main hypotheses used for the
measurement of Level 3 financial instruments for other reasonably possible models, taking the highest (most
favorable hypotheses) or lowest (least favorable hypotheses) value of the range deemed probable, would be as
follows:

Financial Assets Level 3
Sensitivity Analysis
ASSETS

Financial assets held for trading
Available-for-sale financial assets
Hedging derivatives

LIABILITIES-

Financial liabilities held for trading

Total

Potential Im pact on Incom e Statem ent

Potential Im pact on Total Equity

Most Favorable
Hypotheses

Least Favorable
Hypotheses

Most Favorable
Hypotheses

Least Favorable
Hypotheses

Millions of Euros

14
-
-

2
16

(22)
-
-

(2)
(24)

-
1
-

-
1

-
(2)
-

-
(2)

6.2 Fair value of financial instruments carried at cost using valuation criteria

The valuation methods used to calculate the fair value of financial assets and liabilities carried at cost are
presented below:

• The fair value of "Cash and balances with central banks" has been assimilated to their book value, as it is

mainly short-term balances.

• The fair value of the "Loans and advances to customers" and "financial liabilities at amortized cost" was
estimated using the method of discounted expected future cash flows using market interest rates at the end
of each year. Additionally, factors such as prepayment rates and correlations of default are taken into
account.

The following table presents key financial instruments carried at amortized cost in the accompanying balance
sheets, broken down according to the method of valuation used to estimate their fair value:

Millions of Euros

2015

2014

Fair Value by Levels

Level 1

Level 2

Level 3

Level 1

Level 2

Level 3

ASSETS-

Cash and balances with central banks
Loans and receivables
Held-to-maturity investments

11,108
-
-

-
2,988
-

-
225,769
-

9,262
-
-

-
3,046
-

-
229,268
-

LIABILITIES-

Financial liabilities at amortized cost

304,875

301,154

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

The main valuation methods, hypotheses and inputs used to estimate the fair value of financial instruments
accounted for at cost and classified in levels 2 and 3 is shown below. These are broken down by type of financial
instrument and the balances correspond to those at December 31, 2015:

Financial Instrum ents
Level 2

Fair Value
(Millions of
euros)

Valuation technique(s)

Unobservable inputs

Loans and receivables

Debt securities

2,988

Present-value m ethod
(Discounted future cash flow s)

- Credit spread
- Interest rates

Financial Instrum ents
Level 3

Fair Value
(Millions of
euros)

Valuation technique(s)

Unobservable inputs

Loans and receivables

Loans and advances to credit
institutions

25,673

Present-value m ethod
(Discounted future cash flow s)

- Credit spread
- Prepayment rates
- Market interest rates

Loans and advances to customers

198,860

Debt securities

1,235

Financial liabilities at am ortized cost

Deposits from central banks

Deposits from credit institutions

Customer deposits

Debt certificates

Subordinated liabilities

Other financial liabilities

19,642

55,405

186,997

27,734

8,295

6,803

Present-value m ethod
(Discounted future cash flow s)

- Credit spread
- Prepayment rates
- Market interest rates

Financial instruments at cost

As of December 31, 2015 and 2014, equity instruments, derivatives with these equity instruments as underlying
assets, and certain discretionary profit-sharing arrangements in some companies, are recognized at cost in the
balance sheets because their fair value could not be reliably determined, as they are not traded in organized
markets and, thus, their unobservable inputs are significant. On the above dates, the balance of these financial
instruments recognized in the portfolio of available-for-sale financial assets amounted to €128 million and €124
million, respectively.

The table below outlines the financial assets and liabilities carried at cost that were sold in 2015 and 2014:

Sales of financial instruments at cost

Amount of Sale
Carrying Amount at Sale Date
Gains/Losses

Millions of Euros

2015

2014

29
22
7

71
21
50

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

Cash and balances with central banks

The breakdown of the balance under the headings “Cash and balances with central banks” and "Financial liabilities
at amortized cost – deposits from central banks" in the accompanying balance sheets is as follows:

Cash and Balances with Central Banks

Notes

2015

2014

Millions of Euros

Cash
Balances at the Central Banks
Reverse repurchase agreements

Subtotal

Accrued interests

Total

825
10,283
-
11,108
-
11,108

726
8,536
-
9,262
-
9,262

Millions of Euros

Deposits from Central Banks

Notes

2015

2014

Deposits from Central Banks
Repurchase agreements
Accrued interest until expiration

Total

19,238
389
15
19,642

17,819
573
8
18,400

Financial assets and liabilities held for trading

The breakdown of the balance under these headings in the accompanying balance sheets is as follows:

Financial Assets and Liabilities Held-for-Trading

ASSETS-

Debt securities
Equity instruments
Trading derivatives

Total
LIABILITIES-

Trading derivatives
Short positions

Total

Millions of Euros

2015

2014

14,133
3,974
40,499
58,606

39,720
7,253
46,973

15,590
4,264
44,641
64,495

43,826
7,150
50,976

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

8.1 Debt securities

The breakdown by type of instrument of the balance under this heading in the accompanying balance sheets is
as follows:

Debt Securities Held-for-Trading
Breakdown by type of issuer
Issued by Central Banks
Spanish government bonds
Foreign government bonds
Issued by Spanish financial institutions
Issued by foreign financial institutions
Other debt securities

Total

Millions of Euros

2015

2014

-
7,414
4,843
329
642
905
14,133

-
6,332
5,256
879
1,252
1,871
15,590

The debt securities included under Financial Assets Held for Trading earned average annual interest of 0.703% in
2015 (1.362% in 2014).

8.2 Equity instruments

The breakdown of the balance under this heading in the accompanying balance sheets is as follows:

Equity Instruments Held-for-Trading
Breakdown by Issuer
Shares of Spanish companies

Credit institutions
Other sectors

Subtotal
Shares of foreign companies

Credit institutions
Other sectors

Subtotal
Shares in the net assets of mutual funds
Total

Millions of Euros

2015

2014

804
1,193
1,997

285
1,495
1,780
197
3,974

865
1,646
2,511

139
1,472
1,611
142
4,264

8.3 Trading derivatives

The trading derivatives portfolio arises from the Bank’s need to manage the risks incurred by it in the course of
normal business activity, as well as commercializing these products to large corporations, mutual funds, etc. As
of December 31, 2015 and 2014, trading derivatives are principally contracted in over-the-counter (OTC)
markets, with credit entities not resident in Spain as the main counterparties, and related to foreign-exchange,
interest-rate and equity risk.

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

Below is a breakdown of the net positions by transaction type of the fair value of outstanding financial trading
derivatives recognized in the accompanying balance sheets, divided into organized and OTC markets:

Trading derivatives by type of risk / by
product or by type of market - December
2015
Interest rate

OTC options
OTC other
Organized market options
Organized market other

Equity

OTC options
OTC other
Organized market options
Organized market other
Foreign exchange and gold

OTC options
OTC other
Organized market options
Organized market other

Credit

Credit default swap
Credit spread option
Total return swap
Other
Commodity
Other
DERIVATIVES
of which: OTC - credit institutions
of which: OTC - other financial corporations
of which: OTC - other

Millions of Euros

Assets

Liabilities

Notional
amount -
Total

26,759
3,221
23,538
-
-
3,044
1,625
97
1,322
-
10,206
208
9,998
-
-
488
435
1
-
52
2
-
40,499
25,766
9,142
4,269

25,278
3,298
21,980
-
-
2,783
1,762
103
918
-
11,262
297
10,965
-
-
392
391
1
-
-
5
-
39,720
27,974
7,817
3,009

1,194,675
196,278
987,451
-
10,946
106,613
66,612
3,580
33,837
2,584
390,279
30,836
359,443
-
-
30,707
30,247
450
-
10
18
-
1,722,292
922,300
655,437
97,172

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

Trading derivatives by type of risk / by product or
by type of market - December 2014
Interest rate

OTC options
OTC other
Organized market options
Organized market other

Equity

OTC options
OTC other
Organized market options
Organized market other
Foreign exchange and gold

OTC options
OTC other
Organized market options
Organized market other

Credit

Credit default swap
Credit spread option
Total return swap
Other
Commodity
Other
DERIVATIVES
of which: OTC - credit institutions
of which: OTC - other financial corporations
of which: OTC - other

Millions of Euros

Assets

Liabilities

31,112
3,935
27,176
1
-
3,237
1,726
161
1,350
-
9,742
244
9,498
-
-
548
545
3
-
-
2
-
44,641
29,382
8,156
5,752

29,954
3,969
25,985
-
-
3,475
2,340
120
1,015
-
9,864
426
9,438
-
-
522
521
1
-
-
11
-
43,826
32,142
7,983
2,684

Notional
amount - Total
1,108,497
202,239
897,702
1,470
7,086
117,514
75,172
2,600
37,659
2,083
342,445
37,129
305,316
-
-
45,144
43,484
1,650
-
10
80
-
1,613,680
928,416
538,749
98,147

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

9. Other financial assets and liabilities at fair value through profit or loss

As of December 31, 2015 and 2014, this heading of the accompanying balance sheets had no balances.

10. Available-for-sale financial assets

10.1 Breakdown of the balance

The breakdown of the balance by the main financial instruments in the accompanying balance sheets is as
follows:

Available-for-Sale (AFS) Financial Assets

Debt securities
Impairm ent losses

Subtotal

Equity instruments
Impairm ent losses

Subtotal
Total

10.2 Debt securities

Millions of Euros

2015

2014

46,666
(83)
46,583
4,103
(85)
4,018
50,601

47,413
(20)
47,393
6,391
(75)
6,316
53,709

The breakdown of the balance under the heading “Debt securities”, broken down by the nature of the financial
instruments, is as follows:

Debt Securities Available-for-Sale by Type of Financial Instrument

2015

Domestic Debt Securities

Spanish Government and other government agency debt securities
Other debt s ecurities

Issue by Central Banks
Issue by credit institutions
Issue by other issuers

Subtotal
Foreign Debt Securities

Mexico

Mexican Government and other government agency debt
securities
Other debt securities

Issue by Central Banks
Issue by credit institutions
Issue by other issuers

The United States

Government securities

US Treasury and other US Government agencies
States and political subdivisions

Other debt s ecurities

Issue by Central Banks
Issue by credit institutions
Issue by other issuers

Other countries
securities
Other debt s ecurities

Issue by Central Banks
Issue by credit institutions
Issue by other issuers

Subtotal
Total

Cost

Unrealized
Gains

Millions of Euros
Unrealized
Losses

Fair
Value

25,570
3,217
-
1,775
1,442
28,787

653

131
522
-
-
522
2,781
151
151
-
2,630

33
2,597
13,294
7,088
6,206
16
488
5,702
16,728
45,515

1,003
59
-
32
27
1,062

-
-
-
-
-
6
-
-
-
6

-
6
494
481
13
-
1
12
500
1,562

(29)
(11)
-
-
(11)
(40)

(26)

(1)
(25)
-
-
(25)
(126)
-
-
-
(126)

-
(126)
(302)
(11)
(291)
-
(2)
(289)
(454)
(494)

26,544
3,265
-
1,807
1,458
29,809

627

130
497
-
-
497
2,661
151
151
-
2,510

33
2,477
13,486
7,558
5,928
16
487
5,425
16,774
46,583

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

Debt Securities Available-for-Sale by Type of Financial Instrument

2014

Domestic Debt Securities

Spanish Government and other government agency debt securities
Other debt securities

Issue by Central Banks
Issue by credit institutions
Issue by other issuers

Subtotal
Foreign Debt Securities

Mexico

Mexican Government and other government agency debt
securities
Other debt securities

Issue by Central Banks
Issue by credit institutions
Issue by other issuers

The United States

Government securities

US Treasury and other US Government agencies
States and political subdivisions

Other debt securities

Issue by Central Banks
Issue by credit institutions
Issue by other issuers

Other countries
Other foreign governments and other government agency debt
Other debt securities

Issue by Central Banks
Issue by credit institutions
Issue by other issuers

Subtotal
Total

Millions of Euros

Cost

Unrealized
Gains

Unrealized
Losses

Fair
Value

27,622
4,375
-
2,528
1,847
31,997

435

111
324
-
-
324
1,131
402
402
-
729
-
3
726
11,829
6,871
4,958
-
717
4,241
13,395
45,392

1,632
122
-
75
47
1,754

-
1
-
-
1
5
-
-
-
5
-
-
5
490
411
79
-
6
73
496
2,250

(20)
(9)
-
(1)
(8)
(29)

(4)

(1)
(3)
-
-
(3)
(20)
-
-
-
(20)
-
-
(20)
(196)
(13)
(183)
-
(2)
(181)
(220)
(249)

29,234
4,488
-
2,602
1,886
33,722

432

110
322
-
-
322
1,116
402
402
-
714
-
3
711
12,123
7,269
4,854
-
721
4,133
13,671
47,393

10.3 Equity instruments

The breakdown of the balance under the heading "Equity instruments" as of December 31, 2015 and 2014 is as
follows:

AFS-Equity Instruments. Breakdown by Type of Financial Instrument

2015

Equity instruments listed

Listed Spanish company shares

Credit institutions
Other entities

Listed foreign company shares

United States
Other countries

Subtotal
Unlisted equity instruments

Unlisted Spanish company shares
Credit institutions
Other entities
Unlisted foreign companies shares
United States
Other countries

Subtotal
Total

Millions of Euros

Cost

Unrealized
Gains

Unrealized
Losses

Fair
Value

1
-
1
124
1
123
125

-
-
-
-
-
-
-
125

(510)
-
(510)
(27)

(27)
(537)

-
-
-
-
-
-
-
(537)

2,804
-
2,804
1,086
19
1,067
3,890

50
-
50
78
51
27
128
4,018

3,313
-
3,313
989
18
971
4,302

50
-
50
78
51
27
128
4,430

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

AFS-Equity Instruments. Breakdown by Type of Financial Instrument

2014

Equity instruments listed

Listed Spanish company shares

Credit institutions
Other entities

Listed foreign company shares

United States
Other countries

Subtotal
Unlisted equity instruments

Unlisted Spanish company shares
Credit institutions
Other entities
Unlisted foreign companies shares
United States
Other countries

Subtotal
Total

10.4 Gains/losses

Millions of Euros

Cost

Unrealized
Gains

Unrealized
Losses

Fair
Value

3,071
-
3,071
2,577
17
2,560
5,648

41
-
41
83
55
28
124
5,772

1
-
1
641
2
639
642

-
-
-
-
-
-
-
642

(70)
-
(70)
(28)
-
(28)
(98)

-
-
-
-
-
-
-
(98)

3,002
-
3,002
3,190
19
3,171
6,192

41
-
41
83
55
28
124
6,316

The changes in the gains/losses, net of taxes, recognized under the equity heading “Valuation adjustments –
Available-for-sale financial assets” in the accompanying balance sheets are as follows:

Changes in Valuation Adjustments - Available-for-Sale
Financial Assets
Balance at the beginning

Valuation gains and losses
Income tax
Amounts transferred to income

Balance at the end
Of which:

Debt securities
Equity instruments

Millions of Euros

2015

2014

1,781
(723)
567
(1,167)
458

747
(289)

(52)
3,124
(937)
(354)
1,781

1,401
380

No additional impairment has been estimated, as following an analysis according to the criteria of the Note 2.2.

The heading “Impairment losses on financial assets (net) – Available-for-sale financial assets” in the accompanying
income statements recognizes losses of €13 million and losses of €12 million for the years 2015 and 2014,
respectively (see Note 41).

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

11. Loans and receivables

The breakdown of the balance under this heading in the accompanying balance sheets, according to the nature
of the financial instrument, is as follows:

Loans and Receivables

Notes

2015

2014

Loans and advances to credit ins titutions
Loans and advances to customers
Debt securities
Total

11.1
11.2
11.3

25,228
197,422
4,213
226,863

23,813
203,865
3,046
230,724

Millions of Euros

(*)

The main change in 2015 is as a result of a bond underwriting of BBVA Portugal.

11.1 Loans and advances to credit institutions

The breakdown of the balance under this heading in the accompanying balance sheets, according to the nature
of the financial instrument, is as follows:

Loans and Advances to Credit Institutions

Notes

2015

2014

Millions of Euros

Reciprocal accounts
Deposits with agreed maturity
Demand deposits
Reverse repurchase agreements
Other financial assets
Impaired assets
Total gross
Valuation adjustments
Impairment losses
Accrued interest and fees
Hedging derivatives and others
Total

5.3.1

5.3.7

82
3,342
1,987
12,033
7,762
21
25,227
1
(21)
22
-
25,228

84
4,548
1,850
8,880
8,401
23
23,786
27
(28)
55
-
23,813

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

11.2 Loans and advances to customers

The breakdown of the balance under this heading in the accompanying balance sheets, according to the nature
of the financial instrument, is as follows:

Loans and Advances to Customers

Notas

2015

2014

Millions of Euros

Mortage secured loans
Other secured loans
Other loans
Credit accounts
Commercial credit
Receivable on demand and other
Credit cards
Finance leases
Reverse repurchase agreements
Financial paper
Impaired assets

Total gross
Valuation adjustments
Impairment losses
Accrued interests and fees
Hedging derivatives and others

Total net

83,249
2,672
67,008
10,681
9,457
1,827
1,244
2,771
4,814
4,644
16,533
204,900
(7,478)
(8,561)
319
764
197,422

87,159
2,810
67,018
9,606
7,830
2,158
1,119
2,655
9,108
4,061
19,074
212,598
(8,733)
(10,146)
574
839
203,865

5.3.6
5.3.1

5.3.7

As of December 31, 2015, 8.98% of "Loans and advances to customers" with a maturity greater than one year
were concluded with fixed-interest rates and 91.02% with variable interest rates.

The heading “Loans and advances to customers” includes financial lease arrangements provided by various
entities in the Bank for their customers to finance the purchase of assets, including movable and immovable
property. The breakdown of the financial lease arrangements as of December 31, 2015 and 2014 is as follows:

Financial Lease Arrangements

Movable property
Real Estate
Fixed rate
Floating rate

Millions of Euros

2015

2014

1,415
1,356
1,309
1,462

1,224
1,431
1,222
1,433

The heading “Loans and receivables – Loans and advances to customers” in the accompanying balance sheets
also includes certain mortgage loans that, as mentioned in Note 5.6 and pursuant to the Mortgage Market Act,
are considered a suitable guarantee for the issue of long-term mortgage covered bonds (see Appendix X).
Additionally, this heading also includes certain loans that have been securitized and that have not been
derecognized since the Bank has retained substantially all the related risks or rewards due to the fact that it has
granted subordinated debt or other types of credit enhancements that absorb either substantially all expected
credit losses on the asset transferred or the probable variation in attendant net cash flows.

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

The amounts recognized in the balance sheets corresponding to these securitized loans are as follows:

Securitized Loans

Securitized m ortgage assets
Other securitized assets
Commercial and industrial loans
Finance leases
Loans to individuals
Total

11.3 Debt securities

Millions of Euros

2015

2014

24,983
3,229
3,018
122
89
28,212

25,384
1,111
503
205
403
26,495

The breakdown of the balance under this heading in the accompanying balance sheets, according to the nature
of the financial instrument, is as follows:

Debt securities

Government
Credit institutions
Other sectors

Total gross
Valuation adjustments
Total

Millions of Euros

Notes

2015

2014

2,563
12
1,644
4,219
(6)
4,213

2,576
4
470
3,050
(4)
3,046

5.3.1
5.3.7

12. Hedging derivatives (receivable and payable) and Fair-value changes of

the hedged items in portfolio hedges of interest-rate risk

The balance of these headings in the accompanying balance sheets is as follows:

Hedging derivatives and Fair value changes of the
hedged items in portfolio hedges of interest rate risk

ASSETS-

Fair value changes of the hedged items in portfolio hedges of
Hedging derivatives

LIABILITIES-

interest rate risk
Hedging derivatives

Millons of Euros

2015

2014

54
1,714

-
1,542

121
2,112

-
1,959

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

As of December 31, 2015 and 2014, the main positions hedged by the Bank and the derivatives assigned to
hedge those positions were:

• Fair value hedging:

− Available-for-sale fixed-interest debt securities: This risk is hedged using interest-rate derivatives (fixed-

variable swaps).

− Long-term fixed-interest debt securities issued by the Bank: This risk is hedged using interest-rate

derivatives (fixed-variable swaps).

− Available-for-sale equity instruments: This risk is hedged using equity forwards.
− Fixed-interest loans: This risk is hedged using interest-rate derivatives (fixed-variable swaps).
− Fixed-interest deposit portfolio hedges and/or implicit interest derivatives: This risk is hedged using fixed-
variable swaps and interest-rate options. The valuation of the deposit hedges corresponding to interest-
rate risk is recognized under the heading "Fair value changes of the hedged items in the portfolio hedges
of interest-rate risk.”

• Cash-flow hedges

Most of the hedged items are floating interest-rate loans and asset hedges linked to the inflation of the
available for sale portfolio. This risk is hedged using foreign-exchange and interest-rate swaps, inflation and
FRA’s (“Forward Rate Agreement”).

• Net foreign-currency investment hedges

The risks hedged are foreign-currency investments in the Bank’s subsidiaries based abroad. This risk is
hedged mainly with foreign-exchange options and forward currency purchases.

Note 5 analyzes the Bank's main risks that are hedged using these financial instruments.

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

The details of the net positions by hedged risk of the fair value of the hedging derivatives recognized in the
accompanying balance sheets are as follows:

Derivatives - Hedge accounting: Breakdown
by type of risk and type of hedge - June
2015

Millions of Euros

Assets

Liabilities

Notional
amount - Total
hedging

Interest rate

OTC options

OTC other

Organized market options

Organized market other

Equity
Foreign exchange and gold
Credit
Commodity
Other
FAIR VALUE HEDGES
Interest rate

OTC options

OTC other

Organized market options

Organized market other

Equity
Foreign exchange and gold

OTC options

OTC other

Organized market options

Organized market other

Credit
Commodity
Other
CASH FLOW HEDGES
HEDGE OF NET INVESTMENTS IN A FOREIGN
OPERATION
PORTFOLIO FAIR VALUE HEDGES OF INTEREST
RATE RISK
PORTFOLIO CASH FLOW HEDGES OF INTEREST
RATE RISK
DERIVATIVES-HEDGE ACCOUNTING
of which: OTC - credit institutions
of which: OTC - other financial corporations
of which: OTC - other

1,557
187
1,370
-
-
1
-
-
-
-
1,558
64
-
64
-
-
-
42
42
-
-
-
-
-
-
106

-
1,714
1,655
58
1

1,040
128
912
-
-
-
-
-
-
-
1,040
204
-
204
-
-
-
12
12
-
-
-
-
-
-
216

286

-
1,542
1,278
234
30

51,849
311
51,538
-
-
-
-
-
-
-
51,849
6,580
-
6,580
-
-
-
1,493
1,493
-
-
-
-
-
-
8,073

9,928

-
69,850
23,080
46,510
260

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

Derivatives - Hedge accounting: Breakdown
by type of risk and type of hedge-
December 2014

Interest rate

OTC options

OTC other

Organized market options

Equity

OTC options

OTC other

Organized market options
Foreign exchange and gold
Credit

OTC options

OTC other

Organized market options

Commodity
Other
FAIR VALUE HEDGES
Interest rate

OTC options

OTC other

Organized market options

Equity
Foreign exchange and gold

OTC options

OTC other

Organized market options

Organized market other

Millions of Euros

Assets

Liabilities

Notional
amount -
Total hedging

1,948
-

1,948

1,385
-

1,385

51,538
-

51,538

-
6
-

-
-
-
1,954
74
-

22
22

-
-
96

-
2,112
1,904
201
7

-
12
-

-
-
-
1,397
183
-

183

12
12

-
-
195

366

-
1,958
1,739
185
34

-
-
-

20
-

-
-
-
51,558
4,530
-

4,530

1,064
1,064

-
-
5,594

10,783

-
67,935
29,314
38,360
261

The cash flows forecasts for the coming years for cash flow hedging recognized on the accompanying balance
sheet as of December 31, 2015 are:

Cash Flows of Hedging
Instruments

Receivable cash inflows
Payable cash outflows

Millions of Euros

3 Months or
Less

From 3
Months to 1
Year

From 1 to 5
Years

More than 5
Years

Total

34
28

137
148

131
152

314
337

12
9

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

The above cash flows will have an effect on the income statements until the year 2025.

In 2015 and 2014, there was no reclassification in the accompanying consolidated income statements of any
amount corresponding to cash flow hedges that was previously recognized in equity.

As of December 31, 2015 and 2014 there was no hedge accounting that did not pass the effectiveness test.

13. Non-current assets held for sale

The composition of the balance under the heading “Non-current assets held for sale” in the accompanying
balance sheets, broken down by the origin of the assets, is as follows:

Non-Current Assets Held-for-Sale
Breakdown by type of Asset
Business sale agreem ent - Assets (note 14) (*)
Other assets from :

Tangible fixed assets (net)

For ow n use
Assets leased out under an operating lease

Foreclosures or recoveries (net)

Foreclosures
Recoveries from financial leases

Accrued amortization (**)
Impairm ent losses

Total Non-Current Assets Held-for-Sale

Millions of Euros

2015

2014

212
212
-
2,832
2,666
166
(26)
(678)
2,340

482

205
205
-
2,678
2,540
138
(32)
(562)
2,771

Corresponds to the CIFH business sale (see Note 14)

(*)
(**) Corresponds to the accumulated depreciation of assets before classification as "non-current assets held for sale” "

The changes in the balances under this heading in 2015 and 2014 are as follows:

2015

Foreclosed

Millions of Euros

Recovered
Assets from
Operating Lease

From Ow n Use
Ass ets
(*)

Other
(**)

Total

Cost-
Balance at the beginning
Additions (Purchases) (***)
Contributions from merger transactions
Retirements (Sales)
Transfers
Balance at the end

Impairment-
Balance at the beginning
Additions
Contributions from merger transactions
Retirements (Sales)
Transfers
Balance at the end
Total

2,540
876

(311)
(439)
2,666

456
134

(56)
3
537
2,129

138
54

(16)
(10)
166

39
8

(11)
2
38
128

173
71

(73)
15
186

66
62

(31)
6
103
83

482

(530)
48
-

-
-

-
-
-
-

3,333
1,001

(930)
(386)
3,018

561
204

(98)
11
678
2,340

(*)
Until classified as non-current assets held for sale.
(**) Corresponds to the CIFH business sale (see Note 14).
(***) Corresponds to the initial cost of the asset received.

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

2014

Cost-

Balance at the beginning
Additions (Purchases) (***)
Contributions from merger transactions
Retirements (Sales)
Transfers
Balance at the end

Impairment-

Balance at the beginning
Additions
Contributions from merger transactions
Retirements (Sales)
Transfers

Balance at the end

Millions of Euros

Foreclosed

Recovered
Assets from
Operating Lease

From Ow n Use
Assets (*)

Other
(**)

Total

2,305
1,020

(373)
(412)
2,540

309
317

(69)
(101)

456
2,084

135
39

(23)
(13)
138

32
18

(5)
(6)

39
99

191
-

(82)
64
173

95
1

(47)
18

67
106

-
-

-
482
482

-
-

-
482

2,631
1,059
-
(478)
121
3,333

436
336
-
(121)
(89)

562
2,771

Until classified as non-current assets held for sale.

(*)
(**) Corresponds to the CIFH business sale.
(***) Corresponds to the initial cost of the asset received.

As of December 31, 2015 and 2014, the balance under the heading "Non-current assets held for sale -
Foreclosures or recoveries" was made up of €1,883 million and €1,860 million of assets for residential use, €344
million and €303 million of assets for tertiary use (industrial, commercial or offices) and €30 million and €26
million of assets for agricultural use, respectively.

Non-Current Assets Held for Sale
From Foreclosures or Recoveries

Residential assets
Industrial assets
Agricultural assets

Total

Millions of Euros

2015

2014

1,883
344
30
2,257

1,860
303
26
2,183

The table below shows the length of time for which the main assets from foreclosures or recoveries that were on
the balance sheet as of December 31, 2015 and 2014 had been held:

Non-Current Assets Held for Sale
Period of Ownership

Up to one year
From 1 to 3 years
From 3 to 5 years
Over 5 years

Total

Millions of Euros

2015

2014

469
989
620
179
2,257

702
1,090
354
37
2,183

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

In 2015 and 2014, some of the sales of these assets were financed by the Bank. The amount of the loans
granted to the buyers of these assets in those years totaled €170 million and €158 million, respectively, with a
mean percentage financed of 93% and 89%, respectively, of the price of sale. The total nominal amount of these
loans, which are recognized under “Loans and receivables”, is €1,110 million and €940 million, as of December
31, 2015 and 2014, respectively.

As of December 31, 2015 and 2014, the gains from the sale of assets financed by the Bank (and, therefore, not
recognized in the income statement), amounted to €17 million and €21 million, respectively.

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

14.

Investments in entities

14.1 Associates

The breakdown, by currency and listing status, of this heading in the accompanying balance sheets is as follows:

Associates Entities

By currency:
In euros
In foreign currencies

Total
By share price

Listed
Unlisted

Total
Less:

Impairment losses

Total

Millions of Euros

2015

2014

564
23
587

6
581
587

(191)
396

413
1
414

6
408
414

(153)
261

The investments in associates as of December 31, 2015, as well as the most important data related to them, can
be seen in Appendix III.

The following is a summary of the gross changes in 2015 and 2014 under this heading in the accompanying
balance sheets:

Associates Entities. Changes in the year

Balance at the beginning

Acquisitions and capital increases
Losses due to merger transactions
Disposals and capital reductions
Transfers
Exchange differences and others

Balance at the end

Millions of Euros

2015

2014

414
181
-
-
(8)
-
587

894
-
-
(1)
(479)
-
414

The change in 2015 relates mainly to the capital increase in Metrovacesa, S.A. which amounted €159 million.
After December 31, 2015, in January 2016 two capital increases were executed through a debt conversion and
sale of real-estate assets which amounted €194 million (including share premium).

The change in 2014 relates mainly to the reclassification of the stake in CIFH to the heading “Available-for-sale
financial assets” of the Balance Sheets.

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

14.2 Investments in jointly controlled entities

The breakdown, by currency and listing status, of this heading in the accompanying balance sheets is as follows:

Joint ventures

By currency:
In euros
In foreign currencies

Total
By share price

Listed
Unlisted

Total
Less:

Impairment losses

Total

Millions of Euros

2015

2014

18
-
18

-
18
18

-
18

20
3,928
3,948

3,928
20
3,948

-
3,948

The breakdown of associates and joint ventures as of December 31, 2015, as well as relevant related
information, is shown in Appendix III.

The following is a summary of the changes in 2015 and 2014 under this heading in the accompanying balance
sheets:

Joint ventures. Changes in the year

Balance at the beginning

Acquisitions:
Transfers
Exchange differences and others

Balance at end of year

Millions of Euros

2015

2014

3,948
1,834
(5,759)
(5)
18

3,865
-
5
78
3,948

The changes in 2015 relates mainly to the acquisition of an additional 14.89% in Garanti Bank and the following
reclassification to “Holdings in Group entities” (see changes in “Holdings in Group entities”).

14.3 Holdings in Group entities

The heading Investments - Group Entities in the accompanying balance sheets includes the carrying amount of
the shares of companies forming part of the BBVA Group. The percentages of direct and indirect ownership and
other relevant information on these companies are provided in Appendix II.

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

The breakdown, by currency and listing status, of this heading in the accompanying balance sheets is as follows:

Subsidiaries.

By currency:
In euros
In foreign currencies

Total
By share price

Listed
Unlisted

Total
Less:

Impairment losses

Total

Millions of Euros

2015

2014

11,006
25,766
36,772

6,388
30,384
36,772

(5,587)
31,185

9,442
19,197
28,639

222
28,417
28,639

(6,695)
21,944

The changes in 2015 and 2014 in the balance under this heading in the balance sheets, disregarding the
balance of the impairment losses, are as follows:

Subsidiaries. Changes in the period.

Balance at the beginning

Acquisitions and capital increases
Sales and reduction of capital
Transfers
Exchange differences and other

Balance at the end

Millions of Euros

2015

2014

28,639
2,098
(57)
5,763
329
36,772

27,754
714
(147)
-
318
28,639

Changes in the holdings in Group entities

Besides the aforementioned transactions related to CIFH and CNCB, the most notable transactions performed in
2015 and 2014 are as follows:

Changes in 2015

Investments

Acquisition of an additional 14.9% of Garanti

On November 19, 2014 BBVA Group entered into a new agreement with Dogus Holding A.S., Ferit Faik Şahenk,
Dianne Şahenk and Defne Şahenk (“Dogus”) for the acquisition of 62,538,000,000 shares of Garanti at a
maximum total consideration of 8.90 Turkish Liras per share, which is equal to 5,566 million of Turkish liras.

In the same agreement stated that if the payment of dividends for the year 2014 was executed by Dogus before
the closing of the acquisition, that amount would be deducted from the amount payable by BBVA. On April 27,
2015, Dogus received the amount of the dividend paid to shareholders of Garanti, which amounted to Turkish
Liras 0,135 per batch.

On July 27, 2015, after obtaining all the required regulatory approvals, the Group has materialized said
participation increase after the acquisition of the new shares. Now the Group's interest in Garanti is 39.9%. The
total price effectively paid by BBVA amounts to 8.765 TL per batch (amounting to approximately TL 5,481
million and €1,854 million applying a 2,9571 TL/EUR exchange rate).

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

Acquisition of Catalunya Banc

On July 21, 2014, the Management Commission of the Banking Restructuring Fund (known as “FROB”) accepted
BBVA´s bid in the competitive auction for the acquisition of Catalunya Banc, S.A. (“Catalunya Banc”). On April 24,
2015, once the necessary authorizations have been obtained and all the agreed conditions precedent have been
fulfilled, BBVA announced that it acquired 1,947,166,809 shares of Catalunya Banc, S.A. (approximately 98.4%
of its share capital) for a price of approximately €1,165 million.

Capital increase in Anida Grupo Inmobiliario

On December 17, 2015 BBVA fully subscribed an increase of capital in Anida Grupo Imobiliario by € 300 million.

Preferred shares issue in BBVA Compass Bancshares, Inc.

On December 2, 2015 BBVA fully subscribed a preferred shares issue of BBVA Compass Bancshares, Inc. by
$230 million (approximately €217 million)

Acquisition of BBVA Seguros

On July 21, 2015, BBVA acquired a 5.60% stake in BBVASEGUROS, S.A. DE SEGUROS Y REASEGUROS from
Corporación General Financiera, S.A. (subsidiary of BBVA Group) by €170 million.

Acquisition of Banco Depositario

On December 23, 2015, BBVA acquired a 90.37% stake in Banco Depositario BBVA. S.A. from Corporación
General Financiera, S.A. (subsidiary of BBVA Group) by €129 million.

Divestitures

Partial sale of China CITIC Bank Corporation Limited (CNCB)

As mentioned below, participation in CNCB it was reclassified in October 2013 under the heading "Financial
assets available for sale".

On January 23, 2015 the Group BBVA signed an agreement to sell 4.9% in China CITIC Bank Corporation
Limited (CNCB) to UBS AG, London Branch (UBS), who entered into transactions pursuant to which such CNCB
shares will be transferred to a third party and the ultimate economic benefit of ownership of such CNCB shares
will be transferred to Xinhu Zhongbao Co., Ltd (Xinhu) (the Relevant Transactions). On March 12, 2015, after
having obtained the necessary approvals, BBVA completed the sale.

The selling price to UBS is HK$ 5.73 per share, amounting to a total of HK$ 13,136 million, equivalent to
approximately €1,555 million (with an exchange rate of EUR/HK$=8.45 as of the date of the closing).

In addition to the above mentioned 4.9%, during the year ended December 31, 2015 various sales were made
in the market to total a 6.34% participation sale. The impact of these sales on the consolidated financial
statements of the BBVA Group was a gain net of taxes of approximately €705 million. This gain gross of taxes
was recognized under "Gains (losses) in non-current assets available for sale not classified as discontinued
operations” (See Note 44).

As of December 31, 2015, BBVA holds a 3.26% interest in CNCB, this participation is recognized under the
heading “Available for sale financial assets”.

Sale of the participation in Citic International Financial Holding (CIFH)

On December 23, 2014, the BBVA Group signed an agreement to sell its participation of 29.68% in Citic
International Financial Holdings Limited (hereinafter “CIFH”), to China CITIC Bank Corporation Limited (hereinafter
“CNCB”). CIFH is a non-listed subsidiary of CNCB domiciled in Hong Kong. The selling price is HK$8,162 million.
The closing of such agreement is subject to the relevant regulatory approvals. The estimated impact on the
attributable profit of the consolidated financial statements of the BBVA Group will not be significant.

On August 27, BBVA completed the sale of this participation. The impact on the consolidated financial statements
of the BBVA Group was not significant recognized

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

Changes in 2014

Capital increase in Anida Grupo Inmobiliario

On December 23, 2014 BBVA fully subscribed an increase of capital in Anida Grupo Imobiliario by € 400 million.

Capital increase in Gran Jorge Juan

On July 29, 2014 BBVA fully subscribed an increase of capital in Gran Jorge Juan by € 130 million.

Capital increase in BBVA Compass

On March 17, 2014 BBVA fully subscribed an increase of capital in BBVA Compass Bancshares, Inc. by $117
million (approximately €84 million).

14.4 Notifications about acquisition of holdings

Appendix IV provides notifications on acquisitions and disposals of holdings in associates or jointly-controlled
entities, in compliance with Article 155 of the Corporations Act and Article 53 of the Securities Market Act
24/1988.

14.5 Impairment

The breakdown of the changes in impairment losses in 2015 and 2014 under this heading is as follows:

Impairment.

Balance at the beginning

Increase in impairment losses charged to income
Decrease in impairment losses credited to income
Losses due to merger transactions
Am ount used
Transfers

Balance at the end

Millions of Euros

Notes

2015

2014

6,848
411
(1,246)

(235)
-
5,778

6,911
780
(843)
-
-
-
6,848

In 2015 and 2014, and as a result of the improvement in the future expectations for BBVA USA Bancshares, the
difference between the carrying amount and the present value of expected cash flows has been reduced by
€1,203 million and €782 million respectively. This figure has been charged under the heading "Impairment
losses on other assets (net)" in the income statement for 2015 and 2014 (see Note 42). The changes in
impairment include the exchange differences resulting from applying the dollar exchange rate at the close of each
year and comparing it with the carrying amount exchange rate (exchange rate at the time of the acquisition). As
of December 31, 2015 there is no impairment recorded for this investment.

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

15. Tangible assets

The breakdown of the balance and changes under this heading in the accompanying balance sheets, according
to the nature of the related items, is as follows:

2015

Revalued cost -
Balance at the beginning

Additions
Retirem ents
Transfers
Exchange difference and other

Balance at the end

Accrued depreciation -
Balance at the beginning

Additions
Retirem ents
Transfers
Exchange difference and other

Balance at the end

Impairment -
Balance at the beginning

Additions
Retirem ents
Transfers
Exchange difference and other

Balance at the end

Net tangible assets -
Balance at the beginning
Balance at the end

Millions of Euros

For Ow n Us e

Land and
Buildings

Work in
Progress

Furniture,
Fixtures and
Ve hicle s

Total
Tangible
As set of Ow n
Us e

Inve stm ent
Properties

Total

874
1
-
(23)
-
852

170
9
-
(7)

172

147
8
(1)
(2)
-
152

557
528

46
22
-
(7)
-
61

-
-
-
-
-
-

46
61

2,944
188
(42)
6
4
3,100

2,013
191
(31)
(3)
3
2,173

-
15
-
-
(15)
-

931
927

3,864
211
(42)
(24)
4
4,013

2,183
200
(31)
(10)
3
2,345

147
23
(1)
(2)
(15)
152

1,534
1,516

10
-
-
-
-
10

1
-
-
-
-
1

4
-
-
-
-
4

5
5

3,874
211
(42)
(24)
4
4,023

2,184
200
(31)
(10)
3
2,346

151
23
(1)
(2)
(15)
156

1,539
1,521

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

2014

Revalued cost -
Balance at the beginning

Additions
Retirements
Transfers
Exchange difference and other

Balance at the end

Accrued depreciation -
Balance at the beginning

Additions
Retirements
Transfers
Exchange difference and other

Balance at the end

Impairment -
Balance at the beginning

Additions
Retirements
Transfers
Exchange difference and other

Balance at the end
Net tangible assets -
Balance at the beginning
Balance at the end

Millions of Euros

For Ow n Use

Land and
Buildings

Work in
Progress

Furniture,
Fixtures and
Vehicles

Total
Tangible
Asset of Ow n
Use

Investm ent
Properties

Total

920
23
-
(69)
-
874

170
9
-
(9)
-
170

152
13
(1)
(17)
-
147

598
557

83
-
-
(37)
-
46

-
-
-
-
-
-

83
46

3,420
133
(640)
26
5
2,944

2,455
190
(626)
(9)
3
2,013

-
11
-
-
(11)
-

965
931

4,423
156
(640)
(80)
5
3,864

2,625
199
(626)
(18)
3
2,183

152
24
(1)
(17)
(11)
147

1,646
1,534

10
-
-
-
-
10

1
-
-
-
-
1

4
-
-
-
-
4

5
5

4,433
156
(640)
(80)
5
3,874

2,626
199
(626)
(18)
3
2,184

156
24
(1)
(17)
(11)
151

1,651
1,539

As of December 31, 2015 and 2014, the fully depreciated tangible assets still in use amounted to €1,272 million
and €1,105 million, respectively.

The main activity of the Bank is carried out through a network of bank branches located geographically as shown
in the following table:

Bank Branches by Geographical Location

Spain
Rest of the world

Total

Num ber of Branches

2015

2014

3,076
19
3,095

3,111
19
3,130

As of December 31, 2015 and 2014, the percentage of branches leased from third parties in Spain was 75.98%
and 76.47%, respectively.

16.

Intangible assets

The breakdown of the balance under this heading in the balance sheets as of December 31, 2015 and 2014
relates mainly to the net balance of the disbursements made on the acquisition of computer software. The
average life of the Bank's intangible assets is 5 years.

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

The breakdown of the changes in 2015 and 2014 in the balance under this heading in the balance sheets is as
follows:

Other Intangible Assets. Changes Over the Period Notes

2015

2014

Millions of Euros

Balance at the beginning

Additions
Contributions from merger transactions
Retirements
Amortization in the year
Exchange differences and other
Impairment

Balance at the end

874
298
-
-
(319)
-
-
853

927
265
-
-
(318)
-
-
874

17. Tax assets and liabilities

The balance of the heading “Tax Liabilities” in the accompanying balance sheets contains the liability for
applicable taxes, including the provision for corporation tax of each year, net of tax withholdings and
prepayments for that period, and the provision for current period corporation tax in the case of companies with a
net tax liability. The amount of the tax refunds due to Group companies and the tax withholdings and
prepayments for the current period are included under “Tax Assets” in the accompanying balance sheets.

Banco Bilbao Vizcaya Argentaria, S.A. and its tax-consolidable subsidiaries file consolidated tax returns. The
subsidiaries of Argentaria, which had been in Tax Group 7/90, were included in Tax Group 2/82 from 2000,
since the merger had been carried out under the tax neutrality system provided for in Title VIII, Chapter VIII of
Corporation Tax Law 43/1995. On 30 December 2002, the pertinent notification was made to the Ministry of
Economy and Finance to extend its taxation under the consolidated taxation regime indefinitely, in accordance
with current legislation. Similarly, on the occasion of the acquisition of Unnim Group in 2012, the companies
composing the Tax Group No. 580/11 which met the requirements became part of the tax group 2/82 from
January 1, 2013.

In 2013, 2011 and 2009 the Bank carried out a merger by absorption of Unnim Banc, SA under the special
regime for mergers, divisions, transfers of assets and exchanges of securities under Chapter VIII of Title VII of the
Corporate Tax Law, approved by Royal Decree 4/2004 as of March 5. Consequently, and in accordance with
Article 93 of the quoted Consolidated Text, information requirements and mandatory references relating to the
merger are set out in 2013’s annual report of BBVA, S.A., being the first annual report approved after the
transaction. However, all the required information regarding assets transferred from Unnim, SA to BBVA, SA is in
the merger by absorption deed, other official documents and internal records of the Bank, available to the tax
authorities.

Also, in 2003, as in previous years, the Bank performed or participated in corporate restructuring operations
under the special system of tax neutrality regulated by Act 29/1991 of December 16 (which adapted certain tax
provisions to the Directives and Regulations of the European Communities) and by Title VIII, Chapter VIII of
Corporation Tax Act 43/1995 of December 27. The disclosures required under the aforementioned legislation
are included in the notes to the financial statements of the relevant entities for the period in which the
transactions took place.

17.1 Years open for review by the tax authorities

At the date these financial statements were prepared, the Bank had 2010 and subsequent years open for review
by the tax authorities for the main taxes applicable to it.

In 2014, as a result of the tax audit conducted by the tax authorities, tax inspection proceedings were initiated
against several Group companies for the years up to and including 2009. Having been all signed in acceptance.
These proceedings have become final in 2014.

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

In view of the varying interpretations that can be made of some applicable tax legislation, the outcome of the tax
inspections of the open years that could be conducted by the tax authorities in the future could give rise to
contingent tax liabilities which cannot be objectively quantified at the present time. However, the Banks’ Board of
Directors and its tax advisers consider that the possibility of these contingent liabilities becoming actual liabilities is
remote and, in any case, the tax charge which might arise therefore would not materially affect the Bank’s
financial statements.

17.2 Reconciliation

The reconciliation of the corporation tax expense resulting from the application of the standard tax rate to the
recognized corporation tax expense is as follows:

Reconciliation of the Corporate Tax Expense Resulting from
the Application of the Standard Rate and the Expense
Registered by this Tax
Corporation tax

Decreases due to perm anent differences:

Tax credits and tax relief at consolidated Companies
Other items net

Net increases (decreases) due to temporary differences
Charge for income tax and other taxes
Deferred tax assets and liabilities recorded (utilized)

Income tax and other taxes accrued in the period
Adjustments to prior years' incom e tax and other taxes

Income tax and other taxes

Millions of Euros

2015

2014

916
-
(24)
(792)
(100)
-
100

100
88
188

384
-
(311)
(53)
(20)
-
20

20
155
175

The item “Other taxes” of the above table includes in 2015 the effect in income tax of those dividends and capital
gains entitled to avoid double taxation of €849 million.

The Bank avails itself of the tax credits for investments in new fixed assets (in the scope of the Canary Islands tax
regime, for a non-material amount), tax relief, R&D tax credits, donation tax credits and double taxation tax
credits, in conformity with corporate income tax legislation.

Under the regulations in force until December 31, 2001, the amount of the gains for each year had to be
included in equal parts in the taxable profit corresponding to the Bank and the savings banks which would form
“Unnim Banc”, was included as a temporary difference in the taxable profit. The information related to this taxable
profit can be found in the corresponding annual reports.

Since 2002 the Bank has availed itself of the tax credit for reinvestment of extraordinary income obtained on the
transfer for consideration of properties and shares representing ownership interests of more than 5%. The
acquisition of shares over the 5% figure in each period was allocated to fulfill the reinvestment commitments
which are a requirement of the previously mentioned tax credit.

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

The amount assumed in order to qualify for the aforementioned tax credit is as follows:

Year

2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014

Millions of Euros

276
27
332
80
410
1,047
71
23
35
5
4
70
2

Additionally, due to the merger of Banc Unnim, the Bank assumes the commitment of maintenance during the
time required by the tax legislation of the assets in which Caixa d´Estalvis de Sabadell, Caixa d´Estalvis de
Terrassa and Caixa d´Estalvis Unió de Caixes Manlleu Sabadell y Terrassa materialized in previous years the
reinvestment of extraordinary profits for the implementation of a corresponding deduction. The amount of
income qualifying for this deduction indicated is as follows:

Year
2008
2009
2010

Millions of Euros

61
59
202

In 2015, following the approval of Law 16/2013, as of October 29, by which certain measures in environmental
taxation and other tax and financial measures are adopted, the Bank has included in its tax base 6 million euros
as a result of the change in book value of participations in Group companies, associates and joint ventures. The
amount pending to include in the tax base at closure and from the investees amounted to €398 million
approximately.

Pending addition to taxable income as of December 31, 2014

Decrease income (included) 2015

Pending addition to taxable income as of December 31, 2015

404
(6)
398

Millions of Euros

2015

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

17.3 Tax recognized in equity

In addition to the income tax registered in the income statements, in 2015 and 2014 the Bank recognized the
following amounts in equity:

Tax Recognized in Total Equity

Charges to total equity

Debt securities
Equity instruments
Rest
Subtotal

Credits to total equity

Debt securities
Equity instruments
Rest
Subtotal

Total

17.4 Deferred taxes

Millions of Euros

2015

2014

(443)
-
(9)
(452)

123
124
42
289
(163)

(680)
(163)
(5)
(848)

79
-
44
123
(725)

The balance under the heading "Tax assets" in the accompanying balance sheets includes the tax receivables
relating to deferred tax assets. The balance under the “Tax liabilities” heading includes the liabilities relating to the
Bank's various deferred tax liabilities. The details of the most important tax assets and liabilities are as follows:

Tax Assets and Liabilities. Breakdown

Millions of Euros

2015

2014

Tax assets-
Current
Deferred

Pensions

Portfolio

Other assets

Impairment losses

Rest

Secured tax assets

Tax losses

Total
Tax Liabilities-
Current
Deferred

Charge for income tax and other taxes

Total

652

7,542

102

606

383

126

184

5,224

917
8,194
-

1,200
1,200
1,224

986
7,399
111

735

391

163

4,774

1,136
8,385

29
1,626
1,626
1,655

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

Based on the available information, including historical profit levels and projections that the Bank handles for the
coming years results, it is considered that sufficient taxable income to recover deferred tax assets above are
generated when they are deductible depending tax legislation.

With respect to the changes in assets and liabilities due to deferred tax contained in the above table, the
following should be pointed out:

• The decrease in assets due to deferred tax is due mainly to by the deduction of deferred tax assets related

to valuation adjustments and generated in equity

• The increase in guaranteed tax assets is mainly the result of a higher amount over the year through the

application of the tax code in force.

• The reduction in tax losses is mainly the result of offsetting in 2015 the negative tax bases and deductions

pending application generated in previous years.

Of the assets and liabilities due to deferred tax contained in the above table, those included in section 17.3
above have been recognized against the entity's equity, and the rest against earnings for the year.

From the guaranteed tax assets contained in the above table, the detail of the items and amounts guaranteed by
the Spanish Government is as follows:

Secured tax assets

Pensions
Impairment losses
Total

Millions of Euros

2015

2014

1,868
3,356
5,224

1,714
3,060
4,774

18. Other assets and liabilities

The breakdown of the balance under these headings in the accompanying balance sheets is as follows:

Other Assets and Liabilities

ASSETS-
Transactions in transit
Accrued interest

Unaccrued prepaid expenses
Other prepayments and accrued income

Other items
Total
LIABILITIES-
Transactions in transit
Accrued interest

Discounted capital
Unpaid accrued expenses
Other accrued expenses and def erred income

Other items
Total

Millions of Euros

2015

2014

37
295
41
254
1,367
1,699

19
886
-
649
237
534
1,439

33
258
24
234
1,216
1,507

29
778
-
551
227
637
1,444

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

19. Financial liabilities at amortized cost

The breakdown of the balance under this heading in the accompanying balance sheets is as follows:

Financial Liabilities at Amortized Cost

Notes

2015

2014

Millions of Euros

Deposits from central banks
Deposits from credit institutions
Customer deposits
Debt certificates
Subordinated liabilities
Other financial liabilities
Total

7
19.1
19.2
19.3
19.4
19.5

19,642
55,462
187,118
25,775
8,295
6,803
303,095

18,400
58,091
187,731
26,754
7,701
6,359
305,036

19.1 Deposits from credit institutions

The breakdown of the balance under this heading in the accompanying balance sheets, according to the nature
of the financial instruments, is as follows:

Deposits from Credit Institutions

Notes

2015

2014

Millions of Euros

Reciprocal accounts
Deposits with agreed maturity
Other accounts
Repurchase agreements
Subtotal
Valuation adjustments (*)
Total

119
25,456
2,066
27,745
55,386
76
55,462

110
24,688
2,730
30,458
57,986
105
58,091

(*)

Includes mainly accrued interest until expiration

The breakdown of this heading by geographical area and the nature of the related instruments in the
accompanying balance sheets, disregarding accrued interest pending maturity, is as follows:

Millions of Euros

Deposits w ith
Agreed
Maturity

Repos

Total

11,715
8,564
499
989
1,601
2,088
25,456

4,545
22,220
-
-
-
980
27,745

17,076
31,713
560
1,263
1,660
3,114
55,386

2015
Deposits from Credit Institutions

Dem and
Deposits

Spain
Rest of Europe
Mexico
South Am erica
The United States
Rest of the world

Total

816
929
61
274
59
46
2,185

100

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

2014
Deposits from Credit Institutions

Dem and
Deposits

Millions of Euros

Deposits w ith
Agreed
Maturity

Repos

Total

Spain
Rest of Europe
Mexico
South America
The United States
Rest of the world

Total

19.2 Customer deposits

1,339
1,165
75
215
13
33
2,840

11,315
9,981
326
1,023
1,099
944
24,688

2,294
27,933
-
-
-
231
30,458

14,948
39,079
401
1,238
1,112
1,208
57,986

The breakdown of this heading of the accompanying balance sheets, by type of financial instruments, is as
follows:

Customer Deposits

Notes

2015

2014

Millions of Euros

Government and other government agencies
Spanish
Foreign
Repurchase agreem ents
Accrued interest
Other resident sectors
Current accounts
Savings accounts
Fixed-term deposits
Reverse repos
Other accounts
Accrued interest
Non-resident sectors
Current accounts
Savings accounts
Fixed-term deposits
Repurchase agreem ents
Other accounts
Accrued interest
Total
Of which:

Deposits from other creditors w ithout valuation adjustment

Accrued interest

Of which:

In euros

In foreign currency

14,827
6,873
449
7,500
5
137,550
37,671
32,607
65,368
1,436
(11)
479
34,741
5,022
650
21,388
7,462
192
27
187,118

186,607

511

174,860

12,258

10,931
7,600
300
3,023
8
150,231
34,137
27,411
80,734
7,364
(174)
759
26,569
2,939
531
14,786
8,118
155
40
187,731

186,924

807

177,266

10,465

101

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

The breakdown of this heading in the accompanying balance sheets, by type of instrument and geographical
area, disregarding valuation adjustments, is as follows:

2015
Customer Deposits

Spain
Rest of Europe
Mexico
South America
The United States
Rest of the world

Total

2014
Customer Deposits

Spain
Rest of Europe
Mexico
South America
The United States
Rest of the world

Total

Dem and
Deposits

Savings
Deposits

Millions of Euros

Deposits
w ith Agreed
Maturity

Repos

Total

44,164
4,243
367
422
224
184
49,604

32,626
364
20
124
26
117
33,277

65,717
17,532
146
1,277
1,441
1,215
87,328

8,936
7,438
-
-
24
-
16,398

151,443
29,577
533
1,823
1,715
1,516
186,607

Dem and
Deposits

Savings
Deposits

Millions of Euros

Deposits
w ith Agreed
Maturity

Repos

Total

40,948
2,070
268
351
173
359
44,169

27,433
314
13
98
21
85
27,964

81,328
11,071
116
911
2,132
730
96,288

10,386
8,035
-
-
82
-
18,503

160,095
21,490
397
1,360
2,408
1,174
186,924

19.3 Debt certificates (including bonds)

The breakdown of the balance under this heading in the accompanying balance sheets is as follows:

Debt Certificates

Promissory notes and bills
Bonds and debentures issued

Total

Millions of Euros

2015

2014

-
25,775
25,775

-
26,754
26,754

The total cost of the accrued interest under “Debt certificates (including bonds)” in 2015 and 2014 totaled €840
million and €1,154 million, respectively (see Note 32.2).

As of December 31, 2015 and 2014 the accrued interest pending payment from promissory notes and bills and
bonds and debentures amounted to €545 million and €643 million, respectively.

The changes in 2015 and 2014 under the heading “Debt certificates (including bonds)” are described in Note
49.5.

102

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

Bonds and debentures issued

The breakdown of the balance under this heading, by financial instrument and currency, is as follows:

Bonds and debentures issued

In euros -

Non-convertible bonds and debentures at floating interest rates
Non-convertible bonds and debentures at fixed interest rates
Covered bonds
Treasury stock
Accrued interest and others

In foreign currency -

Covered bonds
Other Non-convertible securities at fixed interest rates
Treasury stock
Accrued interest and others

Total

Millions of Euros

2015

2014

24,257
12,383
509
23,959
(14,450)
1,856
1,518
114
1,832
(443)
15
25,775

26,197
8,841
812
24,523
(10,367)
2,388
557
122
822
(398)
11
26,754

The headings “Nonconvertible bonds and debentures at floating interest rate" and “Non-convertible bonds and
debentures at fixed rate” as of December 31, 2015 include several issues, the latest maturing in 2023.

The "Covered Bonds" account as of December 31, 2015 includes issues with various maturities, the latest in
2037.

19.4 Subordinated liabilities

The breakdown of this heading of the accompanying balance sheets, by type of financial instruments, is as
follows:

Subordinated Liabilities

Convertible

Convertib le perpetual securities

Non-convertible

Preferred Stock
Other sub ordinated liab ilities

Subordinated deposits

Subtotal

Valuation adjustments and other concepts (*)

Total

Millions of Euros

2015

2014

4,378
4,378
794
14
780
3,105
8,277
17
8,295

2,736
2,736
818
14
804
4,100
7,654
47
7,701

(*)

Accrued interest but pending payment, valuation adjustments and issuance costs included

This issues include issuances of subordinated debt and accordingly, for debt seniority purposes, they rank behind
ordinary debt, but ahead of the Bank’s shareholders, without prejudice to any different seniority that may exist
between the different types of subordinated debt instruments according to the terms and conditions of each
issue. The breakdown of this heading in the accompanying balance sheets, disregarding valuation adjustments,
by currency of issuance and interest rate is shown in Appendix VII.

103

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

From the previous table, the heading “Subordinated liabilities” in 2015 and 2014 includes the issues launched by
BBVA International Limited, BBVA Capital Finance, S.A.U., BBVA International Preferred, S.A.U., BBVA
Subordinated Capital, S.A.U., BBVA Global Finance, Ltd., Caixa de Manlleu Preferents, S.A. Unipersonal, Caixa
Terrassa Societat de Participacions Preferents, S.A. Unipersonal and CaixaSabadell Preferents, S.A. Unipersonal,
are unconditionally and irrevocably secured by the Bank.

The variations of the balance under this heading are mainly the result of the following transactions:

• Perpetual securities eventually convertible.

On February 10, 2015, BBVA issued perpetual securities eventually convertible into new ordinary shares of
BBVA, (Additional level I capital instruments) without pre-emption rights, for a total amount of €1,500 million.
This issuance was targeted only towards qualified foreign investors and in any case would not be made or
subscribed in Spain or by Spanish-resident investors. These securities are listed in the Global Exchange
Market of the Irish Stock Exchange.

During 2014 and 2013 respectively, BBVA issued perpetual securities eventually convertible into ordinary
new shares of BBVA, (Additional level I capital instruments) without pre-emption rights, for a total amount of
€1,500 million and $1,500 million (€1,378 million as of December 31, 2015). Both issuances were targeted
only towards qualified foreign investors and in any case would not be made or subscribed in Spain or by
Spanish-resident investors. These securities are listed in the Singapore Exchange Securities Trading Limited.

These convertible perpetual securities are convertible into common shares if the trigger event occurs, that is,
if BBVA’s Common Equity Tier 1 capital ratio falls below 5.125% among other events.

• Early expiration of subordinated debt

On September 23, 2014, BBVA announced the early expiration of the outstanding nominal amount of €633
million of the issue “Subordinated debt – October 04”. On October 20, 2014, after having obtained the
necessary approvals, BBVA completed the expiration.

19.5 Other financial liabilities

The breakdown of the balance under this heading in the accompanying balance sheets is as follows:

Other financial liabilities

Creditors for other financial liabilities
Collection accounts
Creditors for other payment obligations (*)
Dividend payable but pending payment (**)
Total

Millions of Euros

2015

2014

3,511
1,740
1,043
509
6,803

3,295
1,873
1,191
-
6,359

(*)

As of December 31, 2014, included €69 million corresponding to the remuneration to shareholders who choose to
be paid in cash through the "Dividend Option" paid on January 14, 2015.

(**) Corresponding to the cash dividend declared in december 2015 and paid in 2016 (see Note 3).

The weighted average payment during 2015 is 47 days. The maximum legal fee applicable to the Company in
2015 according to Law 15/2010 of July 5, amending the Law 3/2004 of December 29, on measures for the
control of contractual payment in commercial transactions, it is 60 days

The information required by Additional Provision third of Law 15/2010, of July 5, amending the Law 3/2004 of
December 29, through which measures for combating late payment are set, is as follows:

104

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

Payments made and peding payments

Millions of Euros

2015
BBVA SPAIN

Within the maximum legal period (*)
Other
Total payments in the year
Exceeded weighted average period (in days)
Defered payments as of year close that exceed maximum legal period
Ratio of paid operations

2,322
318
2,640

281.9
-
(0.05)

(*)

It is considered on time payments made within 60 days, and not on time those which exceeds 60 days.

The data shown in the table above on payments to suppliers refer to those which by their nature are trade
creditors for the supply of goods and services, so data relating to "Other financial liabilities other liabilities -Trade
pay " is included in the balance.

The weighted average term exceeded (PMPE) payment is calculated as the quotient of the numerator by the sum
of the products of each supplier payments made during the year with a higher deferral to the respective legal
payment and number of days exceeded the respective deferral period, and the denominator by the total amount
of payments made during the year with a higher legal payment period.

20. Provisions

The breakdown of the balance under this heading in the accompanying balance sheets, based on type of
provisions, is as follows:

Provisions.
Breakdown by concepts

Provisions for pensions and similar obligations
Provisions for contingent Risks and commitments
Other provisions

Total

Millions of Euros

2015

2014

5,177
263
769
6,209

5,267
238
652
6,157

105

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

The changes in 2015 and 2014 in the balances under this heading in the accompanying balance sheets are as
follows:

Provisions. Changes over the Period

Notes

Balance at the beginning

Add -

Increase charged to income
Interest and similar expenses
Personnel expenses
Provisions (net)
Increase charged to retained earnings (*)
Increases due to mergers
Other transfers
Other changes

Less -

Available allowances
Payments to early retirements
Credited to retained earnings
Derecognition of allowances
Other transfers
Other changes
Balance at the end

32.2

40
21

Millions of Euros

2015

Pensio n f und
and si mi lar
o b l i g at i o ns
( N o t e 2 1)

C o mmi t ment s
and co nt i ng ent
r isks
p r o vi si o ns

T axes, o t her
leg al
co nt ing enci es
and o t her
p r o vi sio ns

5,267

238

652

613
60
3
550
3
-
-
1

(4)
(674)
-
(29)
-
-
5,177

35
-
-
35
-
-
-
-

(6)
-
-
-
-
(4)
263

136
4
15
117
-
-
-
113

(46)
-
-
(86)
-
-
769

(*)

Corresponds to actuarial losses (gains) arising from certain welfare benefits (see Note 2.9).

106

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

Provisions. Changes over the Period

Notes

Balance at the beginning

Add -

Increase charged to income
Interest and similar expenses
Personnel expenses
Provisions (net)
Increase charged to retained earnings (*)
Increases due to mergers
Other transfers
Other changes

Less -

Available allowances
Payments to early retirements
Credited to retained earnings
Derecognition of allowances
Other transfers
Other changes
Balance at the end

32.2

40
21

Millions of Euros

2014

Pensio n f und
and simi l ar
o b l i g at i o ns
( N o t e 2 1)

C o mmit ment s
and co nt ing ent
r i sks
p r o vi sio ns

T axes, o t her
l eg al
co nt i ng enci es
and o t her
p r o vi si o ns

4,878

221

683

865
86
3
776
-
-
-
204

(2)
(654)
-
(24)
-
-
5,267

17
-
-
17
-
-
-
-

-
-
-
-
-
-
238

90
4
1
85
-
-
-
73

(4)
-
-
(96)
(94)
-
652

(*)

Corresponds to actuarial losses (gains) arising from certain welfare benefits (see Note 2.9).

Ongoing legal proceedings and litigation

The Bank is party to certain legal actions in a number of jurisdictions, including, among others, Spain, Mexico and
the United States, arising in the ordinary course of business. According to the procedural status of these
proceedings and the criteria of the legal counsel, BBVA considers that none of such actions is material,
individually or as a whole, and with no significant impact on the operating results, liquidity or financial situation of
the Bank to arise. The Bank´s Management believes that adequate provisions have been made in respect of such
legal proceedings and considers that the possible contingencies that may arise from such on-going lawsuits are
not significant enough to require disclosure to the markets.

21. Pensions and other post-employment commitments

As stated in Note 2.9, the Bank has assumed commitments with employees including defined contribution and
defined benefit plans.

The main Employee Welfare System has been implemented in Spain. Under the collective labor agreement,
Spanish banks are required to supplement the social security benefits received by employees or their beneficiary
right-holders in the event of retirement (except for those hired after March 8, 1980), permanent disability, death
of spouse or death of parent.

The Employee Welfare System in place at the Bank supersedes and improves the terms and conditions of the
collective labor agreement for the banking industry; including benefits in the event of retirement, death and
disability for all employees, including those hired after March 8, 1980. The Bank externally funded all its pension
commitments with active and retired employees pursuant to Royal Decree 1588/1999, of October 15. These
commitments are instrumented in external pension plans, insurance contracts with a non-Group company and
insurance contracts with BBVA Seguros, S.A. de Seguros y Reaseguros, which is 99.95% owned by the Banco
Bilbao Vizcaya Argentaria Group.

107

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

The table below shows a breakdown of recorded balance sheet liabilities relating to defined benefit plans as at
December 31, 2015 and 2014:

Pensions and Early-Retirement Commitments and Welfare
Benefits: Spain and Abroad

2015

2014

2015

2014

2015

2014

Com m itm ents in Spain

Millions of Euros
Com m itm ents Abroad

Total

Post-employment benefits
Post-employment benefits
Early retirement
Total post-employment benefits (1)

Post-employment benefits
Post-employment benefits

Total plan assets and insurance contracts coverage (2)
Net commitments (1) - (2)
of which:
With contracts to related companies

2,811
2,689
5,500
357
-
357
5,143

2,811
2,803
5,614
381
-
381
5,233

2,151

2,189

148
-
148
114
-
114
34

133
-
133
99
-
99
34

2,959
2,689
5,648
471
-
471
5,177

2,944
2,803
5,747
480
-
480
5,267

2,151

2,189

The following table shows defined benefit plan costs recorded in the income statement for fiscal years 2015 and
2014:

Income Statements and Equity Effects.

Notes

2015

2014

Millions of Euros

Interest and similar expenses
Interest cost of pension funds

Personnel expenses

Contributions and provisions to pensions funds
Welfare benefits

Provision (net)
Provisions to fund for pension and similar obligations
Pension funds

Early retirements
Welfare benefits

Total Effects in Income Statements

Total Effects in Retained Earning: Credit (Debit) (*)

32.2

38.1
38.1

29
18

501
26
23
(3)
657

31
15

681
-
93
-
909

21.1 Defined-contribution commitments

The Bank sponsors defined contribution plans, in some cases with employees making contributions which are
matched by the employer.

These contributions are accrued and charged to the income statement in the corresponding financial year (see
Note 2.9). No liability is therefore recognized in the accompanying balance sheets for this purpose.

The amounts registered in the accompanying income statements for contributions to these plans in 2015 and
2014 were €24 million and €28 million, respectively (see Note 38.1).

108

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

21.2 Defined-benefit plans and other long-term commitments

Pension commitments in defined-benefit plans relate mainly to employees who have retired or taken early
retirement from the Bank and to certain groups of employees still active in the case of pension benefits, and to
most active employees in the case of permanent disability and death benefits. For the latter, BBVA pays the
required premiums for full underwriting.

The balance under the heading “Provisions - Provisions for pensions and similar obligations” of the accompanying
balance sheet as of December 31, 2015 includes €365 million for commitments for post-employment benefits
maintained with previous members of the Board of Directors and the Bank’s Management Committee.

In addition to the aforementioned commitments to employees, the Bank has other less relevant commitments.
These include long-service awards (both in the form of monetary awards and Banco Bilbao Argentaria, S.A. stock)
granted to certain groups of employees when they complete a given number of years of effective service.

The Bank has offered these employees the option of an early payment of their awards. As of December 31,
2015 and 2014, the actuarial liabilities for outstanding awards amounted to €7 and €9 million, respectively.
These amounts are recorded under the heading "Other provisions" of the accompanying balance sheets (see Note
20).

Commitments in Spain

The most significant actuarial assumptions used as of December 31, 2015 and 2014 to quantify these
commitments with employees in Spain are as follows:

Actuarial Assumptions
Commitments with employees in Spain

2015

2014

Mortality tables

PERM/F 2000P

PERM/F 2000P.

Discount rate (cumulative annual)

Salary growth rate (cumulative annual)

2.25%

At least 2%

Retirement age

First date at w hich the employees are entitled to retire or
contractually agreed at the individual level in the case of
early retirements

(*)

The interest rate used to discount the commitments has been determined by reference to high-quality corporate
bonds (Note 2.9).

Changes in the main assumptions can affect the calculation of the commitments. Should the discount interest
rate have increased or decreased by 50 basis points, an impact on equity for the commitments in Spain would
have been registered for approximately €37 million net of tax.

The breakdown of the various commitments with employees in Spain is as follows:

Pension commitments in Spain

Pension commitments in defined-benefit plans correspond mainly to employees who have retired or taken early
retirement from the Bank and to certain groups of employees still active in the Bank in the case of pension
benefits, and to the majority of active employees in the case of permanent incapacity and death benefits. These
commitments are hedged through insurance contracts and internal funds.

109

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

The breakdown of pension commitments in defined-benefit plans as of December 31, 2015 and 2014 is as
follows:

Pension commitments in defined-benefits plans

Pension commitments (retired employees)

Vested contingencies in respect (current employees)

Total
Hedging at the end of the year
With insurances contracts to related companies
With insurances contracts to non-related companies
Internal funds
Total

Millions of Euros

2015

2014

2,613

198
2,811

2,151
357
303
2,811

2,578

233
2,811

2,189
381
241
2,811

Insurance contracts have been arranged with insurance companies not related to the Bank to cover some
pension commitments in Spain. These commitments are funded by plan assets and therefore are presented in
the accompanying balance sheets for the net amount of the commitment less plan assets. As of December 31,
2015 and 2014, the plan assets related to the aforementioned insurance contracts equaled the amount of the
commitments covered; therefore, no amount for this item is included in the accompanying balance sheets.

The rest of the pension commitments in Spain include defined-benefit commitments for which insurance has
been contracted with BBVA Seguros, S.A. de Seguros y Reaseguros, an insurance company that is 99.95%
owned by the Bank. These commitments are recognized under the heading "Provisions - Provisions for pensions
and similar obligations" of the accompanying balance sheets (Note 20) and the insurance contract assets are
recognized under the heading “Insurance contracts linked to pensions”.

The current contributions made by the Bank in relation to defined-benefit retirement commitments are recorded
with a charge to the “Personnel Expenses – Contributions to external pension funds” account of the
accompanying income statement and amounted to €17 million and €13 million in 2015 and 2014, respectively.

The Bank signed a Social Benefit Standardization Agreement for its employees in Spain. The agreement
standardizes the existing social benefits for the different groups of employees and, in some cases where a service
was provided, quantified it as an annual amount in cash.

110

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

The table below shows the change in the accrued defined benefit plan obligation during financial years 2015 and
2014:

Post-employment Welfare Benefits Commitments
Changes in the year

Balance at the beginning

+ Contributions from merger transactions
+ Interest costs
+Current service cost
- Payments and settelments
+/- Past service cost
+/- Other changes
+/- Remeasurements:

Due to changes in demographic assumptions
Due to changes in financial assumptions
Other actuarial gain and losses

Balance at the end

Millions of Euros

2015

2014

241
-
6
4
(20)
26
39
7
-
8
(1)
303

220
-
8
3
(18)
-
11
17
-
19
(2)
241

Early retirement in Spain

In 2015 and 2014, the Bank offered certain employees the possibility of taking early retirement before the age
stipulated in the collective labor agreement in force. This offer was accepted by 1,206 employees (1,706 in
2014).The commitments to early retirees include the compensation and indemnities and contributions to external
pension funds payable during the period of early retirement. The commitments relating to this group of
employees after they have reached the age of effective retirement are included in the employee welfare system.

The early retirement commitments in Spain as of December 31, 2015 and 2014 are recognized under the
heading “Provisions – Provisions for pensions and similar obligations” (Note 20) in the accompanying balance
sheets for the amount of €2,689 million and €2,803 million, respectively.

The cost of early retirement for the year is recognized under the heading “Provision expense (Net) – Pension
funds and similar obligations” in the accompanying income statements (see Note 40).

The changes in 2015 and 2014 in the present value of the vested obligations for commitments to early retirees
in Spain are as follows:

111

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

Early retirements commitments
Changes in the year
Current actuarial value at the begining of the year

+ Contributions from merger transactions
+ Interest costs
+ Early retirements in the period
- Payments and settelments
+/- Other changes
+/- Remeasurements:

Due to changes in demographic assum ptions
Due to changes in financial assum ptions
Other actuarial gain and losses
Current actuarial value at the end of the year
Heading at the end of the year

In internal funds (*)

Millions of Euros

2015

2014

2,803
-
53
501
(675)
(9)
16
-
14
2
2,689

2,689

2,634
-
76
681
(654)
(10)
76
-
68
8
2,803

2,803

(*)

This funds are recognized under the heading “Provisions-Provisions for pension and similar obligation” in the
accompanying consolidated balance sheets

Other commitments with employees

Other benefits for active employees are earned and settled annually, not being necessary to provision them. The
total cost of these employee welfare benefits as of December 31, 2015 and 2014, amount to €51 and €48
million and is recognized with a charge to "Personnel expenses - Other personnel expenses" in the accompanying
income statements (Note 38.1).

Estimated future payments for commitments with the Bank's employees

The estimated benefit payments in millions of euros over the next 10 years for commitments with employees in
Spain are as follows:

Estimated Future Payments for Post-
Employment Commitments in Spain

Post-employment benefits

Of w hich:

Early retirements

2016

2017

2018

2019

2020

2021-2025

819

626

734

542

648

458

563

377

483

301

1,356

524

Millions of Euros

112

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

21.2.2 Commitments abroad

Part of the Bank’s foreign network has post-employment defined-benefit commitments to certain current and/or
retired employees. Those commitments are not available for new employees. The most relevant data relating to
these commitments are as follows:

Defined-benefit commitments

The accrued liability for defined-benefit commitments to current and/or retired employees, net, where
appropriate, of the specific assets assigned to fund them, amounted to €34 million both as of 31 December
2015 and 2014, and is included under "Provisions – Provisions for Pensions and Similar Obligations" in the
accompanying balance sheets.

The present values of the vested obligations of the foreign network are quantified based on an individual member
data, and the projected unit credit valuation method is used for current employees. As a general rule, the
actuarial assumptions used are as follows: the discount rate have been determined by reference to high quality
corporate bonds of the appropriate currency; the mortality tables are those applicable in each local market when
an insurance contract is arranged; and the inflation and salary growth rates are those applicable in each local
market, taking into consideration the need for prudence and consistency between them.

The changes in 2015 and 2014 in the foreign network as a whole, in the balances of "Provisions – Pension funds
and similar obligations", net of the plan assets, are as follows:

Net Commitments in Branches Abroad
Changes in the year
Balance at the beginning

+ Interest costs
+ Current service cost
- Payments and settelments
+/- Past service cost
+/- Other changes
+/- Remeasurements:

Return on plan assets
Due to changes in demographic assum ptions
Due to changes in financial assum ptions
Other actuarial gain and losses

+/- Exchange differences

Balance at the end

Millions of Euros

2015

2014

34
1
1
(7)
-
-
3
(2)
-
5
-
2
34

35
2
-
(6)
1
-
-
-
-
-
-
2
34

The contributions to defined-contribution plans and pension commitments through defined-benefit plans in the
foreign network recognized under the heading “Personnel expenses” in the accompanying income statements
amounted to €6 and €5 million as at December 31, 2015 and 2014 respectively. Summary of the entries in the
income statement and equity

22. Common stock

As of December 31, 2015, BBVA’s share capital amounted to €3,119,673,257.82 divided into 6,366,680,118
fully subscribed and paid-up registered shares, all of the same class and series, at €0.49 par value each,
represented through book-entry accounts. All of the Bank shares carry the same voting and dividend rights, and
no single stockholder enjoys special voting rights. There are no shares that do not represent an interest in the
Bank’s common stock.

113

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

The Bank’s shares are traded on the on the Spanish stock market, as well as on the London and Mexico stock
markets. BBVA American Depositary Shares (ADSs) traded on the New York Stock Exchange are also traded on
the Lima Stock Exchange (Peru), under an exchange agreement between these two markets.

Also, as of December 31, 2015, the shares of BBVA Banco Continental, S.A., Banco Provincial, S.A., BBVA
Colombia, S.A., BBVA Chile, S.A. and BBVA Banco Francés, S.A. are listed on their respective local stock markets.
BBVA Banco Francés, S.A. is also listed on the Latin American market of the Madrid Stock Exchange and on the
New York Stock Exchange

As of December 31, 2015, State Street Bank and Trust Co., Chase Nominees Ltd and The Bank of New York
Mellon SA NV in their capacity as international custodian/depositary banks, held 13.48%, 7.11%, and 4.19% of
BBVA common stock, respectively. Of said positions held by the custodian banks, BBVA is not aware of any
individual shareholders with direct or indirect holdings greater than or equal to 3% of BBVA common stock.

On January 18, 2016, Blackrock, Inc. reported to the Spanish Securities and Exchange Commission (CNMV) that,
it had an indirect holding of BBVA common stock totaling 5.032%.

BBVA is not aware of any direct or indirect interests through which control of the Bank may be exercised. BBVA
has not received any information on stockholder agreements including the regulation of the exercise of voting
rights at its annual general meetings or restricting or placing conditions on the free transferability of BBVA shares.
No agreement is known that could give rise to changes in the control of the Bank.

The changes in the heading “Common Stock” of the accompanying balance sheets are due to the following
common stock increases:

Capital Increase

Number of
Shares

Common Stock
(Millions of
Euros )

As of December 31, 2014

6,171,338,995

3,024

Dividend option - January 2015

Dividend option - April 2015

Dividend option - October 2015

53,584,943

80,314,074

61,442,106

As of December 31, 2015

6,366,680,118

3,120

“Dividend Option” Program in 2015:

The AGM held on March 13, 2015 under Point Four of the Agenda, adopted four resolutions on capital increase
to be charged to reserves, to once again implement the program called the “Dividend Option”, pursuant to article
297.1 a) of the Spanish Corporate Enterprises Act, conferring on the Board of Directors the authority to indicate
the date on which said capital increases should be carried out, within one year of the date of the AGM, including
the power not to implement any of the resolutions, when deemed advisable.

On March 25, 2015, the Board of Directors of BBVA approved the execution of the first of the capital increases
charged to reserves agreed by the aforementioned AGM. As a result of this increase, the Bank’s common stock
increased by €39,353,896.26 through the issue and circulation of 80,314,074 shares with a €0.49 par value
each.

Likewise, on September 18, 2015, the Board of Directors of BBVA approved the execution of the second of the
capital increases charged to reserves agreed by the aforementioned AGM. As a result of this increase, the Bank’s
common stock increased by €30,106,631.94 through the issue and circulation of 61,442,106 shares with a
€0.49 par value each.

114

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

“Dividend Option” Program in 2014:

The AGM held on March 14, 2014 under Point Four of the Agenda, resolved to perform four capital increases,
charged to voluntary reserves, to once again implement the program called the “Dividend Option”, pursuant to
article 297.1 a) of the Corporations Act, delegating in the Board of Directors the ability to indicate the date on
which said capital increases should be carried out, within one year of the date on which the agreements are
made, including the power not to implement any of the resolutions, when deemed advisable.

On March 26, 2014, the Board of Directors of BBVA approved the execution of the first of the capital increases
charged to reserves agreed by the aforementioned AGM. As a result of this increase, the Bank’s common stock
increased by €49,594,990.83 through the issue and circulation of 101,214,267 shares with a €0.49 par value
each.

Likewise, on September 24, 2014, Board of Directors of BBVA approved the execution of the second of the
capital increases charged to reserves agreed by the aforementioned AGM of March 14, 2014. As a result of this
increase, the Bank’s common stock increased by €20,455,560.09 through the issue and circulation of
41,746,041 ordinary shares with a €0.49 par value each (see Note 4).

Similarly, on December 17, 2014, Board of Directors of BBVA approved the execution of the third of the capital
increases charged to reserves agreed by the aforementioned AGM. As of January 15, 2015, the Bank’s common
stock increased by €26,256,622.07 through the issue and circulation of 53,584,943 ordinary shares with a
€0.49 par value each, of the same class and series as the shares currently in circulation, without issuance
premium and represented by book entries.

Capital increase

The Bank’s AGM held on March 16, 2012 agreed, in Point Three of the Agenda, to confer authority on the Board
of Directors to increase common stock in accordance with Article 297.1.b) of the Corporations Act, on one or
several occasions, within the legal deadline of five years from the date the resolution takes effect, up to the
maximum nominal amount of 50% of the subscribed and paid-up common stock on the date on which the
resolution is adopted. Likewise, an agreement was made to enable the Board of Directors to exclude the
preemptive subscription right on those common stock increases in line with the terms of Article 506 of the
Corporations Act. This authority is limited to 20% of the common stock of the Bank on the date the agreement is
adopted.

On November 19, 2014, the Board of Directors of BBVA, exercising the authority delegated by the AGM held on
March 16, 2012 under point Three of its Agenda, decided to carry out a capital increase though an accelerated
bookbuilt offering.

On November 20, 2014, the capital increase finished with a total par value of €118,787,879.56 through the
issue of 242,424,244 shares of BBVA, each with a par value of €0.49, of the same class and series as the
shares currently in circulation and represented by book entries. The subscription price of these new shares was
determined to be €8.25 per share (corresponding €0,49 to par value and €7,76 to share premium). Therefore,
the total effective amount of the Capital Increase was of €2,000,000,013 corresponding €118,787,879.56
euros to par value and €1,881,212,133.44 euros to share premium (see Note 23).

Convertible and/or exchangeable securities

At the AGM held on March 16, 2012, the shareholders resolved, in Point Five of the Agenda, to delegate to the
Board of Directors for a five-year period the right to issue bonds, convertible and/or exchangeable into BBVA
shares, for a maximum total of €12,000 million. The powers include the right to establish the different aspects
and conditions of each issue; to exclude the pre-emptive subscription right of shareholders in accordance with
the Corporations Act; to determine the basis and methods of conversion and/or exchange; and to increase the
Bank’s common stock as required to address the conversion commitments.

During 2014 and 2013 respectively, BBVA, exercising the authority delegated by the AGM held on March 16,
2012 under point Five of its Agenda, issued perpetual securities eventually convertible into new ordinary shares
of BBVA, (Additional level I capital instruments) without pre-emption rights, for a total amount of €1,500 million
and $1,500 million (€1,378 million as of December 31, 2015). Similarly on February 10, 2015, BBVA issued
perpetual securities eventually convertible into new ordinary shares of BBVA, (Additional level I capital
instruments) without pre-emption rights, for a total amount of €1,500 million. (See Note 19.4).

115

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

Other securities

The Bank’s AGM held on March 13, 2015, in Point Six of the agenda, agreed to delegate to the Board of
Directors, the authority to issue, within the five-year maximum period stipulated by law, on one or several
occasions, directly or through subsidiaries, with the full guarantee of the Bank, any type of debt instruments,
documented in obligations, bonds of any kind, promissory notes, all type of covered bonds, warrants, mortgage
participation, mortgage transfers certificates and preferred securities (that are totally or partially exchangeable for
shares already issued by the company itself or by another company, in the market or which can be settled in
cash), or any other fixed-income securities, in euros or any other currency, that can be subscribed in cash or in
kind, registered or bearer, unsecured or secured by any kind of collateral, including a mortgage guarantee, with
or without incorporation of rights to the securities (warrants), subordinate or otherwise, for a limited or indefinite
period of time, up to a maximum nominal amount of €250 billion.

23. Share premium

The changes in the balances under this heading in the accompanying balance sheets are due to the common
stock increases carried out in 2015 and 2014 (see Note 22), as set out below:

Capital Increase

As of December 31, 2013

Capital increase - November 2014

As of December 31, 2014
As of December 31, 2015

Millions of Euros

Share premium

22,111
1,881
23,992
23,992

The amended Spanish Corporation Act expressly permits the use of the share premium balance to increase
capital and establishes no specific restrictions as to its use.

24. Reserves

The breakdown of the balance under this heading in the accompanying balance sheets is as follows:

Reserves. Breakdown by concepts

Restricted reserves:

Legal reserve
Restricted reserve for retired capital
Revaluation Royal Decree-Law 7/1996

Voluntary reserves:

Voluntary and others

Total

24.1 Legal reserve

Millions of Euros

2015

2014

605
213
22

6,971
7,810

567
268
23

6,784
7,642

Under the amended Corporations Act, 10% of any profit made each year must be transferred to the legal
reserve. These provisions must be made until the legal reserve reaches 20% of the share capital.

116

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

The legal reserve can be used to increase the common stock provided that the remaining reserve balance does
not fall below 10% of the increased capital. While it does not exceed 20% of the common stock, it can only be
allocated to offset losses exclusively in the case that there are not sufficient reserves available.

24.2 Restricted reserves

As of December 31, 2015 and 2014, the Bank’s restricted reserves are as follows:

Restricted Reserves

Restricted reserve for retired capital
Restricted reserve for Parent Company shares and loans for
those shares
Restricted reserve for redenomination of capital in euros
Total

Millions of Euros

2015

6-jul-1905

123
2
213

178
2
268

The restricted reserve for retired capital originated in the reduction of the nominal par value of the BBVA shares
made in April 2000.

The most significant heading corresponds to restricted reserves related to the amount of shares issued by the
Bank in its possession at each date, as well as the amount of customer loans outstanding on those dates that
were granted for the purchase of, or are secured by, the Bank’s shares.

Finally, pursuant to Law 46/1998 on the Introduction of the Euro, a restricted reserve is recognized as a result of
the rounding effect of the redenomination of the Bank’s common stock in euros.

24.3 Revaluation and regularizations of the balance sheet

Prior to the merger, Banco de Bilbao, S.A. and Banco de Vizcaya, S.A. availed themselves of the legal provisions
applicable to the regularization and revaluation of balance sheets. Thus, on December 31, 1996, Banco Bilbao
Vizcaya, S.A. revalued its tangible assets pursuant to Royal Decree-Law 7/1996 of June 7 by applying the
maximum coefficients authorized, up to the limit of the market value arising from the existing valuations. As a
result of these updates, the increases in the cost and depreciation of tangible fixed assets were calculated and
allocated as follows.

Following the review of the balance of the “Revaluation reserve pursuant to Royal Decree-Law 7/1996 of June 7"
account by the tax authorities in 2000, this balance could only be used, free of tax, to offset recognized losses
and to increase share capital until January 1, 2007. From that date, the remaining balance of this account can
also be allocated to unrestricted reserves, provided that the surplus has been depreciated or the revalued assets
have been transferred or derecognized.

117

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

The breakdown of the calculation and movement to voluntary reserves under this heading are:

Revaluation and Regularization of the Balance Sheet

2015

2014

Millions of Euros

Legal revaluations and regularizations of tangible assets:
Cost

Less:
Single revaluation tax (3%)

Balance as of December 31, 1999

Rectification as a result of review by the tax authorities in 2000
Transfer to voluntary reserves
Total

187

(6)
181

(5)
(154)
22

187

(6)
181

(5)
(153)
23

25. Treasury stock

In 2015 and 2014 the Group companies performed the following transactions with shares issued by the Bank:

Treasury Stock

Balance at beginning

+ Purchases
- Sales and other changes
+/- Derivatives over BBVA shares
+/- Other changes

Balance at the end
Of w hich:

Held by BBVA

Held by Corporación General Financiera, S.A.

Held by other subsidiaries
Average purchase price in euros
Average selling price in euros
Net gain or losses on transactions
(Stockholders' funds-Reserves)

2015

2014

Number of
Shares
41,510,698
431,321,283
(433,914,316)
-
-
38,917,665

1,840,378

37,077,287

-
7.60
7.67

Millions of
Euros

350
3,273
(3,314)
-
-
309

290

-
-
-

Number of
Shares

6,876,770
425,390,265
(390,756,337)
-
-
41,510,698

5,001,897

36,480,861

27,940
8.86
8.94

Millions of
Euros

66
3,770
(3,484)
(1)
-
350

304

-
-
-

The percentages of treasury stock held by the Group in 2015 and 2014 are as follows:

Treasury Stock

% treasury stock

2015

2014

Min

Max

Min

Max

0.000%

0.806%

0.000%

0.699%

118

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

The number of BBVA shares accepted by the Bank in pledge as of December 31, 2015 and 2014 is as follows:

Shares of BBVA Accepted in Pledge

2015

2014

Number of shares in pledge
Nominal value
% of share capital

92,703,291
0.49
1.46%

97,795,984
0,49
1.58%

The number of BBVA shares owned by third parties but managed by a company in the Group as of December
31, 2015 and 2014 is as follows:

Shares of BBVA Owned by Third Parties but Managed
by the Group
Number of shares property of third parties
Nominal value
% of share capital

2015

2014

92,783,913
0.49
1.46%

101,425,692
0.49
1.64%

26. Valuation adjustments

The breakdown of the balance under this heading in the accompanying balance sheets is as follows:

Valuation Adjustments

Available-for-sale financial assets
Cash flow hedging
Hedging of net investments in foreign transactions
Exchange differences
Non-current assets held for sale
Other valuation adjustm ents

Total

Millions of Euros

2015

2014

458
(75)
-
21
-
(23)
381

1,781
(82)
-
12
-
(20)
1,691

The balances recognized under these headings are presented net of tax.

27. Capital base, capital management and liquidity management

As of December 31, 2015 and 2014, equity is calculated in accordance with current regulation on minimum
capital base requirements for Spanish credit institutions –both as individual entities and as consolidated groups–
and how to calculate them, as well as the various internal capital adequacy assessment processes they should
have in place and the information they should disclose to the market.

119

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

The minimum capital base requirements established by the current regulation are calculated according to the
Group’s exposure to credit and dilution risk, counterparty and liquidity risk relating to the trading portfolio,
exchange-rate risk and operational risk. In addition, the Group must fulfill the risk concentration limits established
in said regulation and the internal Corporate Governance obligations.

The European Central Bank (ECB) has notified its decision with respect to the prudential capital requirements
applicable to BBVA following the supervisory review and evaluation process (SREP). This decision requires BBVA
to maintain a phased-in common Tier 1 (CET1) capital ratio of 9.5%, at both individual and consolidated level.
The decision establishes that the required CET1 ratio of 9.5% includes:

•

the minimum CET1 ratio required by Pillar 1; for these purposes Pillar 1 corresponds to the minimum CET1
ratio required by Article 92(1)(a) of Regulation (EU) No. 575/2013.

the ratio required by Pillar 2 corresponds to the CET1 ratio required in excess of the minimum CET1 ratio, in
accordance with Article 16(2)(a) of Regulation (EU) No. 1024/2013; and

the capital conservation buffer which will be required starting on January 1, 2016 by Article 44 of Act
10/2014 and its implementing regulations.

In addition, in 2016 an additional capital requirement of 0.25% will be applied to BBVA Group, as a globally
systemically important bank (G-SIB). The total minimum requirements of phased-in CET1 in 2016 at the
consolidated level is 9.75%.

As BBVA will be excluded from the list of global systemically important banks as of January 1, 2017, this excess
capital will not be applicable from that date. However, the Bank of Spain has decided that BBVA is included on
the list of Other Systemically Important Institutions (OSII), so BBVA will instead need a capital buffer applicable to
this concept, which requires the maintenance of common CET1 elements equal to 0.5% at the consolidated
level. There will be a phased period of implementation lasting four years, with the level of 0.5% to be in place by
2019.

120

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

The Group’s bank capital in accordance with the aforementioned applicable regulation, considering entities scope
required by the above regulation, as of December 31, 2015 and 2014 is shown below:

Capital Base

Common Equity Tier 1 Capital

Common Stock
Parent company reserves
Reserves in consolidated companies
Non-controlling interests
Deductions and others
Attributed net income (less dividends)

Aditional Tier 1 Capital

Capital instruments eligible and perpetual securities
eventually convertible
Deductions and others

Total Tier 1 Capital
Tier 2 Capital
Other deductions
Total Own Funds
Total Minimum equity required (**)

Millions of Euros

2015 (*)

2014

48.539
3.120
44.824
(2.617)
7.143
(5.387)
1.456
-

5.302

(5.302)
48.539
11.646
-
60.185
38.125

41.831
3.024
42.406
(1.204)
1.885
(6.151)
1.871
-

4.205

(4.205)
41.831
11.046
-
52.877
28.065

Provisional data

(*)
(**) Year 2015 is calculated according to the minimum CET1 requirement 2014 according the total requirement.

The changes in 2015 are affected by the corporate operations executed over the year (see Note 3). In addition,
the changes in the Tier 1 capital level in the above table are basically due to the cumulative earnings through
December, net of dividends, the contribution of non-controlling interests in Garanti Bank and the issue of
additional Tier 1 capital executed in the year. This increase is partially offset by the scaled increase planned by
the regulation (up to 40% in 2015).

The Tier 2 capital is increased by the changes in the instruments issued by eligible subsidiaries and the loss of
eligibility due to the effect of the greater temporary adjustments.

The increase in the minimum capital requirements is due mainly to the determination of new prudential capital
requirements applicable to BBVA, as mentioned above.

The comparison of the amounts as of December 31, 2015 with respect to the amounts as of December 31,
2014 according to their respective existing regulations on both periods is as follows:

121

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

Capital Base

Core Capital
Basic equity
Additional equity
Total Equity
Minimum equity required

2014

Millions of Euros
2015
(*)
35,531
40,155
2,954
43,109
15,964

34,035
37,436
3,308
40,744
15,850

(*)

Provisional data and calculated according to CRD-IV

Capital management

Capital management in the BBVA Group has a twofold aim:

• Maintain a level of capitalization according to the business objectives in all countries in which it operates and,

simultaneously.

• Maximize the return on shareholders’ funds through the efficient allocation of capital to the different units, a
good management of the balance sheet and appropriate use of the various instruments forming the basis of
the Group's equity: shares, preferred securities and subordinated debt.

This capital management is carried out in accordance with the criteria of the Bank of Spain Circular 3/2008 and
subsequent amendments both in terms of determining the capital base and the solvency ratios. Prudential and
minimum capital requirements also have to be met for the subsidiaries subject to prudential supervision in other
countries.

The current regulation allows each entity to apply its own internal ratings-based (IRB) approach to risk assessment
and capital management, subject to Bank of Spain approval. The BBVA Group carries out an integrated
management of these risks in accordance with its internal policies (see Note 5) and its internal capital estimation
model has received the Bank of Spain's approval for certain portfolios.

122

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

28. Contingent risks and commitments

The breakdown of the balance under these headings in the accompanying balance sheets is as follows:

Financial Guarantees and Drawable by Third Parties

2015

2014

Millions of Euros

Contingent Risks

Collateral, bank guarantees and indemnities
Rediscounts, endorsements and acceptances
Rest

Total Contingent Risks
Contingent Commitments
Drawable by third parties

Credit institutions
Government and other government agency
Other resident sectors
Non-resident sector
Other commitments

Total Contingent Commitments

20,958
713
18,179
39,850

47,751
921
2,546
21,359
22,925
10,504
58,255

26,058
1,236
17,843
45,137

44,306
1,057
1,359
21,054
20,837
9,662
53,968

Total contingent Risks and Commitments

98,105

99,105

Since a significant portion of the amounts above will reach maturity without any payment obligation materializing
for the companies, the aggregate balance of these commitments cannot be considered as an actual future
requirement for financing or liquidity to be provided by the Bank to third parties.

In 2015 and 2014 no issuances of debt securities carried out by associated entities, joint ventures or non-Group
entities have been guaranteed.

29. Other contingent assets and liabilities

As of December 31, 2015 and 2014, there were no contingent assets or liabilities for significant amounts other
than those registered in these Financial Statements.

123

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

30. Purchase and sale commitments and future payment obligations

The breakdown of the sale and purchase commitments of the Bank as of December 31, 2015 and 2014 is as
follows:

Purchase and Sale Commitments

Notes

2015

2014

Millions of Euros

Financial instruments sold with repurchase commitments

Central Banks
Credit Institutions
Government and other government agencies
Other resident sectors
Non-resident sectors

Financial instruments purchased with resale commitments

Central Banks
Credit Institutions
Government and other government agencies
Other resident sectors

7
19.1
19.2
19.2
19.2

7
11.1
11.2
11.2

44,532
389
27,745
7,500
1,436
7,462

16,847
-
12,033
326
4,488

49,536
573
30,458
3,023
7,364
8,118

17,988
-
8,880
378
8,730

Future payment obligations other than those mentioned in the notes above correspond mainly to long-term (over
5 year) obligations amounting to around €3,098 million for leases payable derived from operating lease
contracts.

31. Transactions for the account of third parties

As of December 31, 2015 and 2014, the details of the most significant items under this heading are as follows:

Transactions on Behalf of Third Parties

Millions of Euros

2015

2014

Financial instruments entrusted by third parties

463,876

403,486

Conditional bills and other securities received for collection
Securities received in credit

3,226
2,174

2,964
1,808

As of December 31, 2015 and 2014, the off-balance sheet customer funds managed by the Bank are as follows:

Off-Balance Sheet Customer Funds by Type

2015

2014

Millions of Euros

Investment companies and mutual funds
Pension funds
Saving insurance contracts
Managed customers portfolio

Total

34,316
18,016
7,168
7,302
66,802

32,520
17,884
9,144
5,396
64,944

124

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

32.

Interest income and expense and similar items

32.1 Interest and similar income

The breakdown of the interest and similar income recognized in the accompanying income statement is as
follows:

Interest and Similar Income. Breakdown by Origin.

2015

2014

Millions of Euros

Central Banks
Loans and advances to credit institutions
Loans and advances to customers

Government and other government agencies
Resident sector
Non resident sector

Debt securities

Trading
Investment

Rectification of income as a result of hedging transactions
Other income

Total

5
83
4,132
555
3,205
372
1,370
107
1,263
(361)
235
5,464

6
142
5,177
708
4,071
398
1,568
204
1,364
(318)
188
6,763

The amounts recognized in equity during both years in connection with hedging derivatives and the amounts
derecognized from equity and taken to the income statement during those years are disclosed in the
accompanying statements of recognized income and expenses.

The following table shows the adjustments in income resulting from hedge accounting, broken down by type of
hedge:

Adjustments in Income Resulting from Hedge
Accounting

Cash flow hedging
Fair value hedging

Total

Millions of Euros

2015

2014

4
(365)
(361)

1
(319)
(318)

125

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

32.2 Interest and similar expenses

The breakdown of the balance under this heading in the accompanying income statements is as follows:

Millions of Euros

Interest and Similar Expenses. Breakdown by Origin

2015

2014

Bank of Spain and other central banks
Deposits from credit institutions
Customers deposits
Debt certificates (Note 19.3)
Subordinated liabilities
Rectification of expenses as a result of hedging transactions
Cost attributable to pension funds (Note 21)
Other charges

Total

51
276
1,362
840
170
(680)
60
46
2,125

51
438
2,317
1,154
255
(843)
86
35
3,493

The following table shows the adjustments in expenses resulting from hedge accounting, broken down by type of
hedge:

Adjustments in Expenses Resulting from Hedge Accounting

2015

2014

Millions of Euros

Cash flow hedging
Fair value hedging

Total

33. Dividend income

2
(682)
(680)

4
(847)
(843)

The breakdown of the balance under this heading in the accompanying income statements is as follows:

Dividend Income

Investments in associates
Investments in jointly controlled entities
Investments in group Entities
Other shares and equity instruments

Total

Millions of Euros

2015

2014

5
51
1,711
350
2,117

4
38
2,328
478
2,848

126

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

34. Fee and commission income

The breakdown of the balance under this heading in the accompanying income statements is as follows:

Fee and Commission Income

Commitm ent fees
Contingent risks
Letters of credit
Bank and other guarantees

Arising from exchange of foreign currencies and banknotes
Collection and payment services

Bills receivables
Current accounts
Credit and debt cards
Checks (trading, clearing, return)
Transf ers and others payment orders
Rest

Securities services

Securities underw riting
Securities dealing
Custody securities
Investment and pension funds
Rest assets management

Counselling on and management of one-off transactions
Financial and sim ilar counselling services
Factoring transactions
Non-banking financial products sales
Other fees and commissions

Total

Millions of Euros

2015

2014

112
178
13
165
2
503
5
123
265
6
62
42
211
51
55
64
-
41
-
-
27
517
201
1,751

127
182
11
171
2
531
7
115
297
6
57
49
244
72
60
73
-
39
-
-
34
447
206
1,773

35. Fee and commission expenses

The breakdown of the balance under this heading in the accompanying income statements is as follows:

Fee and Commission Expenses

Brokerage fees on lending and deposit transactions
Fees and commissions assigned to third parties

Credit and debt cards
Transf ers and others payment orders
Securities dealing
Rest

Other fees and commissions

Total

Millions of Euros

2015

2014

1
140
103
3
20
14
148
289

1
163
129
2
26
6
144
308

127

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

36. Net gains (losses) on financial assets and liabilities

The breakdown of the balance under this heading, by source of the related items, in the accompanying income
statements is as follows:

Net Gains (Losses) on Financial Assets and Liabilities

2015

2014

Millions of Euros

Financial assets held for trading
Other financial assets designated at fair value through profit or
loss
Other financial instruments not designated at fair value through
profit or loss

Available-for-sale financial assets
Loans and receivables

Rest

Total

151

759
776
-

(17)
910

(7)

1,161
1,191
-

(30)
1,154

The breakdown of the balance under this heading in the accompanying income statements by the nature of the
financial instruments is as follows:

Net Gains (Losses) on Financial Assets and Liabilities
Breakdown by Nature of the Financial Instrument

Debt instrum ents
Equity instruments
Loans and receivables
Derivatives
Deposits from customers
Rest

Total

Millions of Euros

2015

2014

695
(522)
-
885
-
(148)
910

1,749
272
-
(568)
-
(299)
1,154

128

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

While the breakdown of the impact of the derivatives (trading and hedging) in the balance under this heading in
the accompanying income statements is as follows:

Derivatives Trading and Hedging

Trading derivatives

Interest rate agreements
Security agreem ents
Commodity agreements
Credit derivative agreements
Other agreements

Subtotal
Hedging Derivatives Ineffectiveness

Fair value hedging
Hedging derivative
Hedged item

Cash flow hedging

Subtotal
Total

Millions of Euros

2015

2014

105
713
(1)
84

901

(16)
29
(45)

(16)
885

(461)
(96)
(1)
25

(533)

(35)
(478)
443

(35)
(568)

In addition, in 2015 and 2014, under the heading “Exchange differences (net)” of the income statements, net
amounts of positive €135 million and positive €39 million, respectively, are registered for transactions with
foreign exchange trading derivatives.

37. Other operating income and expenses

The breakdown of the balance under the heading “Other operating income” in the accompanying income
statements is as follows:

Other Operating Income. Breakdown by main Items

2015

2014

Real estate income
Financial income from non-financial services
Rest of operating income

Total

12
64
38
114

8
64
48
120

Millions of Euros

The breakdown of the balance under the heading “Other operating expenses” in the accompanying income
statements is as follows:

Other Operating Expenses. Breakdown by main Item

2015

2014

Millions of Euros

Other operating expenses

Of which:

Contributions to guaranted banks deposits funds
Real estate agencies

Total

465

241
127
465

433

215
114
433

129

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

38. Administration costs

38.1 Personnel expenses

The breakdown of the balance under this heading in the accompanying income statements is as follows:

Personnel Expenses. Breakdown by main
Concepts

Wages and salaries
Social security costs
Transfers to internal pension provisions
Contributions to external pension funds
Other personnel expenses

Total

Millions of Euros

Notes

2015

2014

21
21

1,666
337
2
45
148
2,198

1,623
362
2
44
163
2,194

The breakdown of the number of employees in the Bank as of December 31, 2015 and 2014, by categories and
gender, is as follows:

Number of Employees at the end of year
Professional Category and Gender

2015

2014

Male

Female

Male

Female

Management Team
Other line personnel
Clerical staff
General Services
Branches abroad

Total

797
10,406
1,311
3
458
12,975

224
9,771
1,462
1
285
11,743

835
10,925
1,618
9
456
13,843

210
9,859
1,592
1
293
11,955

Share-based employee remuneration

The amounts registered under the heading “Personnel expenses - Other personnel expenses” in the income
statements for the years 2015 and 2014, corresponding to the plans for remuneration based on equity
instruments in force in each year, amounted to €30 million and €50 million for BBVA, respectively. These
amounts have been registered with a balancing entry under the heading “Stockholders’ funds – Other equity
instruments” in the accompanying balance sheets, net of tax effect.

The specifications of the Bank's Group remuneration plans based on equity instruments are described below.

Variable Share-based Remuneration System

The remuneration policy of the BBVA Group prevailing until 2014 provided for a System of Variable
Remuneration in Shares for the BBVA Management Team, including the executive directors and members of the
Senior Management (the "System of Variable Remuneration in Shares" or the "System"). This system was approved
by the Annual General Meeting of BBVA shareholders, 11th March 2011, and the conditions for the 2014
financial year approved by the Annual General Meeting, 14th March 2014.

The System was based on a specific incentive for the (approximately 2,200) people comprising Management
Team (hereinafter, the “Incentive”), which consisted in the annual allocation to each beneficiary of a number of
units which had been the basis for determining how many shares that individual would receive when the
Incentive was settled, depending on the level of compliance with indicators set every year by the General
Meeting. For 2014 these indicators were: the performance of the Total Shareholder Return (TSR), the Group’s
Recurring Economic Profit without one-offs and the Group’s Attributable Profit without one-offs.

130

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

This Incentive, together with the variable cash remuneration due to each director (“ordinary variable
remuneration”), would constitute their annual variable remuneration (hereinafter, the “Annual Variable
Remuneration”).

Once each financial year is closed, the number of units allocated to each beneficiary was divided into three parts
indexed to each one of the indicators of the Incentive as a function of the weightings established at any time and
each one of these parts was multiplied by a coefficient of between 0 and 2 as a function of the scale defined for
each indicator every year.

The shares resulting from this calculation were subject to the following withholding criteria:

• 40% of the shares received were freely transferrable by the beneficiaries from the time of their vesting;

• 30% of the shares received were transferrable once a year has elapsed after the Incentive settlement date;

and

• The remaining 30% were transferrable as of two years after the Incentive settlement date.

Apart from this, the Bank also had a specific system for settlement and payment of the variable remuneration
applicable to employees and managers, including the executive directors and members of the Senior
Management, performing professional activities that may have a significant impact on the risk profile of the entity
or performing control duties (hereinafter, the "Identified Staff").

The specific rules for settlement and payment of the Annual Variable Remuneration of executive directors and
members of the Senior Management are described in Note 48, while the rules listed below are applicable to the
rest of the Identified Staff:

• At least 50% of the total Annual Variable Remuneration of the members of the Identified Staff will be paid in

BBVA shares.

• People in the Identified Staff who are not members of the management team will receive 50% of their

ordinary variable remuneration in BBVA shares.

• The payment of 40% of their variable remuneration, both in cash and in shares, will be deferred. The

deferred amount will be paid in thirds over the following three years.

• All the shares delivered to these beneficiaries pursuant to the rules explained in the previous paragraph would
be unavailable for one year after they have vested. This withholding would be applied against the net amount
of the shares, after deducting any tax accruing on the shares received. A prohibition was also established
against hedging with unavailable vested shares and shares pending reception.

• Moreover, circumstances have been established in which the payment of the deferred Annual Variable
Remuneration payable may be limited or impeded ("malus" clauses), as well as the adjustment to update
these deferred parts.

•

Finally, the variable component of the remuneration corresponding to any one financial year of those in the
Identified Staff was limited to an upper threshold of 100% of the fixed component of the total remunerations,
unless the General Meeting should resolve to raise this limit which, in any event, may not exceed 200% of
the fixed component of the total remuneration.

In this regard, the General Meeting, 14th March 2014, resolved, in line with applicable legislation, that the
variable component of the remuneration corresponding to any one financial year of certain employees whose
professional activities have a significant impact on the Bank’s risk profile or who perform control functions may be
as much as 200% of the fixed component of their total remuneration. This is entirely consistent with the
Recommendations Report issued by the BBVA's Board of Directors, 30th January, 2014.

When the Incentive for 2014 ended on 31st December 2014, a multiplication factor of 0.4775 was applied to
the units initially allocated to each beneficiary on that date, resulting in a total of 3,137,941 shares for the
Management Team as a whole, which resulted in a percentage of shares delivered to its beneficiaries, subject to
the settlement and payment system described above.

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Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

Likewise, during 2015 the shares corresponding to the deferred parts of the Annual Variable Remuneration from
previous years, and their corresponding adjustments in cash, were delivered to the beneficiary members of the
Identified Staff, giving rise in 2015, of a total of 455,620 shares corresponding to the first deferred third of the
2013 Annual Variable Remuneration were granted, and €187.039 as adjustments for updates of to the shares
granted; a total of 525,939 shares corresponding to the second deferred third of the 2012 Annual Variable
Remuneration, and €384,615 in adjustments for updates; and a total of 802,343 shares corresponding to the
final third of the 2011 Annual Variable Remuneration 2011, with €923,811 in adjustments for updates.

Likewise, in 2015 beneficiaries in the Identified Staff received the shares corresponding to the deferred parts of
the 2010/2011 Multi-Year Variable Share Remuneration Programme (hereinafter, the “Programme” or “LTI
2010/2011”), as outlined below:

2010/2011 Multi-Year Variable Share Remuneration Programme

Once the LTI 2010/2011 approved by the General Meeting, 12th March 2010 ended on 31st December 2011,
it was settled by applying the conditions established at its outset.

The above notwithstanding, the settlement and payment system indicated was applied to beneficiaries of the
programme who are members of the Identified Staff, as agreed by the General Shareholders Meeting, 16th March
2012, with the result that:

• The payment of 40% of the shares resulting from settlement of the Programme (50% in the case of
executive directors and other members of the Senior Management) was deferred to vest in thirds in 2013,
2014 and 2015.

• The shares paid may not be availed for one year as of their vesting date. This withholding is applicable to

the net amount of the shares, after deducting the taxes payable on the shares received.

• The vesting of the deferred shares will be subject to the application of the circumstances limiting or
impeding payment of the variable remuneration ("malus" clauses) established by the Board of Directors; and

• The deferred shares will be subject to adjustments to update their value.

Thus, for the Identified Staff, pursuant to the conditions established in the Programme, in the first quarter of
2015 a total of 341,684 shares were vested, corresponding to the final third of the deferred part of shares
resulting from the programme’s settlement, and €390,880 as an adjustment for the updated value of the shares
vested.

The settlement and payment of the shares originating in this Programme for the executive directors and
members of Senior Management was conducted according to the scheme defined for this purpose, as described
in Note 48.

Remunerations policy applicable from 2015 onwards

The Bank has modified its remunerations policy for 2015, 2016 and 2017, in order to align itself more closely
with market best practices, regulatory requirements and its internal organisation and strategy. At the end of 2014
the Management Team Incentive (MTI) plan ended, unifying the variable remuneration components into a single
annual incentive (the “Annual Variable Remuneration”). This policy for BBVA directors was approved at the
General Meeting, 13th March 2015.

The new remuneration policy also contains a specific settlement and payment scheme for Annual Variable
Remuneration as it applies to the Identified Staff. The rules are as follows:

• The Annual Variable Remuneration of members of the Identified Staff will be paid in equal parts in cash and

BBVA shares.

• The payment of 40% of the Annual Variable Remuneration – 50% in the case of executive directors and
Senior Management – both in cash and shares will be deferred in its entirety for three years. Its accrual and
payment will be subject to compliance with a series of multi-year indicators related to share performance and
the Group’s basic control and risk management metrics measuring solvency, liquidity and profitability, which
will be calculated throughout the deferral period (hereinafter “Multi-Annual Assessment Indicators”). These
Multi-year Performance Indicators may lead to a reduction in the amount deferred, and might even bring it

132

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

down to zero, but they will not be used under any circumstances to increase the aforementioned deferred
remuneration.

• All the shares vesting to these beneficiaries pursuant to the rules explained previously will be unavailable
during a certain period since their delivery. This withholding will be applied against the net amount of the
shares, after deducting the tax accruing on the shares received. A prohibition has also been established
against hedging with unavailable vested shares and outstanding shares.

• Moreover, circumstances have been established in which the payment of the deferred Annual Variable
Remuneration payable may be limited or impeded ("malus" clauses), and the adjustment to update these
deferred parts has also been determined.

• Lastly, the variable component in the remuneration corresponding to any one financial year for people in the
Identified Collective will have a maximum threshold of 100% of the fixed component of total remuneration,
unless those cases in which the General Meeting agrees to raise this threshold. However, under no
circumstances may it exceed 200% of the fixed component of total remuneration.

On this issue, the General Meeting, 13th March 2015, resolved to enlarge the set of staff members whose
professional activities have a significant impact on the Group’s risk profile or who perform control functions, and
whose variable remuneration will be subject to the maximum threshold of 200% of the fixed component of their
total remuneration. This is entirely consistent with the Recommendations Report produced by the BBVA's Board
of Directors on 3rd February 2015.

The first disbursement in shares under this new policy will be the initial payment of the Annual Variable
Remuneration for 2015 to be paid in shares, which will take place in the first quarter of 2016

38.2 General and administrative expenses

The breakdown of the balance under this heading in the accompanying income statements is as follows:

General and Administrative Expenses.
Breakdown by main concepts

Technology and system s
Communications
Advertising
Property, fixtures and materials
Of which:Rent expenses (*)

Taxes
Other administration expenses

Total

Millions of Euros

2015

2014

398
61
137
430
314
21
511
1,558

364
65
151
415
302
14
461
1,470

(*)

The Bank does not expect to terminate the lease contracts early.

39. Depreciation and amortization

The breakdown of the balance under this heading in the accompanying income statements is as follows:

Depreciation and Amortization

Notes

2015

2014

Millions of Euros

Tangible assets
For ow n use
Investment properties
Operating lease
Other Intangible assets

Total

200
191
9
-
319
519

199
190
9
-
318
517

133

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

40. Provisions (net)

In 2015 and 2014, the net allowances charged to the income statement under the headings “Provisions for
pensions and similar obligations”, “Provisions for contingent risks and commitments” “Provisions for taxes and
other legal contingencies” and “Other provisions” in the accompanying income statements are as follows:

Provisions (Net)

Millions of Euros

Notes

2015

2014

Provisions for pensions and similar obligations
Provisions for contingent Risks and Commitments
Other Provisions

20
20
20

Total

550
29
72
651

774
17
81
872

41.

Impairment losses on financial assets (net)

The impairment losses on financial assets broken down by the nature of these assets in the accompanying
income statements are as follows:

Impairment Losses on Financial Assets (Net)
Breakdown by main concepts
Available-for-sale financial assets

Debt securities
Other equity instruments

Held-to-maturity investments
Loans and receivables

Of which: Recovery of written-off assets

Total

Millions of Euros

2015

2014

13
-
13
-
1,291
380
1,304

12
-
12
-
1,856
310
1,868

42.

Impairment losses on other assets (net)

The impairment losses on non-financial assets broken down by the nature of these assets in the accompanying
income statements is as follows:

Impairment Losses on Other Assets (Net)

Tangible assets
For ow n use
Investment properties

Rest

Total

Millions of Euros

2015

2014

22
22
-
(835)
(813)

23
23
-
(63)
(40)

134

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

43. Gains (losses) on derecognized assets not classified as non-current

assets held for sale

The breakdown of the balance under this heading in the accompanying income statements is as follows:

Gains and Losses on Derecognized Assets Not
Classified as Non-current Assets Held for Sale
Gains

Disposal of investments in entities
Disposal of intangible assets and other

Losses:

Disposal of investments in entities
Disposal of intangible assets and other

Total

Millions of Euros

2015

2014

8
-

-
-
8

1
-

(2)
-
(1)

44. Gains (losses) on non-current assets held for sale

44.1 Gains (losses) on non-current assets held for sale not classified as discontinued
transactions

The main items included in the balance under this heading in the accompanying income statements are as
follows:

Gains and Losses in Non-current Assets Held for Sale

2015

2014

Millions of Euros

Gains for real estate (Note 14)

Of which:

Foreclosed
Sale of buildings for ow n use

Impairm ent of non-current assets held for sale

Gains on sale of available-for-sale financial assets
Other gains and losses

Total

3
59
(204)

499
403
760

(26)

(30)
4
(336)

-
(9)
(371)

44.2 Gains (losses) on non-current assets held for sale classified as discontinued
operations

During 2015 and 2014 the are no earnings generated by discontinued operations.

45. Statements of cash flows

Cash flows from operating activities increased in 2015 by €4,706 million (€4,709 million in 2014). The most
significant causes of the increase are linked to “Loans and receivables” and “Financial instruments held for
trading”.

135

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

The most significant variations in cash flows from investment activities in 2015 corresponded to “Non-current
assets held for sale” and “Investments”.

Cash flows from financing activities decreased in 2015 by €302 million (€3,749 million up in 2014),
corresponding to the most significant changes in the acquisition and disposal of own equity instruments and the
charge from subordinated liabilities.

The table below shows the breakdown of the main cash flows related to investing activities as of December 31,
2015 and 2014:

Main Cash Flows in Investing Activities
2015
Tangible assets
Intangible assets
Investments
Subsidiaries and other business units
Non-current assets and liabilities associated held for sale
Held-to-m aturity investments
Other settlem ents related with investem ent activities

Millions of Euros

Cash Flow s in Investm ent Activities

Investments (-)

Divestments (+)

211
298
4,113
-
1,001
-
-

12
-
62
-
1,249
-
2,043

Main Cash Flows in Investing Activities
2014
Tangible assets
Intangible assets
Investments
Subsidiaries and other business units
Non-current assets and liabilities associated held for sale
Held-to-maturity investments
Other settlements related with investement activities

Millions of Euros
Cash Flow s in Investm ent Activities

Investments (-)

Divestments (+)

156
265
714
-
1,059
-
-

14
-
147
-
322
-
-

The heading “Non-current assets held for sale and associated liabilities” in the above tables includes transactions
of a non-cash nature related to the foreclosed assets received as payment for past-due loans.

46. Accountant fees and services

The breakdown of the fees for the services provided to the Bank by its auditors in 2014 is as follows:

Fees for Audits Conducted

Audits of the companies audited by firms belonging to the Deloitte worldwide
organization and other reports related with the audit (*)

Other reports required pursuant to applicable legislation and tax regulations
issued by the national supervisory bodies of the countries in which the Group
operates, reviewed by firms belonging to the Deloitte worldwide organization
Fees for audits conducted by other firm s

(*)

Including fees belonging to annual statutory audits (€7.4 million)

Millions of Euros

2015

11.1

1.2
-

136

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

In addition, in 2015, the Bank contracted services (other than audits) as follows:

Accountant Fees. Other Services Contracted

Firms belonging to the Deloitte worldwide organization(*)
Other firms

(*)

Includes €0.2 million relating to fees for tax services

Millions of Euros

2015

1.2
29.1

The services provided by our auditors meet the independence requirements established under Act 44/2002, of
22 November 2002, on Measures Reforming the Financial System and under the Sarbanes-Oxley Act of 2002
adopted by the Securities and Exchange Commission (SEC); accordingly they do not include the performance of
any work that is incompatible with the auditing function.

47. Related-party transactions

As a financial institution, BBVA engages in transactions with related parties in the normal course of business. All of
these transactions are of little relevance and are carried out under normal market conditions.

47.1 Transactions with significant shareholders

As of December 31, 2015 there were no shareholders considered significant (see Note 22).

47.2 Transactions with BBVA Group entities

The balances of the main aggregates in the accompanying balance sheets arising from the transactions carried
out by the Group companies, which consist of ordinary business and financial transactions carried out under
normal market conditions, are as follows:

Balances arising from transactions with Entities of the
Group
Assets:

Loans and advances to credit institutions
Loans and advances to customers
Financial assets- Available for sale

Liabilities:

Deposits from credit institutions
Customers deposits
Debt certificates

Memorandum accounts:

Contingent Risks
Contingent Commitments

Millions of Euros

2015

2014

5,649
10,502
296

11,346
14,811
-

16,570
2,081

1,581
10,482
453

5,941
16,855
-

21,098
2,049

The balances of the main aggregates in the accompanying income statements arising from the transactions
carried out by the Bank with Group companies, which consist of ordinary business and financial transactions
carried out under normal market conditions, are as follows:

137

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

Balances of Income Statement arising from
transactions with Entities of the Group
Income statement:
Financial Incomes
Financial Costs

Millions of Euros

2015

2014

639
620

804
854

There are no other material effects in the financial statements arising from dealings with these companies, other
than the effects arising from using the equity method and from the insurance policies to cover pension or similar
commitments, which are described in Note 21.

In addition, as part of its normal activity, the Bank has entered into agreements and commitments of various
types with shareholders of subsidiaries and associates, which have no material effects on the financial statements.

47.3 Transactions with members of the Board of Directors and Senior Management

The information on the remuneration of the members of the BBVA Board of Directors and Senior Management is
included in Note 48.

As of December 31, 2015 and 2014, the amount availed against the loans by the Group’s entities to the
members of the Board of Directors was €200 and €235 thousand, respectively. As of December 31, 2015 and
2014the amount availed against the loans by the Group’s entities to the members of Senior Management
(excluding the executive directors) amounted to €6,641 and €4,614 thousand, respectively.

As of December 31, 2015 the amount availed against the loans to parties related to the members of the Bank’s
Board of Directors was €10,000, and as of December 31, 2014, there were no loans to parties related to the
members of the Bank’s Board of Directors. As of December 31, 2015 and 2014 the amount availed against the
loans to parties related to members of the Senior Management amounted to €113 and €291 thousand,
respectively.

As of December 31, 2015 and 2014 no guarantees had been granted to any member of the Board of Directors.

As of December 31, 2015 and 2014 no guarantees had been granted to any member of the Senior
Management

As of December 31, 2015 and 2014 the amount availed against commercial loans and guarantees arranged
with parties related to the members of the Bank’s Board of Directors and the Senior Management totaled €1,679
and €419 thousand, respectively.

47.4 Transactions with other related parties

In 2015 and 2014, the Bank did not perform any transactions with other related parties that did not belong to
the normal course of its business, that were not under normal market conditions or that were relevant for the
equity, financial situation or earnings of the Bank.

48. Remuneration and other benefits of the Board of Directors and

Members of the Bank’s Management Committee

• Remuneration of non-executive directors received in 2015

The remuneration paid to the non-executive members of the Board of Directors during 2015 is indicated below.
The figures are given individually for each non-executive director and itemised:

138

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

Non-Executive Directors
remuneration
Tomás Alfaro Drake
José Miguel Andrés Torrecillas (1)
Ramón Bustamante y de la Mora
José Antonio Fernández Rivero
Ignacio Ferrero Jordi
Belén Garijo López
Carlos Loring Martínez de Irujo
Lourdes Máiz Carro
José Maldonado Ramos
José Luis Palao García-Suelto
Juan Pi Llorens
Susana Rodríguez Vidarte
Total (2)

Board of
Directors

Executive
Committee

129
107
129
129
129
129
129
129
129
129
129
129
1,523

-
-
-
-
167
-
-
-
167
-
-
167
500

Audit &
Compliance
71
119
-
-
-
71
71
48
-
60
-
-
440

Thousands of Euros
Risks
Committee

Remuneration
Committee

-
71
107
214
-
-
-
-
-
107
107
107
713

43
-
29
-
43
-
107
-
18
-
43
-
282

Appointments
Committee

Total

102
-
-
41
-
-
-
-
41
41
-
41
265

345
298
264
383
338
200
307
176
354
336
278
443
3,723

(1) Mr. José Miguel Andrés Torrecillas was named director on March 13, 2015.
(2) These amounts include the changes in the composition of the committees during 2015.

Moreover, in the year ended December 31, 2015, €110 thousand were paid in health and casualty insurance
premiums for non-executive members of the Board of Directors.

• Remuneration of executive directors received in 2015

The remuneration scheme for the executive directors matches the general model applied to BBVA senior
managers. This comprises a fixed remuneration and a variable remuneration, which for 2014 and previous
years was further broken down into an ordinary variable remuneration in cash and a variable remuneration in
shares, based on the Management Team Incentive (hereinafter the "Annual Variable Remuneration").

Thus, during 2015, the executive directors were paid the fixed remuneration corresponding to that year, 50%
of 2014 Annual Variable Remuneration and the deferred parts of the variable remuneration from previous
years, payment of which vested during the first quarter of this year under the settlement and payment system
approved by the General Meeting (hereinafter the "Settlement and Payment System"). This determined that:

• At least 50% of the total Annual Variable Remuneration would be paid in BBVA shares.

• The payment of 50% of the Annual Variable Remuneration, in cash and in shares, would be deferred in

time, the deferred amount vesting in thirds over the three-year period following its settlement.

• All the shares vested to these beneficiaries pursuant to the rules explained in the previous paragraphs
would be unavailable for one year after they have vested. This withholding will be applied against the net
amount of the shares, after discounting the necessary part to pay the tax accruing on the shares
received.

• Moreover, circumstances have been established in which disbursement of the deferred Annual Variable

Remuneration payable may be limited or impeded ("malus" clauses), and

• The deferred parts of the Annual Variable Remuneration would be adjusted to update them under the

terms established by the Board of Directors.

Pursuant to the above, the remuneration paid to the executive directors during 2015 is shown below. The figures
are given individually for each executive director and itemised:

Executive Directors remuneration

Fixed
Remuneration

2014 Annual
Variable
Remuneration
in cash (2)

Thousands of Euros
Deferred
Variable
Remuneration
in cash (3)

Total Cash

2014 Annual
Variable
Remuneration in
BBVA Shares (2)

Deferred Variable
Remuneration in
BBVA Shares (3)

Total Shares

Chairman and CEO
Pres ident and COO (1)
Jos é Manuel González-Páram o Martínez-Murillo

Total

1,966
1,578
800
4,344

866
272
85
1,223

1,005
240
17
1,262

3,837
2,090
902
6,829

112,174
35,298
11,041
158,513

152,546
36,199
1,768
190,513

264,720
71,497
12,809
349,026

(1) The remuneration paid to the current President & COO, who was appointed on May 4, 2015, includes the remuneration vesting
as Digital Banking Officer during the period in which he held this position (as fixed and variable remuneration from previous years).

(2) Amounts corresponding to 50% of 2014 Annual Variable Remuneration.

139

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

(3) Amounts corresponding to the sum of the deferred parts of the Annual Variable Remuneration from previous years (2013, 2012
and 2011) and the LTI 2010-2011 in shares, and their respective updated cash adjustments, payment or delivery of which was
made in 2015, in application of the Settlement and Payment System, as broken down below:

- 1st third of deferred Annual Variable Remuneration from 2013:

Under this item, the executive directors received: €277,772 and 29,557 BBVA shares in the case of the Chairman & CEO; €74,591
and 7,937 BBVA shares in the case of the President & COO; and € 16,615 and 1,768 BBVA shares in the case of Mr. José Manuel
González-Páramo.

- 2nd third of deferred Annual Variable Remuneration from 2012

Under this item, the Chairman & CEO received €288,003 and 36,163 BBVA shares, while the President & COO received €64,680

and 8,122 BBVA shares.

- 3rd third of deferred Annual Variable Remuneration from 2011

Under this item, the Chairman & CEO received €399,417 and 51,826 BBVA shares, while the President & COO received €90,986

and 11,806 BBVA shares.

- 3rd third of the deferred shares from the Multi-Year Variable Share Remuneration Programme for 2010/2011 ("LTI 2010-2011").

Under this item, the Chairman & CEO received 35,000 BBVA shares and €40,075 as updated adjustments of the value of deferred

shares, while the President & COO received 8,334 BBVA shares and €9,542 as update.

In application of the Settlement & Payment System described, during the first quarter of each of the next three
years, the executive directors will receive the deferred parts of the Annual Variable Remuneration from 2014,
2013 and 2012, as applicable subject to the aforementioned conditions.

Likewise, during 2015, the executive directors received payment in kind, including insurance premiums, and
others amounting to an overall total of €190 thousand, of which €16 thousand were paid to the Group Executive
Chairman; €112 thousand to the Chief Executive Officer; and €62 thousand to the executive director José
Manuel González-Páramo Martínez-Murillo.

During 2015, the former President & COO, who took early retirement on 4th May 2015, received: €596,763 as
fixed remuneration; €530,169 and 68,702 BBVA shares corresponding to 50% of the 2014 Annual Variable
Remuneration; and €636,361 and 103,351 BBVA shares as settlement of the deferred parts of the Annual
Variable Remuneration from 2013, 2012 and 2011 and of the LTI 2010-2011, payment of which vested in the
first quarter of 2015, including the corresponding adjustment for updating their value; and €19,532 as
remuneration in kind, including insurance premiums, and others.

• Annual Variable Remuneration for executive directors for the year 2015

Following year-end 2015, the Annual Variable Remuneration for the executive directors corresponding to that
year has been determined applying the conditions established for that purpose at its beginning, as set forth in the
Directors’ Remuneration Policy approved by the General Meeting, 13th March 2015. Consequently, during the
first quarter of 2016 the executive directors will receive 50% of the 2015 Annual Variable Remuneration, in equal
parts in cash and in shares, i.e., €897,168 and 135,300 BBVA shares for the Group Executive Chairman;
€530,187 and 79,956 BBVA shares for the Chief Executive Officer (which includes the remuneration as Digital
Banking Officer during the first 4 months of the year); and €98,238 and 14,815 BBVA shares for the executive
director José Manuel González-Páramo Martínez-Murillo.

The remaining 50%, in cash and in shares, will be deferred for a three-year period, and its accrual and vesting will
be subject to compliance with multi-year indicators established by the Board of Directors at the beginning of the
year. Based on the result of each multi-year indicator, applying the performance scales assigned and their
weightings during the deferred period, the final deferred amount of the Annual Variable Remuneration will be
determined. The deferred Annual Variable Remuneration may be reduced and may even reach zero, but in no
event may be increased. To these effect, the maximum amounts that could be received during the first quarter of
2019 are: €897,168 and 135,229 BBVA shares for the Group Executive Chairman; €530,187 and 79,956
BBVA shares for the Chief Executive Officer; and €98,238 and 14,815 BBVA shares for the executive director
José Manuel González-Páramo; all subject to the settlement and payment conditions established in the Directors’
Remuneration Policy.

140

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

The former President & COO will receive during the first quarter of 2016, 50% of the 2015 Annual Variable
Remuneration, in cash and in shares, proportionally according to the 4 months in which he has held this position,
i.e.: €169,130 and 25,506 BBVA shares. The remaining 50% of the 2015 Annual Variable Remuneration, in
cash and in shares, will be deferred for a three-year period, and its accrual and vesting will be subject to
compliance with multi-year indicators on the same terms and conditions as executive directors. This will result,
where appropriate, in the following maximum amounts: €169,130 and 25,506 BBVA shares, subject to the
settlement and payment conditions established in the Directors’ Remuneration Policy.

These amounts are recorded under the item “Other Liabilities – Accrued interest” of the consolidated balance
sheet at December 31, 2015.

• Remuneration of the members of the Senior Management received in 2015

During 2015, the remuneration paid to the members of the BBVA Senior Management as a whole, excluding the
executive directors, is shown below. The figures are given individually for each director and itemized:

Members of the Senior Management remuneration

Fixed
Remuneration

2014 Annual
Variable
Remuneration
in cash (1)

Thousands of Euros
Deferred
Variable
Remuneration
in cash (2)

Total Cash

2014 Annual
Variable
Remuneration in
BBVA Shares (1)

Deferred Variable
Remuneration in
BBVA Shares (2)

Total Shares

Total Members of the Senior Management (*)

10,256

2,562

1,692

14,510

285,926

249,639

535,565

(*) This section includes aggregate information regarding the members of the BBVA Group Senior Management, excluding executive
directors, who were members of the Senior Management at 31th December 2015 (17 members).

(1) Amounts corresponding to 50% of 2014 Annual Variable Remuneration.

(2) Amounts corresponding to the sum of the deferred parts of the Annual Variable Remuneration of previous years (2013, 2012 and
2011) and the LTI 2010-2011 in shares, and their corresponding adjustments for updating in cash, payment or delivery of which was
made in 2015, to the members of the Senior Management who had generated this right, as broken down below:

- 1st third of deferred Annual Variable Remuneration from 2013

Overall amount of €567 thousand and 60,244 BBVA shares.

- 2nd third of deferred Annual Variable Remuneration from 2012

Overall amount of €493 thousand and 61,814 BBVA shares.

- 3rd third of deferred Annual Variable Remuneration from 2011

Overall amount of €570 thousand and 74,115 BBVA shares.

- 3rd third of deferred shares from the LTI 2010-2011

Overall amount of 53,466 shares and €61 thousand to update the value of the deferred shares vesting.

During the first quarter of each of the next three years, all Senior Management will receive the amounts that
correspond to them under the Settlement and Payment System of the variable remuneration applicable to each,
stemming from the settlement of the deferred Annual Variable Remuneration from previous years (2014, 2013
and 2012) and subject to the conditions the system establishes.

Moreover, during 2015, all the members of the Senior Management, with the exception of the executive
directors, received remuneration in kind, including insurance premiums and others for a total overall amount of
€250 thousand.

141

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

On the other hand, during 2015 (6) members of the BBVA Group Senior Management who ceased to hold their
positions as such during this period received a total amount of: €1,968 thousand as fixed remuneration; €1,414
thousand and 181,256 BBVA shares corresponding to 50% of the 2014 Annual Variable Remuneration; and
€1,432 thousand and 196,539 BBVA shares as settlement of the deferred parts of the Annual Variable
Remuneration from 2013, 2012 and 2011 and of the LTI 2010-2011, payment of which vested in the first
quarter of 2015, including the corresponding adjustment for updating their value; and remuneration in kind and
others for the sum of €679 thousand.

• System of Remuneration in Shares with Deferred Delivery for non-executive directors

BBVA has a remuneration system in shares with deferred delivery for its non-executive directors, which was
approved by the General Meeting, 18th March 2006 and extended for a further 5-year period under General
Meeting resolution, 11th March 2011.

This System is based on the annual allocation to non-executive directors of a number of "theoretical shares",
equivalent to 20% of the total remuneration in cash received by each of them in the previous year, according to
the closing prices of the BBVA share during the sixty trading sessions prior to the Annual General Meeting
approving the corresponding financial statements for each year.

These shares, where applicable, will be delivered to each beneficiary on the date they leave the position as
director for any reason other than dereliction of duty.

The number of “theoretical shares” allocated to the non-executive directors in 2015 as beneficiaries of the system
of remuneration in shares with deferred delivery, corresponding to 20% of the total remuneration received in
cash by said directors during 2014, is as follows:

Tomás Alfaro Drake
Ramón Bustam ante y de la Mora
José Antonio Fernández Rivero
Ignacio Ferrero Jordi
Belén Garijo López
Carlos Loring Martínez de Irujo
Lourdes Maiz Carro
José Maldonado Ram os
José Luis Palao García-Suelto
Juan Pi Llorens
Susana Rodríguez Vidarte

Total

• Pensions commitments

Theoretical shares
allocated in 2015

Theoretical shares
accumulated in
2015

7,930
7,531
9,400
8,298
4,909
7,536
2,631
9,296
10,657
6,830
10,082
85,100

51,089
77,043
78,413
83,000
12,866
64,843
2,631
45,564
40,315
23,195
64,001
542,960

The commitments undertaken regarding pension benefits for the Chief Executive Officer and the executive
director José Manuel González-Páramo Martínez-Murillo, pursuant to the Company Bylaws and their respective
contracts with the Bank, include a pension system covering retirement, disability and death.

The Chief Executive Officer’s contractual conditions determine that he will retain the pension system to which he
was entitled previously as senior manager in the Group, with the benefits and the provisions being adjusted to
the new remuneration conditions of the position that he currently holds.

The executive director José Manuel González-Páramo Martínez-Murillo retains the same pension system he has
had since with his appointment in 2013, comprising a defined-contributions system of 20% a year on the fixed
remuneration received to cover retirement commitments and provisions covering death and disability.

142

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accepted accounting
principles (Bank of Spain Circular 4/2004, and as amended thereafter, which adapts the EU-IFRS for banks. See Note 51).

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-
language version prevails.

To such end, the provisions recorded as of 31th December 2015 to cover pension commitments undertaken for
the executive directors stood at €13,123 thousand for the Chief Executive Officer, including both those
accumulated as a Group senior executive and those accumulating from his current position as Chief Executive
Officer under the terms described above; and €436 thousand for the executive director José Manuel González-
Páramo Martínez-Murillo; having provisioned €9,856 thousand and €261 thousand for the Chief Executive
Officer and for the executive director José Manuel González-Páramo Martínez-Murillo, respectively, during 2015,
to cover the contingencies recognised in their contracts. In both cases, these amounts include the provisions
covering retirement, as well as disability and death.

There are no other pension obligations in the name of other executive directors.

During 2015, the Board of Directors determined the pension rights of the former President & CEO pursuant to
the contractual conditions agreed at the time, which established that in the event of his ceasing to hold his
position on grounds other than his own will, retirement, disability or dereliction of duty, he would take early
retirement with a pension of 75% of his pensionable base pay, which he could receive as a lifelong annuity or as
a lump sum, at his own choice. It was established that his pension rights would be a lifelong annuity for a gross
annual amount of €1,795 thousand, which will be paid in twelve monthly payments, deducting the tax payable
at source.

For these purposes, the provision recorded on the date on which he left the Bank to cover the commitments
undertaken with regard to the former President & CEO pension scheme stood at €45,209 thousand, of which
€26,026 thousand were already charged to the income statements of previous years, while during 2015 a
further €19,252 thousand were set aside.

The amounts corresponding to the provisions made at 31th December 2015 to cover post-employment benefit
commitments of former members of the Board of Directors are recorded in Note 21.

The provisions recorded at 31th December 2015 for pension commitments for members of the Senior
Management, excluding executive directors, stood at €55,666 thousand of which €6,782 thousand were set
aside during 2015. These amounts include the provisions covering retirement commitments and provisions
covering death and disability.

• Extinction of contractual relationship

The Bank has no commitments to pay severance indemnity to executive directors other than to the executive
director José Manuel González-Páramo Martínez-Murillo, whose contract recognises his right to receive an
indemnity equivalent to two times his fixed remuneration should he cease to hold his position on grounds other
than his own will, death, retirement, disability or dereliction of duty.

The contractual conditions of the Chief Executive Officer with regard to his pension arrangements determine that
in the event of his ceasing to hold his position on grounds other than his own will, retirement, disability or
dereliction of duty, he will take early retirement with a pension that he may receive as a lifelong annuity or as a
capital lump sum, at his own choice. The annual amount will be calculated as a function of the provisions which,
according to the actuarial criteria applicable at any time, the Bank may have made to that date to cover the
retirement pension commitments provided for in his contract, without this commitment in any way obliging the
Bank to set aside additional provisions. Moreover, this pension may not be greater than 75% of the pensionable
base should the event occur before he reaches the age of 55, or 85% of the pensionable base should the event
occur after having reached the age of 55.

49. Other information

49.1 Environmental impact

Given the activities in which it engages, the Bank has no environmental liabilities, expenses, assets, provisions or
contingencies that could have a significant effect on its equity, financial situation and profits. Consequently, as of
December 31, 2015, there is no item in the accompanying financial statements that requires disclosure in an
environmental information report pursuant to Ministry of Economy Order JUS/206/2009, dated January 28,
and consequently no specific disclosure of information on environmental matters is included in these
statements.

143

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original
Spanish-language version prevails.

49.2 Breakdown of agents of credit institutions

Appendix XIII contains a list of the Bank's agents as required by article 21 of Royal Decree 84/2015, dated
February 13, of the Ministry of Economy and Finance.

49.3 Report on the activity of the Customer Care Service and the Customer
Ombudsman

The report on the activity of the Customer Care Service and the Customer Ombudsman, required pursuant to
Article 17 of Ministry of Economy Order ECO/734/2004 dated March 11, is included in the Management
Report accompanying these financial statements.

49.4 Mortgage market policies and procedures

The disclosure required by Bank of Spain Circular 5/2011 under the provisions of Spanish Royal Decree
716/2009, of April 24, (implementing certain aspects of Act 2/1981, of March 25, on the regulation of the
mortgage market and other mortgage and financial market regulations) is detailed in Appendix X.

49.5 Reporting requirements of
Commission (CNMV)

Dividends paid in the year

the Spanish National Securities Market

The table below presents the dividends per share paid in cash in 2015 and 2014 (cash basis accounting,
regardless of the year in which they are accrued), but not including other shareholder remuneration such as the
“Dividend Option”. For a complete analysis of all remuneration awarded to shareholders in 2015 ( see Note 3).

Dividends Paid
("Dividend Option" not included)

% Over
Nominal

Euros per
Share

Amount
(Millions of
Euros)

% Over
Nominal

Euros per
Share

Amount
(Millions of
Euros)

2014

2013

Ordinary shares
Rest of shares

Total dividends paid in cash (*)
Dividends with charge to income
Dividends with charge to reserve or
share prem ium
Dividends in kind

16%
-
16%
16%

-
-

0.08
-
0.08
0.08

-
-

471
-
471
471

-
-

41%
-
41%
41%

-
-

0.20
-
0.20
0.20

-
-

1,117
-
1,117
1,117

-
-

(*)

Only included dividends paid in cash each year (cash-flows criteria), regardless of the year they were accrued in.

144

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original
Spanish-language version prevails.

Issuances by market type

Changes in debt certificates (including bonds) and subordinated liabilities (see Notes 19.3 and 19.4) in 2015
and 2014 by the type of market in which they were issued are as follows:

2015
Debt Certificates and Subordinated
Liabilities

Debt certificates issued in the
European Union
With information brochure
Without information brochure
Subordinated deposits

Total

Millions of Euros

Balance at the
Beginning

Issuances

Repurchase or
Redem ption

Exchange
Differences
and Other (*)

Balance at the
End

30,356
30,356
-
4,100
34,456

4,879
4,879
-
-
4,879

3,924
3,924
-
1,086
5,010

(346)
(346)
-
91
(255)

30,965
30,965
-
3,105
34,070

Interest and income by geographical area

The breakdown of the balance under the heading “Interest and Similar Income” in the accompanying income
statements by geographical area is as follows:

Interest and Similar Income.
Breakdown by Geographical Area
Domestic market
Foreign market
European Union
Rest of OECD
Rest of countries

Total

Millions of Euros

2015

2014

5,182
282
158
47
77
5,464

6,447
316
193
36
87
6,763

Average number of employees by gender

The breakdown of the average number of employees in the Bank in 2015 and 2014, by gender, is as follows:

Average number of employees

Male

Female

Male

Female

2015

2014

Management Team
Other line personnel
Clerical staff
General Services
Branches abroad

Total

812
10,714
1,535
7
458
13,526

215
9,821
1,623
1
289
11,949

871
11,473
1,928
10
460
14,742

208
9,961
1,852
1
298
12,320

145

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original
Spanish-language version prevails.

49.6 Responsible lending and consumer credit granting

BBVA has incorporated the best practices of responsible lending and consumer credit granting, and has policies
and procedures that contemplate these practices complying with the provisions of the Order of the Ministry of
Finance EHA / 2899/2011, of 28 October, transparency and customer protection of banking services, as well
as the Bank of Spain Circular 5/2012, of 27 June, on transparency of banking services and responsible lending.
Specifically, the Corporate Retail Credit Risk Policy (approved by the Executive Committee of the Board of
Directors of the Bank on April 3, 2013) and Specific Rules derived from it, establish policies, practices and
procedures in relation to responsible granting of loans and consumer credit.

In compliance with Bank of Spain Circular 3/2014, of July 30, the following summary of those policies
contained in the Corporate Retail Credit Risk Policy BBVA is provided:

• The need to adapt payment plans with sources of income generation;
• The evaluation requirements of affordability;
• The need to take into account the level of expected retirement income of the borrower;
• The need to take account of existing financial obligations payments;
•

In cases where, for commercial reasons or the type of rate/currency, the offer to the borrowers includes
contractual clauses or contracting financial products to hedge interest rate and exchange rate risks.

• The need, when there is collateral, to establish a reasonable relationship between the amount of the loan

and its potential extensions and value of collateral, regardless revaluations thereof;

• The need for extreme caution in the use of appraisal values on credit operations that have real estate as an

additional borrower's personal guarantee;

• The periodic review of the value of collateral taken to hedge loans;
• A number of elements of management in order to ensure independence in the activity of appraisal

companies;

• The need to warn customers of potential consequences in terms of cost by default interest and other

expenses that would continue in default;

• Debt renegotiation criteria (refinancing and restructurings);
• The minimum documentation that operations should have in order to be granted and during its term.

In order to maintain an effective monitoring of these policies, BBVA has the following control mechanisms:

• Validations and computer controls built into the workflows of analysis, decision and contracting operations,

in order to embed these principles in management;

• Alignment between the specifications of the product catalog with the policies of responsible lending;
• Different areas of sanction to ensure adequate hierarchy decision levels in response to the complexity of

operations;

• A reporting scheme that allows to monitor the proper implementation of the policies of responsible lending.

50. Subsequent events

After the year ended December 31, 2015, it is expected that on February 2, 2016, under the powers
delegated by the Company’s AGM held on March 16, 2012, under point five of its agenda, the Board of
Directors meeting submits for approval an agreement for the issue of debentures convertible into ordinary BBVA
shares, excluding the pre-emptive subscription right.

146

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original
Spanish-language version prevails.

In case such agreement is approved, and for the purposes set out in articles 414, 417 and 511 of the Spanish
Corporations Act, the mandatory Directors report explaining the conversion conditions and types will be issued,
justifying the proposal for the abolition of the pre-emptive subscription right, to be accompanied, as appropriate,
by another report drafted by an auditor other than the company’s auditor, appointed for this purpose by the
Companies Register.

The interim dividend approved on December 22, 2015 was paid out on January 12, 2016, as detailed in Note
3.

From January 1, 2016 to the date of preparation of these financial statements, no other subsequent events not
mentioned above in these financial statements have taken place that significantly affect the Bank’s earnings or its
equity position.

51. Explanation added for translation into English

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish
generally accepted accounting principles (Bank of Spain Circular 4/2004, and as amended thereafter, which
adapts the EU-IFRS for banks).

147

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original
Spanish-language version prevails.

Appendices

148

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original
Spanish-language version prevails.

APPENDIX I.

BBVA Group Consolidated Financial Statements

Consolidated balance sheets as of December 31, 2015, 2014 and 2013

ASSETS

Notes

2015

2014 (*)

2013 (*)

Millions of Euros

CASH AND BALANCES WITH CENTRAL BANKS
FINANCIAL ASSETS HELD FOR TRADING

Loans and advances to credit institutions
Loans and advances to customers
Debt securities
Equity instruments
Trading derivatives

OTHER FINANCIAL ASSETS DESIGNATED AT FAIR VALUE
THROUGH PROFIT OR LOSS

Loans and advances to credit institutions
Loans and advances to customers
Debt securities
Equity instruments

AVAILABLE-FOR-SALE FINANCIAL ASSETS

Debt securities
Equity instruments

LOANS AND RECEIVABLES

Loans and advances to credit institutions
Loans and advances to customers
Debt securities

INSURANCE CONTRACTS LINKED TO PENSIONS
REINSURANCE ASSETS
TANGIBLE ASSETS

Property, plants and equipment

For own use
Other assets leased out under an operating lease

Investment properties

INTANGIBLE ASSETS

Goodwill
Other intangible assets

TAX ASSETS
Current
Deferred

OTHER ASSETS
Inventories
Rest

TOTAL ASSETS

(*) P resented fo r co mpariso n purpo ses o nly (No te 1.3).

149

9
10

14
14
15
16

22
17

43,467
78,326
-
65
32,825
4,534
40,902

2,311
62
-
173
2,075
113,426
108,310
5,116
457,644
32,962
414,165
10,516
-

45
3,538
3,369
879
636
243
-
511
9,944
8,477
8,021
456
1,467
10,275
6,811
3,464
17,779
1,901
15,878
8,566
4,303
4,263
750,078

31,430
83,258
-
128
33,883
5,017
44,229

2,761
-
-
737
2,024
94,875
87,608
7,267
372,375
27,059
338,657
6,659
-

121
2,551
3,793
4,509
417
4,092
-
559
7,820
6,428
5,985
443
1,392
7,371
5,697
1,673
12,426
2,035
10,391
8,094
4,443
3,651
631,942

34,903
72,112
-
107
29,602
4,766
37,638

2,413
-
-
663
1,750
77,774
71,806
5,968
350,945
22,862
323,607
4,476
-

98
2,530
2,880
4,742
1,272
3,470
-
619
7,534
5,841
5,373
468
1,693
6,759
5,069
1,690
11,704
2,502
9,202
7,684
4,636
3,048
582,697

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original
Spanish-language version prevails.

LIABILITIES AND EQUITY

Notes

2015

2014 (*)

2013 (*)

Millions of Euros

55,203
-
-
-
-
42,149
13,053
-

2,649
-
-
-
-
-
2,649
606,113
40,087
68,543
403,069
66,165
16,109
12,141

56,798
-
-
-
-
45,052
11,747
-

2,724
-
-
-
-
-
2,724
491,899
28,193
65,168
319,060
58,096
14,095
7,288

45,648
-
-
-
-
38,119
7,529
-

2,467
-
-
-
-
-
2,467
464,549
30,893
52,423
300,490
64,120
10,556
6,067

14
14

22
23
24

358
2,726

-
2,331

-
1,792

-
9,407
8,852
6,299
370
714
1,469
4,721
1,238
3,483
4,610
694,638

-
10,460
7,444
5,970
262
381
831
4,157
980
3,177
4,519
580,333

-
9,834
6,853
5,512
208
346
787
2,530
993
1,537
4,460
538,133

FINANCIAL LIABILITIES HELD FOR TRADING

Deposits from central banks
Deposits from credit institutions
Customer deposits
Debt certificates
Trading derivatives
Short positions
Other financial liabilities

OTHER FINANCIAL LIABILITIES DESIGNATED AT FAIR VALUE
THROUGH PROFIT OR LOSS

Deposits from central banks
Deposits from credit institutions
Customer deposits
Debt certificates
Subordinated liabilities
Other financial liabilities

FINANCIAL LIABILITIES AT AMORTIZED COST

Deposits from central banks
Deposits from credit institutions
Customer deposits
Debt certificates
Subordinated liabilities
Other financial liabilities

FAIR VALUE CHANGES OF THE HEDGED ITEMS IN PORTFOLIO
HEDGES OF INTEREST RATE RISK
HEDGING DERIVATIVES
LIABILITIES ASSOCIATED WITH NON-CURRENT ASSETS HELD
FOR SALE
LIABILITIES UNDER INSURANCE CONTRACTS
PROVISIONS

Provisions for pensions and similar obligations
Provisions for taxes and other legal contingencies
Provisions for contingent risks and commitments
Other provisions

TAX LIABILITIES

Current
Deferred

OTHER LIABILITIES
TOTAL LIABILITIES

(*) P resented fo r co mpariso n purpo ses o nly (No te 1.3).

150

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original
Spanish-language version prevails.

Consolidated balance sheets as of December 31, 2015, 2014 and 2013

LIABILITIES AND EQUITY (Continued )

Notes

2015

2014 (*)

2013 (*)

Millions of Euros

STOCKHOLDERS’ FUNDS

Common Stock

Issued
Unpaid and uncalled (-)

Share premium
Reserves

26
27

Accumulated reserves (losses)
Reserves (losses) of entities accounted for using the equity
method

Other equity instruments

43.1.1

Equity component of compound financial instruments
Other equity instruments

Less: Treasury stock
Income attributed to the parent company
Less: Dividends and remuneration

VALUATION ADJUSTMENTS

Available-for-sale financial assets
Cash flow hedging
Hedging of net investment in foreign transactions
Exchange differences
Non-current assets held-for-sale
Entities accounted for using the equity method
Other valuation adjustments
NON-CONTROLLING INTEREST

Valuation adjustments
Rest

TOTAL EQUITY
TOTAL LIABILITIES AND EQUITY

MEMORANDUM ITEM

CONTINGENT RISKS
CONTINGENT COMMITMENTS

(*) P resented fo r co mpariso n purpo ses o nly (No te 1.3).

50,639
3,120
3,120
-
23,992
22,512
22,610

(98)
35
-
35
(309)
2,642
(1,352)
(3,349)
1,674
(49)
(274)
(3,905)
-
64
(859)
8,149
(1,346)
9,495
55,439
750,078

49,446
3,024
3,024
-
23,992
20,936
20,304

633
67
-
67
(350)
2,618
(841)
(348)
3,816
(46)
(373)
(2,173)
-
(796)
(777)
2,511
(53)
2,563
51,609
631,942

46,025
2,835
2,835
-
22,111
19,767
19,317

450
59
-
59
(66)
2,084
(765)
(3,831)
851
8
(100)
(3,023)
3
(1,130)
(440)
2,371
70
2,301
44,565
582,697

Millions of Euros

Notes

2015

2014 (*)

2013 (*)

32
32

49,876
135,733

33,741
106,252

33,543
94,170

151

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original
Spanish-language version prevails.

Consolidated income statements for the years ended December 31, 2015, 2014 and
2013

Millions of Euros

Notes

2015

2014 (*)

2013 (*)

INTEREST AND SIMILAR INCOME
INTEREST AND SIMILAR EXPENSES
NET INTEREST INCOME
DIVIDEND INCOME
SHARE OF PROFIT OR LOSS OF ENTITIES ACCOUNTED FOR
USING THE EQUITY METHOD
FEE AND COMMISSION INCOME
FEE AND COMMISSION EXPENSES
NET GAINS (LOSSES) ON FINANCIAL ASSETS AND
LIABILITIES

Financial instruments held for trading

Other financial instruments at fair value through profit or loss
Other financial instruments not at fair value through profit or
loss
Rest

EXCHANGE DIFFERENCES (NET)
OTHER OPERATING INCOME

Income on insurance and reinsurance contracts
Financial income from non-financial services
Rest of other operating income
OTHER OPERATING EXPENSES

Expenses on insurance and reinsurance contracts
Changes in inventories
Rest of other operating expenses

GROSS INCOME
ADMINISTRATION COSTS
Personnel expenses
General and administrative expenses

DEPRECIATION AND AMORTIZATION
PROVISIONS (NET)

IMPAIRMENT LOSSES ON FINANCIAL ASSETS (NET)

Loans and receivables
Other financial instruments not at fair value through profit or
loss

NET OPERATING INCOME

36
36

38
39
40

44
45

24,783
(8,761)
16,022
415

174
6,340
(1,729)

865
(409)

22,838
(8,456)
14,382
531

343
5,530
(1,356)

1,435
11

23,512
(9,612)
13,900
235

694
5,478
(1,228)

1,608
540

117

1,157
-
1,165
4,993
3,678
912
403
(4,883)
(2,599)
(678)
(1,607)
23,362
(10,836)
(6,273)
(4,563)
(1,272)
(731)

(4,272)
(4,248)

(23)
6,251

1,397
-
699
4,581
3,622
650
308
(5,420)
(2,714)
(506)
(2,200)
20,725
(9,414)
(5,410)
(4,004)
(1,145)
(1,142)

(4,340)
(4,304)

(36)
4,684

1,019
-
903
4,995
3,761
851
383
(5,833)
(2,831)
(495)
(2,507)
20,752
(9,701)
(5,588)
(4,113)
(1,095)
(609)

(5,612)
(5,577)

(35)
3,735

152

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original
Spanish-language version prevails.

Consolidated income statements for the years ended December 31, 2015, 2014 and
2013

(Continued)

NET OPERATING INCOME

Millions of Euros

Notes

2015

2014 (*)

2013 (*)

6,251

4,684

3,735

IMPAIRMENT LOSSES ON OTHER ASSETS (NET)

Goodwill and other intangible assets
Other assets

GAINS (LOSSES) ON DERECOGNIZED ASSETS NOT
CLASSIFIED AS NON-CURRENT ASSETS HELD FOR SALE
NEGATIVE GOODWILL

GAINS (LOSSES) IN NON-CURRENT ASSETS HELD FOR SALE
NOT CLASSIFIED AS DISCONTINUED OPERATIONS
OPERATING PROFIT BEFORE TAX
INCOME TAX

PROFIT FROM CONTINUING OPERATIONS
PROFIT FROM DISCONTINUED OPERATIONS (NET)
PROFIT

Profit attributable to parent company
Profit attributable to non-controlling interests

48
18

(273)
(4)
(269)

(2,135)
26

734
4,603
(1,274)

3,328
-
3,328
2,642
686

(297)
(8)
(289)

46
-

(453)
3,980
(898)

3,082
-
3,082
2,618
464

(467)
(14)
(453)

(1,915)
-

(399)
954
16

970
1,866
2,836
2,084
753

Notes

2015

2014 (*)

2013 (*)

Euros

EARNINGS PER SHARE FROM CONTINUED OPERATIONS
Basic earnings per share
Diluted earnings per share

0.39
0.39

0.41
0.41

0.04
0.04

(*) P resented fo r co mpariso n purpo ses o nly (No te 1.3).

153

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-language version prevails.

Consolidated statements of changes in equity for the years ended December 31, 2015, 2014 and 2013

T o t a l E quit y A t t ribut e d t o t he P a re nt C o m pa ny

M illio ns o f E uro s

S t o c k ho lde rs ’ F unds

2015

Balance s as of January 1, 2015

Effect o f changes in acco unting po licies

Effect o f co rrectio n o f erro rs

Adjus ted initial balance

Total incom e /expens e recognize d

Other changes in equity

Co mmo n sto ck increase

Co mmo n sto ck reductio n

Co nversion o f financial liabilities into capital

Increase o f o ther equity instruments

Reclassificatio n o f financial liabilities to o ther equity instruments

Reclassificatio n o f o ther equity instruments to financial liabilities

Dividend distributio n

Transactio ns including treasury sto ck and o ther equity instruments (net)

Transfers between to tal equity entries

Increase/Reductio n due to business combinatio ns

P ayments with equity instruments

Rest o f increases/reductio ns in total equity

Of which:

A cquisitio n o f the free allo tment rights

Balance s as of Dece m be r 31, 2015

R e s e rv e s ( N o t e 2 7 )

C o m m o n
S t o c k
( N o t e 2 5 )

S ha re
P re m ium
( N o t e 2 6 )

A c c um ula t e d
R e s e rv e s
( Lo ss e s )

R e s e rv e s
( Lo s s e s) f ro m
E nt it ie s
A c c o unt e d f o r
Us ing t he E quit y
M e t ho d

O t he r
E quit y
Ins trum ent s

Le s s:
T re a s ury
S t o c k
( N o t e 2 8 )

P ro f it
A t t ribut a ble
to t he
P a re nt
C o m pa ny

Le ss :
D iv ide nds
a nd
R e m une ra t io ns
(N o t e 4 )

Total
Stockholde rs '
Funds

V a luat io n
A djus t m e nt s
( N o t e 2 9 )

Total

Non-
c ontrolling
Inte re sts
(Note 3 0 )

Total
Equity

3 ,0 24

2 3,9 9 2

2 0 ,3 0 4

3 ,0 24

2 3,9 9 2

2 0 ,3 0 4

2 ,3 0 5

(96)

2,422

(127)

6 3 3

( 7 3 1)

(86)

(645)

6 7

( 3 1)

(47)

( 35 0 )

2,6 18

( 8 41)

4 9,4 4 6

( 3 4 8)

4 9 ,0 9 8

2 ,5 11

5 1,6 0 9

( 35 0 )

4 1

2,6 18

2 ,6 4 2

( 2 ,6 18 )

(2,618)

( 8 41)

( 5 12 )

4 9,4 4 6

2,6 4 2

( 1,4 5 0 )

(1,222)

841

(131)

(33)

(258)

(131)

( 3 4 8)

( 3,0 0 0)

4 9 ,0 9 8

( 3 5 8 )

( 1,4 5 0 )

2 ,5 11

( 6 0 7)

6,2 4 5

5 1,6 0 9

(9 6 5 )

4 ,7 9 5

(1,222)

(146)

(1,368)

(33)

(258)

(131)

6,391

(33)

6,133

(131)

3 ,120

2 3,9 9 2

2 2 ,6 10

( 9 8 )

3 5

( 30 9 )

2 ,6 4 2

( 1,3 52 )

5 0,6 3 9

( 3,3 4 9)

4 7 ,2 9 0

8 ,14 9

5 5 ,4 3 9

154

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-language version prevails.

Consolidated statements of changes in equity for the years ended December 31, 2015, 2014 and 2013

2014 (*)

Balances as of January 1, 2014

Effect of changes in accounting policies

Effect of correction of errors

Adjusted initial balance

Total income/expense recognized

Other changes in equity

Common stock increase

Common stock reduction

Conversion of financial liabilities into capital

Increase of other equity instruments

Reclassification of financial liabilities to other equity instruments

Reclassification of other equity instruments to financial liabilities

Dividend distribution

Transactions including treasury stock and other equity instruments (net)

Transfers between total equity entries

Increase/Reduction due to business combinations

Payments with equity instruments

Rest of increases/reductions in total equity

Of which:

Acquisition of the free allotment rights

Balances as of December 31, 2014

Total Equity Attributed to the Parent Company

Millions of Euros

Reserves (Note 27)

Stockholders’ Funds

Common
Stock
(Note 25)

Share
Premium
(Note 26)

Accumulated
Reserves (Losses)

Reserves (Losses)
from Entities
Accounted for
Using the Equity
Method

Other
Equity
Instruments

Less:
Treasury
Stock
(Note 28)

Profit
Attributable to
the Parent
Company

Less:
Dividends
and
Remunerations
(Note 4)

Total
Stockholders'
Funds

Valuation
Adjustments
(Note 29)

Total

Non-
controlling
Interests
(Note 30)

Total
Equity
(*)

2,835

22,111

19,317

2,835

22,111

19,317

189

1,881

3,024

23,992

987

(70)

1,042

(88)

20,304

450

183

(91)

277

(3)

633

(36)

(66)

2,084

(765)

46,025

(3,831)

42,194

2,371

44,565

(66)

(284)

2,084

2,618

(2,084)

(350)

2,618

(765)

(76)

(597)

765

(244)

244

(841)

46,025

2,618

803

2,000

(597)

(279)

(29)

(336)

(3,831)

3,483

42,194

6,101

803

2,000

(597)

(279)

(29)

(336)

2,371

341

(201)

(243)

44,565

6,442

602

2,000

(840)

(279)

(29)

(294)

244

49,446

(348)

244
49,098

2,511

244

51,609

(*) Presented for comparison purposes only (Note 1.3).

155

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-language version prevails.

Consolidated statements of changes in equity for the years ended December 31, 2015, 2014 and 2013

Total Equity Attributed to the Parent Company

Millions of Euros

Stockholders’ Funds

2013 (*)

Balances as of January 1, 2013

Effect of changes in accounting policies

Effect of correction of errors

Adjusted initial balance

Total income/expense recognized

Other changes in equity

Common stock increase

Common stock reduction

Conversion of financial liabilities into capital

Increase of other equity instruments

Reclassification of financial liabilities to other equity instruments

Reclassification of other equity instruments to financial liabilities

Dividend distribution

Transactions including treasury stock and other equity instruments (net)

Transfers between total equity entries

Increase/Reduction due to business combinations

Payments with equity instruments

Rest of increases/reductions in total equity

Of which:

Acquisition of the free allotment rights

Balances as of December 31, 2013

Reserves (Note 27)

Common
Stock
(Note 25)

Share
Premium
(Note 26)

Accumulated
Reserves (Losses)

Reserves (Losses)
from Entities
Accounted for
Using the Equity
Method

Other
Equity
Instruments

Less:
Treasury
Stock
(Note 28)

Profit
Attributable to
the Parent
Company

Less:
Dividends
and
Remunerations
(Note 4)

Total
Stockholders'
Funds

Valuation
Adjustments
(Note 29)

Total

Non-
controlling
Interests
(Note 30)

Total
Equity

2,670

20,968

18,580

2,670

20,968

18,580

165

1,143

2,835

22,111

737

(71)

215

638

(97)

19,317

951

(501)

(215)

(286)

450

(3)

(36)

(111)

1,676

(1,323)

43,473

(2,184)

41,289

2,372

43,661

(111)

1,676

2,084

(1,676)

(66)

2,084

(1,323)

558

(605)

1,324

(161)

(765)

43,473

2,084

468

1,237

(605)

(14)

(258)

(161)

46,025

(2,184)

(1,647)

(3,831)

41,289

437

468

1,237

(605)

(14)

(258)

(161)

42,194

2,372

635

(636)

43,661

1,072

(168)

1,237

(482)

(1,087)

(154)

2,371

(14)

(412)

(161)

44,565

(*) Presented for comparison purposes only (Note 1.3).

156

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original
Spanish-language version prevails.

Consolidated statements of recognized income and expenses for the years ended
December 31, 2015, 2014 and 2013

Millions of Euros

2015

2014 (*)

2013 (*)

3,328
(4,293)
(74)

(135)
-
8

53
(4,219)
(3,196)
(1,341)
(1,855)
-
4
47
(43)

-
-
88
88
-
-
(2,924)
(3,167)
243
-
-
-
-
-
861
(242)
1,103
-
-

3,082
3,359
(346)

(498)
-
(5)

157
3,705
4,306
4,770
(464)
-
(71)
(83)
12

-
-
(273)
(273)
-
-
760
761
(1)
-
(4)
(4)
-
-
338
337
1
-
-

948

(1,351)

(965)
(358)
(607)

6,441
6,100
341

2,836
(1,765)
8

11
-
1

(4)
(1,773)
1,659
1,737
(140)
62
(32)
20
(52)

-
(1)
143
143
-
-
(2,045)
(2,026)
(19)
-
135
-
135
-
(1,054)
(736)
(260)
(58)
-

(579)

1,071
436
635

PROFIT RECOGNIZED IN INCOME STATEMENT
OTHER RECOGNIZED INCOME (EXPENSES)
ITEMS NOT SUBJECT TO RECLASSIFICATION TO INCOME STATEMENT

Actuarial gains and losses from defined benefit pension
plans
Non-current assets available for sale
Entities under the equity method of accounting
Income tax related to items not subject to reclassification
to income statement

ITEMS SUBJECT TO RECLASSIFICATION TO INCOME STATEMENT

Available-for-sale financial assets

Valuation gains/(losses)
Amounts reclassified to income statement
Reclassifications (other)

Cash flow hedging

Valuation gains/(losses)
Amounts reclassified to income statement
Amounts reclassified to the initial carrying amount of the
hedged items
Reclassifications (other)

Hedging of net investment in foreign transactions

Valuation gains/(losses)
Amounts reclassified to income statement
Reclassifications (other)

Exchange differences

Valuation gains/(losses)
Amounts reclassified to income statement
Reclassifications (other)

Non-current assets held for sale

Valuation gains/(losses)
Amounts reclassified to income statement
Reclassifications (other)

Entities accounted for using the equity method

Valuation gains/(losses)
Amounts reclassified to income statement
Reclassifications (other)

Rest of recognized income and expenses

Income tax

TOTAL RECOGNIZED INCOME/EXPENSES
Attributable to the parent company
Attributable to non-controlling interest

(*) Presented f or comparison purposes only (Note 1.3).

157

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original
Spanish-language version prevails.

Consolidated statements of cash flows for the years ended December 31, 2015,
2014 and 2013

Millions of Euros

Notes

2015

2014 (*)

2013 (*)

CASH FLOW FROM OPERATING ACTIVITIES ( 1)
Profit for the year

23,101
3,328

(6,188)
3,082

Adjustments to obtain the cash flow from operating activities:

Depreciation and amortization
Other adjustments

Net increase/decrease in operating assets

Financial assets held for trading
Other financial assets designated at fair value through profit
or loss
Available-for-sale financial assets
Loans and receivables
Other operating assets

Net increase/decrease in operating liabilities

Financial liabilities held for trading
Other financial liabilities designated at fair value through profit
or loss
Financial liabilities at amortized cost
Other operating liabilities

Collection/Payments for income tax
CASH FLOWS FROM INVESTING ACTIVITIES ( 2 )
Investment

Divestments

Of which: received dividends

(*) P resented fo r co mpariso n purpo ses o nly (No te 1.3).

18,327
1,272
17,055
(12,954)
4,691

337
3,360
(20,498)
(844)
15,674
(2,475)

120
21,422
(3,393)
(1,274)
(4,411)
(6,416)
(2,171)
(571)
(41)
(3,633)
-
-
-
2,005
224
2
1
9
1,683
-
86
86

8,315
1,145
7,170
(53,244)
(11,145)

(349)
(13,485)
(27,299)
(966)
36,557
11,151

256
24,219
931
(898)
(1,151)
(1,984)
(1,419)
(467)
-
(98)
-
-
-
833
167
-
118
-
548
-
-
-

(500)
2,836

8,332
1,099
7,233
25,613
7,717

117
1,938
12,704
3,137
(37,265)
(10,186)

251
(24,660)
(2,670)
(16)
3,021
(2,325)
(1,252)
(526)
(547)
-
-
-
-
5,346
101
-
944
3,299
571
431
-
-

158

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original
Spanish-language version prevails.

Consolidated statements of cash flows for the years ended December 31, 2015,
2014 and 2013

Millions of Euros

Notes

2015

2014 (*)

2013 (*)

CASH FLOWS FROM FINANCING ACTIVITIES (3)
Investment
Dividends
Subordinated liabilities
Common stock amortization
Treasury stock acquisition
Other items relating to financing activities

Of which: paid dividends

Divestments

Subordinated liabilities
Common stock increase
Treasury stock disposal
Other items relating to financing activities
EFFECT OF EXCHANGE RATE CHANGES (4)
NET INCREASE/DECREASE IN CASH OR CASH EQUIVALENTS
(1+2+3+4)
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR
CASH AND CASH EQUIVALENTS AT END OF THE YEAR

127
(5,717)
(879)
(1,419)
-
(3,273)
(146)
(146)
5,844
2,523
-
3,321
-
(6,781)

12,036
31,430
43,466

3,157
(5,955)
(826)
(1,046)
-
(3,770)
(313)
(243)
9,112
3,628
2,000
3,484
-
725

(3,457)
34,887
31,430

(1,326)
(6,104)
(1,275)
(697)
-
(3,614)
(518)
(482)
4,778
1,088
2
3,688
-
(1,784)

(589)
35,476
34,887

Millones de euros

Notes

2015

2014 (*)

2013 (*)

Cash
Balance of cash equivalent in central banks
Other financial assets
Less: Bank overdraft refundable on demand
TOTAL CASH AND CASH EQUIVALENTS AT END OF THE YEAR
Of which:

7,192
36,275
-
-
43,467

6,247
25,183
-
-
31,430

5,533
29,354
-
-
34,887

Held by consolidated subsidiaries but not available for the Group

159

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-language version prevails.

APPENDIX II.

Additional information on consolidated subsidiaries composing the BBVA Group

Additional Information on Consolidated Subsidiaries and consolidated structured entities composing the BBVA Group

Company

Location

Activity

Direct

Indirect

Total

Net
Carrying
Amount

Assets
12.31.15

Liabilities
12.31.15

Equity
12.31.15

Profit
(Loss)
12.31.15

% of Voting Rights

Controlled by the Bank

Millions of Euros(*)

Affiliate Entity Data

4D INTERNET SOLUTIONS, INC
ACTIVOS MACORP, S.L.(2)
ALCALA 120 PROMOC. Y GEST.IMMOB. S.L.(2)
ALGARVETUR, S.L.(**)(2)
AMERICAN FINANCE GROUP, INC.
ANIDA DESARROLLOS INMOBILIARIOS, S.L.
ANIDA GERMANIA IMMOBILIEN ONE, GMBH
ANIDA GRUPO INMOBILIARIO, S.L.
ANIDA INMOBILIARIA, S.A. DE C.V.
ANIDA OPERACIONES SINGULARES, S.A.
ANIDA PROYECTOS INMOBILIARIOS, S.A. DE C.V.
ANIDA SERVICIOS INMOBILIARIOS, S.A. DE C.V.
ANIDAPORT INVESTIMENTOS IMOBILIARIOS, UNIPESSOAL, LTDA
APLICA SOLUCIONES TECNOLOGICAS CHILE LIMITADA
APLICA TECNOLOGIA AVANZADA OPERADORA, S.A. DE C.V.
APLICA TECNOLOGIA AVANZADA SERVICIOS, S.A. DE C.V.
APLICA TECNOLOGIA AVANZADA, S.A. DE C.V.- ATA
AREA TRES PROCAM, S.L.(2)
ARIZONA FINANCIAL PRODUCTS, INC
ARRAHONA AMBIT, S.L.(***)
ARRAHONA GARRAF, S.L.(2)
ARRAHONA IMMO, S.L.
ARRAHONA NEXUS, S.L.(***)
ARRAHONA RENT, S.L.U.
ARRELS CT FINSOL, S.A.(***)
ARRELS CT LLOGUER, S.A.(***)
ARRELS CT PATRIMONI I PROJECTES, S.A.(***)
ARRELS CT PROMOU, S.A.(***)
AUMERAVILLA, S.L.
BAHIA SUR RESORT, S.C.
BANCO BILBAO VIZCAYA ARGENTARIA (PORTUGAL), S.A.
BANCO BILBAO VIZCAYA ARGENTARIA CHILE, S.A.
BANCO BILBAO VIZCAYA ARGENTARIA URUGUAY, S.A.
BANCO CONTINENTAL, S.A.(1)
BANCO DE PROMOCION DE NEGOCIOS, S.A.
BANCO DEPOSITARIO BBVA, S.A.
BANCO INDUSTRIAL DE BILBAO, S.A.
BANCO OCCIDENTAL, S.A.
BANCO PROVINCIAL OVERSEAS N.V.
BANCO PROVINCIAL S.A. - BANCO UNIVERSAL

FINANCIAL SERVICES
REAL ESTATE
REAL ESTATE
REAL ESTATE
INACTIVE
REAL ESTATE
IN LIQUIDATION
INVESTMENT COMPANY
INVESTMENT COMPANY
REAL ESTATE
REAL ESTATE
SERVICES

UNITED STATES
SPAIN
SPAIN
SPAIN
UNITED STATES
SPAIN
GERMANY
SPAIN
MEXICO
SPAIN
MEXICO
MEXICO
PORTUGAL REAL ESTATE
SERVICES
CHILE
SERVICES
MEXICO
SERVICES
MEXICO
SERVICES
MEXICO
REAL ESTATE
SPAIN
FINANCIAL SERVICES
UNITED STATES
REAL ESTATE
SPAIN
REAL ESTATE
SPAIN
REAL ESTATE
SPAIN
REAL ESTATE
SPAIN
REAL ESTATE
SPAIN
REAL ESTATE
SPAIN
REAL ESTATE
SPAIN
REAL ESTATE
SPAIN
REAL ESTATE
SPAIN
REAL ESTATE
SPAIN
SPAIN
INACTIVE
PORTUGAL BANKING
CHILE
BANKING
URUGUAY BANKING
BANKING
PERU
BANKING
SPAIN
BANKING
SPAIN
BANKING
SPAIN
BANKING
SPAIN
BANKING
CURAÇAO
BANKING
VENEZUELA

-
-
-
-
-
-
-
100.00
-
-
-
-
-
-
-
-
100.00
-
-
-
-
-
-
-
-
-
-
-
-
99.95
100.00
-
100.00
-
-
90.37
-
49.43
-
1.46

100.00
100.00
100.00
100.00
100.00
100.00
100.00
-
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
-
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
-
-
68.18
-
46.12
99.86
9.63
99.93
50.57
100.00
53.75

100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
99.95
100.00
68.18
100.00
46.12
99.86
100.00
99.93
100.00
100.00
55.21

20
-
13
-
19
56
4
210
157
210
96
2
27
-
5
-
203
-
898
-
-
53
-
9
-
-
-
-
2
1
175
702
110
1,556
15
130
97
17
48
71

21
87
24
19
19
482
7
1,759
134
4,493
130
2
107
-
13
3
329
-
898
110
-
258
304
10
344
44
136
24
2
1
4,823
17,071
2,997
21,793
19
4,254
111
18
415
1,259

1
86
10
40
-
417
-
1,547
-
4,261
33
-
94
-
8
3
102
-
-
141
-
155
414
-
420
50
169
34
-
-
4,609
16,041
2,822
20,107
-
4,206
2
-
366
1,119

21
8
16
(16)
19
72
7
556
123
548
85
2
15
-
4
-
223
-
896
(37)
(52)
87
(93)
10
(56)
(4)
(30)
(10)
2
1
213
907
162
1,298
19
21
106
18
50
184

(1)
(7)
(2)
(5)
-
(7)
-
(343)
10
(315)
11
-
(2)
-
1
-
4
-
2
5
52
16
(18)
-
(20)
(2)
(2)
-
-
-
2
123
13
388
-
27
3
-
(1)
(45)

(*) Information on foreign companies at exchange rate on December 31, 2015
(**) This company has an equity loan from CATALUNYACAIXA IMMOBILIARIA, S.A.
(***) This company has an equity loan f rom UNNIM SOCIEDAD PARA LA GESTION DE ACTIVOS INMOBILIARIOS, S.A.
(1) Full consolidation method is used according to accounting rules (see Glossary)
(2) Companies from the acquisition of Catalunya Banc, S.A. only include profit (loss) corresponding to May and December 2015

160

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-language version prevails.

Additional Information on Consolidated Subsidiaries and strucuted entities composing the BBVA Group (Continued)

Company

Location

Activity

Direct

Indirect

Total

Net
Carrying
Amount

Assets
12.31.15

Liabilities
12.31.15

Equity
12.31.15

Profit
(Loss)
12.31.15

% of Voting Rights

Controlled by the Bank

Millions of Euros(*)

Affiliate Entity Data

BANCOMER FINANCIAL SERVICES INC.
BANCOMER FOREIGN EXCHANGE INC.
BANCOMER PAYMENT SERVICES INC.
BANCOMER TRANSFER SERVICES, INC.
BBV AMERICA, S.L.
BBVA ASESORIAS FINANCIERAS, S.A.
BBVA ASSET MANAGEMENT ADMINISTRADORA GENERAL DE FONDOS S.A.
BBVA ASSET MANAGEMENT CONTINENTAL S.A. SAF(1)
BBVA ASSET MANAGEMENT, S.A. SOCIEDAD FIDUCIARIA (BBVA FIDUCIARIA)
BBVA ASSET MANAGEMENT, S.A., SGIIC
BBVA AUTOMERCANTIL, COMERCIO E ALUGER DE VEICULOS AUTOMOVEIS,LDA.
BBVA AUTORENTING, S.A.
BBVA BANCO DE FINANCIACION S.A.
BBVA BANCO FRANCES, S.A.
BBVA BANCOMER GESTION, S.A. DE C.V.
BBVA BANCOMER OPERADORA, S.A. DE C.V.
BBVA BANCOMER SEGUROS SALUD, S.A. DE C.V.
BBVA BANCOMER SERVICIOS ADMINISTRATIVOS, S.A. DE C.V.
BBVA BANCOMER USA, INC.
BBVA BANCOMER, S.A.,INSTITUCION DE BANCA MÚLTIPLE, GRUPO FINANCIERO
BBVA BANCOMER
BBVA BRASIL BANCO DE INVESTIMENTO, S.A.
BBVA BROKER, CORREDURIA DE SEGUROS Y REASEGUROS, S.A.
BBVA COLOMBIA, S.A.
BBVA COMERCIALIZADORA LTDA.
BBVA COMPASS BANCSHARES, INC
BBVA COMPASS FINANCIAL CORPORATION
BBVA COMPASS INSURANCE AGENCY, INC
BBVA CONSOLIDAR SEGUROS, S.A.
BBVA CONSULTING ( BEIJING) LIMITED
BBVA CONSULTORIA, S.A.
BBVA CONSUMER FINANCE ENTIDAD DE DESARROLLO A LA PEQUEÑA Y MICRO
EMPRESA, EDPYME, S.A. (BBVA CONSUMER FINANCE - EDPYME)(1)
BBVA CORREDORA TECNICA DE SEGUROS LIMITADA
BBVA CORREDORES DE BOLSA LIMITADA
BBVA DATA & ANALYTICS, S.L.
BBVA DINERO EXPRESS, S.A.U
BBVA DISTRIBUIDORA DE SEGUROS S.R.L.
BBVA ELCANO EMPRESARIAL II, S.A. EN LIQUIDACION
BBVA ELCANO EMPRESARIAL, S.A. EN LIQUIDACION
BBVA FACTORING LIMITADA (CHILE)
BBVA FINANZIA, S.p.A

FINANCIAL SERVICES
UNITED STATES
FINANCIAL SERVICES
UNITED STATES
FINANCIAL SERVICES
UNITED STATES
FINANCIAL SERVICES
UNITED STATES
INVESTMENT COMPANY
SPAIN
FINANCIAL SERVICES
CHILE
FINANCIAL SERVICES
CHILE
PERU
FINANCIAL SERVICES
COLOMBIA FINANCIAL SERVICES
SPAIN
PORTUGAL FINANCIAL SERVICES
SPAIN
SPAIN
ARGENTINA
MEXICO
MEXICO
MEXICO
MEXICO
UNITED STATES

SERVICES
BANKING
BANKING
FINANCIAL SERVICES
SERVICES
INSURANCES SERVICES
SERVICES
INVESTMENT COMPANY

OTHER INVESTMENT COMPANIES

FINANCIAL SERVICES

BANKING
MEXICO
BRASIL BANKING
SPAIN
COLOMBIA BANKING
CHILE
UNITED STATES
UNITED STATES
UNITED STATES
ARGENTINA
CHINA
SPAIN

FINANCIAL SERVICES
INVESTMENT COMPANY
FINANCIAL SERVICES
FINANCIAL SERVICES
INSURANCES SERVICES
FINANCIAL SERVICES
SERVICES

FINANCIAL SERVICES
PERU
FINANCIAL SERVICES
CHILE
SECURITIES DEALER
CHILE
SERVICES
SPAIN
SPAIN
FINANCIAL SERVICES
URUGUAY FINANCIAL SERVICES
SPAIN
SPAIN
CHILE
ITALY

IN LIQUIDATION
IN LIQUIDATION
FINANCIAL SERVICES
FINANCIAL SERVICES

(*) Inf ormation on f oreign companies at exchange rate on December 31, 2015
(1) Full consolidation method is used according to accounting rules (see Glossary)
(2) Companies from the acquisition of Catalunya Banc, S.A. only include prof it (loss) corresponding to May and December 2015

161

-
-
-
-
100.00
-
-
-
-
17.00
100.00
100.00
-
45.61
-
-
-
-
-

-
100.00
99.94
77.41
-
100.00
-
-
87.78
-
-

-
-
-
-
100.00
-
45.00
45.00
-
100.00

100.00
100.00
100.00
100.00
-
100.00
100.00
46.12
100.00
83.00
-
-
100.00
30.34
100.00
100.00
100.00
100.00
100.00

100.00
-
0.06
18.06
100.00
-
100.00
100.00
12.22
100.00
100.00

66.32
100.00
100.00
100.00
-
100.00
-
-
100.00
-

100.00
100.00
100.00
100.00
100.00
100.00
100.00
46.12
100.00
100.00
100.00
100.00
100.00
75.95
100.00
100.00
100.00
100.00
100.00

100.00
100.00
100.00
95.47
100.00
100.00
100.00
100.00
100.00
100.00
100.00

66.32
100.00
100.00
100.00
100.00
100.00
45.00
45.00
100.00
100.00

2
6
-
35
479
1
14
17
27
38
5
69
64
157
24
172
20
23
64

7,673
16
-
355
4
11,521
239
153
9
-
4

15
7
52
6
2
3
-
-
9
17

3
6
-
87
960
1
17
21
29
152
19
421
78
7,614
40
378
28
112
65

91,872
29
30
14,681
5
11,644
559
156
129
2
5

58
11
487
3
5
3
2
2
93
132

-
-
-
51
-
-
3
5
2
97
14
388
1
6,643
16
206
8
89
-

84,206
4
12
13,518
1
118
320
3
94
-
-

41
4
436
2
1
-
-
-
83
117

2
2
-
25
1,745
1
7
13
22
17
5
22
74
602
10
149
20
15
51

7,667
25
13
964
3
11,085
238
146
5
1
5

17
-
48
1
4
1
(19)
(19)
8
13

-
4
-
10
(785)
-
6
3
5
39
-
11
3
369
15
23
-
8
14

1,625
(1)
5
198
-
441
1
8
29
-
-

(1)
7
4
1
-
1
20
20
2
3

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-language version prevails.

Additional Information on Consolidated Subsidiaries and strucuted entities composing the BBVA Group (Continued)

Company

Location

Activity

Direct

Indirect

Total

Net
Carrying
Amount

Assets
12.31.15

Liabilities
12.31.15

Equity
12.31.15

Profit
(Loss)
12.31.15

% of Voting Rights

Controlle d by the Bank

Millions of Euros(*)

Affiliate Entity Data

BBVA FRANCES ASSET MANAGMENT S.A. SOCIEDAD GERENTE DE FONDOS
COMUNES DE INVERSIÓN.
BBVA FRANCES VALORES, S.A.
BBVA FUNDOS, S.GESTORA FUNDOS PENSOES,S.A.
BBVA GEST, S.G.DE FUNDOS DE INVESTIMENTO MOBILIARIO, S.A.
BBVA GLOBAL FINANCE LTD.
BBVA GLOBAL MARKETS B.V.
BBVA INMOBILIARIA E INVERSIONES, S.A.
BBVA INSTITUIÇAO FINANCEIRA DE CREDITO, S.A.
BBVA INTERNATIONAL PREFERRED, S.A.U.
BBVA INVERSIONES CHILE, S.A.
BBVA IRELAND PLC
BBVA LEASIMO - SOCIEDADE DE LOCAÇAO FINANCEIRA, S.A.
BBVA LUXINVEST, S.A.
BBVA MEDIACION OPERADOR DE BANCA-SEGUROS VINCULADO, S.A.
BBVA NOMINEES LIMITED
BBVA PARAGUAY, S.A.
BBVA PARTICIPACIONES MEJICANAS, S.L.
BBVA PENSIONES, SA, ENTIDAD GESTORA DE FONDOS DE PENSIONES
BBVA PLANIFICACION PATRIMONIAL, S.L.
BBVA PREVISION AFP S.A. ADM.DE FONDOS DE PENSIONES
BBVA PROCUREMENT SERVICES AMERICA DEL SUR SpA
BBVA PROPIEDAD, S.A.
BBVA RE LIMITED
BBVA REAL ESTATE MEXICO, S.A. DE C.V.
BBVA RENTAS E INVERSIONES LIMITADA
BBVA RENTING, S.A.
BBVA SECURITIES INC.
BBVA SEGUROS COLOMBIA, S.A.
BBVA SEGUROS DE VIDA COLOMBIA, S.A.
BBVA SEGUROS DE VIDA, S.A.
BBVA SEGUROS GENERALES S.A.
BBVA SEGUROS, S.A., DE SEGUROS Y REASEGUROS
BBVA SENIOR FINANCE, S.A.U.
BBVA SERVICIOS CORPORATIVOS LIMITADA
BBVA SERVICIOS, S.A.
BBVA SOCIEDAD DE LEASING INMOBILIARIO, S.A.
BBVA SUBORDINATED CAPITAL S.A.U.
BBVA SUIZA, S.A. (BBVA SWITZERLAND)
BBVA TRADE, S.A.
BBVA U.S. SENIOR S.A.U.

FINANCIAL SERVICES
SECURITIES DEALER

FINANCIAL SERVICES
FINANCIAL SERVICES
REAL ESTATE

INVESTMENT COMPANY
FINANCIAL SERVICES
SERVICES
BANKING
INVESTMENT COMPANY
PENSION FUNDS MANAGEMENT
FINANCIAL SERVICES

ARGENTINA
ARGENTINA
PORTUGAL PENSION FUNDS MANAGEMENT
PORTUGAL SECURITIES DEALER
CAYMAN ISLANDS
NETHERLANDS
CHILE
PORTUGAL FINANCIAL SERVICES
FINANCIAL SERVICES
SPAIN
INVESTMENT COMPANY
CHILE
IRELAND
FINANCIAL SERVICES
PORTUGAL FINANCIAL SERVICES
LUXEMBOURG
SPAIN
UNITED KINGDOM
PARAGUAY
SPAIN
SPAIN
SPAIN
BOLIVIA PENSION FUNDS MANAGEMENT
CHILE
SPAIN
IRELAND
MEXICO
CHILE
SPAIN
UNITED STATES
COLOMBIA
COLOMBIA
CHILE
CHILE
SPAIN
SPAIN
CHILE
SPAIN
CHILE
SPAIN
SWITZERLAND
SPAIN
SPAIN

SERVICES
REAL ESTATE INVESTMENT COMPANY
INSURANCES SERVICES
FINANCIAL SERVICES
INVESTMENT COMPANY
FINANCIAL SERVICES
FINANCIAL SERVICES
INSURANCES SERVICES
INSURANCES SERVICES
INSURANCES SERVICES
INSURANCES SERVICES
INSURANCES SERVICES
FINANCIAL SERVICES
SERVICES
COMMERCIAL
FINANCIAL SERVICES
FINANCIAL SERVICES
BANKING
INVESTMENT COMPANY
FINANCIAL SERVICES

(*) Inf ormation on f oreign companies at exchange rate on December 31, 2015
(1) Full consolidation method is used according to accounting rules (see Glossary)
(2) Companies f rom the acquisition of Catalunya Banc, S.A. only include prof it (loss) corresponding to May and December 2015

162

-
-
-
-
100.00
100.00
-
49.90
100.00
61.22
100.00
-
36.00
-
95.00
100.00
99.00
100.00
80.00
75.00
-
-
-
-
-
5.94
-
94.00
94.00
-
-
99.95
100.00
-
-
-
100.00
39.72
-
100.00

100.00
100.00
100.00
100.00
-
-
68.11
50.10
-
38.78
-
100.00
64.00
100.00
-
-
1.00
-
20.00
5.00
100.00
100.00
100.00
100.00
100.00
94.06
100.00
6.00
6.00
100.00
100.00
-
-
100.00
100.00
97.49
-
60.28
100.00
-

100.00
100.00
100.00
100.00
100.00
100.00
68.11
100.00
100.00
100.00
100.00
100.00
100.00
100.00
95.00
100.00
100.00
100.00
100.00
80.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
99.95
100.00
100.00
100.00
97.49
100.00
100.00
100.00
100.00

12
3
1
1
-
-
4
40
-
483
180
8
256
3
-
23
-
13
-
2
5
972
1
-
240
21
181
10
14
58
4
682
-
1
-
22
-
67
9
-

21
3
16
8
353
1,040
44
264
853
1,364
451
9
299
174
-
1,824
-
62
1
19
7
1,001
91
1
240
679
4,061
91
372
233
4
17,279
9,770
8
9
68
1,769
1,046
36
14

6
-
1
-
349
1,040
38
217
853
2
240
-
2
158
-
1,689
-
34
-
9
2
11
40
1
-
584
3,880
75
279
174
-
15,259
9,769
7
1
46
1,768
881
23
14

7
1
14
8
4
-
7
44
1
1,208
206
9
288
9
-
115
-
16
1
5
5
1,008
41
(1)
187
84
166
12
61
47
4
1,772
1
-
7
19
1
157
21
-

8
2
1
-
-
-
-
3
-
154
5
-
9
7
-
20
-
11
-
4
1
(18)
10
-
53
11
14
4
32
12
-
248
-
1
1
3
-
8
(8)
-

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-language version prevails.

Additional Information on Consolidated Subsidiaries and strucuted entities composing the BBVA Group (Continued)

Company

Location

Activity

Direct

Indirect

Total

Net
Carrying
Amount

Assets
12.31.15

Liabilities
12.31.15

Equity
12.31.15

Profit
(Loss)
12.31.15

% of Voting Rights

Controlled by the Bank

Millions of Euros(*)

Affiliate Entity Data

BBVA VALORES COLOMBIA, S.A. COMISIONISTA DE BOLSA
BBVA WEALTH SOLUTIONS, INC.
BILBAO VIZCAYA HOLDING, S.A.
BLUE INDICO INVESTMENTS, S.L.
CAIXA MANRESA IMMOBILIARIA ON CASA, S.L.(2)
CAIXA MANRESA IMMOBILIARIA SOCIAL, S.L.(2)
CAIXA TERRASSA SOCIETAT DE PARTICIPACIONS PREFERENTS, S.A.U.
CAIXASABADELL PREFERENTS, S.A.
CAIXASABADELL TINELIA, S.L.
CAPITAL INVESTMENT COUNSEL, INC.
CARTERA E INVERSIONES S.A., CIA DE
CASA DE BOLSA BBVA BANCOMER, S.A. DE C.V.
CATALONIA GEBIRA, S.L.(**)
CATALONIA PROMODIS 4, S.A.(***)
CATALUNYA BANC, S.A.(2)
CATALUNYACAIXA ASSEGURANCES GENERALS, S.A.(2)
CATALUNYACAIXA CAPITAL, S.A.(2)
CATALUNYACAIXA IMMOBILIARIA, S.A.(2)
CATALUNYACAIXA INVERSIO, SGIIC, S.A.(2)
CATALUNYACAIXA MEDIACIO , S.L.(2)
CATALUNYACAIXA SERVEIS, S.A.(2)
CATALUNYACAIXA VIDA, S.A.
CB TRANSPORT ,INC.
CDD GESTIONI, S.R.L.
CERBAT, S.L.(2)
CETACTIUS, S.L.(2)
CIDESSA DOS, S.L.
CIDESSA UNO, S.L.
CIERVANA, S.L.
CLUB GOLF HACIENDA EL ALAMO, S.L.(2)
COMERCIALIZADORA CORPORATIVA SAC(1)
COMERCIALIZADORA DE SERVICIOS FINANCIEROS, S.A.
COMPASS ASSET ACCEPTANCE COMPANY, LLC
COMPASS AUTO RECEIVABLES CORPORATION
COMPASS BANK
COMPASS CAPITAL MARKETS, INC.
COMPASS CUSTODIAL SERVICES, INC.
COMPASS GP, INC.

FINANCIAL SERVICES
INVESTMENT COMPANY
INVESTMENT COMPANY
REAL ESTATE
REAL ESTATE
FINANCIAL SERVICES
FINANCIAL SERVICES
INVESTMENT COMPANY
FINANCIAL SERVICES
INVESTMENT COMPANY
SECURITIES DEALER
REAL ESTATE
REAL ESTATE
BANKING
INSURANCES SERVICES
INVESTMENT COMPANY
REAL ESTATE
OTHER INVESTMENT COMPANIES
FINANCIAL SERVICES
SERVICES
INSURANCES SERVICES
INACTIVE
REAL ESTATE
REAL ESTATE
REAL ESTATE
INVESTMENT COMPANY
INVESTMENT COMPANY
INVESTMENT COMPANY
REAL ESTATE
FINANCIAL SERVICES

COLOMBIA SECURITIES DEALER
UNITED STATES
SPAIN
SPAIN
SPAIN
SPAIN
SPAIN
SPAIN
SPAIN
UNITED STATES
SPAIN
MEXICO
SPAIN
SPAIN
SPAIN
SPAIN
SPAIN
SPAIN
SPAIN
SPAIN
SPAIN
SPAIN
UNITED STATES
ITALY
SPAIN
SPAIN
SPAIN
SPAIN
SPAIN
SPAIN
PERU
COLOMBIA SERVICES
INACTIVE
UNITED STATES
INACTIVE
UNITED STATES
BANKING
UNITED STATES
INVESTMENT COMPANY
UNITED STATES
INACTIVE
UNITED STATES
INVESTMENT COMPANY
UNITED STATES

-
-
89.00
100.00
-
-
100.00
100.00
100.00
-
100.00
-
-
-
98.40
-
-
-
-
-
-
-
-
100.00
-
-
-
-
100.00
-
-
-
-
-
-
-
-
-

100.00
100.00
11.00
-
100.00
100.00
-
-
-
100.00
-
100.00
81.67
100.00
0.55
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
-
100.00
100.00
100.00
100.00
-
97.87
50.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00

100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
81.67
100.00
98.95
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
97.87
50.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00

4
5
35
7
-
-
1
-
41
14
92
52
-
-
1,172
53
92
42
32
3
2
379
17
5
9
-
15
5
53
-
-
2
448
4
11,089
7,340
-
45

5
5
192
25
2
4
76
92
41
14
98
80
7
16
45,283
49
105
218
40
19
26
2,349
17
6
25
2
15
191
61
-
1
7
448
4
84,759
7,340
-
56

1
-
67
18
5
4
74
90
-
-
77
28
10
18
42,517
32
10
142
3
11
23
2,015
-
-
-
22
1
148
2
-
1
5
-
-
73,670
-
-
11

3
6
113
-
(2)
1
2
1
41
14
32
17
(3)
(2)
2,714
15
94
94
34
5
2
331
17
6
24
(20)
15
42
60
-
-
1
449
4
10,658
7,259
-
44

1
-
12
7
-
-
-
-
-
-
(12)
35
(1)
-
51
2
1
(18)
2
3
1
3
-
-
-
-
-
1
-
-
-
1
-
-
431
81
-
-

(*) Information on f oreign companies at exchange rate on December 31, 2015

(**) This company has an equity loan f rom ARRELS CT PATRIMONI I PROYECTES, S.A.
(***) This company has an equity loan f rom UNNIM SOCIEDAD PARA LA GESTION DE ACTIVOS INMOBILIARIOS, S.A.
(1) Full consolidation method is used according to accounting rules (see Glossary)
(2) Companies f rom the acquisition of Catalunya Banc, S.A. only include prof it (loss) corresponding to May and December 2015

163

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-language version prevails.

Additional Information on Consolidated Subsidiaries and strucuted entities composing the BBVA Group (Continued)

Company

Location

Activity

Direct

Indirect

Total

Net
Carrying
Amount

Assets
12.31.15

Liabilities
12.31.15

Equity
12.31.15

Profit
(Loss)
12.31.15

% of Voting Rights

Controlled by the Bank

Millions of Euros(*)

Affiliate Entity Data

COMPASS INVESTMENTS, INC.
COMPASS LIMITED PARTNER, INC.
COMPASS LOAN HOLDINGS TRS, INC.
COMPASS MORTGAGE CORPORATION
COMPASS MORTGAGE FINANCING, INC.
COMPASS MULTISTATE SERVICES CORPORATION
COMPASS SOUTHWEST, LP
COMPASS TEXAS ACQUISITION CORPORATION
COMPASS TEXAS MORTGAGE FINANCING, INC
COMPASS TRUST II
COMPAÑIA CHILENA DE INVERSIONES, S.L.
COMPLEMENTOS INNOVACIÓN Y MODA, S.L.(**)
CONJUNT RESIDENCIAL FREIXA, S.L.(***)
CONSOLIDAR A.F.J.P., S.A.
CONSORCIO DE CASAS MEXICANAS, S.A.P.I. DE C.V.
CONTENTS AREA, S.L.
CONTINENTAL BOLSA, SDAD. AGENTE DE BOLSA, S.A.(1)
CONTINENTAL DPR FINANCE COMPANY(1)
CONTINENTAL SOCIEDAD TITULIZADORA, S.A.(1)
CONTRATACION DE PERSONAL, S.A. DE C.V.
COPROMED S.A. DE C.V.
CORPORACION BETICA INMOBILIARIA, S.A.(2)
CORPORACION GENERAL FINANCIERA, S.A.
CX PROPIETAT, FII(2)
DESITEL TECNOLOGIA Y SISTEMAS, S.A. DE C.V.
DEUTSCHE BANK MEXICO SA FIDEICOMISO F/1859
DEUTSCHE BANK MEXICO SA FIDEICOMISO F/1860
DISTRITO CASTELLANA NORTE, S.A.
ECASA, S.A.
ECOARENYS, S.L. (****)
EL ENCINAR METROPOLITANO, S.A.
EL MILANILLO, S.A. (****)
EMPRENDIMIENTOS DE VALOR S.A.
ENTRE2 SERVICIOS FINANCIEROS, E.F.C., S.A.
ESPAIS SABADELL PROMOCIONS INMOBILIARIES, S.A.
ESPANHOLA COMERCIAL E SERVIÇOS, LTDA.
ESTACION DE AUTOBUSES CHAMARTIN, S.A.
EUROPEA DE TITULIZACION, S.A., S.G.F.T.
EXPANSION INTERCOMARCAL, S.L.(2)
F/253863 EL DESEO RESIDENCIAL

INACTIVE
INVESTMENT COMPANY
FINANCIAL SERVICES
FINANCIAL SERVICES
FINANCIAL SERVICES
INACTIVE
FINANCIAL SERVICES
INACTIVE
FINANCIAL SERVICES
INACTIVE
INVESTMENT COMPANY
IN LIQUIDATION
REAL ESTATE
IN LIQUIDATION
REAL ESTATE
SERVICES

UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
SPAIN
SPAIN
SPAIN
ARGENTINA
MEXICO
SPAIN
PERU SECURITIES DEALER
CAYMAN ISLANDS
FINANCIAL SERVICES
PERU FINANCIAL SERVICES
MEXICO
MEXICO
SPAIN
SPAIN
SPAIN
MEXICO
MEXICO
MEXICO
SPAIN
CHILE
SPAIN
SPAIN
SPAIN
URUGUAY FINANCIAL SERVICES
FINANCIAL SERVICES
SPAIN
SPAIN
REAL ESTATE
BRASIL IN LIQUIDATION
SPAIN
SPAIN
SPAIN
MEXICO

SERVICES
FINANCIAL SERVICES
INVESTMENT COMPANY
REAL ESTATE

SERVICES
SERVICES
REAL ESTATE
INVESTMENT COMPANY
REAL ESTATE INVESTMENT COMPANY
SERVICES
FINANCIAL SERVICES
FINANCIAL SERVICES
REAL ESTATE
FINANCIAL SERVICES
REAL ESTATE
REAL ESTATE
REAL ESTATE

-
-
-
-
-
-
-
-
-
-
100.00
-
-
46.11
-
-
-
-
-
-
-
-
100.00
-
-
-
-
-
-
-
-
-
-
-
-
100.00
-
88.99
-
-

100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
-
100.00
100.00
53.89
99.99
100.00
46.12
46.12
46.12
100.00
100.00
100.00
-
67.74
100.00
100.00
100.00
75.54
100.00
50.00
99.05
100.00
100.00
100.00
100.00
-
51.00
-
100.00
65.00

100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
99.99
100.00
46.12
46.12
46.12
100.00
100.00
100.00
100.00
67.74
100.00
100.00
100.00
75.54
100.00
50.00
99.05
100.00
100.00
100.00
100.00
100.00
51.00
88.99
100.00
65.00

-
6,397
74
2,826
-
3
5,275
2
-
-
580
-
-
1
6
6
8
-
1
5
-
5
510
42
2
-
-
68
13
-
5
9
3
9
7
-
-
2
26
-

-
6,398
74
2,850
-
3
5,276
2
-
-
781
-
2
5
18
7
10
222
1
9
-
20
1,557
62
2
22
21
112
14
12
7
8
6
9
9
-
-
41
27
1

-
1
-
24
-
-
1
-
-
-
-
-
3
3
14
1
2
222
-
4
-
15
1
-
-
22
21
22
2
56
-
1
3
-
1
-
-
3
-
-

-
6,319
74
2,780
-
3
5,206
2
-
-
781
-
(1)
-
10
6
5
-
1
4
-
8
1,187
61
2
-
-
92
8
(41)
4
7
2
9
7
-
-
34
27
1

-
78
-
45
-
-
70
-
-
-
-
-
-
1
(6)
-
3
-
-
-
-
(3)
369
1
-
-
-
(2)
5
(3)
3
-
-
-
1
-
-
3
-
-

(*) Information on foreign companies at exchange rate on December 31, 2015

(**) This company has an equity loan from BBVA ELCANO EMPRESARIAL, S.A. EN LIQUIDACION y BBVA ELCANO EMPRESARIAL II, S.A. EN LIQUIDACION
(***) This company has an equity loan from EXPANSION INTERCOMARCAL, S.L.
(****) This company has an equity loan from PROMOTORA DEL VALLES, S.L.
(*****) This company has an equity loan from ANIDA OPERACIONES SINGULARES, S.A.
(1) Full consolidation method is used according to accounting rules (see Glossary)
(2) Companies from the acquisition of Catalunya Banc, S.A. only include profit (loss) corresponding to May and December 2015

164

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-language version prevails.

Additional Information on Consolidated Subsidiaries and strucuted entities composing the BBVA Group (Continued)

Company

Location

Activity

Direct

Indirect

Total

Net
Carrying
Amount

Assets
12.31.15

Liabilities
12.31.15

Equity
12.31.15

Profit
(Loss)
12.31.15

% of Voting Rights

Controlled by the Bank

Millions of Euros(*)

Affiliate Entity Data

F/403035-9 BBVA HORIZONTES RESIDENCIAL
FACILEASING EQUIPMENT, S.A. DE C.V.
FACILEASING S.A. DE C.V.
FIDEICOMISO 28991-8 TRADING EN LOS MCADOS FINANCIEROS
FIDEICOMISO F/29764-8 SOCIO LIQUIDADOR DE OPERACIONES FINANCIERAS
DERIVADAS
FIDEICOMISO HARES BBVA BANCOMER F/ 47997-2
FIDEICOMISO N.989, EN THE BANK OF NEW YORK MELLON, S.A. INSTITUCION
DE BANCA MULTIPLE, FIDUCIARIO (FIDEIC.00989 6 EMISION)

MEXICO
MEXICO
MEXICO
MEXICO

MEXICO
MEXICO

MEXICO

FIDEICOMISO Nº 711, EN BANCO INVEX, S.A.,INSTITUCION DE BANCA
MULTIPLE, INVEX GRUPO FINANCIERO, FIDUCIARIO (FIDEIC. INVEX 1ª EMISION) MEXICO

FIDEICOMISO Nº 752, EN BANCO INVEX, S.A.,INSTITUCION DE BANCA
MULTIPLE, INVEX GRUPO FINANCIERO, FIDUCIARIO (FIDEIC. INVEX 2ª EMISION) MEXICO

FIDEICOMISO Nº 781, EN BANCO INVEX, S.A.,INSTITUCION DE BANCA
MULTIPLE, INVEX GRUPO FINANCIERO, FIDUCIARIO (FIDEIC. INVEX 3ª EMISION) MEXICO

REAL ESTATE
FINANCIAL SERVICES
FINANCIAL SERVICES
FINANCIAL SERVICES

FINANCIAL SERVICES
REAL ESTATE

FINANCIAL SERVICES

FIDEICOMISO Nº 847, EN BANCO INVEX, S.A.,INSTITUCION DE BANCA
MULTIPLE, INVEX GRUPO FINANCIERO, FIDUCIARIO (FIDEIC. INVEX 4ª EMISION) MEXICO
FINANCEIRA DO COMERCIO EXTERIOR S.A.R.
FINANCIERA AYUDAMOS S.A. DE C.V., SOFOMER
FODECOR, S.L.(2)
FORUM COMERCIALIZADORA DEL PERU, S.A.
FORUM DISTRIBUIDORA DEL PERU, S.A.
FORUM DISTRIBUIDORA, S.A.
FORUM SERVICIOS FINANCIEROS, S.A.
FUTURO FAMILIAR, S.A. DE C.V.
G NETHERLANDS BV
GARANTI BANK MOSCOW
GARANTI BANK SA
GARANTI BILISIM TEKNOLOJISI VE TIC. TAS
GARANTI DIVERSIFIED PAYMENT RIGHTS FINANCE COMPANY
GARANTI EMEKLILIK VE HAYAT AS
GARANTI FACTORING HIZMETLERI AS
GARANTI FILO SIGORTA ARACILIK HIZMETLERI A.S.
GARANTI FILO YONETIM HIZMETLERI A.S.
GARANTI FINANSAL KIRALAMA A.S.
GARANTI HIZMET YONETIMI A.S
GARANTI HOLDING BV
GARANTI KONUT FINANSMANI DANISMANLIK HIZMETLERI AS (GARANTI
MORTGAGE)
GARANTI KULTUR AS
GARANTI ODEME SISTEMLERI A.S.(GOSAS)
GARANTI PORTFOY YONETIMI AS
GARANTI YATIRIM MENKUL KIYMETLER AS
GARANTIBANK INTERNATIONAL NV
GARRAF MEDITERRANIA, S.A.(2)
GESCAT LLEVANT, S.L.(*)(2)
GESCAT LLOGUERS, S.L.(2)

FINANCIAL SERVICES
INACTIVE
FINANCIAL SERVICES
REAL ESTATE

PORTUGAL
MEXICO
SPAIN
PERU SERVICES
PERU FINANCIAL SERVICES
FINANCIAL SERVICES
CHILE
FINANCIAL SERVICES
CHILE
SERVICES
MEXICO
INVESTMENT COMPANY
NETHERLANDS
BANKING
RUSSIA
BANKING
ROMANIA
SERVICES
TURKEY
FINANCIAL SERVICES
CAYMAN ISLANDS
INSURANCES SERVICES
TURKEY
FINANCIAL SERVICES
TURKEY
INSURANCES SERVICES
TURKEY
SERVICES
TURKEY
FINANCIAL SERVICES
TURKEY
FINANCIAL SERVICES
TURKEY
INVESTMENT COMPANY
NETHERLANDS

TURKEY
TURKEY
TURKEY
TURKEY
TURKEY
NETHERLANDS
SPAIN
SPAIN
SPAIN

SERVICES
SERVICES
FINANCIAL SERVICES
FINANCIAL SERVICES
FINANCIAL SERVICES
BANKING
REAL ESTATE
REAL ESTATE
REAL ESTATE

(*) Inf ormation on f oreign companies at exchange rate on December 31, 2015
(**) This company has an equity loan f rom CATALUNYACAIXA IMMOBILIARIA, S.A.
(1) Full consolidation method is used according to accounting rules (see Glossary)
(2) Companies from the acquisition of Catalunya Banc, S.A. only include prof it (loss) corresponding to May and December 2015

165

-
-
-
-

-
-

65.00
100.00
100.00
100.00

100.00
100.00

100.00

-
100.00
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-

-
-
-
-
-
-
-
-
-

100.00
-
100.00
60.00
66.32
66.32
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
84.91
81.84
100.00
100.00
100.00
99.40
100.00

100.00
100.00
100.00
100.00
100.00
100.00
90.58
100.00
100.00

100.00
100.00
100.00
60.00
66.32
66.32
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
84.91
81.84
100.00
100.00
100.00
99.40
100.00

100.00
100.00
100.00
100.00
100.00
100.00
90.58
100.00
100.00

-
51
79
3

31
15

-
-
140
-
3
5
25
174
1
323
37
255
32
-
289
43
-
3
274
-
234

-
-
-
12
15
518
-
-
-

-
508
807
3

31
17

159

124

97
-
154
-
5
8
218
1,197
3
334
143
2,122
21
3,337
465
935
-
266
1,553
3
324

1
1
9
15
98
4,995
4
16
6

-
413
738
-

-
2

158

98
-
14
1
1
1
194
1,035
2
46
105
1,887
2
3,337
129
883
-
243
1,279
-
-

-
-
3
2
83
4,476
5
19
16

-
73
55
2

29
8

(7)

(1)
-
141
(1)
4
6
19
113
1
288
39
216
16
-
273
44
-
15
238
2
324

1
-
5
10
13
508
(32)
(3)
(9)

-
22
15
-

2
6

-
-
(1)
-
1
1
5
49
-
(1)
(2)
19
3
-
63
8
-
8
36
1
-

-
-
-
3
2
11
31
-
-

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-language version prevails.

Additional Information on Consolidated Subsidiaries and strucuted entities composing the BBVA Group (Continued)

Company

Location

Activity

Direct

Indirect

Total

Net
Carrying
Amount

Assets
12.31.15

Liabilities
12.31.15

Equity
12.31.15

Profit
(Loss)
12.31.15

% of Voting Rights

Controlled by the Bank

Millions of Euros(*)

Affiliate Entity Data

GESCAT POLSKA, SP. ZOO(2)
GESCAT SINEVA, S.L.(*)(2)
GESCAT, GESTIO DE SOL, S.L.(2)
GESCAT, VIVENDES EN COMERCIALITZACIO, S.L.(2)
GESTIO D'ACTIUS TITULITZATS, S.A.(2)
GESTION DE PREVISION Y PENSIONES, S.A.
GESTION Y ADMINISTRACION DE RECIBOS, S.A. - GARSA
GOBERNALIA GLOBAL NET, S.A.
GRAN JORGE JUAN, S.A.
GRANFIDUCIARIA
GRUPO FINANCIERO BBVA BANCOMER, S.A. DE C.V.
GUARANTY BUSINESS CREDIT CORPORATION
GUARANTY PLUS HOLDING COMPANY
GUARANTY PLUS PROPERTIES LLC-2
GUARANTY PLUS PROPERTIES, INC-1
HABITAT ZENTRUM, S.L.(***) (2)
HABITATGES INVERCAP, S.L.(****)
HABITATGES INVERVIC, S.L.(****)
HABITATGES JUVIPRO, S.L.(*****)
HIPOTECARIA NACIONAL MEXICANA INCORPORATED
HIPOTECARIA NACIONAL, S.A. DE C.V.
HOLDING CONTINENTAL, S.A.
HOMEOWNERS LOAN CORPORATION
HUMAN RESOURCES PROVIDER, INC
HUMAN RESOURCES SUPPORT, INC
IMOBILIARIA DUQUE DE AVILA, S.A.
INFORMACIO I TECNOLOGIA DE CATALUNYA, S.L.(2)
INMESP DESARROLLADORA, S.A. DE C.V.
INMUEBLES Y RECUPERACIONES CONTINENTAL S.A(1)
INNOVATION 4 SECURITY, S.L.
INPAU, S.A.(2)(**)
INVERAHORRO, S.L.
INVERCARTERA INTERNACIONAL, S.L.(2)
INVERPRO DESENVOLUPAMENT, S.L.
INVERSIONES ALDAMA, C.A.
INVERSIONES BANPRO INTERNATIONAL INC. N.V.
INVERSIONES BAPROBA, C.A.
INVERSIONES DE INNOVACION EN SERVICIOS FINANCIEROS, S.L.
INVERSIONES P.H.R.4, C.A.
INVESCO MANAGEMENT Nº 1, S.A.

REAL ESTATE
REAL ESTATE
REAL ESTATE
REAL ESTATE
FINANCIAL SERVICES
PENSION FUNDS MANAGEMENT
SERVICES
SERVICES
REAL ESTATE

FINANCIAL SERVICES
FINANCIAL SERVICES
INVESTMENT COMPANY
FINANCIAL SERVICES
FINANCIAL SERVICES
REAL ESTATE
REAL ESTATE
REAL ESTATE
REAL ESTATE
REAL ESTATE
FINANCIAL SERVICES
INVESTMENT COMPANY
IN LIQUIDATION
SERVICES
SERVICES

POLAND
SPAIN
SPAIN
SPAIN
SPAIN
SPAIN
SPAIN
SPAIN
SPAIN
COLOMBIA IN LIQUIDATION
MEXICO
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
SPAIN
SPAIN
SPAIN
SPAIN
UNITED STATES
MEXICO
PERU
UNITED STATES
UNITED STATES
UNITED STATES
PORTUGAL REAL ESTATE
SERVICES
SPAIN
MEXICO
REAL ESTATE
PERU REAL ESTATE
SPAIN
SPAIN
SPAIN
SPAIN
SPAIN
VENEZUELA
CURAÇAO
VENEZUELA
SPAIN
VENEZUELA
LUXEMBOURG

SERVICES
REAL ESTATE
INVESTMENT COMPANY
INVESTMENT COMPANY
INVESTMENT COMPANY
IN LIQUIDATION
INVESTMENT COMPANY
FINANCIAL SERVICES
INVESTMENT COMPANY
INACTIVE
FINANCIAL SERVICES

(*) Information on foreign companies at exchange rate on December 31, 2015
(**) This company has an equity loan from CATALUNYACAIXA IMMOBILIARIA, S.A.
(***) This company has an equity loan from EXPANSION INTERCOMARCAL, S.L.
(****) This company has an equity loan from INVERPRO DESENVOLUPAMENT, S.L.
(*****) This company has an equity loan from UNNIM SOCIEDAD PARA LA GESTION DE ACTIVOS INMOBILIARIOS, S.A
(1) Full consolidation method is used according to accounting rules (see Glossary)
(2) Companies from the acquisition of Catalunya Banc, S.A. only include profit (loss) corresponding to May and December 2015

166

-
-
-
-
-
60.00
-
-
100.00
-
99.97
-
-
-
-
-
-
-
-
-
-
50.00
-
-
-
-
-
-
-
-
-
100.00
-
-
-
48.00
100.00
-
-
-

100.00
100.00
100.00
100.00
100.00
-
100.00
100.00
-
90.00
-
100.00
100.00
100.00
100.00
50.00
100.00
35.00
100.00
100.00
100.00
-
100.00
100.00
100.00
100.00
50.00
100.00
46.12
100.00
100.00
-
100.00
100.00
100.00
-
-
100.00
60.46
100.00

100.00
100.00
100.00
100.00
100.00
60.00
100.00
100.00
100.00
90.00
99.97
100.00
100.00
100.00
100.00
50.00
100.00
35.00
100.00
100.00
100.00
50.00
100.00
100.00
100.00
100.00
50.00
100.00
46.12
100.00
100.00
100.00
100.00
100.00
100.00
48.00
100.00
100.00
60.46
100.00

11
-
-
-
1
9
1
2
424
-
6,677
34
(39)
43
11
-
-
-
-
-
10
124
8
487
483
10
1
35
10
-
-
16
8
3
-
11
1
40
-
8

12
2
22
250
4
33
2
12
1,051
-
9,424
34
60
43
11
-
-
1
3
-
16
1,575
9
487
483
23
3
41
11
2
40
75
8
14
-
52
-
72
-
8

1
3
43
605
-
4
-
4
653
-
1
-
98
-
-
6
1
13
3
-
6
-
-
-
-
13
2
6
-
1
47
59
-
10
-
3
-
31
-
-

12
(1)
(15)
(337)
3
21
1
6
386
-
7,465
34
(37)
43
11
(6)
(1)
(11)
(1)
-
8
1,216
9
480
476
9
1
36
8
1
-
19
8
2
-
50
-
40
-
8

-
-
(6)
(18)
1
8
-
2
12
-
1,958
-
(2)
-
-
-
-
(2)
-
-
2
359
-
7
7
1
-
(1)
2
-
(8)
(3)
-
2
-
(1)
-
1
-
-

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-language version prevails.

Additional Information on Consolidated Subsidiaries composing the BBVA Group (Continued) and consolidated structured entities

Company

Location

Activity

Direct

Indirect

Total

Net
Carrying
Amount

Assets
12.31.15

Liabilities
12.31.15

Equity
12.31.15

Profit
(Loss)
12.31.15

% of Voting Rights

Controlle d by the Bank

Millions of Euros (*)

Affiliate Entity Data

INVESCO MANAGEMENT Nº 2, S.A.
IRIDION SOLUCIONS IMMOBILIARIES, S.L.(2)
JALE PROCAM, S.L.(2)(**)
L'EIX IMMOBLES, S.L.(***)
LIQUIDITY ADVISORS, L.P
MADIVA SOLUCIONES, S.L.
MILLENNIUM PROCAM, S.L.(2)(**)
MISAPRE, S.A. DE C.V.
MOMENTUM SOCIAL INVESTMENT HOLDING, S.L.
MOTORACTIVE IFN SA
MOTORACTIVE MULTISERVICES SRL
MULTIASISTENCIA OPERADORA S.A. DE C.V.
MULTIASISTENCIA SERVICIOS S.A. DE C.V.
MULTIASISTENCIA, S.A. DE C.V.
NOIDIRI, S.L.(2)
NOVA EGARA-PROCAM, S.L.(2)
NOVA TERRASSA 3, S.L.(2)
OPCION VOLCAN, S.A.
OPPLUS OPERACIONES Y SERVICIOS, S.A.
OPPLUS S.A.C
PARCSUD PLANNER, S.L. (****)
PARTICIPACIONES ARENAL, S.L.
PECRI INVERSION S.A
PENSIONES BANCOMER, S.A. DE C.V.
PHOENIX LOAN HOLDINGS, INC.
PI HOLDINGS NO. 1, INC.
PI HOLDINGS NO. 3, INC.
PORTICO PROCAM, S.L.(2)
PRO-SALUD, C.A.
PROCAMVASA, S.A.(2)
PROMOCION EMPRESARIAL XX, S.A.
PROMOTORA DEL VALLES, S.L.(****)
PROMOU CT 3AG DELTA, S.L.(****)
PROMOU CT EIX MACIA, S.L.(****)
PROMOU CT GEBIRA, S.L.(****)
PROMOU CT OPENSEGRE, S.L.(*****)
PROMOU CT VALLES, S.L.
PROMOU GLOBAL, S.L. (*****)
PRONORTE UNO PROCAM, S.A.(**)(2)

FINANCIAL SERVICES
REAL ESTATE
REAL ESTATE
REAL ESTATE
FINANCIAL SERVICES
SERVICES
REAL ESTATE
FINANCIAL SERVICES
INVESTMENT COMPANY
FINANCIAL SERVICES
SERVICES
INSURANCES SERVICES
INSURANCES SERVICES
INSURANCES SERVICES
REAL ESTATE
REAL ESTATE
REAL ESTATE
REAL ESTATE
SERVICES

LUXEMBOURG
SPAIN
SPAIN
SPAIN
UNITED STATES
SPAIN
SPAIN
MEXICO
SPAIN
ROMANIA
ROMANIA
MEXICO
MEXICO
MEXICO
SPAIN
SPAIN
SPAIN
MEXICO
SPAIN
PERU IN LIQUIDATION
SPAIN
SPAIN
SPAIN
MEXICO
UNITED STATES
UNITED STATES
UNITED STATES
SPAIN
VENEZUELA
SPAIN
SPAIN
SPAIN
SPAIN
SPAIN
SPAIN
SPAIN
SPAIN
SPAIN
SPAIN

REAL ESTATE
INACTIVE
OTHER INVESTMENT COMPANIES
INSURANCES SERVICES
FINANCIAL SERVICES
FINANCIAL SERVICES
FINANCIAL SERVICES
REAL ESTATE
INACTIVE
REAL ESTATE
INVESTMENT COMPANY
INVESTMENT COMPANY
REAL ESTATE
REAL ESTATE
REAL ESTATE
REAL ESTATE
REAL ESTATE
REAL ESTATE
REAL ESTATE

-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
100.00
-
-
-
100.00
-
-
-
-
-
-
-
100.00
-
-
-
-
-
-
-
-

100.00
100.00
50.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
-
100.00
100.00
100.00
-
100.00
100.00
100.00
100.00
100.00
58.86
51.00
-
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00

100.00
100.00
50.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
58.86
51.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00

-
-
-
-
1,154
9
-
3
7
38
-
-
1
34
-
1
2
20
1
1
-
8
99
236
359
87
26
25
-
-
8
-
-
-
-
-
2
-
-

4
3
2
21
1,154
2
-
2
7
133
5
1
3
44
1
1
12
28
26
1
8
8
99
4,291
380
87
26
25
-
8
8
237
10
8
11
30
10
102
5

17
124
41
26
-
-
1
-
-
114
5
1
2
10
11
-
7
9
9
-
11
-
-
4,054
22
-
-
-
-
7
-
335
12
7
14
46
8
146
15

(13)
(120)
(37)
(4)
1,148
1
-
2
7
16
-
-
1
28
(11)
1
4
3
12
1
(2)
8
83
196
351
87
26
25
-
1
8
(90)
(1)
(2)
(3)
(15)
2
(39)
(10)

(1)
(1)
(1)
-
6
1
-
-
-
3
-
-
-
6
-
-
-
17
5
-
-
-
16
40
8
-
-
-
-
-
-
(8)
(2)
3
(1)
(1)
-
(6)
-

(*) Information on foreign companies at exchange rate on December 31, 2015
(**) This company has an equity loan from CATALUNYACAIXA IMMOBILIARIA, S.A.
(***) This company has an equity loan from PROMOTORA DEL VALLES, S.L. y UNNIM SOCIEDAD PARA LA GESTION DE ACTIVOS INMOBILIARIOS, S.A.
(****) This company has an equity loan from UNNIM SOCIEDAD PARA LA GESTION DE ACTIVOS INMOBILIARIOS, S.A.
(*****) This company has an equity loan from ARRELS CT PROMOU, S.A. y UNNIM SOCIEDAD PARA LA GESTION DE ACTIVOS INMOBILIARIOS, S.A.
(1) Full consolidation method is used according to accounting rules (see Glossary)
(2) Companies from the acquisition of Catalunya Banc, S.A. only include profit (loss) corresponding to May and December 2015

167

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-language version prevails.

Additional Information on Consolidated Subsidiaries composing the BBVA Group (Continued) and consolidated structured entities

Company

Location

Activity

Direct

Indirect

Total

Net
Carrying
Amount

Assets
12.31.15

Liabilities
12.31.15

Equity
12.31.15

Profit
(Loss)
12.31.15

% of Voting Rights

Controlled by the Bank

Millions of Euros(*)

Affiliate Entity Data

PROV-INFI-ARRAHONA, S.L.(**)

SPAIN

REAL ESTATE

PROVINCIAL DE VALORES CASA DE BOLSA, C.A.
PROVINCIAL SDAD.ADMIN.DE ENTIDADES DE INV.COLECTIVA, C.A.
PROVIURE BARCELONA, S.L.(***) (2)
PROVIURE CIUTAT DE LLEIDA, S.L. (2)
PROVIURE PARC D'HABITATGES, S.L.(***) (2)
PROVIURE, S.L.(***) (2)

VENEZUELA
VENEZUELA
SPAIN
SPAIN
SPAIN
SPAIN

SECURITIES DEALER
FINANCIAL SERVICES
REAL ESTATE
REAL ESTATE
REAL ESTATE
REAL ESTATE

PROVIVIENDA ENTIDAD RECAUDADORA Y ADMIN.DE APORTES, S.A.
PROXIMA ALFA INVESTMENTS (USA) LLC
PROXIMA ALFA INVESTMENTS HOLDINGS (USA) II INC.
PROXIMA ALFA INVESTMENTS HOLDINGS (USA) INC.
PUERTO CIUDAD LAS PALMAS, S.A.(****) (2)
QIPRO SOLUCIONES S.L.
RALFI IFN SA
RENTRUCKS, ALQUILER Y SERVICIOS DE TRANSPORTE, S.A.
RESIDENCIAL CUMBRES DE SANTA FE, S.A. DE C.V.
RPV COMPANY
RWHC, INC
S.B.D. NORD, S.L. (***) (2)
SATICEM GESTIO, S.L.(2)
SATICEM HOLDING, S.L.(2)
SATICEM IMMOBILIARIA, S.L.(2)
SATICEM IMMOBLES EN ARRENDAMENT, S.L.(2)
SCALDIS FINANCE, S.A.
SEGUROS BANCOMER, S.A. DE C.V.
SEGUROS PROVINCIAL, C.A.
SERVICIOS CORPORATIVOS BANCOMER, S.A. DE C.V.
SERVICIOS CORPORATIVOS DE SEGUROS, S.A. DE C.V.
SERVICIOS EXTERNOS DE APOYO EMPRESARIAL, S.A DE C.V.
SERVICIOS TECNOLOGICOS SINGULARES, S.A.
SIMPLE FINANCE TECHNOLOGY CORP.
SOCIEDAD DE ESTUDIOS Y ANALISIS FINANCIERO.,S.A.
SOCIEDAD GESTORA DEL FONDO PUBLICO DE REGULACION DEL
MERCADO HIPOTECARIO, S.A.
SOLIUM MEXICO, S.A. DE C.V.
SOLIUM OPERADORA, S.A. DE C.V.
SPORT CLUB 18, S.A.
STATE NATIONAL CAPITAL TRUST I
STATE NATIONAL STATUTORY TRUST II
TEXAS LOAN SERVICES, LP.
TEXAS REGIONAL STATUTORY TRUST I

BOLIVIA PENSION FUNDS MANAGEMENT
UNITED STATES
UNITED STATES
UNITED STATES
SPAIN
SPAIN
ROMANIA
SPAIN
MEXICO
CAYMAN ISLANDS
UNITED STATES
SPAIN
SPAIN
SPAIN
SPAIN
SPAIN
BELGIUM
MEXICO
VENEZUELA
MEXICO
MEXICO
MEXICO
SPAIN
UNITED STATES
SPAIN

IN LIQUIDATION
IN LIQUIDATION
IN LIQUIDATION
REAL ESTATE
SERVICES
FINANCIAL SERVICES
INACTIVE
REAL ESTATE
FINANCIAL SERVICES
FINANCIAL SERVICES
REAL ESTATE
REAL ESTATE
REAL ESTATE
INVESTMENT COMPANY
REAL ESTATE
INVESTMENT COMPANY
INSURANCES SERVICES
INSURANCES SERVICES
SERVICES
SERVICES
SERVICES
SERVICES
FINANCIAL SERVICES
SERVICES

SPAIN
MEXICO
MEXICO
SPAIN
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES

INACTIVE
SERVICES
SERVICES
INVESTMENT COMPANY
FINANCIAL SERVICES
FINANCIAL SERVICES
FINANCIAL SERVICES
FINANCIAL SERVICES

(*) Information on foreign companies at exchange rate on December 31, 2015
(**) This company has an equity loan from UNNIM SOCIEDAD PARA LA GESTION DE ACTIVOS INMOBILIARIOS, S.A.

(***) This company has an equity loan from CATALUNYACAIXA IMMOBILIARIA, S.A.

(*****) This company has an equity loan from INPAU, S.A. y de CATALUNYACAIXA IMMOBILIARIA, S.A.

(1) Full consolidation method is used according to accounting rules (see Glossary)

(2) Companies from the acquisition of Catalunya Banc, S.A. only include profit (loss) corresponding to May and December 2015

168

-
-
-
-
-
-

-
-
-
100.00
-
-
-
99.32
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
100.00

77.20
-
-
100.00
-
-
-
-

100.00

90.00
100.00
100.00
100.00
100.00
100.00

100.00
100.00
100.00
-
96.64
100.00
100.00
-
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
-

-
100.00
100.00
-
100.00
100.00
100.00
100.00

90.00
100.00
100.00
100.00
100.00
100.00

100.00
100.00
100.00
100.00
96.64
100.00
100.00
99.32
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00

77.20
100.00
100.00
100.00
100.00
100.00
100.00
100.00

-
-
-
-
1
-

2
9
-
-
-
3
40
2
12
-
730
-
-
5
10
-
4
569
1
5
2
6
2
96
108

-
2
-
15
-
-
1,161
1

-
-
2
2
4
4

4
1
-
9
60
3
82
2
12
1,493
730
-
9
5
17
26
18
3,630
2
11
11
18
1
105
108

-
3
-
15
14
9
1,161
47

-
-
2
1
3
5

3
-
-
4
68
-
65
1
-
1,493
-
-
88
-
1
83
-
3,061
1
6
9
13
-
10
-

-
1
-
-
14
9
-
46

(6)

-
-
-
-
-
(1)

1
1
-
5
(5)
3
10
2
8
-
714
-
(77)
5
16
(56)
18
339
3
4
2
5
2
133
110

-
2
-
16
-
-
1,152
1

(1)

-
-
-
-
1
-

-
-
-
-
(2)
-
7
-
4
-
16
-
(2)
-
-
(1)
-
230
(1)
1
-
1
(1)
(37)
(3)

-
-
-
-
-
-
9
-

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-language version prevails.

Additional Information on Consolidated Subsidiaries composing the BBVA Group (Continued) and consolidated structured entities

Company

Location

Activity

Direct

Indirect

Total

Net
Carrying
Amount

Assets
12.31.15

Liabilities
12.31.15

Equity
12.31.15

Profit
(Loss)
12.31.15

% of Voting Rights

Controlled by the Bank

Millions of Euros(*)

Affiliate Entity Data

TEXASBANC CAPITAL TRUST I
TEXTIL TEXTURA, S.L.
TMF HOLDING INC.
TRIFOI REAL ESTATE SRL
TUCSON LOAN HOLDINGS, INC.
TURKIYE GARANTI BANKASI A.S
UNIDAD DE AVALUOS MEXICO, S.A. DE CV
UNITARIA GESTION DE PATRIMONIOS INMOBILIARIOS
UNIVERSALIDAD TIPS PESOS E-9
UNNIM SOCIEDAD PARA LA GESTION DE ACTIVOS
INMOBILIARIOS, S.A.(**)
UNO-E BANK, S.A.
URBANIZADORA SANT LLORENC, S.A.
VALANZA CAPITAL S.A. UNIPERSONAL
VOLJA LUX, SARL(2)
VOLJA PLUS SL(2)

UNITED STATES
SPAIN
UNITED STATES
ROMANIA
UNITED STATES
TURKEY
MEXICO
SPAIN
COLOMBIA FINANCIAL SERVICES

FINANCIAL SERVICES
COMMERCIAL
INVESTMENT COMPANY
REAL ESTATE
FINANCIAL SERVICES
BANKING
FINANCIAL SERVICES
REAL ESTATE

SPAIN
SPAIN
SPAIN
SPAIN
LUXEMBOURG
SPAIN

REAL ESTATE
BANKING
INACTIVE
SERVICES
INVESTMENT COMPANY
INVESTMENT COMPANY

-
-
-
-
-
39.90
-
-
-

100.00
100.00
60.60
100.00
-
18.61

100.00
68.67
100.00
100.00
100.00
-
100.00
100.00
100.00

-
-
-
-
71.78
56.75

100.00
68.67
100.00
100.00
100.00
39.90
100.00
100.00
100.00

100.00
100.00
60.60
100.00
71.78
75.36

-
-
-
-
-
6
-
-
-

-
-
-
-
-
-

-
-
-
-
-
79
-
-
-

1
1
-
-
-
-

-
-
-
-
-
69
-
-
-

1
1
-
-
-
-

-
-
-
-
-
9
-
-
-

-
-
-
-
-
-

-
-
-
-
-
1
-
-
-

-
-
-
-
-
-

(*) Inf ormation on f oreign companies at exchange rate on December 31, 2015
(**) This company has an equity loan from BBVA, S.A.
(1) Full consolidation method is used according to accounting rules (see Glossary)

(2) Companies from the acquisition of Catalunya Banc, S.A. only include profit (loss) corresponding to May and December 2015

169

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-language version prevails.

APPENDIX III.

Additional information on investments and jointly controlled companies accounted for under the equity method of consolidation in the BBVA
Group (includes the most significant companies that together represent 99.71% of total investments in these companies)

Including the most significant entities, jointly representing 99.71% of all investment in this group

% of Voting Rights
Controlled by the Bank

Millions of Euros(**)
Affiliate Entity Data

Company

Location

Activity

Direct

Indirect

Total

Net Carrying
Amount

Assets
12.31.15

Liabilities
12.31.15

Equity
12.31.15

Profit (Loss)
12.31.15

-
-

50.00
-
30.00
1.64
-
16.67
-
-
-
-
-
-
-
-

-
-
-
-
-
-
-
19.42

-
-

20.06

15.18

22.35

30.00

40.00
31.55

-
49.00
-
76.63
33.33
-
50.00
50.00
50.00
20.00
20.00
32.25
30.00
25.00

28.50
42.40
50.000
50.00
33.78
50.00
50.00
-

30.00
50.00

4.82

40.00

46.14

6.36

48.60

40.00
31.55

50.00
49.00
30.00
78.27
33.33
16.67
50.00
50.00
50.00
20.00
20.00
32.25
30.00
25.00

28.50
42.40
50.00
50.00
33.78
50.00
50.00
19.42

30.00
50.00

20.06

20.00

40.00

46.14

28.71

48.60

30.00

3
8

20
5
21
54
28
17
7
37
11
4
3
66
44
4

6
9
6
2
11
13
3
351

5
23

17
23

1,865
10
73
160
82
110
13
443
42
517
335
204
186
135

22
22
13
18
69
30
7
5,058

37
167

126

211

11
22

1,825
-
2
1
31
7
-
172
19
488
313
-
36
113

-
-
-
13
36
-
1
3,892

20
121

168

6
1

30
9
71
154
53
99
12
270
23
30
22
204
138
(5)

23
22
13
2
33
24
7
1,351

9
21

-
- (1)(3)(4)

10
-
- (5)
6
(3)
4
1
- (2)
-
-
-
-
12
26

-
-
-
2
-
5 (1)

(1)

(185) (1)(3)(4)

8
25

(2)

12 (3)(4)

ADQUIRA ESPAÑA, S.A.
ALTITUDE SOFTWARE SGPS, S.A.(*)

SPAIN
PORTUGAL SERVICES

COMMERCIAL

ALTURA MARKETS, SOCIEDAD DE VALORES, S.A.(*)
AUREA, S.A. (CUBA)
BANK OF HANGZHOU CONSUMER FINANCE CO LTD
BRUNARA, SICAV, S.A.
CANCUN SUN & GOLF COUNTRY CLUB, S.A.P.I. DE C.V.
COMPAÑIA ESPAÑOLA DE FINANCIACION DEL DESARROLLO S.A.
COMPAÑIA MEXICANA DE PROCESAMIENTO, S.A. DE C.V.(*)
CORPORACION IBV PARTICIPACIONES EMPRESARIALES, S.A.(*)
DESARROLLOS METROPOLITANOS DEL SUR, S.L.(*)
FERROMOVIL 3000, S.L.(*)
FERROMOVIL 9000, S.L.(*)
FIDEICOMISO 1729 INVEX ENAJENACION DE CARTERA(*)
FIDEICOMISO F 403853- 5 BBVA BANCOMER SERVICIOS ZIBATA(*)
FIDEICOMISO F 404015-0 BBVA BANCOMER LOMAS III

FIDEICOMISO F/00185 FIMPE - FIDEICOMISO F/00185 PARA EXTENDER A LA
SOCIEDAD LOS BENEFICIOS DEL ACCESO A LA INFRAESTRUCTURA DE
LOS MEDIOS DE PAGO ELECTRONICOS
FIDEICOMISO F/402770-2 ALAMAR(*)
FIDEICOMISO F/403112-6 DE ADMINISTRACION DOS LAGOS(*)
FIDEICOMISO SCOTIABANK INVERLAT S A F100322908(*)
FIDEICOMISO SCOTIABANK INVERLAT SA F100322742(*)
I+D MEXICO, S.A. DE C.V.(*)
INVERSIONES PLATCO, C.A.(*)
METROVACESA, S.A.

PARQUE REFORMA SANTA FE, S.A. de C.V.
PSA FINANCE ARGENTINA COMPAÑIA FINANCIERA, S.A.(*)

REAL ESTATE DEAL II, S.A.(*)

REDSYS SERVICIOS DE PROCESAMIENTO, S.L.

ROMBO COMPAÑIA FINANCIERA, S.A.

SERVICIOS ELECTRONICOS GLOBALES, S.A. DE C.V.

SERVIRED SOCIEDAD ESPAÑOLA DE MEDIOS DE PAGO, S.A.

SOCIEDAD ADMINISTRADORA DE FONDOS DE CESANTIA DE CHILE II, S.A.

TELEFONICA FACTORING ESPAÑA, S.A.

(*) Joint venture entities accounted for using the equity method.
(**) Information on foreign companies at exchange rate on December, 2015

(1) Consolidated data

(2) Non-currents sets held for sale

(3) Figures according to the budget.

(4) Figures as of December 31, 2014

(5) This company include profit (loss) corresponding to December 2015

SPAIN
CUBA
CHINA
SPAIN
MEXICO
SPAIN
MEXICO
SPAIN
SPAIN
SPAIN
SPAIN
MEXICO
MEXICO
MEXICO

MEXICO
MEXICO
MEXICO
MEXICO
MEXICO
MEXICO
VENEZUELA
SPAIN

MEXICO
ARGENTINA

SPAIN

ARGENTINA

MEXICO

SPAIN

CHILE

SPAIN

SECURITIES DEALER
REAL ESTATE
BANKING
IN LIQUIDATION
REAL ESTATE
FINANCIAL SERVICES
SERVICES
INVESTMENT COMPANY
REAL ESTATE
SERVICES
SERVICES
REAL ESTATE
REAL ESTATE
REAL ESTATE

FINANCIAL SERVICES
REAL ESTATE
REAL ESTATE
REAL ESTATE
REAL ESTATE
SERVICES
FINANCIAL SERVICES
REAL ESTATE

REAL ESTATE
BANKING

OTHER INVESTMENT COMPANIES

FINANCIAL SERVICES

BANKING

SERVICES

FINANCIAL SERVICES

PENSION FUND MANAGEMENT

FINANCIAL SERVICES

170

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-language version prevails.

APPENDIX IV.

Changes and notification of investments and divestments in the BBVA Group in 2015

Acquisitions or Increases of Interest Ownership in Consolidated Subsidiaries

Company

Type of
Transaction

Activity

M illio ns o f E uro s

% o f V o t ing R ight s

Price Paid in the
Transactions +
Expenses
directly
attributable to
the
Transactions

Fair Value of
Equity
Instruments
issued for the
Transactions

% Participation
(net)
Acquired
in the Period

Total Voting
Rights
Controlled after
the
Transactions

E f f e c t iv e D a t e f o r
t he T ra ns a c t io n
( o r N o t if ic a t io n
D a t e )

BBVA PROCUREMENT SERVICES AMERICA DEL SUR SpA
FORUM SERVICIOS FINANCIEROS, S.A.
FORUM DISTRIBUIDORA, S.A.
4D INTERNET SOLUTIONS, INC
ACA, S.A.
ARRAHONA GARRAF, S.L.
GARRAF MEDITERRANIA, S.A.
CATALUNYA BANC, S.A.
CATALUNYACAIXA INVERSIO, SGIIC, S.A.
CATALUNYACAIXA CAPITAL, S.A.
CATALUNYACAIXA SERVEIS, S.A.
CATALUNYACAIXA IMMOBILIARIA, S.A.
CATALUNYACAIXA MEDIACIO , S.L.
INPAU, S.A.
FODECOR, S.L.
CERBAT, S.L.
ALCALA 120 PROMOC. Y GEST.IMMOB. S.L.
PORTICO PROCAM, S.L.
NOVA TERRASSA 3, S.L.
GESTIO D'ACTIUS TITULITZATS, S.A.
INFORMACIO I TECNOLOGIA DE CATALUNYA, S.L.
INVERCARTERA INTERNACIONAL, S.L.
PROCAMVASA, S.A.
S.B.D. NORD, S.L.
PRONORTE UNO PROCAM, S.A.
GESCAT LLEVANT, S.L.
PUERTO CIUDAD LAS PALMAS, S.A.
PROVIURE, S.L.
CLUB GOLF HACIENDA EL ALAMO, S.L.
AREA TRES PROCAM, S.L.
JALE PROCAM, S.L.
GESCAT SINEVA, S.L.
PROVIURE CIUTAT DE LLEIDA, S.L.
PROVIURE BARCELONA, S.L.
NOVA EGARA-PROCAM, S.L.
ALGARVETUR, S.L.
CORPORACION BETICA INMOBILIARIA, S.A.
MILLENNIUM PROCAM, S.L.

FOUNDING
ACQUISITION
ACQUISITION
ACQUISITION
ACQUISITION
ACQUISITION
ACQUISITION
ACQUISITION
ACQUISITION
ACQUISITION
ACQUISITION
ACQUISITION
ACQUISITION
ACQUISITION
ACQUISITION
ACQUISITION
ACQUISITION
ACQUISITION
ACQUISITION
ACQUISITION
ACQUISITION
ACQUISITION
ACQUISITION
ACQUISITION
ACQUISITION
ACQUISITION
ACQUISITION
ACQUISITION
ACQUISITION
ACQUISITION
ACQUISITION
ACQUISITION
ACQUISITION
ACQUISITION
ACQUISITION
ACQUISITION
ACQUISITION
ACQUISITION

SERVICES
FINANCIAL SERVICES
FINANCIAL SERVICES
FINANCIAL SERVICES
SECURITIES DEALER
REAL ESTATE
REAL ESTATE
BANKING
OTHER INVESTMENT COMPANIES
INVESTMENT COMPANY
SERVICES
INSTRUMENTAL REAL ESTATE
FINANCIAL SERVICES
REAL ESTATE
REAL ESTATE
REAL ESTATE
INSTRUMENTAL REAL ESTATE
INSTRUMENTAL REAL ESTATE
INSTRUMENTAL REAL ESTATE
OTHER INVESTMENT COMPANIES
SERVICES
INVESTMENT COMPANY
REAL ESTATE
REAL ESTATE
INSTRUMENTAL REAL ESTATE
INSTRUMENTAL REAL ESTATE
REAL ESTATE
REAL ESTATE
REAL ESTATE
REAL ESTATE
REAL ESTATE
INSTRUMENTAL REAL ESTATE
REAL ESTATE
REAL ESTATE
INSTRUMENTAL REAL ESTATE
INSTRUMENTAL REAL ESTATE
INSTRUMENTAL REAL ESTATE
INSTRUMENTAL REAL ESTATE

171

5
103
17
13
-
-
-
1,165
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-

-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-

100.00%
24.50%
24.48%
100.00%
25.00%
50.00%
45.29%
98.40%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
60.00%
100.00%
100.00%
100.00%
100.00%
100.00%
50.00%
100.00%
51.00%
75.00%
100.00%
100.00%
96.64%
100.00%
97.87%
50.00%
50.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%

100.00%
100.00%
100.00%
100.00%
62.50%
100.00%
90.58%
98.95%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
60.00%
100.00%
100.00%
100.00%
100.00%
100.00%
50.00%
100.00%
51.00%
75.00%
100.00%
100.00%
96.64%
100.00%
97.87%
50.00%
50.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%

2/1/2015
3/26/2015
3/26/2015
4/14/2015
4/24/2015
4/24/2015
4/24/2015
4/24/2015
4/24/2015
4/24/2015
4/24/2015
4/24/2015
4/24/2015
4/24/2015
4/24/2015
4/24/2015
4/24/2015
4/24/2015
4/24/2015
4/24/2015
4/24/2015
4/24/2015
4/24/2015
4/24/2015
4/24/2015
4/24/2015
4/24/2015
4/24/2015
4/24/2015
4/24/2015
4/24/2015
4/24/2015
4/24/2015
4/24/2015
4/24/2015
4/24/2015
4/24/2015
4/24/2015

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-language version prevails.

Acquisitions or Increases of Interest Ownership in Consolidated Subsidiaries (Continued)

Company

Type of
Transaction

Activity

GESCAT POLSKA, SP. ZOO
PROVIURE PARC D'HABITATGES, S.L.
VOLJA LUX, SARL
ACTIVOS MACORP, S.L.
GESCAT, GESTIO DE SOL, S.L.
GESCAT, VIVENDES EN COMERCIALITZACIO, S.L.
GESCAT LLOGUERS, S.L.
EXPANSION INTERCOMARCAL, S.L.
CONJUNT RESIDENCIAL FREIXA, S.L.
IRIDION SOLUCIONS IMMOBILIARIES, S.L.
NOIDIRI, S.L.
CETACTIUS, S.L.
HABITAT ZENTRUM, S.L.
CAIXA MANRESA IMMOBILIARIA SOCIAL, S.L.
SATICEM IMMOBILIARIA, S.L.
SATICEM HOLDING, S.L.
CAIXA MANRESA IMMOBILIARIA ON CASA, S.L.
SATICEM IMMOBLES EN ARRENDAMENT, S.L.
SATICEM GESTIO, S.L.
SERVIMANRESA ACTIUS EN LLOGUER, S.L.
CX PROPIETAT, FII
VOLJA PLUS SL
BBVA BANCO FRANCES, S.A.
TURKIYE GARANTI BANKASI A.S
BBVA SEGUROS GENERALES S.A.
CATALUNYACAIXA VIDA, S.A.
CATALUNYACAIXA ASSEGURANCES GENERALS, S.A.
QIPRO SOLUCIONES S.L.
S.B.D. NORD, S.L.
AREA TRES PROCAM, S.L.

ACQUISITION
ACQUISITION
ACQUISITION
ACQUISITION
ACQUISITION
ACQUISITION
ACQUISITION
ACQUISITION
ACQUISITION
ACQUISITION
ACQUISITION
ACQUISITION
ACQUISITION
ACQUISITION
ACQUISITION
ACQUISITION
ACQUISITION
ACQUISITION
ACQUISITION
ACQUISITION
ACQUISITION
ACQUISITION
ACQUISITION
ACQUISITION
FOUNDING
ACQUISITION
ACQUISITION
FOUNDING
ACQUISITION
ACQUISITION

INSTRUMENTAL REAL ESTATE
REAL ESTATE
INVESTMENT COMPANY
INSTRUMENTAL REAL ESTATE
INSTRUMENTAL REAL ESTATE
INSTRUMENTAL REAL ESTATE
INSTRUMENTAL REAL ESTATE
INVESTMENT COMPANY
REAL ESTATE
INSTRUMENTAL REAL ESTATE
INSTRUMENTAL REAL ESTATE
INSTRUMENTAL REAL ESTATE
REAL ESTATE
INSTRUMENTAL REAL ESTATE
INVESTMENT COMPANY
INSTRUMENTAL REAL ESTATE
INSTRUMENTAL REAL ESTATE
INSTRUMENTAL REAL ESTATE
INSTRUMENTAL REAL ESTATE
INVESTMENT COMPANY
FINANCIAL SERVICES
INVESTMENT COMPANY
BANKING
BANKING
INSURANCES SERVICES
INSURANCES SERVICES
INSURANCES SERVICES
SERVICES
REAL ESTATE
REAL ESTATE

M illio ns o f E uro s

% o f V o t ing R ight s

Price Paid in the
Transactions +
Expenses
directly
attributable to
the
Transactions

Fair Value of
Equity
Instruments
issued for the
Transactions

% Participation
(net)
Acquired
in the Period

Total Voting
Rights
Controlled after
the
Transactions

Effective Date for
the Transaction
(or Notification
Date)

-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1
1.857
3
530
77
3
-
-

-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-

100,00%
100,00%
71,78%
100,00%
100,00%
100,00%
100,00%
100,00%
100,00%
100,00%
100,00%
100,00%
50,00%
100,00%
100,00%
100,00%
100,00%
100,00%
100,00%
85,00%
67,74%
75,35%
0,02%
14,89%
100,00%
50,00%
50,01%
100,00%
25,00%
50,00%

100,00%
100,00%
71,78%
100,00%
100,00%
100,00%
100,00%
100,00%
100,00%
100,00%
100,00%
100,00%
50,00%
100,00%
100,00%
100,00%
100,00%
100,00%
100,00%
85,00%
67,74%
75,35%
75,95%
39,90%
100,00%
100,00%
100,00%
100,00%
100,00%
100,00%

4/24/2015
4/24/2015
4/24/2015
4/24/2015
4/24/2015
4/24/2015
4/24/2015
4/24/2015
4/24/2015
4/24/2015
4/24/2015
4/24/2015
4/24/2015
4/24/2015
4/24/2015
4/24/2015
4/24/2015
4/24/2015
4/24/2015
4/24/2015
4/24/2015
4/24/2015
5/4/2015
7/27/2015
7/31/2015
7/31/2015
7/31/2015
11/30/2015
12/16/2015
12/16/2015

172

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-language version prevails.

Disposals or Reduction of Interest Ownership in Consolidated Subsidiaries

M illio ns o f E uro s

% o f V o t ing R ight s

Type of
Transaction

Activity

Profit (Loss)
in the Transaction
(*)

Changes in the
Equity due to the
transaction

% Participation
Sold
in the Period

(2)
-
-
-
-
-
-
-
-
8
-
-

1
-

-
-
-
-
-
-
-
-
-
-
-
-

-
-

100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
85.00%

100.00%
62.50%

Total Voting
Rights
Controlled after
the
Disposal
-
-
-
-
-
-
-
-
-
-
-
-

-
-

Effective Date for
the Transaction
(or Notification
Date)

1/31/2015
2/26/2015
4/1/2015
7/22/2015
7/22/2015
7/31/2015
10/5/2015
10/5/2015
10/5/2015
11/10/2015
11/30/2015
12/14/2015

12/22/2015
12/23/2015

Company

UNIVERSALIDAD "E5"
PROMOTORA DE RECURSOS AGRARIOS, S.A.
BBVA FINANCE (UK), LTD.
BBVA CAPITAL FINANCE, S.A.
CAIXA DE MANLLEU PREFERENTS, S.A.
CIA. GLOBAL DE MANDATOS Y REPRESENTACIONES, S.A.
MOMENTUM SOCIAL INVESTMENT 2011, S.L.
MOMENTUM SOCIAL INVESTMENT 2012, S.L.
MOMENTUM SOCIAL INVESTMENT 2013, S.L.
BBVA INTERNATIONAL LIMITED
BBVA VIDA, S.A.DE SEGUROS Y REASEGUROS
SERVIMANRESA ACTIUS EN LLOGUER, S.L.

LIQUIDATION
LIQUIDATION
LIQUIDATION
LIQUIDATION
LIQUIDATION
LIQUIDATION
MERGER
MERGER
MERGER
LIQUIDATION
MERGER
LIQUIDATION

FINANCIAL SERVICES
COMMERCIAL
FINANCIAL SERVICES
FINANCIAL SERVICES
FINANCIAL SERVICES
FINANCIAL SERVICES
INVESTMENT COMPANY
INVESTMENT COMPANY
INVESTMENT COMPANY
FINANCIAL SERVICES
INSURANCES SERVICES
INVESTMENT COMPANY

BBVA SOLUCIONES AVANZADAS DE ASESORAMIENTO Y GESTION, S.L.
ACA, S.A.

LIQUIDATION
LIQUIDATION

SERVICES
FINANCIAL SERVICES

173

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-language version prevails.

Business Combinations and Other Acquisitions or Increas es of Interest Ownership in Ass ociates and Joint-Ventures Accounted for Under the Equity Method

M illio ns o f E uro s

% o f V o t ing R ight s

Company

FIDEICOMISO DE ADMINISTRACION 2038-6
REDSYS SERVICIOS DE PROCESAMIENTO, S.L.
SERVIRED SOCIEDAD ESPAÑOLA DE MEDIOS DE PAGO,
S.A.
CATALUNYACAIXA VIDA, S.A.
LANDOMUS, S.L.
NOU MAPRO, S.A.
PROVICAT SANT ANDREU, S.A.
INMOBILIARIA MONTE BOADILLA, S.L.
EUGESA PROCAM, S.L.
ESPAIS CATALUNYA INV. IMMOB., S.L.
INNOVA 31, S.C.R., S.A.
NOVA TERRASSA 30, S.L.
PROMOCIONS TERRES CAVADES, S.A.
PROMOCIONES MIES DEL VALLE, S.L.
ESPAIS CERDANYOLA, S.L.
SANYRES SUR, S.L.
CENTROS RESIDENCIALES SANYRES SUR, S.L.
ALZAMBRA SANYRES, S.L.
PROMAR 21, S.L.
PARQUE EOLICO LOS PEDREROS, S.L.
DESARROLLOS CATALANES DEL VIENTO, S.L.
S.C.I. MAGNAN SAINT PHILIPPE
TEIN CENTRO TECNOLOGICO DEL PLASTICO, S.L.

CATALUNYACAIXA ASSEGURANCES GENERALS, S.A.
PROVIURE CZF, S.L.
EURO LENDERT, S.L.
OCYCANDEY 2006, S.L.
INICIATIVAS EOLICAS CASTELLANAS, S.A.
UNION SANYRES, S.L.
SANIDAD Y RESIDENCIAS 21, S.A.
PARC EOLIC COLL DEL MORO, S.L.
PARC EOLIC DE TORRE MADRINA, S.L.
PARC EOLIC DE VILALBA DELS ARCS, S.L.

Type of
Transaction

Activity

ACQUISITION
ACQUISITION

REAL ESTATE
FINANCIAL SERVICES

ACQUISITION
ACQUISITION
ACQUISITION
ACQUISITION
ACQUISITION
ACQUISITION
ACQUISITION
ACQUISITION
ACQUISITION
ACQUISITION

FINANCIAL SERVICES
INSURANCES SERVICES
REAL ESTATE
REAL ESTATE
REAL ESTATE
REAL ESTATE
REAL ESTATE
REAL ESTATE
FINANCIAL SERVICES
REAL ESTATE
REAL ESTATE
REAL ESTATE
REAL ESTATE
REAL ESTATE
REAL ESTATE
REAL ESTATE
REAL ESTATE
INDUSTRIAL
INVESTMENT COMPANY
REAL ESTATE
SERVICES

INSURANCES SERVICES
REAL ESTATE
REAL ESTATE
INVESTMENT COMPANY
INDUSTRIAL
REAL ESTATE
SERVICES
INDUSTRIAL
INDUSTRIAL
INDUSTRIAL

P ric e P a id in t he
T ra ns a c t io ns +
E xpe ns e s D ire c t ly
A t t ribut a ble t o t he
T ra ns a c t io ns

F a ir V a lue o f
E quit y
Ins t rum e nt s
Is s ue d f o r t he
T ra ns a c t io ns

% P a rt ic ipa t io n
( N e t )
A c quire d
in t he P e rio d

-
-

-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-

-
-
-
-
-
-
-
-
-
-

-
-

-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-

-
-
-
-
-
-
-
-
-
-

33.70%
4.64%

6.13%
50.00%
50.00%
50.00%
50.00%
51.00%
55.00%
50.84%
25.00%
51.00%
39.39%
51.00%
50.00%
100.00%
100.00%
100.00%
100.00%
40.00%
40.00%
25.00%
40.00%

49.99%
50.00%
50.00%
50.00%
97.50%
100.00%
40.73%
100.00%
100.00%
100.00%

T o t a l V o t ing
R ight s
C o nt ro lle d A f t e r
t he
T ra ns a c t io ns
33.70%
21.61%

28.72%
50.00%
50.00%
50.00%
50.00%
51.00%
55.00%
50.84%
25.00%
51.00%
39.39%
51.00%
50.00%
100.00%
100.00%
100.00%
100.00%
40.00%
40.00%
25.00%
40.00%

49.99%
50.00%
50.00%
50.00%
97.50%
100.00%
40.73%
100.00%
100.00%
100.00%

E f f e c t iv e D a t e f o r
t he T ra ns a c t io n
( o r N o t if ic a t io n
D a t e )

1/31/2015
4/24/2015

4/24/2015
4/24/2015
4/24/2015
4/24/2015
4/24/2015
4/24/2015
4/24/2015
4/24/2015
4/24/2015
4/24/2015

174

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-language version prevails.

Business Combinations and Other Acquisitions or Increas es of Interest Ownership in Ass ociates and Joint-Ventures Accounted for Under the Equity Method

M illio ns o f E uro s

% o f V o t ing R ight s

Company

Type of
Transaction

Activity

P ric e P a id in t he
T ra ns a c t io ns +
E xpe ns e s D ire c t ly
A t t ribut a ble t o t he
T ra ns a c t io ns

F a ir V a lue o f
E quit y
Ins t rum e nt s
Is s ue d f o r t he
T ra ns a c t io ns

% P a rt ic ipa t io n
( N e t )
A c quire d
in t he P e rio d

VERTIX PROCAM PATRIMONIAL, S.L.
CAPASATUS, S.L
SARDENYA CENTRE, S.L.
TAGE CENTRE PROMOCIONS IMMOBILIARIES, S.L.
FACTOR HABAST, S.L.
CRUILLA CENTRE, S.L.
HARMONIA BADALONA, S.L.
IMMOCENTRE 3000, S.L.
VISOREN CENTRE, S.L.
KUARS CENTRE, S.L.
SENDERAN GESTION DE ACTIVOS, S.L.
EUROESPAI 2000, S.L.
L'ERA DE VIC, S.L.
OLESA BLAVA, S.L.
AMBIT D'EQUIPAMENTS, S.A.
HARMONIA PLA DE PONENT, S.L.
IMPULS LLOGUER, S.L.
PROVIURE CZF PARC D'HABITATGES, S.L.
NAVIERA ELECTRA, AIE
FIDEICOMISO F/403112-6 DE ADMINISTRACION DOS
LAGOS
METROVACESA, S.A.
DESARROLLOS METROPOLITANOS DEL SUR, S.L.
FIDEICOMISO SCOTIABANK INVERLAT SA F100322742
FIDEICOMISO F/00185 FIMPE - FIDEICOMISO F/00185
PARA EXTENDER A LA SOCIEDAD LOS BENEFICIOS DEL
ACCESO A LA INFRAESTRUCTURA DE LOS MEDIOS DE
PAGO ELECTRONICOS
INNOVA 31, S.C.R., S.A.
REDBANC, S.A.(URUGUAY)
BANK OF HANGZHOU CONSUMER FINANCE CO LTD
AGRUPACION DE LA MEDIACION ASEGURADORA DE
ENTIDADES FINANCIERAS A.I.E.

REAL ESTATE
REAL ESTATE
REAL ESTATE
REAL ESTATE
REAL ESTATE
REAL ESTATE
REAL ESTATE
REAL ESTATE
REAL ESTATE
REAL ESTATE
REAL ESTATE
REAL ESTATE
REAL ESTATE
REAL ESTATE
REAL ESTATE
REAL ESTATE
REAL ESTATE
REAL ESTATE
SERVICES

REAL ESTATE
DILUTION EFFECT
CAPITAL INCREASE REAL ESTATE
REAL ESTATE
FOUNDING
REAL ESTATE
DILUTION EFFECT

ACQUISITION
DILUTION EFFECT
ACQUISITION
FOUNDING

FINANCIAL SERVICES
FINANCIAL SERVICES
FINANCIAL SERVICES
BANKING

ACQUISITION

SERVICES

-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-

-
159
12
-

6
-
-
23

-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-

-
-
-
-

100.00%
50.00%
50.00%
50.00%
50.00%
49.04%
45.00%
40.00%
40.00%
40.00%
40.00%
35.00%
40.00%
29.07%
35.00%
22.33%
100.00%
100.00%
19.50%

3.09%
1.11%
50.00%
0.06%

28.50%
2.04%
5.00%
30.00%

12.50%

T o t a l V o t ing
R ight s
C o nt ro lle d A f t e r
t he
T ra ns a c t io ns
100.00%
50.00%
50.00%
50.00%
50.00%
49.04%
45.00%
40.00%
40.00%
40.00%
40.00%
35.00%
40.00%
29.07%
35.00%
22.33%
100.00%
100.00%
40.50%

50.00%
19.42%
50.00%
33.78%

28.50%
27.04%
25.00%
30.00%

E f f e c t iv e D a t e f o r
t he T ra ns a c t io n
( o r N o t if ic a t io n
D a t e )

4/24/2015
4/24/2015
4/24/2015
4/24/2015
4/24/2015
4/24/2015
4/24/2015
4/24/2015
4/24/2015
4/24/2015
4/24/2015
4/24/2015
4/24/2015
4/24/2015
4/24/2015
4/24/2015
4/24/2015
4/24/2015
4/24/2015

4/30/2015
5/1/2015
6/19/2015
7/31/2015

9/30/2015
10/30/2015
12/23/2015
12/31/2015

25.00%

12/31/2015

175

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-language version prevails.

Disposal or Reduction of Interest Ownership in Associates and Joint-Ventures Companies Accounted for Under the Equity Method

Company

Type of Transaction

Activity

ALMAGRARIO, S.A.

DISPOSAL

SERVICES

FIDEICOMISO SCOTIABANK INVERLAT SA F100322742

DILUTION EFFECT

REAL ESTATE

DESARROLLOS CATALANES DEL VIENTO, S.L.

PARC EOLIC COLL DEL MORO, S.L.

PARC EOLIC DE TORRE MADRINA, S.L.

PARC EOLIC DE VILALBA DELS ARCS, S.L.

SBD CEAR, S.L.

OSONA CIPSA, S.L.

PARQUE EOLICO LOS PEDREROS, S.L.

DISPOSAL

LIQUIDATION

DISPOSAL

ASOCIACION TECNICA CAJAS DE AHORROS, A.I.E. (ATCA, AIE) LIQUIDATION
SERVICIOS ON LINE PARA USUARIOS MULTIPLES, S.A.
(SOLIUM)

DISPOSAL

REDSYS SERVICIOS DE PROCESAMIENTO, S.L.

OCCIDENTAL HOTELES MANAGEMENT, S.L.

CITIC INTERNATIONAL FINANCIAL HOLDINGS LIMITED CIFH

OLESA BLAVA, S.L.

FRIGEL, S.L

CENTROS RESIDENCIALES SANYRES SUR, S.L.

ALZAMBRA SANYRES, S.L.

PROMAR 21, S.L.

SANIDAD Y RESIDENCIAS 21, S.A.

NAVIERA ELECTRA, AIE

OCYCANDEY 2006, S.L.

INICIATIVAS EOLICAS CASTELLANAS, S.A.

LAS PEDRAZAS GOLF, S.L.

DISPOSAL

LIQUIDATION

DISPOSAL

MERGER

LIQUIDATION

DISPOSAL

LIQUIDATION

PROMOCIONS TERRES CAVADES, S.A.

DILUTION EFFECT

INVESTMENT COMPANY

INDUSTRY

REAL ESTATE

INDUSTRY

SERVICES

FINANCIAL SERVICES

SERVICES

INVESTMENT COMPANY

REAL ESTATE

SERVICES

REAL ESTATE

SERVICES

INVESTMENT COMPANY

INDUSTRY

REAL ESTATE

Millions of Euros

% of Voting Rights

Profit (Loss)
in the Transaction

% Participation
Sold
in the Period

Total Voting Rights
Controlled after the
Disposal

Effective Date for the
Transaction
(or Notification Date)

(1)

35.38%

0.42%

40.00%

100.00%

50.00%

40.00%

31.00%

66.67%

1.61%

57.54%

29.68%

29.07%

17.99%

100.00%

40.50%

50.00%

97.50%

50.00%

0.28%

0.33

20.00%

0.39

4/30/2015

5/18/2015

5/28/2015

6/10/2015

6/25/2015

6/30/2015

7/15/2015

7/31/2015

8/27/2015

10/30/2015

11/19/2015

11/30/2015

12/2/2015

12/22/2015

12/29/2015

12/31/2015

176

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-language version prevails.

Changes in other Companies quoted recognize as Available-For-Sale

Company

Type of Transaction

Activity

% of voting rights

% P a rt ic ipa t io n
A c quire d ( S o ld)
in t he P e rio d

Totally Controlled
after Transaction

E f f e c t iv e D a t e f o r
t he T ra ns a c t io n
( o r N o t if ic a t io n
D a t e )

GENERAL DE ALQUILER DE MAQUINARIA, S.A.

SHAREHOLDERS AGREEMENT

SERVICES

5.69%

8/7/2015

177

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-language version prevails.

APPENDIX V.

Fully consolidated subsidiaries with more than 10% owned by non-Group shareholders as of December 31,
2015

Company

Activity

Direct

Indirect

Total

% of Voting Rights
Controlled by the Bank

HOLDING CONTINENTAL, S.A.
BANCO PROVINCIAL S.A. - BANCO UNIVERSAL
INVERSIONES BANPRO INTERNATIONAL INC. N.V.
PRO-SALUD, C.A.
INVERSIONES P.H.R.4, C.A.
BANCO BILBAO VIZCAYA ARGENTARIA CHILE, S.A.
BBVA INMOBILIARIA E INVERSIONES, S.A.
TEXTIL TEXTURA, S.L.
BBVA ELCANO EMPRESARIAL, S.A. EN LIQUIDACION
DISTRITO CASTELLANA NORTE, S.A.
GESTION DE PREVISION Y PENSIONES, S.A.
ESTACION DE AUTOBUSES CHAMARTIN, S.A.
FORUM COMERCIALIZADORA DEL PERU, S.A.
FORUM DISTRIBUIDORA DEL PERU, S.A.
Y MICRO EMPRESA, EDPYME, S.A. (BBVA CONSUMER FINANCE -
F/403035-9 BBVA HORIZONTES RESIDENCIAL
F/253863 EL DESEO RESIDENCIAL
CATALONIA GEBIRA, S.L.
ECOARENYS, S.L.
HABITATGES INVERVIC, S.L.
TURKIYE GARANTI BANKASI A.S
GARANTI EMEKLILIK VE HAYAT AS
FODECOR, S.L.
INFORMACIO I TECNOLOGIA DE CATALUNYA, S.L.
PROCAMVASA, S.A.
JALE PROCAM, S.L.
VOLJA LUX, SARL
HABITAT ZENTRUM, S.L.
CX PROPIETAT, FII
VOLJA PLUS SL

INVESTMENT COMPANY
BANKING
INVESTMENT COMPANY
NO ACTIVITY
NO ACTIVITY
BANKING
REAL ESTATE
COMMERCIAL
IN LIQUIDATION
REAL ESTATE
PENSION FUND MANAGEMENT
SERVICES
SERVICES
FINANCIAL SERVICES
FINANCIAL SERVICES
REAL ESTATE
REAL ESTATE
REAL ESTATE
REAL ESTATE
REAL ESTATE
BANKING
INSURANCES
REAL ESTATE
SERVICES
REAL ESTATE
REAL ESTATE
INVESTMENT COMPANY
REAL ESTATE
REAL ESTATE INVESTMENT COMPANY
INVESTMENT COMPANY

178

50
1
48
-
-
-
-
-
45
-
60
-
-
-
-
-
-
-
-
-
40
-
-
-
-
-
-
-
-
19

-
54
-
59
60
68
68
69
-
76
-
51
84
84
84
65
65
82
50
35
-
85
60
50
51
50
72
50
68
57

50
55
48
59
60
68
68
69
45
76
60
51
84
84
84
65
65
82
50
35
40
85
60
50
51
50
72
50
68
75

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original
Spanish-language version prevails.

APPENDIX VI

BBVA Group’s structured entities. Securitization funds

Securitization Fund (consolidated)

Company

TDA 13 MIXTO FTA
HIPOCAT 5 FTA
HIPOCAT 6 FTA
TDA 19 FTA
HIPOCAT 7 FTA
TDA 23 FTA
HIPOCAT 8 FTA
HIPOCAT 9 FTA
HIPOCAT 10 FTA
GAT FTGENCAT 2006 FTA
HIPOCAT 11 FTA
GAT FTGENCAT 2007 FTA
TDA TARRAGONA 1 FTA
GC FTGENCAT TARRAGONA 1 FTA
GAT FTGENCAT 2008 FTA
GAT ICO-FTVPO I, FTH
FTA 2015 FONDO DE TITULIZACIÓN DE ACTIVOS
AYT HIPOTECARIO MIXTO, FTA
TDA 20-MIXTO, FTA
FTA TDA-22 MIXTO
AYT HIPOTECARIO MIXTO IV, FTA
FTA IM TERRASSA MBS-1
BBVA HIPOTECARIO 3 FTA
BBVA-5 FTPYME FTA
FTA TDA-27
BBVA RMBS 1 FTA
BBVA RMBS 2 FTA
BBVA-FINANZIA AUTOS 1 FTA
BBVA LEASING 1 FTA
BBVA-6 FTPYME FTA
BBVA RMBS 3 FTA
FTA TDA-28
FTA GAT FTGENCAT 2007
BBVA RMBS 5 FTA
AYT CAIXA SABADELL HIPOTECARIO I, FTA
BBVA-8 FTPYME FTA
FTA GAT FTGENCAT 2008
BBVA RMBS 9 FTA
BBVA EMPRESAS 4 FTA
BBVA RMBS 10 FTA
BBVA RMBS 11 FTA
BBVA SECURITISED FUNDING 1.FTA
BBVA RMBS 12 FTA
BBVA RMBS 13 FTA
BBVA CONSUMO 6 FTA
BBVA RMBS 14 FTA
BBVA RMBS 15 FTA
BBVA CONSUMO 7 FTA
BBVA PYME 10 FT
BBVA UNIVERSALIDAD E9
BBVA UNIVERSALIDAD E10
BBVA UNIVERSALIDAD E11
BBVA UNIVERSALIDAD E12
BBVA UNIVERSALIDAD N6
BACOMCB 07
BACOMCB 08
BACOMCB 08-2U
BACOMCB 08-2
BMERCB 13
Instrumentos de Titulización Hip- Junior
2 PS Interamericana
2 PS Interamericana

CATALUNYA BANC SA
CATALUNYA BANC SA
CATALUNYA BANC SA
CATALUNYA BANC SA
CATALUNYA BANC SA
CATALUNYA BANC SA
CATALUNYA BANC SA
CATALUNYA BANC SA
CATALUNYA BANC SA
CATALUNYA BANC SA
CATALUNYA BANC SA
CATALUNYA BANC SA
CATALUNYA BANC SA
CATALUNYA BANC SA
CATALUNYA BANC SA
CATALUNYA BANC SA
CATALUNYA BANC SA
BBVA, S.A.
BBVA, S.A.
BBVA, S.A.
BBVA, S.A.
BBVA, S.A.
BBVA, S.A.
BBVA, S.A.
BBVA, S.A.
BBVA, S.A.
BBVA, S.A.
BBVA, S.A.
BBVA, S.A.
BBVA, S.A.
BBVA, S.A.
BBVA, S.A.
BBVA, S.A.
BBVA, S.A.
BBVA, S.A.
BBVA, S.A.
BBVA, S.A.
BBVA, S.A.
BBVA, S.A.
BBVA, S.A.
BBVA, S.A.
BBVA, S.A.
BBVA, S.A.
BBVA, S.A.
BBVA, S.A.
BBVA, S.A.
BBVA, S.A.
BBVA, S.A.
BBVA, S.A.
BBVA COLOMBIA, S.A.
BBVA COLOMBIA, S.A.
BBVA COLOMBIA, S.A.
BBVA COLOMBIA, S.A.
BBVA COLOMBIA, S.A.
BBVA BANCOMER, S.A.,INSTIT. BANCA
BBVA BANCOMER, S.A.,INSTIT. BANCA
BBVA BANCOMER, S.A.,INSTIT. BANCA
BBVA BANCOMER, S.A.,INSTIT. BANCA
BBVA BANCOMER, S.A.,INSTIT. BANCA
BANCO CONTINENTAL, S.A.
BBVA CHILE S.A.
BBVA SOCIEDAD DE LEASING INMOBILIARIO, S

Millions of Euros

Origination
Date

Total Securitized
Exposures at the
Origination Date

Total Securitized
Exposures as of
December 31, 2015

12/1/2000
10/1/2002
7/1/2003
3/1/2004
6/1/2004
3/1/2005
5/1/2005
11/1/2005
7/1/2006
9/1/2006
3/1/2007
11/1/2007
12/1/2007
6/1/2008
8/1/2008
6/1/2009
4/1/2015
3/1/2004
6/1/2004
12/1/2004
6/1/2005
7/1/2006
10/1/2006
11/1/2006
12/1/2006
2/1/2007
3/1/2007
4/1/2007
6/1/2007
6/1/2007
7/1/2007
7/1/2007
11/1/2007
5/1/2008
7/1/2008
7/1/2008
8/1/2008
4/1/2010
7/1/2010
6/1/2011
6/1/2012
3/1/2013
12/1/2013
7/1/2014
10/1/2014
11/1/2014
5/1/2015
7/1/2015
12/1/2015
12/1/2008
3/1/2009
5/1/2009
8/1/2009
8/1/2012
12/1/2007
3/1/2008
8/1/2008
12/1/2008
6/1/2013
12/1/2007
10/1/2004
10/1/2004

90
696
850
200
1,400
300
1,500
1,000
1,500
441
1,600
397
397
283
400
271
5,673
100
100
112
100
525
1,450
1,900
275
2,500
5,000
800
2,500
1,500
3,000
250
225
5,000
300
1,100
350
1,295
1,700
1,600
1,400
848
4,350
4,100
299
700
4,000
1,450
780,003
41
22
14
23
62
140
61
301
308
573
23
9
19

8
100
161
41
336
92
413
316
475
36
484
57
162
78
61
144
5,153
20
23
35
28
103
51
46
121
1,298
2,466
12
141
66
1,727
123
32
2,864
119
84
44
998
197
1,354
1,197
375
3,913
3,801
267
617
3,865
1,412
-
-
-
-
-

19
3
6
48
67
446
2
3
6

Securitization Fund (not consolidated)

Company

FTA TDA13

FTA TDA-18 MIXTO

2 PS RBS (ex ABN)

BBVA, S.A.

BBVA SOCIEDAD DE LEASING INMOBILIARIO, S

Origination
Date

01-dic-00

01-nov-03

01-sep-01

Millions of Euros

Total Securitized
Exposures at the
Origination Date

Total Securitized
Exposures as of
Diciem bre 31, 2015

179

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original
Spanish-language version prevails.

APPENDIX VII.

Details of the outstanding subordinated debt and preferred securities issued
by the Bank as of December 31, 2015 and 2014

Issue Type and data

July-96
July-04
January-05
December-05
August-06
August-06
February-07
February-07
March-07
March-08
July-08
June-09
September-09

Convertible
May-13
February-14
February-15

Subtotal
Subordinated deposits
Preferred Stock
December-07

Total

Interest rate
in force in
2015
9.37%

1.00%

4.70%
0.51%
0.42%
4.50%
1.27%
6.03%
6.20%
5.22%

9.00%
7.00%
6.75%

2.21%

Fix (F) or
Variable (V)

Maturity date

F
V
V
V
F
V
V
V
V
V
F
V
V

V
V

12/22/2016

7/30/2019

1/28/2020

12/1/2015

8/9/2021

2/15/2017

2/16/2022

Perpetual

3/3/2033

7/4/2023

6/10/2024

9/29/2019

Perpetual

Millions of Euros

2015

2014

27
3
49
3
40
45
70
253
74
125
100
5
10

1,235
1,500
-
3,539
4,100

14
7,653

27
-
44
-
37
42
70
255
75
125
100
5
-

1,378
1,500
1,500
5,158
3,105

14
8,277

180

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original
Spanish-language version prevails.

APPENDIX VIII Balance sheets held in foreign currency as of December
31, 2015 and 2014

2015

Assets -
Financial assets held for trading
Available-for-sale financial assets
Loans and receivables
Investments
Tangible assets
Rest

Total

Liabilities -
Financial assets held for trading
Financial liabilities at amortized cost
Rest

Total

2014

Assets -
Financial assets held for trading
Available-for-sale financial assets
Loans and receivables
Investments
Tangible assets
Rest

Total

Liabilities -
Financial assets held for trading
Financial liabilities at amortized cost
Rest

Total

Millions of Euros

USD

Pounds
Sterling

Other
Currencies

TOTAL

1,365
5,963
14,630
1,216
7
5,488
28,669

1,025
27,668
(168)
28,525

135
1,688
1,804
-
6
1,170
4,803

103
4,623
64
4,790

478
1,014
1,870
24,506
1
(3,029)
24,840

299
1,050
139
1,488

1,978
8,665
18,304
25,722
14
3,629
58,312

1,427
33,341
35
34,803

Millions of Euros

USD

Pounds
Sterling

Other
Currencies

TOTAL

2,126
3,475
12,839
2,028
7
9,140
29,615

1,474
28,118
5
29,597

305
950
1,461

-
6
1,385
4,107

241
3,772
59
4,072

600
3,081
1,900
19,826
2
(8,495)
16,914

398
873
668
1,939

3,031
7,506
16,200
21,854
15
2,030
50,636

2,113
32,763
732
35,608

181

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original
Spanish-language version prevails.

APPENDIX IX.

Income statement corresponding to the first and second half of 2015 and
2014

INTEREST AND SIMILAR INCOME
INTEREST EXPENSE AND SIMILAR CHARGES
INCOME FROM EQUITY INSTRUMENTS
NET INTEREST INCOME
INCOME FROM EQUITY INSTRUMENTS
FEE AND COMMISSION INCOME
FEE AND COMMISSION EXPENSES
GAINS OR LOSSES ON FINANCIAL ASSETS AND LIABILITIES (NET)
EXCHANGE DIFFERENCES
OTHER OPERATING INCOME
OTHER OPERATING EXPENSES
GROSS INCOME
ADMINISTRATION COSTS
Personnel expenses

General expenses
AMORTIZATION
PROVISIONS (NET)
IMPAIRMENT LOSSES ON FINANCIAL ASSETS (NET)
NET OPERATING INCOME
IMPAIRMENT LOSSES ON OTHER ASSETS (NET)
GAINS (LOSSES) ON DERECOGNIZED ASSETS NOT CLASSIFIED AS NON-
CURRENT ASSETS HELD FOR SALE
NEGATIVE GOODWILL IN BUSINESS COMBINATIONS

GAINS AND LOSSES ON NON-CURRENT ASSETS HELD FOR SALE NOT
CLASSIFIED AS DISCONTINUED TRANSACTIONS
INCOME BEFORE TAX
INCOME TAX
INCOME FROM CONTINUING TRANSACTIONS
INCOME FROM DISCONTINUED TRANSACTIONS (NET)
PROFIT FOR THE YEAR

Millions of Euros

1H15

1H14

2H15

2H14

2,821
(1,165)

1,656
1,580
892
(149)
670
148
56
(112)
4,741
(1,889)
(1,106)

(783)

(256)

(308)

(791)
1,497
(181)

431
1,747
(103)
1,644
-
1,644

3,473
(1,893)
-
1,580
1,910
896
(166)
753
(58)
56
(194)
4,778
(1,838)
(1,093)

(745)
(259)
(352)
(918)
1,411
(259)

(2)
-

(254)
895
86
981
-
981

2,643
(960)

1,683
537
859
(140)
240
76
58
(353)
2,960
(1,867)
(1,092)
(775)
(263)
(343)
(513)
(26)
994

8
-

329
1,305
(85)
1,220
-
1,220

3,290
(1,600)
-
1,690
938
877
(142)
401
167
64
(239)
3,755
(1,826)
(1,101)

(725)
(258)
(520)
(950)
201
299

1
-

(117)
385
(261)
124
-
124

182

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original
Spanish-language version prevails.

APPENDIX X. Information on data derived from the special
accounting registry

Information required pursuant to Circular 5/2011 of the Bank of Spain is indicated as follows.

a) Mortgage market policies and procedures

The Bank has express policies and procedures in place regarding its activities in the mortgage market, which
provide for full compliance with applicable legislation pursuant to Royal Decree 716/2009, of 24 April, 2009
implementing certain aspects of Act 2/1981, of 25 March 1981, regulating the mortgage market and other
standards of the mortgage and financial system.

The mortgage granting policy is based in principles focused on assessing the adequate ratio between the
amount of the loan, and the payments, and the net income of the applicant. Applicants must in all cases prove
sufficient repayment ability (present and future) to meet their repayment obligations, for both the mortgage debt
and for other debts detected in the financial system, and even those from an estimate of their current expenses
deduced from socio-demographic information. Therefore, the applicant’s repayment ability is a key aspect within
the credit decision-making tools and retail risk acceptance manuals, and has a high weighting in the final
decision.

During the mortgage risk transaction analysis process , documentation supporting the applicant’s income
(payroll, etc.) is required, and the applicant’s position in the financial system is checked through automated
default database queries (internal and external). This information is used for calculation purposes in order to
determine the level of indebtedness/compliance with the rest of the system. This documentation is kept in the
transaction’s file.

In addition, the mortgage granting policy assesses the adequate ratio between the amount of the loan and the
appraisal value of the mortgaged asset. If an appropriate level is not exceeded, additional collateral is required to
reinforce the transaction’s hedging. The policy also establishes that the property to be mortgaged be appraised
by an independent appraisal company unrelated to the Group and authorized by the Bank of Spain. BBVA
selects those companies whose reputation, standing in the market and independence ensure that their
appraisals adapt to the market reality in each region. Each appraisal is reviewed and checked before the loan is
granted by BBVA staff and, in those cases where the loan is finally granted, it is kept in the transaction’s file.

As for issues related to the mortgage market, the Group’s Finance Division annually defines the wholesale
finance issue strategy, and more specifically mortgage bond issues, such as mortgage covered bonds or
mortgage securitization. The Assets and Liabilities Committee (“ALCO”) tracks the budget monthly. The volume
and type of assets in these transactions is determined in accordance with the wholesale finance plan, the trend
of the Bank’s “Loans and receivables” outstanding balances and market conditions.

The Board of Directors of the Bank authorizes each of the issues of Mortgage Transfer Certificate and/or
Mortgage Participation issued by BBVA to securitize loans and mortgage loans, as well as the establishment of a
Base Prospectus for the issue of fixed-income securities through which the mortgage-covered bonds are
implemented, based on the agreements for the issue of fixed-income securities approved by the Annual General
Meeting.

As established in article 24 of Royal Decree 716/2009, the volume of unmatured mortgage-covered bonds
issued by a bank may not exceed 80% of a calculation base determined by adding the non-amortized capital of
all the loans and mortgage loans in the bank’s portfolio that are eligible and are not covered by the issue of
Mortgage Bonds, Mortgage Participations or Mortgage Transfer Certificates. For these purposes, in accordance
with the aforementioned Royal Decree 716/2009, in order to be eligible, loans and mortgage loans must: (i) be
secured by a first mortgage on the freehold; (ii) the loan’s amount may not exceed 80% of the appraisal value
for home mortgages, and 60% for other mortgage lending; (iii) be established on assets exclusively and wholly
owned by the mortgagor; (iv) have been appraised by an independent appraisal company unrelated to the
Group and authorized by the Bank of Spain; and (v) the mortgaged property must be covered at least by a
current damage insurance policy.

183

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original
Spanish-language version prevails.

The Bank has set up a series of controls for mortgage covered bonds, which regularly control the total volume
of issued mortgage covered bonds issued and the remaining eligible collateral, to avoid exceeding the
maximum limit set by Royal Decree 716/2009, and outlined in the preceding paragraph. In the case of
securitizations, the preliminary portfolio of loans and mortgage loans to be securitized is checked by the Bank’s
external auditor as required by the Spanish Securities and Exchange Commission. There is also a series of filters
through which some mortgage loans and credits are excluded in accordance with legal, commercial and risk
concentration criteria.

b) Quantitative information on activities in the mortgage market

The quantitative information on activities in the mortgage market required by Bank of Spain Circular 5/2011 is
shown below.

b.1) Assets operation

Mortgage loans.
Eligibility for the purpose of the mortgage market.

Millions of Euros

2015

2014

Nominal value of outstanding loans and mortgage loans

(A)

98,555

104,217

Minus: Nominal value of all outstanding loans and mortgage loans that form part of the
portfolio, b ut have b een mob ilized through mortgage b ond holdings or mortgage transfer
certificates.

Nominal value of outstanding loans and mortgage loans, excluding securitized loans
Of which:

Loans and mortgage loans which would be eligible if the calculation limits set forth in
Article 12 of Spanish Royal Decree 716/2009 were not applied.

(B)

(25,650)

(24,390)

(A)-(B)

72,905

79,827

(C)

40,373

42,920

Minus: Loans and mortgage loans which would be eligible but, according to the criteria set
forth in Article 12 of Spanish Royal Decree 716/2009, cannot be used to collateralize any
issuance of mortgage bonds.

Eligible loans and mortgage loans that, according to the criteria set forth in Article 12 of
Spanish Royal Decree 716/2009, can be used as collateral for the issuance of mortgage
bonds

(D)

(2,213)

(2,738)

(C)-(D)

38,160

40,182

Issuance limit: 80% of eligible loans and mortgage loans that can be used as collateral
Issued mortgage-covered bonds

Capacity to issue mortgage-covered bonds (*)
Memorandum items:

Percentage of overcollateralization across the portfolio
Percentage of overcollateralization across the eligible used portfolio

Nominal value of available sums (committed and unused) from all loans and mortgage
loans.
Of which:

(E )
(F)

(E)-(F)

Potentially eligib le
Ineligib le

Nominal value of all loans and mortgage loans that are not eligible, as they do not meet the
thresholds set in Article 5.1 of Spanish Royal Decree 716/2009, but do meet the rest of the
eligibility requirements indicated in Article 4 of the Royal Decree.

30,528
28,362
25,220
2,166

257%
135%

32,145
29,958
27,210
2,187

266%
134%

1,999

1,900

1,361
638

1,322
578

25,350

30,810

Nominal value of the replacement assets subject to the issue of mortgage-covered bonds.

184

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original
Spanish-language version prevails.

Mortgage loans.
Eligibility for the purpose of the mortgage market.

Total loans
Issued mortgage participations

Of which: recognized on the b alance sheet

Issued mortgage transfer certificates

Of which: recognized on the b alance sheet

Mortgage loans as collateral of mortgages bonds
Loans supporting the issuance of mortgage-covered bonds

Non elegible loans

Comply requirements to be elegible except the limit provided for under
the article 5.1 of the Spanish Royal Decree 716/2009
Rest

Elegible loans

That can not be used as collateral for issuances
That can be used as collateral for issuances
Loans used to collateralize mortgage bonds
Loans used to collateralize mortgage-covered bonds

(1)
(2)

(3)

(4)
1-2-3-4

Millions of Euros

2015

2014

98,555
-

25,650
25,612

72,905
32,532

25,350
7,182
40,373
2,213
38,160
-
38,160

104,217
3

24,387
24,345

79,827
36,907

30,810
6,097
42,920
2,738
40,182
-
40,182

Mortgage loans. Classification of the nominal
values according to different characteristics

TOTAL
By source of the operations
Originated by the bank
Subrogated by other institutions
Rest

By Currency
In euros
In foreign currency
By payment situation
Normal payment
Other situations
By residual maturity

Up to 10 years
10 to 20 years
20 to 30 years
Over 30 years
By Interest Rate

Fixed rate
Floating rate
Mixed rate

By Target of Operations
For business activity

From w ich: public housing

For households
By type of guarantee

Secured by completed assets/buildings

Residential use

From w ich: public housing

Commercial
Other

Secured by assets/buildings under construction

Residential use

From w ich: public housing

Commercial
Other

Secured by land

Urban
Non-urban

Millions of Euros

2015

2014

Total
mortgage
loans

Elegibles (*)

Elegibles that
can be used
as collateral
for issuances
(**)

Total
mortgage
loans

Elegibles (*)

Elegibles that
can be used
as collateral
for issuances
(**)

72,905

40,373

38,160

79,827

42,920

40,182

64,852
554
7,499

72,331
574

56,192
16,713

18,457
24,926
18,399
11,123

3,169
69,736
-

20,741
8,623
52,164

66,807
56,563
5,607
9,645
599
2,125
1,642
84
483
-
3,973
1,590
2,383

34,629
459
5,285

40,013
360

34,987
5,386

11,536
17,896
8,379
2,562

944
39,429
-

7,690
2,072
32,683

39,203
34,269
3,354
4,574
360
367
235
5
132
-
803
334
469

32,477
457
5,226

37,811
349

34,330
3,830

10,402
17,317
7,963
2,478

759
37,401
-

5,912
768
32,248

37,461
33,066
3,104
4,046
349
277
158
4
119
-
422
105
317

69,794
928
9,105

79,462
365

59,012
20,815

18,434
24,768
23,027
13,598

3,211
76,616
-

22,483
10,421
57,344

72,770
63,083
6,253
9,687
-
2,350
1,888
100
462
-
4,707
2,021
2,686

35,600
703
6,617

42,920
-

35,268
7,652

10,733
17,939
10,619
3,629

863
42,057
-

7,232
2,519
35,688

41,565
37,547
3,845
4,018
-
380
261
7
119
-
975
442
533

32,945
698
6,539

40,182
-

34,509
5,673

9,377
17,276
10,030
3,499

687
39,495
-

5,065
875
35,117

39,471
36,038
3,536
3,433
-
262
163
3
99
-
449
135
314

(*) Not taking into account the thresholds established by Article 12 of Spanish Royal Decree 716/2009

(**) Taking into account the thresholds established by Article 12 of Spanish Royal Decree 716/2009

185

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original
Spanish-language version prevails.

Loan to Value (Last available appraisal risk)

Millions of Euros

2015
Nominal value of the total mortgage
loans

Less than or
equal to 40%

Over 40% but
less than or
equal to 60%

Over 60% but
less than or
equal to 80%

Over 80%

Total

Home mortgages
Other mortgages

Total

9,364
2,657
12,021

12,730
2,932
15,662

12,690

34,784
5,589
40,373

2014
Elegible loans used to collateralize
mortgage-covered bonds

Less than or
equal to 40%

Over 40% but
less than or
equal to 60%

Over 60% but
less than or
equal to 80%

Over 80%

Total

Home mortgages
Other mortgages

Total

9,518
2,454
11,972

13,848
2,483
16,331

14,617

37,983
4,937
42,920

Millions of Euros

Loan to Value (Last available appraisal risk)

Elegible and non elegible mortgage loans.
Changes of the nominal values in the period

Balance at the begining
Retirements

Held-to-maturity cancellations
Anticipated cancellations
Subrogations to other ins titutions
Rest
Additions

Originated by the bank
Subrogations to other ins titutions
Rest

Balance at the end

Millions of Euros

2015

2014

Elegibles (*) Non elegible Elegibles (*) Non elegible

42,920
5,772
4,175
1,236
23
338
3,225
2,529
14
682
40,373

36,907
9,218
2,487
2,268
20
4,443
4,843
3,794
12
1,037
32,532

58,742
17,832
5,055
335
7
12,435
2,010
1,819
5
186
42,920

28,669
5,901
3,231
603
3
2,064
14,139
3,382
3
10,754
36,907

(*) Not taking into account the thresholds established by Article 12 of Spanish Royal Decree 716/2009

Mortgage loans supporting the issuance of mortgage-covered
bonds
Nominal value.

Potentially eligible
Ineligible

Total

Millions of Euros

2015

2014

1,361
638
1,999

1,322
578
1,900

186

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original
Spanish-language version prevails.

b.2) Liabilities operations

Issued Mortgage Bonds

Nominal value

Average
residual
maturity

Nominal value

Average
residual
maturity

Millions of euros

2015

2014

Mortgage bonds
Mortgage-covered bonds
Of which:Non recognized as liabilities on balance
Outstanding

Debt securities issued through public offer

Residual maturity up to 1 year
Residual maturity over 1 year and less than 2 years
Residual maturity over 2 years and less than 3 years
Residual maturity over 3 years and less than 5 years
Residual maturity over 5 years and less than 10 years
Residual maturity over 10 years

Debt securities issued without public offer

Deposits

Mortgage participations

Issued through public offer
Issued without public offer
Mortgage transfer certificates
Issued through public offer
Issued without public offer

-
28,362
3,142

25,220

21,523
4,500
6,772
-
2,051
8,000
200
2,765
-
150
-
-
2,500
115
4,074
1,064
460
639
422
849
640
-
-
-
25,612
25,612
-

-
29,958
2,748

27,210

22,620
3,598
4,500
6,772
-
5,550
2,200
2,272
-
-
150
-
2,000
122
5,066
993
1,064
460
815
843
891
-
-
-
24,345
24,345
-

-
-
-
293
293
-

-
-
-
289
289
-

Given the characteristics of the type of covered bonds issued by the Bank, there is no substituting collateral
related to these issues.

The Bank does not hold any derivative financial instruments relating to mortgage bond issues, as defined in the
aforementioned Royal Decree.

187

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original
Spanish-language version prevails.

APPENDIX XI. Risks related to the developer and real-estate
sector in Spain

Policies and strategies established by the Group to deal with risks related to the
developer and real-estate sector

BBVA has teams specializing in the management of the Real-Estate Sector risk, given its economic importance
and specific technical component. This specialization is not only in the Risk-Acceptance teams, but throughout
the handling, commercial, problematic management and legal aspects, and includes the research department
(BBVA Research), which helps determine the medium/long-term vision needed to manage this portfolio.
Specialization has been increased and the management teams in the areas of recovery and the Real Estate Unit
itself have been reinforced.

The portfolio management policies, established to address the risks related to the developer and real-estate
sector, aim to accomplish, among others, the following objectives: to avoid concentration in terms of
customers, products and regions; to estimate the risk profile for the portfolio; and to anticipate possible
worsening of the portfolio.

Specific policies for analysis and admission of new developer risk transactions

In the analysis of new operations, the assessment of the commercial operation in terms of the economic and
financial viability of the project has been once of the constant points that have helped ensure the success and
transformation of construction land operations for our customers’ developments.

As regards the participation of the Risk Acceptance teams, they have a direct link and participate in the
committees of areas such as Recoveries and the Real Estate Unit. This guarantees coordination and exchange of
information in all the processes.

The following strategies have been implemented with customers: avoidance of large corporate transactions,
which had already reduced their share in the years of greatest market growth; non-participation in the second-
home market; commitment to public housing financing; and participation in land operations with a high level of
urban development security, giving priority to land open to urban development.

Risk monitoring policies

The base information for analyzing the real estate portfolios is updated monthly. The tools used include the so-
called “watch-list”, which is updated monthly with the progress of each client under watch, and the different
strategic plans for management of special groups. There are plans that involve an intensification of the review of
the portfolio for financing land, while, in the case of ongoing promotions, they are classified for monitoring
purposes based on the rate of progress of the projects.

These actions have enabled the Bank to anticipate possible impairment situations, by always keeping an eye on
BBVA’s position with each customer (whether or not as first creditor).In this regard, key aspects include
management of the risk policy to be followed with each customer, contract review, deadline extension,
improved collateral, rate review (repricing) and asset purchase.

Proper management of the relationship with each customer requires knowledge of various aspects such as the
identification of the source of payment difficulties, an analysis of the company’s future viability, the updating of
the information on the debtor and the guarantors (their current situation and business course, economic-
financial information, debt analysis and generation of funds), and the updating of the appraisal of the assets
offered as collateral.

BBVA has a classification of debtors in accordance with legislation in force in each country, usually categorizing
each one’s level of difficulty for each risk.

Based on the information above, a decision is made whether to use the refinancing tool, whose objective is to
adjust the structure of the maturity of the debt to the generation of funds and the customer’s payment capacity.

188

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original
Spanish-language version prevails.

As for the policies relating to risk refinancing with the developer and real-estate sector, they are the same as the
general policies used for all of the Group’s risks. In the developer and real estate sector, they are based on clear
solvency and viability criteria for projects, with demanding terms for guarantees and legal compliance. The
policy on refinancing uses outstanding risk rather than nonperforming assets, with a refinancing tool that
standardizes criteria and values up to a total of 19 variables when considering any refinancing operation.

In the case of refinancing, the tools used for enhancing the Bank’s position are: the search for new intervening
parties with proven solvency and initial payment to reduce the principal debt or outstanding interest; the
improvement of the debt bond in order to facilitate the procedure in the event of default; the provision of new
or additional collateral; and making refinancing viable with new conditions (period, rate and repayments),
adapted to a credible and sufficiently verified business plan.

Policies applied in the management of real estate assets in Spain

The policy applied for managing these assets depends on the type of real-estate asset, as detailed below.

In the case of completed homes, the final aim is the sale of these homes to private individuals, thus diluting the
risk and beginning a new business cycle. Here, the strategy has been to help subrogation (the default rate in this
channel of business is notably lower than in any other channel of residential mortgages) and to support our
customers’ sales directly, using BBVA’s own channel (BBVA Services and our branches), creating incentives for
sale and including sale orders for BBVA that set out sale prices which are notably lower than initial ones. In
exceptional case we have even accepted partial haircuts, with the aim of making the sale easier.

In the case of ongoing construction work, our strategy has been to help and promote the completion of the
works in order to transfer the investment to completed homes. The whole developer Works in Progress portfolio
has been reviewed and classified into different stages with the aim of using different tools to support the
strategy. This includes the use of developer accounts-payable financing as a form of payment control, the use of
project monitoring supported by the Real Estate Unit itself, and the management of direct suppliers for the
works as a complement to the developer’s own management.

With respect to land, our presence at advanced stages in land development, where the vast majority of our risk
is urban land, simplifies our management. Urban management and liquidity control to tackle urban planning
costs are also subject to special monitoring.

189

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original
Spanish-language version prevails.

Quantitative information on activities in the real-estate market in Spain

Lending for real estate development according to the purpose of the loans as of December 31, 2015 and 2014
is shown below:

2015
Financing allocated to construction and real estate
development and its coverage

Loans recorded by the BBVA, S.A. Bank (Businesses in Spain)

Of which: Impaired assets
Of which: Potencial prob lem assets

Memorandum item:

Write-offs

Gross
am ount

Millions of Euros
Draw n over
the
guarantee
value

Provision
coverage

3,863

2,884
236

3,470

3,277
193

8,882

5,797
714

1,536

2014
Financing allocated to construction and real estate
development and its coverage

Loans recorded by the BBVA, S.A. Bank (Businesses in Spain)

Of which: Impaired assets
Of which: Potencial prob lem assets

Memorandum item:

Write-offs

Gross
am ount

Millions of Euros
Draw n over
the
guarantee
value

Provision
coverage

4,832
3,686
374

4,572
4,225
347

10,986
7,418
981

1,075

Memorandum item:

Total loans and advances to customers, excluding the Public
Sector (Business in Spain)

Total Assets (BBVA, S.A.)

Impairment losses determined collectively (BBVA, S.A.)

Millions of Euros

2015

2014

168,355

397,303

233

175,447

403,841

233

190

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original
Spanish-language version prevails.

As of December 31, 2015, 36% of the nonperforming assets in this sector are up-to-date on payments, but
were classified as non-performing in accordance with the provisions of Appendix IX of Bank of Spain Circular
4/2004. Furthermore, substandard risk amounted to 8% of total developer risk.

The drawn over the guarantee value shown in the tables above corresponds to the difference between the gross
amount of each loan and the value of the real rights that, if applicable, were received as security, calculated
according to Bank of Spain Circular 3/2010, which complements Appendix IX of Bank of Spain Circular 4/2004.
This means that additional regulatory corrective factors ranging from 30% to 50%, based on the type of asset,
have been applied to the updated appraisal values.

After applying said corrective factors, the excess value above the guarantee value, which represents the amount
to be provisioned, amounted to €2,884 million and €236 million for nonperforming assets and substandard
assets, respectively as of December 31, 2015 (€3,686 million and €374 million as of December 31, 2014).

In addition, as of December 31, 2015 and 2014, specific provisions were allocated, amounting to €3,470
million and €4,572 million, respectively.

As of December 31, 2015 and 2014, the updated appraisal values, without the application of said corrective
factors, rose to €11,056 million and €13,438 million, respectively.

The following is a description of the real estate credit risk based on the types of associated guarantees:

Financing allocated to construction and real
estate development (Gross)
Without secured loan
With secured loan

Terminated buildings

Homes
Other

Buildings under construction

Homes
Other

Land

Urbanized land
Rest of land

With others secured
Total

Millions of Euros

2015

2014

995
7,887
4,458
3,785
673
647
631
16
2,782
1,472
1,310

1,007
9,979
5,776
4,976
800
883
861
22
3,320
1,881
1,439

8,882

10,986

The information on the retail mortgage portfolio risk as of December 31, 2015 and 2014 is as follows:

Housing-acquisition loans to households
(Businesses in Spain)
Without secured loan (gross amount)

Of which: Impaired

With secured loan (gross amount)

Of which: Impaired

Total

Millions of Euros

2015

2014

943
18
75,244
3,952
76,187

897
28
78,408
4,400
79,305

191

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original
Spanish-language version prevails.

The loan to value (LTV) ratio (resulting from dividing the pending risk at any particular date by the amount of the
latest available appraisal) of the above portfolio is as follows:

2015
LTV Breakdown of secured loans to households
for the purchase of a home
(Businesses in Spain)
Gros s amount

Of which: Impaired

Total risk over the am ount of the last valuation available (Loan To Va lue -LTV)

Millions of Euros

Less than or
e qual to 40%

Over 40% but
le ss than or
equal to 60%

Over 60% but
le ss than or
e qual to 80%

Ove r 80% but
le ss than or
equal to 100%

Ove r 100%

Total

14,728
144

22,060
229

26,153
447

6,597
703

5,706
2,429

75,244
3,952

Total risk over the amount of the last valuation available (Loan To Value -LTV)

Millions of Euros

2014
LTV Breakdown of secured loans to households
for the purchase of a home
(Businesses in Spain)

Less than or
equal to 40%

Over 40% but
less than or
equal to 60%

Over 60% but
less than or
equal to 80%

Over 80% but
less than or
equal to 100%

Over 100%

Total

Gross amount

Of which: Non-performing

14,472
199

22,234
276

28,874
533

7,541
842

5,287
2,550

78,408
4,400

The breakdown of foreclosed, acquired, purchased or exchanged assets from debt from loans relating to
business in Spain, as well as the holdings and financing to non-consolidated companies holding such assets is as
follows:

2015

2014

Millions of Euros

Information about assets received in payment of debts
(Businesses in Spain)

Gross
Value

Provisions

Of
w hich:foreclose
assets
provisions

Carrying
Am ount

Gross
Value

Provisions

Of
w hich:foreclose
assets
provisions

Carrying
Am ount

Real estate assets from loans to the construction and real
estate development sectors in Spain.

Terminated buildings

Homes
Other

Buildings under construction

Homes
Other

Land

Urbanized land
Rest of land

Real estate assets from mortgage financing for households
for the purchase of a home
Rest of foreclosed real estate assets
Equity instruments, investments and financing to non-
consolidated companies holding said assets
Total

36
36
-
36
-
-
-
-
-
-

2,970
1,368

895
5,269

7
7
-
7
-
-
-
-
-
-

1,431
678

532
2,648

4
4
-
4
-
-
-
-
-
-

412
148

433
997

29
29
-
29
-
-
-
-
-
-

36
36
-
36
-
-
-
-
-
-

7
7
-
7
-
-
-
-
-
-

1,539
690

363
2,621

2,751
1,137

737
4,661

1,197
532

492
2,228

4
4
-
4
-
-
-
-
-
-

367
105

393
869

29
29
-
29
-
-
-
-
-
-

1,554
605

245
2,433

As of December 31, 2015 and 2014, the gross book value of BBVA’s real-estate assets from corporate
financing for real estate construction and development was €36 and €36 million with an average coverage ratio
of 19% and 19%, respectively.

The gross book value of real-estate assets from mortgage lending to households for home purchase as of
December 31, 2015 and 2014, amounted to €2,970 million and €2,751 million, respectively, with an average
coverage ratio of 48% and 44%, respectively.

As of December 31, 2015 and 2014, the amount of real-estate assets on BBVA’s balance sheet, including other
real-estate assets received as debt payment, was €4,374 million and €3,924 million, respectively. The average
coverage ratio was 48% and 44.2%, respectively.

192

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original
Spanish-language version prevails.

APPENDIX XII. Refinanced and restructured operations and
other requirements under Bank of Spain Circular 6/2012

REFINANCING AND RESTRUCTURING OPERATIONS

a) Policies and strategies established by the Group to deal with risks related to

refinancing and restructuring operations.

Refinancing/restructuring operations (see definition in the Glossary) are carried out with customers who have
requested such an operation in order to meet their current loan payments if they are expected, or may be
expected, to experience financial difficulty in making the payments in the future.

The basic aim of a refinanced/restructured operation is to provide the customer with a situation of financial
viability over time by adapting repayment of the loan incurred with the Group to the customer’s new situation of
fund generation. The use of refinancing or restructuring with for other purposes, such as for delaying loss
recognition, is contrary to BBVA Group policies.

The BBVA Group’s refinancing/restructuring policies are based on the following general principles:

• Refinancing and restructuring is authorized according to the capacity of customers to pay the new
installments. This is done by first identifying the origin of the payment difficulties and then carrying out an
analysis of the customers’ viability, including an updated analysis of their economic and financial situation
and capacity to pay and generate funds. If the customer is a company, the analysis also covers the situation
of the industry in which it operates.

• With the aim of increasing the solvency of the operation, new guarantees and/or guarantors of
demonstrable solvency are obtained where possible. An essential part of this process is an analysis of the
effectiveness of both the new and original guarantees submitted.

•

This analysis is carried out from the overall customer or group perspective, and not only from the
perspective of a specific operation.

• Refinancing and restructuring operations do not in general increase the amount of the customer’s loan,

except for the expenses inherent to the operation itself.

•

The capacity to refinance and restructure loan is not delegated to the branches, but decided on by the risk
units.

The decisions adopted are reviewed from time to time with the aim of checking full compliance with
refinancing and restructuring policies.

These general principles are adapted in each case according to the conditions and circumstances of each
geographical area in which the Group operates, and to the different types of customers involved.

In the case of retail customers (private individuals), the main aim of the BBVA Group’s policy on
refinancing/restructuring loan is to avoid default arising from a customer’s temporary liquidity problems by
implementing structural solutions that do not increase the balance of customer’s loan. The solution required is
adapted to each case and the loan repayment is made easier, in accordance with the following principles:

• Analysis of the viability of operations based on the customer’s willingness and ability to pay, which may be
reduced, but should nevertheless be present. The customer must therefore repay at least the interest on
the operation in all cases. No arrangements may be concluded that involve a grace period for both principal
and interest.

• Refinancing/restructuring of operations is only allowed on those loans in which the BBVA Group originally

entered into.

• Customers subject to refinancing or restructuring operations are excluded from marketing campaigns of any

kind.

193

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original
Spanish-language version prevails.

In the case of wholesale customers (basically businesses and corporations), refinancing/restructuring is
authorized according to an economic and financial viability plan based on:

•

Forecast future income, margins and cash flows over a sufficiently long period (around five years) to allow
entities to implement cost adjustment measures (industrial restructuring) and a business development plan
that can help reduce the level of leverage to sustainable levels (capacity to access the financial markets).

• Where appropriate, the existence of a divestment plan for assets and/or business segments that can

generate cash to assist the deleveraging process.

•

The capacity of shareholders to contribute capital and/or guarantees that can support the viability plan.

In accordance with the Group’s policy, the conclusion of a loan refinancing/restructuring operation does not
imply the loan is reclassified from "impaired" or "potential problem" to outstanding risk; such a reclassification
must be based on the analysis mentioned earlier of the viability and effectiveness of the new guarantees
submitted.

The Group maintains the policy of including risks related to refinanced/restructured loans as either:

•

"Impaired assets", as although the customer is up to date with payments, they are classified as impaired for
reasons other than their default when there are significant doubts that the terms of their refinancing may
not be met;.

"Potential problem assets", because there is some material doubt as to possible non-compliance with the
refinanced loan; or.

"Normal-risk assets" (although as mentioned in the table in the following section, they continue to be
classified as "normal-risk assets with special monitoring" until the conditions established for their
consideration as outstanding risk are met).

The conditions established for “normal-risk assets with special monitoring” to be reclassified out of this special
monitoring category are as follows:

•

The customer must have paid past-due amounts (principal and interest) since the date of the renegotiation
or restructuring of the loan;

At least two years must have elapsed since the renegotiation or restructuring of the loan;

The customer must have paid at least 20% of the outstanding principal amount of the loan as well as all the
past-due amounts (principal and interest) that were outstanding as of the date of the renegotiation or
restructuring of the loan; and

It is unlikely that the customer will have financial difficulties and, therefore, it is expected that the customer
will be able to meet its loan payment obligations (principal and interest) in a timely manner.

The internal models used to determine allowances for loan losses consider the restructuring or renegotiation of
a loan, as well as re-defaults on a loan, by assigning a lower internal rating to restructured/renegotiated loans
than the average internal rating assigned to non-restructured/renegotiated loans. This downgrade results in an
increase in the probability of default (PD) assigned to restructured/renegotiated loans (with the resulting PD
being higher than the average PD of the non- renegotiated loans in the same portfolios).”

194

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-language version prevails.

b) Quantitative information on refinancing and restructuring operations.

B A LA N C E O F F O R B E A R A N C E (a)

E s t a do T .10 - 1 ( bis )

B B V A , S .A . D E C E M B E R 2 0 15

( M illio ns o f E uro s )

N O R M A L ( b)

P O T E N T IA L P R O B LE M LO A N S

R e a l e s t a t e m o rt ga ge
s e c ure d

R e s t o f s e c ure d lo a ns ( c )

Uns e c ure d lo a ns

R e a l e s t a t e m o rt ga ge
s e c ure d

R e s t o f s e c ure d lo a ns ( c )

Uns e c ure d lo a ns

N um be r o f
o pe ra t io ns

G ro s s
a m o unt

N um be r o f
o pe ra t io ns

G ro s s
a m o unt

N um be r o f
o pe ra t io ns

G ro s s
a m o unt

N um be r o f
o pe ra t io ns

G ro s s
a m o unt

N um be r o f
o pe ra t io ns

G ro s s
a m o unt

N um be r o f
o pe ra t io ns

G ro s s
a m o unt

S pe c if ic
c o v e ra ge

1 G o v e rnm e nt a ge nc ie s

61 8 0

- 2 2 1

14 3

- 2

2 O t he r le ga l e nt it ie s a nd indiv idua l
e nt re pre ne urs

Of which: Financing the co nstructio n
and pro perty develo pment

3,279

1,568 586 408 13,167

1,477

4,264

1,362

1,118 386 11,155

1,271 486

644

498

409

379

127

108

146

3 O t he r indiv idua ls

19,286

1,573

6,193 913 20,579 174 11,958

1,262

9,856

1,629 13,341 112 186

4 T o t a l

2 2 ,6 11

3 ,2 0 2

6 ,7 8 7

1,3 2 1

3 3 ,7 5 8

1,6 5 1

16 ,2 2 4

2 ,6 2 6

10 ,9 7 5

2 ,0 2 9

2 4 ,4 9 9

1,3 8 3

6 7 4

B B V A , S .A . D E C E M B E R 2 0 15

( M illio ns o f E uro s )

IM P A IR E D

R e a l e s t a t e m o rt ga ge
s e c ure d

R e s t o f s e c ure d lo a ns ( c )

Uns e c ure d lo a ns

N um be r o f
o pe ra t io ns

G ro s s
a m o unt

N um be r o f
o pe ra t io ns

G ro s s
a m o unt

N um be r o f
o pe ra t io ns

G ro s s
a m o unt

S pe c if ic
c o v e ra ge

T O T A L

Number o f
o peratio ns

Gro ss amo unt

S pe c if ic
c o v e ra ge

1 G o v e rnm e nt a ge nc ie s

3 4 1 1

25 8 4 101

90 6

2 O t he r le ga l e nt it ie s a nd indiv idua l
e nt re pre ne urs

Of which: Financing the co nstructio n
and pro perty develo pment

7,027

3,334

3,980

3,578 14,934

2,301

4,463 59,510 15,685

4,949

2,267

1,701

2,029

2,283

1,383

555

2,619

7,018

5,636

2,765

3 O t he r indiv idua ls

10,168

1,030 11,951

2,023 20,023 272 752

123,355

8,988 938

4 T o t a l

17 ,19 8

4 ,3 6 8

15 ,9 3 2

5 ,6 0 2

3 4 ,9 8 2

2 ,5 8 1

5 ,2 19

18 2 ,9 6 6

2 4 ,7 6 3

5 ,8 9 3

(a) Includes all fo rbereance o peratio ns as defined in paragraph 1.g) o f A nnex IX o f Circular 4/2004 o f the B ank o f Spain
(b) Risks rated as no rmal in special mo nito ring as stated in paragraph 7.a) o f A nnex IX o f the Circular 4/2004 o f the B ank o f Spain.

(c) Includes mo rtgage-backed real estate o peratio ns no t full, ie lo an to value greater than 1, and secured o peratio ns, o ther than transactio ns secured by real estate mo rtgage, o f whatever their lo an to value.

195

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-language version prevails.

The table below provides a roll forward of refinanced assets during 2015:

Refinanced assets Roll forward 2015

Balance at the beginning
Update of estimations
Period changes

Ending Balance

Millions of Euros
Risk
Potential
Problem

Impaired

TOTAL

Risk

Coverage

5,755
(340)
623
6,038

12,996
1,223
(1,668)
12,551

26,437
-
(1,674)
24,763

6,480
-
(587)
5,893

Normal

7,686
(883)
(629)
6,174

196

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-language version prevails.

c) Loans and advances to customers by activity (carrying amount)

1 Government agencies
2 Other financial institutions
3 Non-financial institutions and individual
entrepreneurs

3.1 Construction and property development
3.2 Construction of civil works
3.3 Other purposes

3.3.1 Large companies
3.3.2 SMEs and individual entrepreneurs

4 Rest of households and NPISHs

4.1 Housing
4.2 Consumption
4.3 Other purposes

SUBTOTAL
5 Less: Valuation adjustments due to impairment of
assets not attributable to specific operations
6 TOTAL

MEMORANDUM:
Forbereance operations

Millions of euros

TOTAL (*)

Of which:
Mortgage
loans (e)

Of which: Secured
loans

Collateralized Credit Risk. Loan to value

Less than or
equal to 40%

Over 40% but
less than or
equal to 60%

Over 60% but
less than or
equal to 80%

Over 80% but
less than or
equal to 100%

Over 100%

397
126
17,920

4,721
2,055
11,144
3,439
7,705
75,328
74,220
188
920
93,771

23,318
13,629
77,181

5,027
8,289
63,865
44,063
19,802
83,477
75,434
5,456
2,587
197,605

183

197,422

359
4,536
3,548

12
641
2,895
1,869
1,026
338
50
102
186
8,781

35
52
7,251

1,272
600
5,379
1,667
3,712
15,738
15,193
96
449
23,076

158
32
5,729

2,019
557
3,153
963
2,190
22,790
22,404
71
315
28,709

190
93
3,694

941
490
2,263
807
1,456
26,637
26,422
59
156
30,614

359
4,485
2,109

292
318
1,499
725
774
6,432
6,276
39
117
13,385

14
-
2,685

209
731
1,745
1,146
599
4,069
3,975
25
69
6,768

18,870

14,406

645

2,023

1,890

2,498

2,301

6,339

(*) The amounts included in this table are net of impairment losses.

197

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-language version prevails.

d) Concentration of risks by activity and geographical area (carrying amount)

1 Credit institutions
2 Government agencies

2.1 Central Administration
2.2 Rest

3 Other f inancial institutions
4 Non-financial institutions and individual entrepreneurs

4.1 Construction and property development
4.2 Construction of civil w orks
4.3 Other purposes

4.3.1 Large companies
4.3.2 SMEs and individual entrepreneurs

5 Rest of households and NPISHs

5.1 Housing
5.2 Consumption
5.3 Other purposes

SUBTOTAL
6 Less: Valuation adjustments due to impairment of assets not
attributable to specific operations
7 TOTAL

TOTAL (*)

Spain

Millions of euros
Rest of European
Union

Am erica

Rest of the
w orld

68,481
73,096
47,923
25,173
67,548
116,651
5,027
12,208
99,416
77,426
21,990
83,655
75,434
5,456
2,765
409,431

198
409,233

17,220
59,401
34,656
24,745
32,194
76,958
5,023
9,087
62,848
41,832
21,016
83,095
74,927
5,447
2,721

32,249
12,330
12,170
160
14,116
20,935
4
1,915
19,016
18,440
576
321
291
3
27

9,079
819
771
48
20,878
12,633
-
851
11,782
11,422
360
86
78
3
5

9,933
546
326
220
360
6,125
-
355
5,770
5,732
38
153
138
3
12

268,868

79,951

43,495

17,117

(*) The definition of risk for the purpose of this statement includes the following items on the public balance sheet: Loans and advances to credit institutions, Loans and advances to customers, Debt securities,
losses.
Other equity securities, Trading derivatives, Hedging derivatives,

Investments and Contingent

risks. The amounts

table are net of

impairment

included

this

198

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-language version prevails.

Andalucia

Aragon

Asturias

Baleares

Canarias

Cantabria

Millions of euros

1 Credit institutions
2 Government agencies

2.1 Central Administration
2.2 Rest

3 Other financial institutions
4 Non-financial institutions and individual entrepreneurs

4.1 Construction and property development
4.2 Construction of civil works
4.3 Other purposes

4.3.1 Large companies
4.3.2 SMEs and individual entrepreneurs

5 Rest of households and NPISHs

5.1 Housing
5.2 Consumption
5.3 Other purposes

SUBTOTAL
6 Less: Valuation adjustments due to impairment of assets not
attributable to specific operations

7 TOTAL

89
2,981
-
2,981
77
5,292

617
496
4,179
1,296
2,883
13,155
11,943
898
314
21,594

17,220
59,401
34,656
24,745
32,194
76,958

5,023
9,087
62,848
41,832
21,016
83,095
74,927
5,447
2,721
268,868
150

268,718

92
1,080
-
1,080
2
1,114

71
46
997
479
518
1,433
1,284
99
50
3,721

-
612
-
612
1
646

53
41
552
325
227
1,381
1,190
130
61
2,640

18
948
-
948
11
1,817

44
160
1,613
1,148
465
2,069
1,918
117
34
4,863

-
781
-
781
1
2,130

267
176
1,687
593
1,094
3,804
3,313
406
85
6,716

1,754
190
-
190
2
359

14
29
316
130
186
887
804
53
30
3,192

Castilla La
Mancha

-
756
-
756
1
1,131

102
113
916
351
565
2,707
2,460
185
62
4,595

Castilla y
León
-
1,145
-
1,145
38
1,298

85
94
1,119
366
753
3,038
2,700
221
117
5,519

Cataluña

7,632
4,452
-
4,452
1,220
15,094

1,436
3,857
9,801
4,541
5,260
21,656
19,632
1,208
816
50,054

199

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-language version prevails.

1 Credit institutions
2 Government agencies

2.1 Central Administration
2.2 Rest

3 Other financial institutions
4 Non-financial ins titutions and individual entrepreneurs

4.1 Construction and property development
4.2 Construction of civil works
4.3 Other purposes

4.3.1 Large companies
4.3.2 SMEs and individual entrepreneurs

5 Rest of households and NPISHs

5.1 Housing
5.2 Consum ption
5.3 Other purposes

SUBTOTAL
6 Les s: Valuation adjustments due to im pairment of assets not
attributable to specific operations
7 TOTAL

Extre m adura

Galicia

Madrid

Murcia

Navarra

Com unidad
Valenciana

País Vasco

La Rioja

Ceuta y
Melilla

Millions of euros

-
291
-
291
-
565
37
34
494
88
406
1,353
1,193
125
35
2,209

91
1,546
-
1,546
92
2,268
235
201
1,832
1,175
657
3,118
2,744
268
106
7,115

5,697
3,945
-
3,945
30,040
32,514
1,404
2,993
28,117
24,619
3,498
13,663
12,424
697
542
85,859

-
417
-
417
5
1,134
45
83
1,006
414
592
1,787
1,577
163
47
3,343

8
374
-
374
-
1,066
17
89
960
687
273
509
456
35
18
1,957

-
2,432
-
2,432
134
3,997
363
317
3,317
1,085
2,232
8,451
7,671
554
226
15,014

1,839
2,473
-
2,473
570
6,135
191
337
5,607
4,448
1,159
2,967
2,612
201
154
13,984

-
212
-
212
-
237
12
11
214
70
144
359
321
25
13
808

-
110
-
110
-
161
30
10
121
17
104
758
685
62
11
1,029

(*) The definition of risk for the purpose of this statement includes the following items on the public balance sheet: Loans and advances to credit institutions, Loans and advances to customers,

Debt securities, Other equity securities, Trading derivatives, Hedging derivatives, Investments and Contingent risks. The amounts included in this table are net of impairment losses.

200

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-language version prevails.

APPENDIX XIII.

Agency Network

3IMPULSA, S.C.P.

ACOFIRMA, S.L.

ADMINISTRADORES COMMUNITY GROUP, S.L.

3J LAVALL BUSINESS & SOLUTIONS, S.L.

ACOSTA Y RUIZ CONSULTING ASEGURADOR, S.L.

ADOE ASESORES, S.L.

A.M. DE SERVEIS EMPRESARIALS LLEIDA, S.L.

ACREMUN, S.L.

ADOLFO SANCHEZ ASESORES TRIBUTARIOS, S.L.

ABELENDA MONTES MANUEL

ACTIVIDADES FINANCIERAS Y EMPRESARIALES, S.L.

ADVICE LABOUR FINANCE SOCIETY, S.L.

ABELLA LOPEZ ROGELIO

ADA PROMOCIONES Y NEGOCIOS, S.A.

AESTE, S.L.

ABEMPATRI, S.L.

ADA SEQUOR, S.L.

AFIANZA FINANCIERA, S.L.

ABOGADOS & ASESORES EUROPEOS, S.L.

ADAN ROLDAN FRANCISCO DE ASIS

AFIANZA GESTION EMPRESARIAL, S.L.

ABOGAP SERVICIOS INTEGRALES, S.L.U.

ADELANTE ASESORES, S.C.

AFITEC INVERSIONES, S.L.

ABRAHAM MORA JUAN PEDRO

ADLANTA SERVICIOS PROFESIONALES, S.L.

AFYSE INIESTA ASESORES, S.L.

ABREU PEÑA ANDRES SERGIO

ADMI-EXPRES-GMC, S.L.

AGENCIA FERRERO Y LAGARES, S.L.

ACENTEJO CONSULTORES, S.A.L.

ADMINISTRACION LEGAL DE COMUNIDADES, S.L.

AGENCIA JOSE OLIVA-JOV, S.L.

ACERTIUS SUMA CAPITAL, S.L.

ADMINISTRACIONES TERESA PATRICIA CELDRAN, S.L.

AGENCIA ROMERO OGANDO, S.L.

201

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-language version prevails.

AGORA PROFESS, S.L.

ALBOA 17.8, S.L.

ALONSO GARCIA CARMELO HONORIO

AGOST MONTERO LAURA

ALC ASESORES, S.C.

ALONSO HEVIA AMPARO

AGRAMUNT BUILDING, S.L.

ALCACER FABRA FRANCISCO

ALONSO PAREDES JOSE IGNACIO

AGRICOLA I SECCIO DE CREDIT LA PALMA, S.C.C.L.

ALCANTARA IZQUIERDO CRISTINA

ALONSO VALLE ESTEBAN

AGUILAR VELASCO MARIA PAZ

ALCES GRUPO ASEGURADOR, S.L.

ALONSO Y SERODIO ASESORES, S.L.

AGUILERA RUIZ MANUEL

ALDA CLEMENTE MARIA LUISA

ALONSO ZAPICO JUAN DE DIOS

AGUSTIN FERNANDEZ CRUZ AFC, S.L.

ALDAIA 94, S.L.

ALONSO ZARRAGA MIKEL

AGUT RODRIGO OMAR

ALEMANY CARDONA MARIA AMPARO

ALPEREZG SERVICIOS PARA EMPRESAS, S.L.

AIRU ASESORES, S.L.

ALEUNAM, S.L.

ALQABALA GRUPO GESTOR, S.L.

AKTITUD INSURANCE, S.L.

ALF CONSULTORES Y SERVICIOS FINANCIEROS Y SEGUROS, S.L.

ALSINA MARGALL MIREIA

ALAMILLO ALVAREZ CRISTINA

ALGESORES NAVARRO Y ASOCIADOS, S.L.

ALTARRIBA GUITART MARIA ALBA

ALARCON COROMINAS SERGIO LUIS

ALIVIA SERVICIOS INTEGRALES, S.L.

ALTER FORMA ABOGADOS, S.L.

ALBA & ARCOS ASOCIADOS, S.L.

ALL ABOUT FUNDS, S.L.

ALTOLAGUIRRE AGUIRREBENGOA MARIA JOSEFA

ALBELLA ESTEVE MARIA MERCEDES

ALLES IST MOGLICH, S.L.

ALTURA PLATA PASTORA

ALBENDIZ GONZALEZ IRENE

ALONSO BAJO LORENZO

ALVAMAR GESTIONES Y CONTRATACIONES, S.L.

ALBERDI ZUBIZARRETA EDUARDO

ALONSO BUENAPOSADA ARIAS ARGÜELLO MARIA CONSUELO

ALVAREZ LEBRIJO JOSE MARIA

ALBIÑANA BOLUDA AMPARO

ALONSO DIEZ JOSE CARLOS

ALVAREZ RODRIGUEZ CAMILO VALENTIN

202

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-language version prevails.

ALVARO CAMPILLO EVA MARIA

ANTUÑA SCHUTZE MARTA

ARCOS GONZALEZ FELIX

ALZAGA ASESORES, S.L.

AÑOVER CONTRERAS EPIFANIO

ARDORA CORPORATE, S.L.

ALZO CAPITAL, S.L.

APF3 SERVICIOS DE ASESORIA, S.L.

ARES CONSULTORES, S.L.

AMENEIROS GARCIA JOSE

APISA ADMINISTRACION DE INMUEBLES, S.L.

AREVALO AREVALO MARÍA DEL CARMEN

AMOEDO MOLDES MARIA JOSE

APUNTES CONTABLES, S.L.

ARGIGES BERMEO, S.L.

ANAI INTEGRA, S.L.

ARAGESTIN, S.L.

ARIAS DELGADO MARIA MERCEDES

ANAYA RIOBOO ANTONIO

ARAGUAS CIPRES JOSE DIONISIO

ARIAS TORRES MIGUEL

ANDAL DE ASESORAMIENTO Y GESTION, S.L.

ARANDA GARRANCHO ANA MARIA

ARILLA CIUDAD ASESORES, S.L.

ANDEX CONSULTORES, S.L.

ARANDA GONZALEZ DOLORES

ARIS GESTION FINANCIERA, S.L.

ANDIPLAN, S.L.

ARANDA ROMERO MARIA ISABEL

ARJANDAS DARYNANI DILIP

ANDRADA RINCON SOLEDAD

ARANE PROMOCION Y GESTION, S.L.

ARJONES PIZARRO FRANCISCO JAVIER

ANDRES SIERRA FERNANDO IGNACIO

ARANZABAL SERVICIOS FINANCIEROS, S.L.

AROSTEGUI ARGALUZA MARIA VICTORIA

ANGLIRU INVERSIONES, S.L.

ARASANZ LAPLANA JOSE ANTONIO

ARRANZ MAGDALENO JUAN ALBERTO

ANGOITIA LIZARRALDE MARIA DEL CARMEN

ARCAYANA CONSULTING, S.L.

ARRAYAS LINERO RAFAEL

ANTEQUERA ASESORES, S.L.

ARCHS PRETEL FRANCISCO

ARROYO AVILA BEATRIZ

ANTON TOIMIL ENRIQUE JOSE

ARCO R ASESORES, S.C.

ARROYO DIAZ CARLOS HUGO

ANTONIO PONS Y ASOCIADOS, S.C.

ARCOGAL CONSULTORES INTEGRALES, S.L.

ARROYO ROMERO CARLOS GUSTAVO

203

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-language version prevails.

ARROYO ROMERO FRANCISCO JAVIER

ASEMYL, S.L.

ASESORIA BELLAVISTA, S.L.

ARTAJO JARQUE FERNANDO MARIA

ASENSIO REIG ALBA

ASESORIA BLANCO, S.L.

ARTEAGA PARDO JOSE

ASER FINANCIEROS, S.L.

ASESORIA CAMINO, S.L.

ARTI INVERSIONES Y PATRIMONIOS, S.L.

ASESCON GESTION INTEGRAL, S.L.

ASESORIA CARRETERO JOVANI, S.L.

ARTIÑANO DEL RIO PABLO

ASESORAMIENTOS EMPRESARIALES PEDROS, S.L.

ASESORIA CATALAN FABO, S.L.

ARUFE ESPIÑA PABLO

ASESORES DE EMPRESA Y GESTION ADMINISTRATIVA MARIN & MARIN, S.L.

ASESORIA CAUDELI, S.L.

ARUMI RAURELL XAVIER

ASESORES DO BAIXO MIÑO, S.L.

ASESORIA CERVANTES, S.L.

ASC, S.C.C.L.

ASESORES E INVERSORES EPILA, S.L.

ASESORIA CM, C.B.

ASDE ASSESSORS, S.L.

ASESORES MOLINA, S.L.

ASESORIA DE EMPRESAS CARANZA, S.L.

ASEBIL - HERBLA ASESORES, S.L.

ASESORES Y CONSULTORES, C.B.

ASESORIA DE EMPRESAS RC, S.L.

ASECAN GESTION INTEGRAL, S.L.U.

ASESORIA ADOLFO SUAREZ, S.L.

ASESORIA DEL VALLE, C.B.

ASECOLAFI LAFUENTE, S.L.

ASESORIA ANGLADA, S.L.

ASESORIA DEUSTO, S.L.

ASEFISTEN, S.L.

ASESORIA ANTONIO JIMENEZ LOPEZ, C.B.

ASESORIA EMPRESARIAL POSE, S.L.

ASEGAL, SOC. COOP. LTDA.

ASESORIA AREGUME, S.L.U.

ASESORIA ENRIQUE YAÑEZ, S.L.

ASEGI SERVICIOS FINANCIEROS, S.L.

ASESORIA ASETRA, S.L.

ASESORIA ERAKIN AHOLKULARITZA, S.L.

ASEGUINOLAZA AZCARGORTA MARIA JUNCAL

ASESORIA ATAMAN, S.L.

ASESORIA EUROBILBAO, S.L.

ASEM INDAFISA GESTION EMPRESARIAL, S.L.

ASESORIA BASTIAS, S.L.

ASESORIA EXPANSION 2001, S.L.

204

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-language version prevails.

ASESORIA FINANCIERA CUBICA, S.L.

ASESORIA LABORAL FISCAL JURIDICA MMB, S.L.

ASESORIA VIA LIGHT, S.L.U.

ASESORIA FINANCIERA IBAIGANE, S.L.

ASESORIA LABORDA, S.C.

ASESORIA VICO, S.L.

ASESORIA FINANCIERA LUGO, S.L.

ASESORIA LIZARDI, S.L.

ASESORIA VILLASCLARAS, S.L.

ASESORIA FINANCIERO CONTABLE CLOT, S.L.

ASESORIA MANCISIDOR, MURGA Y BRATOS, S.L.

ASESORIA Y SERVICIOS DE GESTORIA CABELLO, S.L.

ASESORIA FISCAL CONTABLE Y LABORAL TRIBUTO, S.L.

ASESORIA MARCOS FERNANDEZ, S.L.

ASESPA , S.L.

ASESORIA FISCAL LULL, S.L.

ASESORIA MARI CARMEN, S.L.

ASEVALLES, S.L.

ASESORIA GAMASERVI, S.L.

ASESORIA MERCANTIL DE ZALLA, S.L.

ASFITO, S.L.

ASESORIA GARCIA LOPEZ, S.L.

ASESORIA MERFISA, C.B.

ASHTON SPARROWHAWK GILLIAN PAMELA

ASESORIA GESTION PATRIMONIAL DE ENTIDADES RELIGIOSAS, S.L.

ASESORIA MONTERO Y SOLANO, S.L.

ASIEXCAN, S.R.L.

ASESORIA GILMARSA, S.L.

ASESORIA NEMARA, S.COOP. V.

ASLAFIS, S.L.

ASESORIA GONZALEZ VALDES, S.L.

ASESORIA PANIAGUA, S.L.

ASOCIADOS BILBOINFORM 2000, S.L.

ASESORIA GORROTXA ASEGUROAK, S.L.

ASESORIA RAMILO E BOTANA, S.L.

ASSECOM BIZKAIA S. COOP. PEQUEÑA

ASESORIA HERGON, S.L.

ASESORIA RANGEL 2002, S.L.

ASSESSORAMENT EMPRESARIAL CABRE I ASSOCIATS, S.L.

ASESORIA INTEGRAL DE FARMACIAS Y EMPRESAS, S.L.L.

ASESORIA SANCHEZ & ALCARAZ, S.L.

ASSESSORAMENT INTEGRAL MAESTRAT, S.L.

ASESORIA JIMENEZ, S.C.

ASESORIA SORIANO GRANADA, S.L.

ASSESSORAMENT MIRA MARTINEZ, S.L.

ASESORIA JOSE ADOLFO GARCIA, S.L.

ASESORIA TOLEDO DE SACEDON, S.L.

ASSESSORAMENTS I SERVEIS LLEIDA, S.L.

ASESORIA JURIDICA Y DE EMPRESAS, S.L.

ASESORIA VELSINIA, S.L.

ASSESSORIA ANTONIO MARTINEZ, S.L.

205

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-language version prevails.

ASSESSORIA BAIX PENEDES, S.L.

AYZAGAR SOTO JAVIER

BARBA VALDIVIESO MARIA ISABEL

ASSESSORIA CAMATS GARDEL CORREDURIA DE SEGUROS, S.L.

AZ BILBAO GESTION INTEGRAL, S.L.

BARBESULA MAR, S.L.

ASSESSORIA DOMINGO VICENT, S.L.

B&S GLOBAL OPERATIONS CONSULTING, S.A.

BARCELO BLANCH MARIA LOURDES

ASSESSORIA VISERTA, S.L.

BACHS RABASCALL JOSEP

BARDAJI PLANA AGUSTIN

ASTILLERO GARCIA MIGUEL ANGEL

BADILLO SUAREZ MARIA SANDRA

BARDERA CALVO GEMMA MARIA

AUDAL CONSULTORES AUDITORES, S.L.

BAENA ASESORES Y CONSULTORES EMPRESARIALES, S.L.

BARO CLARIANA SERGI

AULES ASESORES, S.L.

BAGUR CARRERAS ASSESSORS, S.L.

BARQUIN VITORERO BEATRIZ

AUREA JURISTAS Y ASESORES FISCALES, S.L.P.

BAHAMONDE GONZALEZ JORGE JUAN

BARRAGAN ZAPATA MARGARITA

AURELIO ALVAREZ SALAMANCA, S.L.

BAILEN ASESORES CONSULTORES, S.L.

BARRAN CARIDAD JOSE MANUEL

AURVIR & PEÑA CONSULTORES, S.L.

BALIBREA LUCAS MIGUEL ANGEL

BARRENA CARABALLO, S.L.U.

AVANT PERSONAL SERVICES, S.L.

BALLARIN ALAMAN ANGELES

BARRIENTOS CHOCARRO JOSE CARLOS

AVANTIS ASESORES JURIDICOS, S.L.

BALLESTER MARTORELL MARTI

BARTOMEU FERRANDO JOAN

AVARUA CONSULTING, S.L.

BALLESTER VAZQUEZ IGNACIO JAVIER

BASCUAS ASESORES, S.L.

AVELLANEDA GARCIA ANGEL FERNANDO

BALSEIRO PEREZ DE VILLAR RICARDO

BATALLER CAMACHO MARIA

AYALA GONZALEZ VICTOR RAMON

BANESFIN, S.L.

BATISTA MEDEROS ANTONIO DAVID

AYCE CONSULTING, S.L.

BAÑUELOS DIEZ MARTA LUISA

BATISTE ANGLES AMADEO

AYUDA Y CREDITO CONSULTORES, S.L.

BARAHONA VIÑES JORDI

BAUZA MARTORELL FELIO JOSE

206

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-language version prevails.

BAZAR NAVAS, S.L.

BIRMANI PROMOCIONS, S.L.

BOSCH BATLE CONSULTORIA, S.L.

BEHOBIDE PERALTA JORGE

BELCASTI, S.L

BIZKAIBOLSA, S.A.

BLADYDUNA, S.L.

BOTELLO NUÑEZ FELIPE

BRAIN STAFF, S.L.

BELTRAN AMOROS ALEJANDRO

BLAI GABINET DE SERVEIS, S.L.

BRAVO MASA Mª INMACULADA

BELTRAN ANDREU MANUEL JORGE

BLANCO & MARTIN ASESORES, S.L.

BRAVOSOL GESTION, S.L.

BENITEZ CENTENO ANTONIO

BLANCO IGLESIAS IGNACIO

BRIONES PEREZ DE LA BLANCA FERNANDO

BENITO MARIJUAN ANTONIO JOSE

BLANCO PARRONDO, C.B.

BRIONES SERRANO CLARA MARIA

BERNABEU JUAN ANTONIO JOSE

BLANCO QUINTANA FLORA

BRITO HERNANDEZ PEDRO EMILIANO

BERNAOLA ASEGURO ARTEKARITZA , S.L.

BLANCO RODRIGUEZ JUAN ANTONIO

BRU FORES RAUL

BERNIER RUIZ DE GOPEGUI MARIA ISABEL

BLANCO Y PARADA ASESORES, S.L.

BUFET ENRIC LLINAS, S.L.P.

BERROCAL URBANO FRANCISCO JESUS

BLASCO SAMPIETRO FRANCISCO JAVIER

BUFET MILARA, S.L.

BERTOMEU GONZALEZ KILIAN

BLOOMFIELD INSURANCE BROKERS B-SURE, S.L.

BUFETE CANOVAS, S.C.P.

BETA MERCAT INMOBILIARI, S.L.

BOADO ORORBIA LEOPOLDO

BUFETE CHAMIZO GALAVIS, S.L.

BETRIU ADVOCATS, S.C.P.

BOALAR INVESTMENT, S.L.

BUFETE MARTINEZ GARCIA, C.B.

BG ASESORIA DE FINANZAS E INVERSIONES, S.L.

BOLAPE UXO, S.L.

BUFETE ROMERO Y MONGE, S.L.

BINIPOL 2001, S.L.

BONDIA VIVES YESICA

BULLON DE DIEGO FRANCISCO JAVIER

BIOK ZERBITZUAK, S.L.

BONILLO GOMEZ LOURDES

BUSINESS, DEVELOPMENT AND KNOWLEDGE, S.L.

207

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-language version prevails.

BUSTAMANTE FONTES MAYDA LOURDES

CAMPOMANES IGLESIAS MARIA TERESA

CARBONELL ALSINA CHANTAL

C. BURGOS GATON, S.L.

CAMPOS CARRERO MARIA JOSEFA

CARBONELL CHANZA FRANCISCO

CABAÑAS RODRIGUEZ MARIA GRISELDA

CAMPOS CRESPO PRISCILA

CARCELLER SUAREZ RAMON

CABRADILLA ANTOLIN LEONILA

CAMPS CARBONELL JOAQUIN

CARCOLE ARDEVOL JOSE

CABRERA CABRERA VICENTE

CANO LOBATO BEATRIZ

CARDENAS SANCHEZ GABRIEL

CABRITO FERNANDEZ JUAN CRUZ

CANO PEREZ ANTONIO

CARDENO CHAPARRO FRANCISCO MANUEL

CACERES PORRAS, C.B.

CANOVAS 1852, S.L.

CARNE SALES MARIA JOSE

CADENAS DE LLANO NARANJO MARIA DOLORES

CANTARERO MARTINEZ BARTOLOME

CARNICER SOSPEDRA DAVID

CAFARES, S.L.U.

CANTELAR Y SAINZ DE BARANDA, S.L.

CARO VIEJO JUAN ANTONIO

CALA GOMEZ ANTONIO RAMON

CANTOS Y PASTOR CONSULTING, S.L.

CARRASCAL PRIETO LUIS EUSEBIO

CALABUCH ASESORES, S.L.

CAÑADA SANCHEZ, S.L.

CARRASCO GONZALEZ MARIA DEL AMOR

CALDERON CARDEÑOSA MARIA LUISA

CAÑAS AYUSO FRANCISCO

CARRASCO MARTIN ELOY

CALDERON MORILLO MARIA LUISA

CAO GONZALEZ NIEVES ESPERANZA

CARRASCO MARTINEZ RAMON

CALVO HERNAN ALICIA

CAPAFONS Y CIA, S.L.

CARREÑO FALCON PEDRO

CAMACHO MARTIN ANTONIA

CAPELLES LOPEZ JAVIER

CARRETERO E IZQUIERDO ASOCIADOS, S.L.

CAMACHO MARTINEZ PEDRO

CAPON CONSULTORES, S.L.

CARRIL GONZALEZ BARROS ALEJANDRO SERGIO

CAMPDEPADROS CORREDURIA D'ASSEGURANCES, S.L.

CARBO ROYO JOSE JORGE

CARRILLO TEJEDO JAIRO

208

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CARRO FERNANDEZ ASESORES, S.L.

CASTRO JESUS FRANCISCO JAVIER

CENTRO DE NEGOCIOS ASERGALICIA, S.L.

CARTAGENA CUESTA MARIO

CASTRO VEGA XOSE

CERDAN GARCIA INMACULADA

CASADO GALLARDO GERARDO

CAUCE CONSULTORES DE NEGOCIO, S.L.

CERDEIRA BRAVO DE MANSILLA ALFONSO

CASADO HERRERO JOSEFA

CAURIA PROMOCIONES, S.L.

CERON ORTIZ JOSE MARIA

CASADO RODRIGUEZ MARIA MARBELLA

CAZORLA EGEA ALEJANDRO JUVENAL

CERQUEIRA CRUCIO FERNANDO

CASAS GRACIA CRISTINA

CEASA ASESORES FISCALES, S.L.

CERRATO LLERENA MARIA DE LOS ANGELES

CASILLAS VIGARA JUAN

CEBRIAN CLAVER JOSE JUAN

CERRATO RUIZ MARIA LUISA

CASINO CABALLER JUAN CARLOS

CECEA INTER, S.L.

CERTIS MEDIUM, S.L.

CASSO MAYOR FRANCISCA

CECOFAR SOCIEDAD COOP. AND.

CERTOVAL, S.L.

CASTELL AMENGUAL MARIA

CEJUDO RODRIGUEZ JUAN CARLOS

CERVERA AMADOR ANTONIO

CASTELLANO GARCIA PABLO JOSE

CELDRAN CARMONA JOSE MARIA

CERVERA GASCO NURIA PILAR

CASTELLANOS JARQUE MANUEL

CENTRAL INTERNACIONAL DE SERV. Y ASESORAMIENTO, S.L.

CERVERO MARINA DANIEL

CASTILLO BLANCA ENRIQUE

CENTRE ASSESSOR TERRAFERMA, S.L.

CERVIÑO OTERO MARIA LUZ

CASTILLO MARZABAL FRANCISCO JOSE

CENTRE CORPORATIU INI 6, S.L.

CHACON ARRUE MARIA

CASTILLO ORTEGA NICOLAS

CENTRE FINANCER BERENGUER SAPENA XABIA, S.L.

CHAVA INVERSIONES, S.L.

CASTILLO YBARRA MARIA DEL CARMEN

CENTRO ASESOR MONTEHERMOSO, S.L.

CHAVARRI GONZALEZ ALVARO

CASTRESANA URIARTE RODOLFO

CENTRO DE ESTUDIOS ROMO & CAMPOS, S.L.

CHERTA FERRERES GENOVEVA

209

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-language version prevails.

CHICLANA 9, S.L.

CHOGUY, S.L.

CONMEDIC GESTIONS MEDICAS, S.L.

CORCUERA BRIZUELA JOSE MARIA

CONSULTING DONOSTI, S.L.

CORDERO DE OÑA FRANCISCO

CISTERO BOFARULL MARIA

CONSULTING JL ARBILLAGA, S.L.P.U.

CORDOBA TEJADA MANUEL

CLAPES ESQUERDA RAMON LUIS

CONSULTOR FINANCIERO Y TRIBUTARIO, S.A.

CORONADO MANSILLA DIEGO

CLAVE OPTIMA BUSINESS, S.L.U.

CONSULTORES FINANCIEROS LABORALES, S.L.

CORSAN FINANCE, S.L.

CLAVELL & SAINZ DE LA MAZA ASESORES, S.L.

CONSULTORES GRUPO DELTA PAMPLONA, S.L.

CORTES MACHIN PATRICIA

CLAVER SANCHEZ MARIA EUGENIA

CONSULTORES LEONESES, S.L.

COSENOR INSURANCE BROKER, S.L.

CLEMENTE BLANCO PAULA ANDREA

CONSULTORIA ADMINISTRATIVA DE EMPRESAS CADE, S.L.

COSTA CALAF MONTSERRAT

CLIMENT MARTOS MARIA ROSARIO

CONSULTORIA CIUDADANA EN GESTION Y SEGUROS, S.L.U.

COSTA CAMBRA ANGEL

CLUB AVOD, S.L.

CONSULTORIA FINANCIERA GARCIA CRUZ, S.L.

COSTA GARCIA ROSA MARIA

CLUSTER BUSINESS GROUP, S.L.

CONSULTORIA ORTIZ & ASOCIADOS, S.L.

COSTAS NUÑEZ ASESORES, S.L.

COBO RIVAS RAMON

CONSULTORIA PIÑERO, C.B.

COSTAS SUAREZ ISMAEL

COCA LOZA Mª DOLORES GENOVEVA

CONSULTORIA SANTA FE, S.L.

COWORKING HOSPITALET, S.L.

COMES & ASOCIADOS ASESORES, S.L.P.

CONSULTORIA XIFRES, S.L.

CREDYCAU DOHER SURESTE, S.L.U.

COMPAÑÍA VIZCAINA DE ASESORIA, S.L.

COOP AGRICOLA SAN ISIDRO DE ALCALA DE XIVERT. COOP.V.

CREIXELL GALLEGO XAVIER

CONFIANZ, S.A.P.

COOPERATIVA OLIVARERA SAN ISIDRO, S.C.A.

CRESPO SANTIAGO MARIA GLORIA

CONFIDENTIAL GESTION, S.L.

CORBACHO SOLANCE MARIA MAGDALENA

CRESPO CRESPO ANGEL MANUEL

210

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-language version prevails.

CRESPO GOMEZ LUCAS

DE DIEGO MARTI FRANCISCO JOSE

DELGADO GARCIA JOSE LUIS

CRESPO MINCHOLED YOLANDA

DE EUGENIO FERNANDEZ JOAQUIN

DELGADO GARCIA MANUEL ANTONIO

CRIADO ANAYA LUIS

DE LA FLOR GUERRERO JUAN ANTONIO

DELGADO OJEDA MARIA ANGELES

CRITERION SONSULTING, S.L.

DE LA FUENTE & MARTIN ALONSO ABOGADOS, S.L.

DELGADO RUIZ DIEGO

CUARTE CONSULTING, S.L.

DE LA FUENTE TORRES ANAIS BEATRIZ

DESPACHO ABACO, S.A.

CUBERO PATRIMONIOS, S.L.

DE LA HOZ REGULES FCO. JAVIER

DESPACHO J.M. COARASA, S.L.

CUELLAR MERCANTIL ASESORIA, S.L.

DE LA SIERRA PEÑA ANDRES

DESPACHO, TRAMITACION Y GESTION DE DOCUMENTOS, S.L.

CUENCA MORENO JOSE MARIA

DE LA TORRE DEL CASTILLO CANDELARIA

DIANA VALDEOLIVAS ANGEL

CUENCA OLIVEIRA ANTONIO

DE LA TORRE PEREZ NOELIA

DIAZ RODRIGUEZ PALMERO JAVIER ADOLFO

CUÑAT ALVAREZ OSSORIO JUAN LUIS

DE PABLO DAVILA MARIA VICTORIA

DIAZ DE ESPADA LOPEZ DE GAUNA LUIS MARIA

CURROS NEIRA FRANCISCO JAVIER

DE PABLO SAN MIGUEL JAVIER

DIAZ FRANCO MARIA ANTONIA

D3 XESTION INTEGRAL, S.L.

DE PASCUAL MASPONS AGUSTIN

DIAZ GARCIA MARINA

DANTE ASSESSORS, S.R.L.

DE QUINTANA PEREZ ANNA

DIAZ LORENZO LORENZO

DARA SPORTS, S.L.

DEL POZO SANCHEZ SUSANA

DIAZ RISCO MARIA LUISA

DE ASTOBIZA AGUADO IGNACIO

DEL RIO SERRANO JUAN FELIX

DIAZ SANTAMARIA MARIA VEGA

DE BLAS GUASP ALBERTO BARTOLOME

DEL RIO USABEL IDOIA

DIAZ Y FERRAZ ASOCIADOS, S.L.

DE CAMBRA AGOGADOS, S.L.

DELFOS ASESORIA FISCAL, S.L.

DIAZ-ROMERAL MARTIARENA JOSE MARIA

211

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DIENTE ALONSO SERGIO

DURAN VIDAL ANNA

ESCRIBANO BUENO JOSE ALBERTO

DIEZ AMORETTI FRANCISCO

DURFERAL, S.L.

ESCRIVA & SANCHEZ CONSULTORES, S.L.P.

DIMANA ASESORES, S.L.

ECHANIZ LIZAUR MARIA BELEN

ESCRIVA DE ROMANI, S.L.

DOBLAS GEMAR ANTONIO

EDO SANZ MARIA LOURDES

ESCUDEIRO Y RODRIGUEZ VILA, S.L.P.

DOBLE A AVILA ASESORES, S.L.

EFILSA, S.C.

ESCUDERO SANCHEZ RAFAEL PEDRO

DOMINGO BALTA MARIANO

EKO - LAN CONSULTORES, S.L.

ESCUTIA DOTTI MARIA VICTORIA

DOMINGO GARCÍA-MILA JORDI

EL PINOS GESTION LABORAL, S.C.

ESHKERI Y GRAU, S.L.P.

DOMINGUEZ CANELA INES

EL ROBLE PROTECCION, S.L.

ESINCO CONSULTORIA, S.L.

DOMINGUEZ JARA RAFAEL JESUS

ELGUEA OMATOS EMILIO

ESPALLARGAS MONTSERRAT MARIA TERESA

DOMINGUEZ NAVARRO JAVIER

ENERGIA Y DATOS, S.L.

ESPARCIA CUESTA FELISA

DOMINGUEZ RODES JUAN LUIS

ENRIQUE AMOR CORREDURIA DE SEGUROS, S.L.

ESPARCIA PINAR, S.L.

DOMUS AVILA, S.L.

EPC ASSESORS LEGALS I TRIBUTARIS, S.L.

ESPASA ROIG YOLANDA

DONAIRE MOLANO LUIS

EPSEL INTERNATIONAL CONSULTING, S.L.

ESPINAR MEDINA RICARDO

DORRONSORO URDAPILLETA, S.L.

ERUDITISSIMUS DISCIPLINA IURIS, S.L.

ESPINILLA ORTIZ ROSARIO

DOSA ILERGESTION, S.L.

ESCALONA BELINCHON JOSE ANTONIO

ESPIÑA GALLEGO ANA MARIA

DRIS MOHAMED SAMIR

ESCAMILLA FERRO MARIA MATILDE

ESPUNY CURTO MARIA NATIVIDAD

DUQUE MEDRANO JUAN CARLOS

ESCRIBANO ABOGADOS, S.L.

ESQUIROZ RODRIGUEZ ISIDRO

212

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ESTEBAN TAVIRA ANTONIO

FELEZ BIELSA, S.L.

FERNANDEZ QUILEZ BEGOÑA MONICA

ESTHA PATRIMONIOS, S.L.

FELEZ MARTIN FERMIN

FERNANDEZ RIOS MARIA GORETTI

ESTRADA DA GRANXA 6, S.L.

FELEZ Y FELEZ, S.C.

FERNANDEZ RIVERO JAVIER

ESTUDIO FINANCIERO AVANZADO, S.L.

FELIPE FONTANILLO MARIA DEL PILAR

FERNANDEZ RODRIGUEZ MARIA TERESA

EUROFISC CONSULTING, S.L.

FELIPE REUS ANDREU

FERNANDEZ SERRA, S.L.

EUROFOMENTO EMPRESARIAL, S.L.

FELIX AHOLKULARITZA, S.L.

FERNANDEZ SOUTO MARIA TERESA

EUROGESTION XXI, S.L.

FEO CLEMENTE ALEJANDRO

FERNANDEZ VEIGA MANUEL

EUROTAX ABOGADOS, S.L.

FERNANDEZ ALARCON MARGARITA

FERNANDEZ-LERGA GARRALDA JESUS

EXAMERON, S.L.

FERNANDEZ ALMANSA ANGEL ALEJANDRINO

FERNANDEZ-MARDOMINGO BARRIUSO MIGUEL JOSE

EXIMA PARTNER, S.L.

FERNANDEZ COLIN MIGUEL MARCELO

FERNANDO BAENA, S.L.

EZQUERRO TEJADO MARIA DOLORES

FERNANDEZ CONTRERAS JOAQUIN

FERPAPER, S.L.

F. D. PANTIGA, S.L.

FERNANDEZ DE TEJADA ALMEIDA CARLOS ENRIQUE

FERRADAS GONZALEZ JESUS

FABRA VERGE TERESA ROSARIO

FERNANDEZ LOPEZ MIGUEL ANGEL

FERRAZ GORDO RUBEN

FARIÑAS MARTINEZ JOSE ANTONIO

FERNANDEZ MARTIN MARIA ISABEL

FERRE REVILLA NATALIA

FARIZO ASESORES, S.L.U.

FERNANDEZ MORAY EVA MARIA

FERRE FENOY PURIFICACION

FASE ASESORES, S.L.

FERNANDEZ ONTAÑON DANIEL

FERREIRA FRAGA JULIAN

FASER 89, S.L.

FERNANDEZ PIÑEIRO ALBERTO

FERREIRO CASTRO MARIA TERESA

213

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FERREIRO GARCIA MARIA CRISTINA

FOCUS PARTNERS, S.L.

FRANK ASESORES, S.L.

FERRER GELABERT GABRIEL

FOMBELLA ALVARADO ROSA MARIA

FUCHS KARL JOHANN MAX

FERRERA HERNANDEZ FRANCISCO MIGUEL

FONTAN ZUBIZARRETA RAFAEL

FUENTE RODRIGUEZ MARIA PILAR

FILGUEIRAS VERDEAL MARIA TERESA

FONTECHA ALVAREZ MARIA VICENTA

FUENTES & GESCOM, S.L.

FINACO ASESORES, S.L.

FONTECHA MAISO, S.L.

FUENTESECA FERNANDEZ MIGUEL

FINANCIERA 2000 ASD, S.L.

FORCEN LOPEZ MARIA ESTHER

FUSTER Y G. ANDRES ASOCIADOS, S.L.

FINANCIERA MAYORGA, S.L.

FORMATEDAT, S.L.

G & G ASESORES, C.B.

FINANCO CONSULTORES, S.L.

FORMULA GESTION INTEGRAL, S.L.

G Y G ABOGADOS, S.L.

FINANSER CONSULTORES, S.L.

FORNIES & GUELBENZU, S.L.

G&P, C.B.

FINCAS DELLAKUN, S.L.

FORUARGI, S.L.

GABINET ADMINISTRATIU RAMON GOMEZ, S.L.

FIRVIDA PLAZA BELEN

FRANCES MAESTRE FRANCISCA

GABINET D'ECONOMISTES ASSESSORS FISCALS, C.B.

FISCOGEST CONSULTING EMPRESARIAL, S.L.U.

FRANCES MICO CARMELO

GABINETE AFIMECO ASESORES, S.A.L.

FISCOPYME, S.L.

FISHER COLLETTE

FRANCES Y BARCELO, C.B.

GABINETE DE EMPRESAS GARBEM, S.L.

FRANCIAMAR, S.L.

GABINETE JURIDICO GESFYL, S.L.

FLORES MOLERO GREGORIO

FRANCISCO JOSE PEÑUELA SANCHEZ, S.L.

GABINETE JURIDICO-FINANCIERO SERRANO, S.L.

FLORES PUIGVERT MARÇAL

FRANCO ALADRÉN JUAN CARLOS

GABIÑO DIAZ JUAN ANTONIO

FLUVIA PEIRO MARIOLA

FRANCO MARTINEZ JUAN JOSE

GAGO COMES PABLO

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GAITAN PERLES JUAN JOSE

GARCIA CACERES JULIO

GARCIA MUÑOZ MARIA OLGA

GAIZKA MUNIATEGUI MUSATADI - IKER BILBAO ZUAZUA, C.B.

GARCIA CANAL JAVIER

GARCIA OVALLE OSCAR

GALAN MERCHAN MARIA OLALLA

GARCIA DAUDER VICENTE

GARCIA PAREDES LORENZO

GALATEA SYSTEMS, S.L.

GARCIA DIAZ MARIA DEL CARMEN

GARCIA PERALES JESUS IVAN

GALILEA MARTINEZ ASESORES, S.L.

GARCIA FONDON CONSTANTINO

GARCIA PEREZ ALICIA

GALINDO GOMEZ ANGEL

GARCIA GARCIA JOSE MIGUEL

GARCIA PERIS SANTIAGO DAVID

GALINDO SANCHO PALMIRA

GARCIA GARCIA REMEDIOS

GARCIA RODRIGUEZ JOSE FERNANDO

GALIOT ASESORES, S.L.

GARCIA GONZALEZ PILAR

GARCIA ROSALES JUAN ANTONIO

GALLARDO GALLARDO BEATRIZ ANA

GARCIA HERNANDEZ VICENTE GERMAN

GARCIA RUBIO ELENA

GALLEGO GARCIA ADOLFO

GARCIA HERNANDEZ VICTOR PEDRO

GARCIA SANCHEZ LUIS

GALMES RIERA ANDRES

GARCIA HIERRO JIMENEZ FRANCISCO JAVIER

GARCIA VIERA NOELIA

GAMBOA DONES SUSANA

GARCIA LAZARO VANESA

GARCIA-TRESPALACIOS GOMEZ PABLO

GANDARA DUQUE MARIA DE LOS MILAGROS

GARCIA LOPEZCONSULTORES, S.L.P.U.

GARCIA-VALENCIANO LOPEZ LUIS

GARATE MINTEGUI FRANCISCO

GARCIA LORENZO JAVIER

GARFE, ASESORAMIENTO Y GESTION EMPRESARIAL, S.L.

GARAY GURBINDO FELICIDAD MARIA ANGELES

GARCIA LUCHENA ASESORES, S.L.

GARO ASESORIA CONSULTORIA Y AUDITORIA, S.L.

GARCIA ALVAREZ-REMENTERIA ANTONIO

GARCIA MATEO ASESORES, S.L.U.

GARRIDO ARAN FRANCISCO

GARCIA BASCUÑANA MARÍA CRISTINA

GARCIA MEJIAS JUAN ANTONIO

GARRIDO GOMEZ ISABEL

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GARTXAMINA, S.L.

GESTGLOBAL 2007, S.L.

GESTIONES ORT-BLANC, S.L.

GARVIN Y FISAC CONSULTORES, S.L.

GESTINSERVER CONSULTORES, S.L.U.

GESTIONS EMPRESARIALS CABIROL, S.L.

GASCON VAL JESUS

GESTIO EXTERNA INTEGRADA D'EMPRESES, S.L.

GESTIOR CONSULTING, S.A.

GASEM SERVICIOS, S.L.

GESTIO I ASSESSORAMENT OROPESA, S.L.

GESTITRAMI FINANCIAL, S.L.

GAVAMAR 2011, S.L.

GESTION ASCEM, S.L.

GESTORA DE SERVICIOS ECOFIN, S.L.

GAYCA ASESORES, S.L.

GESTION DE INVERSIONES Y PROMOCIONES ELKA CANARIAS, S.L.

GESTORDIZ S.L.L.

GEMMA HERNANDEZ, C.B.

GESTION ESTUDIO Y AUDITORIA DE EMPRESAS GEA, S.L.

GESTORED CONSULTING, S.L.

GENE TICO REMEI

GESTION FINANCIERA CONSULTORA EMPRESARIAL, S.L.

GESTORIA ADMINISTRADORA FAUS, S.L.

GENERAL DE SERVEIS LA SEGARRA, S.L.

GESTION FINANCIERA MIGUELTURRA, S.L.

GESTORIA ADMINISTRATIVA LASTRA, S.L.

GENERAL MEAT, S.L.

GESTION I ASSEGURANCES PERSONALIZADES, S.L.

GESTORIA ADMINISTRATIVA PALOP ALCAIDE, S.L.P.

GEORKIAN BABAYAN LEILA

GESTION INTEGRAL CONTRERAS, S.L.P.U.

GESTORIA ADMINISTRATIVA SAN JOSE, S.L.

GEP HIPOTECAS, S.L.

GESTION INTEGRAL DE EMPRESAS FUSTER, S.L.

GESTORIA ASFER, S.L.

GESAL ASESORIA, S.L.

GESTION PARERA, S.L.

GESTORIA ESTRADA OSONA, S.L.P.

GESCOFI OFICINAS, S.L.

GESTION Y SERVICIOS SAN ROMAN DURAN, S.L.

GESTORIA GARCIA POVEDA, S.R.L.

GESDIA ASESORES, S.L.U.

GESTIONA E INNOVA SERVICIOS ADMINISTRATIVOS, S.L.U.

GESTORIA HERMANOS FRESNEDA, S.L.

GESPIME ROMERO MIR, S.L.

GESTIONA MADRIDEJOS, S.L.

GESTORIA IVORRA, S.L.P.U.

GESPYME GESTIO I ASSESSORAMENT DE PYMES, S.L.

GESTIONES MARTIN BENITEZ, S.L.

GESTORIA JUAN AMER, S.L.

216

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GESTORIA LLURBA GARZON, S.L.

GLOBAL AVANTIS, S. COOP. V.

GONZALEZ ARANDA FRANCISCO JAVIER

GESTORIA PARETS, S.L.

GLOBAL MARKETING CONSULTIG Y GESTION, S.L.

GONZALEZ BORINAGA IVANA

GESTORIA PARIS, S.L.

GLOBAL TAX GESTION, S.L.

GONZALEZ COCA MARIA DE LA ENCINA

GESTORIA POUSA Y RODRIGUEZ, S.L.

GOMEZ ANDRES JUAN JOSE

GONZALEZ DIAZ VICTORINO

GESTORIA ROYO LOPEZ, S.L.

GOMEZ ASUA ASIER

GONZALEZ DONAMARIA BEATRIZ

GESTORIA RUIZ MILLAN, S.L.

GOMEZ DE MAINTENANT MARTA MARIA

GONZALEZ ESPARZA JUANA MARIA

GESTVILL ASESORIA VILA-REAL, S.L.U.

GOMEZ EBRI CARLOS

GONZALEZ FREIJO ROSALIA

GIL BELMONTE CONRADO

GOMEZ LOBO JUAN

GONZALEZ GARCIA SERGIO

GIL BELMONTE SUSANA

GOMEZ MARTINEZ LUIS

GONZALEZ GONZALEZ JOSE MANUEL

GIL FERNANDEZ JUAN JOSE

GOMEZ VALVERDE ANTONIO

GONZALEZ GONZALEZ MARIA ANGELES

GIL MANSERGAS, C.B.

GOMEZ VAZQUEZ MARIA JESUS

GONZALEZ GONZALEZ VICTOR JAVIER

GIL TIO JULIA

GIL USON MARTA

GOMEZ VELILLA MARIA BRIGIDA

GONZALEZ GUTIERREZ PEDRO ROMAN

GOMIS JIMENEZ CARLOS

GONZALEZ JUSTO CARLA

GIMENO CACHO MARIA CRISTINA

GONZALEZ & PARDAVILA, S.C.

GONZALEZ LUIS JULIAN

GIMENO MARTINEZ AURELIO

GONZALEZ & SANTIBAÑEZ GESTION, S.L.

GONZALEZ MARIN MANUEL

GINE ABAD FRANCISCO JOSE

GONZALEZ ALONSO REBECA

GONZALEZ MOLANO FRANCISCO JAVIER

GINES LAHERA DARIO ALFONSO

GONZALEZ ALVAREZ NOELIA

GONZALEZ MONTERO CONCEPCION

217

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GONZALEZ MONZON MARIO

GRANDA RODRIGUEZ DE LA FLOR ARMANDO

GUERRA MENGUAL MARCOS

GONZALEZ MOSQUERA FERNANDO

GRAÑA RAMOS ABEL

GUERRERO VERGARA JOSE ANTONIO

GONZALEZ PAVON FRANCISCO JOSE

GRAÑON LOPEZ LUIS ALBERTO

GUIJARRO BACO JUAN JOSE

GONZALEZ PRIETO SERGIO

GRASSA VARGAS FERNANDO

GUILLEN RUIZ EMILIO

GONZALEZ RAMIREZ JOSE

GRELA CASTRO MARCELINO

GUITART POCH JOSE ANTONIO

GONZALEZ RODRIGUEZ FRANCISCO

GRUP DE GESTIO PONENT DOS ASSEGURANCES, S.L.

GURRIA Y ASOCIADOS, S.C.

GONZALEZ SOCAS ANTONIA MARINA

GRUP SBD ASSESSORAMENT I GESTIO, S.L.

GUTIERREZ DE GUEVARA, S.L.

GONZALEZ SOCORRO MARIA ESTHER

GRUPAMERO ADMINISTRACION, S.L.

GUTIERREZ GALENDE IGNACIO

GONZALEZ TABOADA JOSE

GRUPO BABAC, S.L.

GUTIERREZ GARCIA AZAHARA

GONZALEZ VIDAL ESPERANZA

GRUPO DTM CONSULTING, S.L.

GUTIERREZ LORENZO ANGEL

GOÑI IDARRETA ANA MARIA

GRUPO FERRERO DE ASESORIA , S.L.

GUTIERREZ PASTOR JUAN CARLOS

GOPAR MARRERO PABLO

GRUPO FINANCIERO TALAMANCA 11, S.L.

GUZMAN GONZALEZ EMILIANO

GORDO GAMIZ MARIA LUISA

GRUPO SURLEX, S.L.

HELP CONTROL DE GESTION, S.L.

GOROSTARZU DIAZ MIGUEL ANGEL

GRUPODOMO 2002, S.L.L.

HERAS GABINETE JURIDICO Y DE GESTION, S.L.

GRACIA-HERNANDEZ-LAPEÑA ASESORIA Y CONSULTORIA INTEGRADAS, S.L.

GUARAS JIMENEZ MARIA RESURRECCION

HERAS HERNANDEZ FERNANDO

GRADO CONSULTORES, S.L.

GUERRA CEBALLOS JUAN LUIS

HERAS TERREROS ALFREDO

GRANADO GARCIA MARIA ISABEL

GUERRA GARCIA DE CELIS JOSE JUAN

HERCA CONSULTING, S.L.

218

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HERMO MARTINEZ MARTA

HUERTAS FERNANDEZ JUAN ANTONIO

INFANTES ALCANTARA MANUEL ALEJANDRO

HERMOSO NUÑEZ PEDRO

IB2CLOUD, S.L.

INFOGES PYME, S.L.

HERNANDEZ GIMENEZ JAVIER

IBAÑEZ IBAÑEZ LUIS

INGARBO, S.L.

HERNANDEZ LIEBANAS FRANCISCO

IBAÑEZ NIETO ADORACION MAR

INICIATIVA EMPRENDEDORA, S.L.U.

HERNANDEZ MANRESA JOSEFA

IBAÑEZ ZORRILLA MARIA IZASKUN

INLASTIME, S.L.

HERNANDEZ MANRIQUE CARLOS MANUEL

IBERBRIT, S.L.

INMOBILIARIA DONADAVI, S.L.

HERNANDEZ PRIETO MIGUEL ANGEL

IBERBROKERS ASESORES LEGALES Y TRIBUTARIOS, S.L.

INMONAEVA, S.L.

HERNANDEZ SANCHEZ MARIA ISABEL

IBERFIS GESTION FINANCIERA, S.L.

INNOVACIONES FINANCIERAS, S.L.

HERRAIZ ARGUDO CONSUELO

IBERKO ECONOMIA Y GESTION, S.L.

INPOL DESARROLLOS URBANISTICOS, S.L.

HERRERA GONZALEZ ROBERTO

ICIAR VILLANUEVA CORREDURIA DE SEGUROS, S.L.

INSERVICE D & B, S.L.

HERRERA MORENO MONICA

IGEA JARDIEL MANUEL

INSTITUTO DE ASESORAMIENTO EMPRESARIAL INSESA, S.L.

HERRERO BRIGANTINA DE ECONOMIA, S.L.

IGLESIAS GONZALEZ MARIA ARANZAZU

INSUAS SARRIA, S.L.

HEVIA PATALLO TERESA

IGLESIAS MACEDA BARCO ABOGADOS, C.B.

INTASSE EMPRESARIAL, S.L.

HIDALGO GOMEZ VALENTINA

IGLESIAS SEXTO JOSE LUIS

INTEGRIA ENERGIA EMPRESAS EUROZONA, S.L.

HIDALGO PEREZ JOSE ANTONIO

IGNACIO CONSTANTINO, S.L.

INTELIGENT CENTER SERVICE, S.L.

HORNOS CASTRO JAVIER

ILLESLEX, S.L.

INVAL 02, S.L.

HU LU SIKE

INDICE GESTION, S.L.

INVERGU 2914, S.L.

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INVERJOVI 3000, S.L.U.

ISLA CONSULTING 2014, S.L.

JESTERSA INVERSIONES, S.L.

INVERSAN BROKERS, S.L.

ITSASADARRA, S.L.

JGBR ABOGADOS Y ASESORES TRIBUTARIOS, S.L.

INVERSIONES 16 DE SERVICIOS FINANCIEROS E INMOBILIARIOS, S.L.

IVARS PERIS PABLO JOSE

JIMENEZ CALERO CONSUELO

INVERSIONES GEFONT, S.L.

IZQUIERDO DOLS MIGUEL

JIMENEZ LORENTE MANUEL

INVERSIONES IZARRA 2000, S.L.

IZQUIERDO - PARDO, S.L.P.

JIMENEZ MARQUEZ MARIA DOLORES

INVERSIONES TECNICAS GRUPO CHAHER, S.L.

J L COLOMINA C CEBRIAN ERNESTO ANTON, C.B.

JIMENEZ PINEDA MERCEDES

INVERSIONES TRAVESERA, S.A.

J. A. GESTIO DE NEGOCIS, S.A.

JIMENEZ RAMOS IGNACIO

INVERSIONES Y GESTION AINARCU, S.L.

J. RETA ASOCIADOS, S.L.

JIMENEZ RODRIGUEZ MIGUEL ANGEL

INVERSORA MARTIARTU, S.L.

J.F. BONIFACIO SERVICIOS INTEGRALES, S.L.

JIMENEZ THOMAS EMILIO

INVERSUR 4 CUATROS, S.L.

J.L. MONCHO Y ASOCIADOS COOP. V.

JOANA JAREÑO, S.L.

INVERTIA SOLUCIONES, S.L.

J.M. CORUJO ASESORES, S.L.

JORDAN CHIVELI IGNACIO

INVEST FINANZAS, S.L.U.

JAIME CASTRO CORREDURIA DE SEGUROS, S.L.

JOSE ANGEL ALVAREZ, S.L.U.

INVESTIMENTOS XURDE PABLO, S.L.

JANQUIN ROMERO JEAN CLAUDE

JOSE MARIA GARCIA FRAU, S.L.

IRIGOYEN GARCIA VICTORIA EUGENIA

JARA GUERRERO FRANCISCO

JOVER BENAVENT ENRIQUE

ISACH GRAU ANA MARIA

JARVEST GESTION DE INVERSIONES, S.L.

JUAN JOSE ORTIZ, S.L.

ISDAGAR 2000, S.L.

JAVIER CARRETERO Y ASOCIADOS, S.L.

JUAN MIGUEL MARQUEZ HORRILLO EMPRESA DE SERVICIOS, S.L.

ISERTE MUÑOZ FRANCISCO JAVIER

JAYLA CELA, S.L.

JUANOLA COCH MARTI

220

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JUESAS FERNANDEZ ENRIQUE

LALANZA PINA VALERO BLAS

LEASING E INVERSION EMPRESARIAL, S.L.

JULIAN SANZ MARIA

LAMBERT JONATHAN RAYMOND

LECONDIS, S.L.

JUNQUERA FRESCO BEATRIZ INMACULADA

LAMPER IBERICA, S.L.

LEGARDA REY ENRIQUE

JURADO CORDOBES RICARDO JESUS

LAMY GARCIA ANTONIO

LEMERODRI, S.L.

KANKEL INVERSIONES, S.L.

LANAU ALTEMIR RAMON ANGEL

LEMES ASESORES FISCALES, S.L.

KNUCHEL FRITZ

LANAU SERRA MARIA FRANCISCA

LENADER, S.L.

KONTULAN AHOLKULARITZA, S.L.

LANERO PEREZ MIGUEL ANGEL

LEÑA CAMACHO ROSA MARIA

L.G.A. CONSULTORES, S.L.

LAR CENTRO EMPRESARIAL, S.A.

LEO GESTION, S.L.U.

LABAT PASCUAL CRISTINA

LARA GUTIERREZ CARLOS

LEON ACOSTA MANUEL TOMAS

LABORANTIA, S.L.

LARA MARCOS ASESORES, S.C.

LEON ANTOÑANZAS MARIO

LABORDA CARNICER FELIPE

LARA VIDAL FRANCISCO JOSE

LEON CRISTOBAL JOSE LUIS

LACALLE TARIN, S.L.

LARRE & ASOCIADOS, S.C.P.

LIARTE BENEDI MARIA INMACULADA

LACOASFI , S.L.

LARROSA ESCARTIN ANA BELEN

LIMIÑANA MARTINEZ LORENZO

LADRON GALAN FRANCISCO

LASO CASTAÑERA JOSE FRANCISCO

LIMONCHI LOPEZ HERIBERTO

LAFUENTE ALVAREZ JOSE ANTONIO

LAUKI AHOLKULARITZA, S.L.

LINARES LOPEZ RAMÓN

LAGUNA SEBASTIANES FRANCISCO MANUEL

LAUKIDE ABOGADOS, C.B.

LINEA CONTABLE, S.L.

LAJUSER GESTIONES Y ASESORAMIENTOS, S.L.

LAZARO & POUSADA, S.C.

LIT & PITARCH, S.L.

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LIVACE, S.L.

LOPEZ HERNANDEZ ALVARO

LOZANO PIÑERO IRENE

LIZANA MUÑOZ ANTONIO JESUS

LOPEZ LOMA ALFONSO FRANCISCO

LTA ASESORES LEGALES Y TRIBUTARIOS, S.L.

LLAMAZARES GALVAN ALBERTO

LOPEZ LUQUE ENRIQUE

LUCENTUM ASESORES, S.L.

LLANA CONSULTORES, S.L.

LOPEZ MARTINEZ MANUELA

LUGILDE VELEZ JOSE LUIS

LLEDO YANGUAS, S.L.

LOPEZ MERINO ANTONIO

LUIS F. SIMO, S.L.

LLEIDA BADIAS RAMON FERNANDO

LOPEZ PEREZ MANUEL TRAJANO

LUJAN FALCON JUAN CARLOS

LLIRIA HOME, S.L.

LOPEZ RASCON MARIA JESUS

LUMAR ALJARAFE SEGUROS, S.L.

LLORENTE VARON JUAN CARLOS

LOPEZ RUBAL ANTONIO

LUNA ARIZA RAFAEL IGNACIO

LLUIS GARRUDO Y ASOCIADOS, S.L.

LOPEZ SARALEGUI ELENA MARIA TRINIDAD

LUNA GARCIA MINA ANTONIO FERMIN

LOGARILL & ASOCIADOS, S.L

LOPEZ SEQUERA PEDRO

LUQUE FERNANDEZ JULIA

LOGROSA SOLUCIONES, S.L.

LOPEZ TAPIA ISIDRO

M DE MONTAÑEZ ANALISIS ASEGURADORES, S.L.L.

LOPEZ CARCAS EDUARDO

LOPEZ TORRES PATRICIA

M&B PLUS ASESORES, S.L.L.

LOPEZ DELGADO MARIA DEL PILAR

LORENZO VELEZ JUAN

M. L. BROKERS, S.L.

LOPEZ FERNANDEZ FERNANDO

LORES FANDIÑO JUAN JOSE

M.C.I. BUREAU CONSULTING DE GESTION, S.L.

LOPEZ FERNANDEZ RAQUEL

LOSADA LOPEZ ANTONIO

MAC PRODUCTOS DE INVERSION Y FINANCIACION, S.L.

LOPEZ FRAILE LUIS ANTONIO

LOSADA Y MORELL, S.L.

MACHIN CARREÑO FELIX ALBERTO

LOPEZ GRANADOS JOSE MARIA

LOUBET MENDIOLA JAVIER

MACIA LOPEZ MARIA DEL PILAR

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MACIAS FONTANILLO ISAAC SANTIAGO

MARIA CARMEN PEREZ AZNAR, S.L.P.

MARTIN PEREZ ASSESSMENT, S.L.P.

MACIAS GUERRERO MANUEL

MARIN RUIZ MARIA CARMEN

MARTIN RAMIREZ FRANCISCO

MADRONA MARTINEZ MIRIAM

MARIN ZAFRA ADOLFO

MARTIN SANCHEZ IGNACIO

MAESTRE RODRIGUEZ JUAN JESUS

MARKETPLACE CONSULTING, S.L.

MARTIN VALENCIANO, FERNANDO 000680010S, S.L.N.E.

MALMAGRO BLANCO ANTONIO

MARQUES GONZALEZ MARIA FRANCISCA

MARTIN VIZAN MILAGROS

MALUENDA URGEL NURIA

MARQUES MENENDEZ JOSE LUIS

MARTINEZ ANDRES MARIA ANGELES

MANUEL LEMA PUÑAL Y FERNANDO GARCIA CASTRO, S.C.

MARQUEZ GOMEZ NATIVIDAD

MARTINEZ BERMUDEZ JOSE FRANCISCO

MANZANEQUE ASESORES, S.L.

MARRERO GONZALEZ PLACIDO VICTOR

MARTINEZ CASTRO MANUEL FRANCISCO

MARANDI ASSL MOHAMMAD

MARTI SALA ESTHER

MARTINEZ CATALA PASCUAL

MARAÑON OTEIZA MARIA CRISTINA

MARTI TORRENTS MIQUEL

MARTINEZ DE ARAGON SANCHEZ VICTOR GABRIEL

MARBAR ASESORES 2014, S.L.

MARTIN - SERRA CONSULTORS, S.L.

MARTINEZ GAMEZ CARMEN MARIA

MARCELINO DIAZ Y BARREIROS, S.L.

MARTIN GARCIA -ESTRADA ABOGADOS, S.C.

MARTINEZ GARCIA CARLOS

MARCHANTE GARCIA MARTA MARIA

MARTIN GRANADOS JUAN

MARTINEZ GARCIA PEDRO RAFAEL

MARCOS SALVATIERRA MONTSERRAT

MARTIN HERNANDEZ PEDRO MARIA

MARTINEZ GIMENEZ RAFAEL PABLO

MARDEBONI, S.L.P.

MARTIN MASO EDGAR

MARTINEZ GOMEZ MIGUEL AMARO

MARESME CONSULTORS, S.L.

MARTIN MAYOR ANTONIO

MARTINEZ GONZALEZ VANESA

MARGALIDA GATNAU JOSE MARIA

MARTIN NADAL ALBERTO

MARTINEZ HERNAEZ MARIA DOLORES

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MARTINEZ MARTOS LUIS CARLOS

MAYORAL MURILLO FRANCISCO JAVIER EUSEBIO

MERELAS CASTRO SONIA

MARTINEZ MOYA DIEGO

MAYORDOMO PULPON ALBERTO

MERIDIAN ASESORES, S.L.

MARTINEZ PARRA ENRIQUE

MAYTE COSTAS ASESORES, S.L.

MERINO MARTINEZ CESAR JOAQUIN

MARTINEZ PEREZ JOSE FRANCISCO

MAZA HURTADO YLENIA

MESA IZQUIERDO ASOCIADOS, S.L.

MARTINEZ PEREZ JOSE MARIA

MAZO ORTEGA MARIA NURIA

MESANZA QUERAL ALBERTO GUILLERMO

MARTINEZ PUJANTE ALFONSO

MAZON GINER JOSE FERNANDO

MEXICO NOROESTE GESTION EMPRESARIAL, S.L.

MARTINEZ RIVADAS FRANCISCO

MAZON LLORET MARIA DE LA VEGA

MG ECONOMISTES, S.L.U.P.

MARTINEZ VECINO MARIA CONCEPCION

MB ASESORES 2012, S.L.P.

MIALDEA CARRASCO JULIA

MARTINEZ VERA MARIA ESTRELLA

MECIA FERNANDEZ RAMON

MIER ROMAN SILVIA

MARTINEZ VILLAR FRANCISCO

MEDINA VALLES JUAN CARLOS

MIGUEL BENITO JOSE ANDRES

MAS NEBOT JOSE MARIA

MEDONE SERVEIS, S.L.

MILAN MILAN JUAN MANUEL

MASDEU BALLART MONTSERRAT

MELCHOR GOMEZ CANDIDO DANIEL

MIRO ASSESSORS GESTORIA ADMINISTRATIVA, S.L.P.

MASIP ESCALONA DAVID

MENDEZ HERNANDEZ CAYETANO

MISE MIGUEZ, S.L.

MATA MARCO CARMEN

MENDEZ ZAPATA MARIA DEL PILAR

MITECA PROMOCIONES E INVERSIONES, S.L.

MATEO59 AGENTE DE SEGUROS VINCULADO, S.L.

MENDIZABAL GOIBURU AGUSTIN

MITJAVILA Y ASOCIADOS ESTUDIO JURIDICO FISCAL, S.L.

MATTS ASSESSORS LEGALS I ECONOMISTES, S.L.

MENDOZA MORANTE E INCLAN, S.L.P.

MOLINA HERRIEGA MIGUEL

MAYO CONSULTORS ASSOCIATS, S.L.

MERA RANCAÑO MANUEL

MOLINA LOPEZ RAFAEL

224

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MOLINA LUCAS MARIA ALMUDENA

MORA MAG, S.A.

MUGA Y LOPEZ ASESORES, S.L.

MOLL BRAGAGIA ANALINA

MORALEDA GALAN RAFAEL

MUGURDURI, S.L.

MOLLEJA BELLO MARIA CARMEN

MORAN CASTELL-BLANCH LAW AND TAX FIRM, S.L.

MUIÑO DIAZ MARIA DEL MAR

MOLPECERES MOLPECERES ANGEL

MORENO CAMPOS JOAQUIN

MULTIGESTION SUR, S.L.

MONCHONIS TRASCASAS PEDRO

MORENO DEL PINO NICOLAS

MUÑIZ HORMAECHE SANTIAGO

MONROY CABAÑAS JULIAN

MORENO MAROTO LUIS MIGUEL

MUÑOZ BERZOSA JOSE RAMON

MONROY REY PATRICIA

MORENO SILVERIA MARIA ISABEL

MUÑOZ BONET JOAQUIN BERNARDO

MONSERRAT OBRADOR RAFAEL

MORERA GESTIO EMPRESARIAL, S.L.

MUÑOZ GARRIDO MARIA DEL VALLE

MONTE AZUL CASAS, S.L.

MORERA & VALLEJO ESTUDIOS FINANCIEROS, S.L.

MUÑOZ PINEDA FRANCISCO ANTONIO

MONTEAGUDO NAVARRO MARIA

MORGA GUIRAO MARIA PILAR

MUÑOZ VIÑOLES, S.L.

MONTERO BEJARANO FRANCISCO JAVIER

MORGADE VIÑAS JOSE MANUEL

MUÑOZO CHAMORRO NARCISO

MONTES SADABA FRANCISCO JAVIER

MORILLO & PEREZ GESTION 2012, S.L.

MUR CEREZA ALVARO JESUS

MONTESINOS CONTRERAS VICENTE

MORILLO MUÑOZ, C.B.

MURCIA LOPEZ LORENA ALEJANDRA

MONTIEL GUARDIOLA MARIA JOSEFA

MORODO PASARIN PURA

MURGA CANTERO RUBEN

MONTIEL PIEDECAUSA ANTONIO

MOROTE ESPADERO RAFAEL MANUEL

MURO ALCORTA MARIA ANTONIA

MONTORI HUALDE ASOCIADOS, S.L.L.

MORUNO GONZALEZ MIGUEL ANGEL

MUSA MOHAMED ABDELAZIZ

MOR FIGUERAS JOSE ANTONIO

MOUZO CASTIÑEIRA JESUS ANTONIO

MUZAS BALCAZAR JESUS ANGEL

225

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-language version prevails.

NACHER NAVARRO MARIA VANESSA

NICCALIA, S.L.

OLEOALGAIDAS, S.C.A.

NAHARRO GATA MANUEL

NIETO GONZALEZ RUFINO

OLIVA PAPIOL ENRIQUE

NANOBOLSA, S.L.

NOBEL GROUP 2011, S.L.

OLIVAR Y CUADRADO ASESORES, S.L.

NASH ASESORES, S.L.U.

NODA MORALES HECTOR JOSE

OLIVARERA DEL TRABUCO, S.C.A.

NAVARRO BUSTOS JOSE IGNACIO

NOVAGESTION AVANZADA, S.L.

OLIVER GUASP BARTOLOME

NAVARRO CUESTA ESTER

NOVAGESTION MARINA BAIXA, S.L.

OLIVER MOMPO JOSE

NAVARRO MORALES JOAQUIN

NUÑEZ MAILLO VICENTE JESUS

OLIVERAS TARRES, S.C.

NAVARRO SAENZ MARIA MAR

NUÑEZ NAYA ANTONIO JOSE

OLMO HUERTAS ANA MARIA

NAVARRO UNAMUNZAGA FRANCISCO JAVIER

NUÑO NUÑO AZUCENA

OLMO CONTRERAS FRANCISCO JAVIER

NAVES DIAZ ASSOCIATS, S.L.

OCIEX ESPAÑA, S.L.L.

OLMOS LOPEZ MARCOS

NAVVIT CONTENTISING, S.L.

ODIMED CONSULTORIA SERVICIOS, S.L.

OMEGA GESTION INTEGRAL, S.L.

NAZABAL ORTUETA PABLO

OFICINA PALMA, ASESORIA Y FORMACION, S.L.

OMF ASESORES, S.L.

NEGOCIOS DIZMOR, S.L.

OFICINAS EMA, S.L.

ON SERRA SERVICIOS, S.L.

NEGOCONT BILBAO 98, S.L.

OGAZON GOMEZ YON ANDONI

OPTIMA SAT, S.L.

NEGRETE LEAL LUIS MANUEL

OLABE GARAITAGOITIA MARIA ELENA

ORDEN MONTOLIO SANDRA DE LA

NERTA GESTION Y DESARROLLO, S.L.

OLALDE GOROSTIZA LEONCIO LUIS

ORDOYO CASAS ANA MARIA

NERVION AGENCIA DE VALORES 2003, S.A.

OLAZABAL Y ASOCIADOS, S.C.

OREGUI ASESORES, S.L.

226

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ORIBIO ASESORES, S.L.

OVIEDO PEREZ ZULEMA

PATIÑO ROBLES MARIA CONCEPCION

ORIENTA CAPITAL AGENCIA DE VALORES, S.A.

P V 1, S.L.

PATRIAL, S.A.

ORRIOLS GESE JORDI

PABLOS MUÑOZ MARIA JESUS

PAULINO CARCELLES LUIS MIGUEL

ORTEGA ALTUNA FERNANDO MARIA

PADILLA MOLINA MARIA

PAYÁ ROCA DE TOGORES PABLO

ORTEGA JIMENEZ FRANCISCO

PADILLA ORTEGA GENOVEVA

PAZ BARKBY ALISON SUSAN

ORTEGA MUÑOZ CARLOS MANUEL

PADIMIAN GESTION, S.L.

PAZ GRANDIO FRANCISCO JOSE

ORTEGAL A ESTACA, S.L.

PAEZ ORDOÑEZ SERGIO

PAZOS SANCHEZ JAVIER

ORTIZ ACUÑA FRANCISCO

PALACIOS DIAZ CONSULTORES, S.L.

PB GESTION, S.L.

ORTIZ ALVAREZ BENITO

PALAU DE LA NOGAL JORGE IVAN

PEDEVILLA BURKIA ADOLFO

ORTIZ MARTIN FRANCISCO EULOGIO

PALAZON GARCIA JOSE MIGUEL

PEDRO LOPEZ PINTADO E HIJOS, S.L.

ORTIZ SOLANA CRESCENCIO

PANIAGUA VALDES MILAGROS

PEDROLA GALINDO NATIVIDAD

ORTIZ, S.C.

PARADA TRAVESO IVAN JOSE

PELLICER BARBERA MARIANO

ORTUÑO CAMARA JOSE LUIS

PARDO CANO FRANCISCO JAVIER

PEÑA LOPEZ MILAGROS

OSYPAR GESTION, S.L.

PAREDES VERA GRACIA

PEÑA NAVAL JESUS

OTC ORIENTA PYMES, S.L.

PARREÑO MENDEZ MARIA JOSE

PEÑA PEÑA MANUEL

OTERO ALVAREZ JULIA

PASCUAL ANDRES MARIA LUISA

PEÑAS BRONCHALO JOSE MIGUEL

OUTEIRIÑO VAZQUEZ JOSE MARIA

PASTOR MARCO JOSE LUIS

PEÑATE SANTANA DUNIA

227

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PERALES LLOBREGAT ANGEL RAFAEL

PEREZ POYATOS EMILIO JOSE

PLANO IZAGUIRRE JOSE DANIEL

PERDOMO PEÑA PATRICIA

PEREZ SANTOS ALFONSO

PLEYA GLOBAL SERVICE, S.L.

PERDOMO PEREZ ELDA JOSEFINA

PEREZ SIERRA ASESORES, S.L.

PERELLO Y TOMAS, S.L.

PEREZ SOTO PABLO MANUEL

POGGIO, S.A.

POISY, S.L.

PEREZ ALVAREZ LAURA

PERIAÑEZ TOLEDO TOMAS

POLO ACCIONES, S.L.

PEREZ ANDREU ALEJANDRO

PEROLADA VALLDEPEREZ ANDRES

POLO PRIETO BORJA

PEREZ ASESORIA Y SERVICIOS EMPRESARIALES, S.L.

PERTUSA MONERA ENCARNACIÓN

PONCE VELAZQUEZ JOSEFA

PEREZ CAMACHO MIGUEL ANGEL

PERUCHET GRUP CONSULTOR D'ENGINYERIA, S.C.P.

PONS SOLVES CONCEPCION

PEREZ CHAVARRIA JOAQUIN MIGUEL

PEYUS SANCHEZ PALOMA

PORTILLA ARROYO ALICIA

PEREZ CORDOBA VICTOR MIGUEL

PILAR RAMON ALVAREZ, S.L.

POU ADVOCATS, S.L.P.

PEREZ FERNANDEZ MARIA DOLORES

PINTOR ZAMORA GUADALUPE

POUS ANDRES JUAN

PEREZ GUTIERREZ SANTIAGO

PIÑOL & PUJOL ASSESSORIA D'EMPRESES, S.L.

POUSADA Y CORTIZAS, S.L.

PEREZ MAGALLARES EMILIO

PISONERO PEREZ JAVIER

POZA SOTO INVESTIMENTOS, S.L.

PEREZ MALON MARIA BELEN

PLA NAVARRO EMILIA

PRADA PRADA MARIA CARMEN

PEREZ MASCUÑAN JORGE

PLAMBECK ANDERL WALTER

PRADO PAREDES ALEJANDRO

PEREZ PEREZ JOSE MANUEL

PLANELLS ROIG JOSE VICENTE

PRESTACIONS DE ASESORAMENTO EMPRESARIAL, S.L.

PEREZ PEREZ TOMAS ESTEBAN

PLANNING ASESORES, S.C.

PREVISION PERSONAL CORREDURIA DE SEGUROS, S.A.

228

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PRIETO BENITEZ ANTONIO

RAMIREZ JORQUERA MIGUEL ANGEL

REIFS PEREZ MANUEL

PRIETO RICO MAURO

RAMIREZ LOPEZ AGUSTIN

REINA GARCIA ANA ESTHER

PROGESEM, S.L.

RAMIREZ RUBIO JOSE RAMON

RELAÑO CAÑAVERAS CRISTOBAL

PROGRESO 21 CONSULTORES TECNICOS Y ECONOMICOS, S.L.

RAMOS CAGIAO AMPARO

REMENTERIA LECUE AITOR

PROINVER PARTNERS, S.L.

RAMOS GARCIA GABRIEL DE JESUS

REMON SAENZ CESAR

PROYECTOS INTEGRALES FINCASA, S.L.

RAMOS ROMERO JUAN JESUS

RENTA JUBILADOS, S.L.

PROYECTOS PINTON, S.L.

RAMOS SOBRIDO JOSE ANDRES

RENTEK 2005, S.L.

PUERTAS VALLES MARIA LUISA

RCI EXPANSION FINANCIERA, S.L.U.

RETAMERO VEGA MANUEL

PUERTAS Y GALERA CONSULTING, S.L.

REAMOBA, S.L.

REVUELTA GUTIERREZ LAURA

PUJOL HUGUET AMADEU

REBOLLO CAMBRILES JUAN ROMAN

REY FERRIN PAULA

PUP ANCA

RECAJ ERRUZ ENRIQUE CLEMENTE

REY GONZALEZ NICOLAS

PYME BUSSINES TWO, S.L.

RECIO CEÑA TOMAS

REY PAZ ROCIO

PYME'S ASESORIA, S.L.

RECUENCO BENEDICTO JOSEFINA MATILDE

REYES BLANCO FRANCISCO JAVIER

QUALIFIED EXPERIENCE, S.L.

REDIS INVERSIONS, S.L.

REYES BLANCO RAFAEL

QUEIJA CONSULTORES, S.L.

REDTAX, S.L.

REYES CARRION JUAN CARLOS

R. & J. ASSESSORS D' ASSEGURANCES ASEGUR XXI, S.L.

REGA RODRIGUEZ MARIA LUISA

REYES LANZAROTE FRANCISCA

RACA INVERSIONES Y GESTION, S.L.

REGLERO BLANCO MARIA ISABEL

REYES QUINTANA VICTORIO JESUS

229

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REYMONDEZ , S.L.

RODES BIOSCA CARLOS RAFAEL

ROIG FENOLLOSA JUAN BAUTISTA

REZA MONTES FRANCISCO JAVIER

RODRIGUEZ ALVAREZ MARIA ISABEL

ROJAS TRONCOSO PEDRO

RGR ACTIVOS E INVERSIONES, S.L.

RODRIGUEZ CAÑIZARES ANTONIO JAVIER

ROJI BOULANDIER SERGIO

RIBERA AIGE JOSEFA

RODRIGUEZ CIFUENTES IVAN

ROLDAN SACRISTAN JESUS HILARIO

RIBES ESTRELLA JOAN MARC

RODRIGUEZ DELGADO RENE

ROLO GESTION E INVERSION, S.L.

RINCON GUTIERREZ MARIA PILAR

RODRIGUEZ GALVAN MARIA

ROMAN BERMEJO MARIA ISABEL

RIOJA ROMAN RAQUEL

RODRIGUEZ LLOPIS MIGUEL ANGEL

ROMAN CAMPOS MARIA ETELVINA

RIPOLL BARRACHINA ENRIQUE

RODRIGUEZ MARTINEZ RAFAEL

ROMAN CIVIDANES CONSTANTINO

RIVAS ANORO FERNANDO

RODRIGUEZ MUÑOZ JOAQUIN JOSE

ROMERO & BURGOS ASESORES, C.B.

RIVAS CASTRO JOSE CARLOS

RODRIGUEZ OTERO MIRIAN

ROMERO MENDEZ JUAN ANTONIO

RIVAS FERNANDEZ RAFAEL

RODRIGUEZ PEREZ MARIA JOSE

ROMERO RODRIGUEZ JOSE GIL

RIVAS URBANO JOSE

RODRIGUEZ RODRIGUEZ MARIA

ROPERO MONTERO MIGUEL ANGEL

RIVERO RIVERO SAMUEL

RODRIGUEZ RODRIGUEZ MARIA DEL CARMEN

ROS PEREZ XAVIER

ROALGA GESTION DE RIESGOS, S.L.

RODRIGUEZ RODRIGUEZ SUSANA

ROS PETIT, S.A.

ROBI PAL, S.C.P.

RODRIGUEZ RUIZ JUAN ANTONIO

ROSADO PROIMAGEN, S.L.

ROBLES SANCHEZ ROSA MARIA

ROGADO ROLDAN ROSA

ROY ASSESSORS, S.L.

ROCHE BLASCO Y ROCHE ASESORES, S.L.

ROGET LEMUS JOSE MANUEL

ROYO ESCARTIN RAQUEL

230

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ROYO GARCIA FRANCISCO JAVIER

RUIZ TARI ROGELIO

SALADICH OLIVE LUIS

RUA PIRAME ENRIQUE

RUIZ-ESTELLER HERNANDEZ GUSTAVO

SALAET FERRES MARISA

RUALI CONSULTANTS, S.L.

S&B CONSULTORES DE CANTABRIA, S.L.

SALAMERO MORENO JOAQUIN

RUANO BECEDAS MARIA CRISTINA

S.A.G. MEN, S.L.

SALAS SEGUI BARTOLOME

RUANO CAMPS ANTONI

S.C. BUSINESS ADVISORS, S.L.

SALES HERNANDEZ JOSE

RUBIO ALESANCO ALEJANDRO

S.M. ASESORES ARAÑUELO, S.L.

SALMON ALONSO JOSE LUIS

RUBIO BERNARDEAU ANTONIA MILAGROSA

SABALLS GESTIO, S.L.

SALOR XVI, C.B.

RUBIO SIERRA FRANCISCO JOSE

SABATE NOLLA TERESA

SALUDES FERRER MARIA

RUIPEREZ MATOQUE PIERRE

SABES TORQUET JUAN CARLOS

SALVIA FABREGAT MARIA PILAR

RUIZ ASESORES, S.C.

SACRISTAN ASESORES, S.L.

SAMPER CAMPANALS PILAR

RUIZ AYUCAR Y ASOCIADOS, S.L.

SAEZ NICOLAS JOSE RAMON

SANCHEZ BURUAGA MARTA

RUIZ CASAS JUAN BAUTISTA

SAFE SERVICIOS DE ASESORAMIENTO FISCAL DE LA EMPRESA, S.L.

SANCHEZ ELIZALDE JUAN FRANCISCO

RUIZ CASTILLO ANTONIO

SAFOR CONSULTORES INMOBILIARIOS, S.L.

SANCHEZ GARCIA ALICIA

RUIZ DEL RIO ROSA MARIA

SAGEM XX, S.L.

SANCHEZ GARCIA YOLANDA

RUIZ ESCALONA ANTONIO

SAINZ TAJADURA MARIA VICTORIA

SANCHEZ HERNANDEZ IVAN

RUIZ MORENO EVA

RUIZ NOGALES LIDIA

SAIZ SEPULVEDA FRANCISCO JAVIER

SANCHEZ LOPEZ MIGUEL

SALA AZORIN AURORA

SANCHEZ MESA FRANCISCO

231

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-language version prevails.

SANCHEZ PEÑA MIGUEL ANGEL

SANZ MORENO ANTONIO

SELUCON, C.B.

SANCHEZ POUSADA JULIA

SAR NARON, S.L.

SEMPERE & PICO ASESORES, S.L.

SANCHEZ RODRIGUEZ Mª TERESA CARMEN

SARA Y LETICIA, S.L.

SENDA GESTION, S.L.

SANCHEZ SAN VICENTE GUILLERMO JESUS

SARDA ANTON JUAN IGNACIO

SEOANE MENDEZ ROBERTO

SANCHEZ SECO VIVAR CARLOS JAVIER

SARRI SOLE FRANCESC XAVIER

SERBANASER 2000, S.L.

SANCHIS MARTIN LAURA

SARRIO TIERRASECA LEON

SERCOM ARAGON S.XXI, S.L.

SANTAMANS ASESORES LEGALES Y TRIBUTARIOS, S.L.

SARROCA GIL MOISES

SERKA ASESORES, S.L.

SANTANA DIAZ SEBASTIAN

SAUN FUERTES MARIA JOSE

SERNA MINONDO MARIA ANTONIA

SANTANDREU ROSSELLO PERE

SAURA MARTINEZ PEDRO

SERRA GREGORI RAUL

SANTIVERI GESTIO I ASSESSORAMENT, S.L.

SAURINA DELGADO ADVOCATS, S.L.

SERRANO DOMINGUEZ FRANCISCO JAVIER

SANTOS GARCIA MANUEL

SB GESTION IMPUESTOS, S.A.

SERRANO QUEVEDO RAMON

SANTOS EXPOSITO MARIA DEL ROSARIO

SECO ALVITE JOSE ANGEL

SERRANO RODRIGUEZ RAFAEL

SANTOS MACIAS MARIA ESTHER

SECO FERNANDEZ LUIS ALBERTO

SERRANO VACAS JUAN CARLOS

SANTOS ROMAN MARIA NURIA

SEGURA MASSOT MARIA TERESA

SERTE RIOJA, S.A.P.

SANZ CALDERON FRANCISCO JAVIER

SEGURALIA 2050, S.L.

SERVEIS FINANCERS DE CATALUNYA, S.L.

SANZ EMPERADOR JESUS ANGEL

SEGURBAN SERVICIOS DE INTERMEDIACION, S.L.

SERVICIOS FINANCIEROS ALENAT, S.L.

SANZ FUENTES LUIS ALBERTO

SEGUROS E INVERSIONES DEL CID & VILLAFAINA, S.L.

SERVICIOS FINANCIEROS APRENDA, S.L.

232

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SERVICIOS FINANCIEROS AZMU, S.L.

SILVA FERNANDEZ CRISTINA

SOLER ASCASO Mª LOURDES

SERVICIOS FINANCIEROS GABIOLA, S.L.

SILVA HUERTAS MIGUEL ANGEL

SOLER MUNDET AGUSTI

SERVICIOS INTEGRALES CANARIOS, S.L.

SILVERA BARRIOS MARIA ISABEL

SOLER PORTA MARIANO

SERV. INTEGRALES DE CONSULTORIA, ASESORAMIENTO Y GESTION, S.L.

SIMON BENITO JOSE JUAN

SOLUCIONES FISCALES DE GALICIA, S.L.L.

SERV. INTEGRALES DE GESTION INMOBILIARIA, ASESORIA LEGAL Y MEDIOAMBIENTE, S.L.

SINDIN RODRIGUEZ NOELIA

SOLYGES CIUDAD RODRIGO, S.L.U.

SERVICIOS JURIDICOS VENTANOVA, C.B.

SINTAS NOGALES FRANCISCO

SOMOZA RODRIGUEZ ESCUDERO OSCAR JOSE FELIX

SERV. JURIDICOS Y ADMINISTRACION GRUPO ROPASA, S.L.

SINTES SINTES JOSE LUIS

SOMOZA SIMON Y GARCIA, C.B.

SERVICONTA ALCOY, S.L.

SISTEMA ASESORES FERROL, S.L.

SOSA BLANCO SERVANDO

SERVIGEST GESTION EMPRESARIAL, S.L.

SISTEMAS INTEGRADOS DE GESTION PARA LA EMPRESA ANDALUZA, S.L.

SOSA LOZANO JOSE RAUL

SETAYESH SHAHNAZ

SMITH BASTERRA FRANCISCO JAVIER

SOTO PASTOR RAFAEL

SEVA VERA JAVIER

SOBALER Y RODRIGUEZ ASESORIA Y GESTION, S.L.

SOUSA TEJEDA ALEJANDRA

SEVILLANO MARTINEZ JUAN

SOCIEDAD CONSULTORA DE ACTUARIOS, S.C.A.

SPI SERVICIOS JURIDICOS EMPRESARIALES, S.L.

SIERRA SANCHEZ GERMAN

S. COOPERATIVA AGRARIA SAN ANTONIO ABAD

STM NUMMOS, S.L.

SIERRA TORRE MIGUEL

S. COOPERATIVA AGRICOLA NTRA SRA DEL CARMEN

SUAREZ CUETOS MANUEL

SIGNES ASESORES, S.L.

S. COOPERATIVA ANDALUZA OLIVARERA LA PURISIMA

SUBIRATS ESPUNY MARIA DOLORES

SIGNES CASANOVES BERNARDO CRISTOBAL

S. COOPERATIVA NTRA SRA DE LOS REMEDIOS

SUGRAÑES ASSESSORS, S.L.

SILJORINE, S.L.

SOCOGADEM, S.L.

SUMA LEGAL, S.L.

233

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T & P SAFOR GESTIO, S.L.

TINAQUERO HERRERO JULIO ANTONIO

TORRES PEREZ JOSE ARISTIDES

T.S. GESTIO, S.L.

TIO & CODINA ASSESSOR D'INVERSIONS, S.L.

TRABA PUENTE SANDRA

TABORGA ONTAÑON ANTONIO JOAQUIN

TIRADO ZARCO ESMERALDA

TRAMITES FACILES SANTANDER ASESORES Y CONSULTORES, S.L.L.

TACASA BIAR, S.L.

TIRAMAT INVERSIONS, S.L.

TRAYSERCAN, S.L.

TALLER DE PROJECTES GRUP XXI, S.L.L.

TODOPYME, S.L.

TRES U EMPRESA DE SERVICIOS PROFESIONALES, S.L.

TAMG, S.C.

TOLEDO VALIENTE MARIA GLORIA

TARIN BOSCH JUAN JESUS

TOLL SERVICIOS ECONOMICOS Y FISCALES, S.L.

TARIN MOMPO, S.L.P.

TOLOCONSULTING, S.L.

TARSIUS FINANCIAL ADVICE, S.L.

TOMAS SECO ASESORES, S.L.

TAX SAN SEBASTIAN, S.L.

TOPE MEDITERRANEA ASSEGURANCES, S.L.

TECNICOS AUDITORES CONTABLES Y TRIBUTARIOS EN SERVICIOS DE ASESORAMIENTO, S.L.

TORMOS MARTINEZ ISIDRO

TELEMEDIDA Y GAS, S.L.

TORRE DE LA CUESTA CORREDURIA DE SEGUROS, S.L.

TRILLO PALACIOS ASESORES, S.L.

TRILLO PEREZ PATRICIA

TRUELUX COACHING EMPRESARIAL, S.L.

TRUJILLO AYMES PHILIPPE

TELLECHEA ABASCAL PEDRO MANUEL

TORRECILLAS BELMONTE JOSE MARIA

TUÑON GARCIA JOSE GIL

TENA LAGUNA LORENZO

TORRENS SERRA JOAN ANTONI

THE GADO GROUP. S.L.

TORRES BONACHE MARIA DEL CARMEN

TURBON ASESORES LEGALES Y TRIBUTARIOS, S.L.

THINKCO CONSULTORIA DE NEGOCIO, S.L.

TORRES DIAZ ANTONIO

TWOINVER IBERICA, S.L.

TIGALMA , S.L.

TORRES MONTEJANO FELIX

234

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TXIRRIENA, S.L.

UCAR ESTEBAN ROSARIO

V.S. SERVICOS JURIDICOS, S.L.

VACA DELGADO ANDRES JESUS

VACCEOS GESTORES, S.L.

VARELA Y LOPEZ ASESORES, S.L.L.

VASALLO RAPELA ASESORES, S.L.

UGARTE ASOCIADOS SERVICIOS EMPRESARIALES, S.L.

VAZQUEZ DIEGUEZ JOSE ANDRES

VADILLO ALMAGRO MARIA VICTORIA

UNIPRASA, S.L.P.

VAZQUEZ FERREIRO ALFONSO

VALCARCEL LOPEZ ALFONSO

URBANA SOLUCIONES INTELIGENTES, S.L.

VAZQUEZ FIGUEIRAS JULIA

VALCARCEL GRANDE FRANCISCO JAVIER

URBANSUR GLOBAL, S.L.

VAZQUEZ SANTOS CRISTINA

VALENCIA TRENADO MANUEL RODRIGO

URIAGUERECA CARRILERO FRANCISCO JAVIER

VEGA & ASOCIADOS, S.C.C.L.

VALENZUELA TENA CARMEN

URIBITARTE FINANCIAL, S.L.

VEGA GARCIA CRISTIAN

URRERO SANTIAGO LUIS

USKARTZE, S.L.

VALOR AFEGIT OSONA, S.L.

VAN CAMP VANESSA IRMA

VAQUERO GOMEZ JOSE MANUEL

235

VEIGUELA LASTRA CARLOS MARIA

VEJERIEGA CONSULTING, S.L.

This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-language version prevails.

VELASCO FERNANDEZ ALFONSO

VELASCO LOZANO FRANCISCO

VIGUE PUJOL, S.L.

VILA BARCELO ALFONS

VISEN ARTEMIZA

VIVER MIR JAIME JAVIER

VENZAL CONTRERAS FRANCISCO JAVIER

VIVIAL ASESORAMIENTO Y ALQUILERES, S.L.

VIA LUSITANA COMUNICACION, S.L.

WALS FERNANDEZ PETRA

VILAR AVIÑO ASESORES, S.L.P.

VICENTE GONZALEZ ANGEL

WEISSE KUSTE, S.L.

VILLACE MEDINA JUAN CARLOS

VICENTE JUAN ASESORES, S.L.

WERHEIT SCHUH HERMANN JOSEF

VILLAGRASA ROS ANTONIO

VICENTE OYA AMATE Y DOS MAS, C.B.

WHITE ORR ROBERT HENRY

VILLAR MIR CONCEPCION

VICENTE ROJAS MARIA INMACULADA

VIDAL ARAGON DE OLIVES GERARDO IGNACIO

VIDAL JAMARDO LUIS RAMON

VILLORO OLLE ROGER

VINYES SABATA MERCÉ

VIÑA ARASA RICARDO

VIÑAO BALLARIN MARIA ANGELES

WIZNER FAMILY OFFICE, S.L.

XESDEZA, S.L.

XESPRODEM ASESORES, S.L.L.

VIDAL TROITIÑO MARIA DE LA CONCEPCION

XESTADEM, S.L.

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This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-language version prevails.

YBIS XXI, S.L.

ZURAWKA ERHARD RUDOLF

YLLANA Y CABRERIZO CONSULTORES, S.L.

ZUZENBIDE KONTUAK KOOP ELK TXIKIA

YUSTE SORIANO MARIA BELEN

ZAHIR ASESORES TRIBUTARIOS, S.L.

ZALTYS, S.L.

ZATOSTE,S.L.

ZONA ENERGIA, S.L.

ZONA JURIDICA AGENTE, S.L.

ZUBIZARRETA UNCETA AITOR

ZUBIZUA, S.L.

ZUECO GIL JESUS ANGEL

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This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original
Spanish-language version prevails.

Glossary

Adjusted
cost

acquisition

The acquisition cost of the securities less accumulated amortizations, plus interest
accrued, but not net of any other valuation adjustments.

Amortized cost

The amortized cost of a financial asset is the amount at which it was measured at
initial recognition minus principal repayments, plus or minus, as warranted, the
cumulative amount taken to profit or loss using the effective interest rate method
of any difference between the initial amount and the maturity amount, and minus
any reduction for impairment or change in measured value.

Associates

Companies in which the Group has a significant influence, without having control.
Significant influence is deemed to exist when the Group owns 20% or more of
the voting rights of an investee directly or indirectly.

Available-for-sale
financial assets

Available-for-sale (AFS) financial assets are debt securities that are not classified as
held-to-maturity investments or as financial assets designated at fair value
through profit or loss (FVTPL) and equity instruments that are not subsidiaries,
associates or jointly controlled entities and have not been designated as at
FVTPL.

Basic
share

earnings

per

Calculated by dividing profit or loss attributable to ordinary equity holders of the
parent by the weighted average number of ordinary shares outstanding during
the period.

Business combination

A business combination is a transaction, or any other event, through which a
single entity obtains the control of one or more businesses.

Cash flow hedges

Those that hedge the exposure to variability in cash flows attributable to a
particular risk associated with a recognized asset or liability or a highly probable
forecast transaction and could effect profit or loss.

Commissions and fees

Income and expenses relating to commissions and similar fees are recognized in
the consolidated income statement using criteria that vary according to their
nature. The most significant income and expense items in this connection are:

-Fees and commissions relating linked to financial assets and liabilities measured
at fair value through profit or loss, which are recognized when collected.

-Fees and commissions arising from transactions or services that are provided
over a period of time, which are recognized over the life of these transactions or
services.

-Fees and commissions generated by a single act are accrued upon execution of
that act.

Contingencies

Current obligations of the entity arising as a result of past events whose existence
depends on the occurrence or non-occurrence of one or more future events
independent of the will of the entity.

Contingent liabilities

Possible obligations of the entity that arise from past events and whose existence
depends on the occurrence or non-occurrence of one or more future events
independent of the entity’s will and that could lead to the recognition of financial
assets.

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This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original
Spanish-language version prevails.

Contingent risks

Correlation risk

Transactions through which the entity guarantees commitments assumed by
third parties in respect of financial guarantees granted or other types of
contracts.

Correlation risk is related to derivatives whose final value depends on the
performance of more than one underlying asset (primarily, stock baskets) and
indicates the existing variability in the correlations between each pair of assets.

Current service cost

Current service cost is the increase in the present value of a defined benefit
obligation resulting from employee service in the current period.

Current tax assets

Taxes recoverable over the next twelve months.

Current tax liabilities

Corporate income tax payable on taxable profit for the year and other taxes
payable in the next twelve months.

Debt certificates

Obligations and other interest-bearing securities that create or evidence a debt on
the part of their issuer, including debt securities issued for trading among an
open group of investors, that accrue interest, implied or explicit, whose rate,
fixed or benchmarked to other rates, is established contractually, and take the
form of securities or book-entries, irrespective of the issuer.

Deferred tax assets

Taxes recoverable in future years, including loss carryforwards or tax credits for
deductions and tax rebates pending application.

Deferred tax liabilities

Income taxes payable in subsequent years.

Defined benefit plans

Defined
plans

contribution

Defined contribution plans are retirement benefit plans under which amounts to
be paid as retirement benefits are determined by contributions to a fund together
with investment earnings thereon. The employer's obligations in respect of its
employees current and prior years' employment service are discharged by
contributions to the fund.

Post-employment obligation under which the entity, directly or indirectly via the
plan, retains the contractual or implicit obligation to pay remuneration directly to
employees when required or to pay additional amounts if the insurer, or other
entity required to pay, does not cover all the benefits relating to the services
rendered by the employees when insurance policies do not cover all of the
corresponding post-employees benefits.

Deposits from central
banks

Deposits of all classes, including loans and money market operations, received
from the Bank of Spain and other central banks.

Deposits
institutions

from credit

Deposits of all classes, including loans and money market operations received,
from credit entities.

Deposits
customers

from

Redeemable cash balances received by the entity, with the exception of debt
certificates, money market operations through counterparties and subordinated
liabilities that are not received from either central banks or credit entities. This
category also includes cash deposits and consignments received that can be
readily withdrawn.

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This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original
Spanish-language version prevails.

Diluted earnings per
share

This calculation is similar to that used to measure basic earnings per share,
except that the weighted average number of shares outstanding is adjusted to
reflect the potential dilutive effect of any stock options, warrants and convertible
debt instruments outstanding the year. For the purpose of calculating diluted
earnings per share, an entity shall assume the exercise of dilutive warrants of the
entity. The assumed proceeds from these instruments shall be regarded as
having been received from the issue of ordinary shares at the average market
price of ordinary shares during the period. The difference between the number of
ordinary shares issued and the number of ordinary shares that would have been
issued at the average market price of ordinary shares during the period shall be
treated as an issue of ordinary shares for no consideration. Such shares are
dilutive and are added to the number of ordinary shares outstanding in the
calculation of diluted earnings per share.

Early retirements

Employees that no longer render their services to the entity but which, without
being legally retired, remain entitled to make economic claims on the entity until
they formally retire.

Economic capital

Eligible capital for regulatory capital adequacy calculations.

Economic profit

This metric measures the part of attributable adjusted profit (attributable profit +
adjustment for expected loss, net income and valuation) in excess of the cost of
equity employed, and measures the profits generated in excess of market
expectations of returns on equity capital. This is used at the management level;
for annual public reporting; for incentives in some business areas; and in the
Group's value map.

Effective interest rate

Discount rate that exactly equals the value of a financial instrument with the cash
flows estimated over the expected life of the instrument based on its contractual
period as well as its anticipated amortization, but without taking the future losses
of credit risk into consideration.

Employee expenses

Equity

All compensation accrued during the year in respect of personnel on the payroll,
under permanent or temporary contracts, irrespective of their jobs or functions,
irrespective of the concept, including the current costs of servicing pension plans,
own share based compensation schemes and capitalized personnel expenses.
Amounts reimbursed by the state Social Security or other welfare entities in
respect of employee illness are deducted from personnel expenses.

The residual interest in an entity's assets after deducting its liabilities. It includes
owner or venturer contributions to the entity, at incorporation and subsequently,
unless they meet the definition of liabilities, and accumulated net profits or losses,
fair value adjustments affecting equity and, if warranted, minority interests.

Equity instruments

An equity instrument that evidences a residual interest in the assets of an entity
after deducting all of its liabilities.

Equity method

The method used for the consolidation of the Group’s holdings in associates.
These holdings are recognized at cost on the purchase date and later evaluated.
This amount will then be increased or decreased based on the differences that,
after said date, the equity of the entity experiences and that corresponds to the
investing institution, after considering the dividends received from them and
other equity eliminations. The income statement of the investing institution shall
include the corresponding proportion in the earnings of the investee.

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This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original
Spanish-language version prevails.

Exchange/translation
differences

Exchange differences (PyL): Includes the earnings obtained in currency trading
and the differences arising on translating monetary items denominated in foreign
currency
(valuation
adjustments): those recorded due to the translation of the financial statements in
foreign currency to the functional currency of the Group and others recorded
against equity.

functional currency. Exchange differences

the

Fair value

The amount for which an asset could be exchanged, or a liability settled,
between knowledgeable, willing parties in an arm's length transaction.

Fair value hedges

Derivatives that hedge the exposure to changes in the fair value of assets and
liabilities or firm commitments that have not be recognized, or of an identified
portion of said assets, liabilities or firm commitments, attributable to a specific
risk, provided it could affect the income statement.

Fees

See Commissions, fees and similar items

Financial guarantees

Contracts that require the issuer to make specified payments to reimburse the
holder for a loss it incurs when a specified debtor fails to make payment when
due in accordance with the original or modified terms of a debt instrument,
irrespective of its instrumentation. These guarantees may take the form of
deposits, technical or financial guarantees, insurance contracts or credit
derivatives.

Financial instrument

A financial instrument is any contract that gives rise to a financial asset of one
entity and to a financial liability or equity instrument of another entity.

Financial
amortized cost

liabilities at

Financial liabilities that do not meet the definition of financial liabilities designated
at fair value through profit or loss and arise from the financial entities' ordinary
activities to capture funds, regardless of their instrumentation or maturity.

Method used for the consolidation of the accounts of the Group’s subsidiaries.
The assets and liabilities of the Group entities are incorporated line-by-line on the
consolidate balance sheets, after conciliation and the elimination in full of
intragroup balances, including amounts payable and receivable.

Full
method

consolidation

Group entity income statement income and expense headings are similarly
combined line by line into the consolidated income statement, having made the
following consolidation eliminations: a) income and expenses in respect of
intragroup transactions are eliminated in full. b) profits and losses resulting from
intragroup transactions are similarly eliminated.

The carrying amount of the parent's investment and the parent's share of equity
in each subsidiary are eliminated.

Gains or
losses on
financial assets and
liabilities, net

This heading reflects fair value changes in financial instruments - except for
changes attributable to accrued interest upon application of the interest rate
method and asset impairment losses (net) recognized in the income statement -
as well as gains or losses generated by their sale - except for gains or losses
generated by the disposal of investments in subsidiaries, jointly controlled entities
and associates an of securities classified as held to maturity.

Goodwill

Goodwill acquired in a business combination represents a payment made by the
acquirer in anticipation of future economic benefits from assets that are not able
to be individually identified and separately recognized.

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This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original
Spanish-language version prevails.

Hedges
net
investments in foreign
operations

Foreign currency hedge of a net investment in a foreign operation .

Hedging derivatives

Derivatives designated as hedging instruments in an accounting hedge. The fair
value or future cash flows of those derivatives is expected to offset the
differences in the fair value or cash flows of the items hedged.

Held-to-maturity
investments

Held-to-maturity investments are financial assets traded on an active market, with
fixed maturity and fixed or determinable payments and cash flows that an entity
has the positive intention and financial ability to hold to maturity.

Held for trading (assets
and liabilities)

Financial assets and liabilities acquired or incurred primarily for the purpose of
profiting from variations in their prices in the short term.

This category also includes financial derivatives not qualifying for hedge
accounting, and in the case of borrowed securities, financial liabilities originated
by the firm sale of financial assets acquired under repurchase agreements or
received on loan (“short positions”).

Impaired/doubtful/non-
performing portfolio

Financial assets whose carrying amount is higher than their recoverable value,
prompting the entity to recognize the corresponding impairment loss.

A financial asset is deemed impaired, and accordingly restated to fair value, when
there is objective evidence of impairment as a result of one or more events that
give rise to:

Impaired
assets

financial

1. A measurable decrease in the estimated future cash flows since the initial
recognition of those assets in the case of debt instruments (loans and
receivables and debt securities).

2. A significant or prolonged drop in fair value below cost in the case of equity

instruments.

Income
instruments

from equity

Dividends and income on equity instruments collected or announced during the
year corresponding to profits generated by investees after the ownership interest
is acquired. Income is recognized gross, i.e., without deducting any withholdings
made, if any.

Insurance
linked to pensions

contracts

The fair value of insurance contracts written to cover pension commitments.

Inventories

Assets, other than financial instruments, under production, construction or
development, held for sale during the normal course of business, or to be
consumed in the production process or during the rendering of services.
Inventories include land and other properties held for sale at the real estate
development business.

Investment properties

Investment property is property (land or a building—or part of a building—or both)
held (by the owner or by the lessee under a finance lease) to earn rentals or for
capital appreciation or both, rather than for own use or sale in the ordinary
course of business.

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Spanish-language version prevails.

Jointly
entities

controlled

Leases

Companies that form a joint business and, consequently, over which the Group
exercises joint control. A joint business is a contractual agreement by virtue of
which two or more entities undertake an economic activity under joint control;
that is, a contractual agreement to share the power to guide the financial and
operation policies of an entity or other economic activity, so as to benefit from its
operations, and in which the unanimous consent of all participants is required in
all financial and operational strategic decision-making.

A lease is an agreement whereby the lessor conveys to the lessee in return for a
payment or series of payments the right to use an asset for an agreed period of
time, a stream of cash flows that is essentially equivalent to the combination of
principal and interest payments under a loan agreement.

a) A lease is classified as a finance lease when it substantially transfers all the risks
and rewards incidental to ownership of the asset forming the subject-matter of
the contract.

b) A lease will be classified as operating lease when it is not a financial lease.

Liabilities
associated
with non-current assets
held for sale

The balance of liabilities directly associated with assets classified as non-current
assets held for sale, including those recognized under liabilities in the entity's
balance sheet at the balance sheet date corresponding to discontinued
operations.

Liabilities
insurance contracts

under

The technical reserves of direct insurance and inward reinsurance recorded by
the consolidated entities to cover claims arising from insurance contracts in force
at period-end.

Loans and advances to
customers

Loans and receivables, irrespective of their type, granted to third parties that are
not credit entities.

Loans and receivables

Financial instruments with determined or determinable cash flows and in which
the entire payment made by the entity will be recovered, except for reasons
attributable to the solvency of the debtor. This category includes both the
investments from the typical lending activity (amounts of cash available and
pending maturity by customers as a loan or deposits lent to other entities, and
unlisted debt certificates), as well as debts contracted by the purchasers of
goods, or users of services, that form part of the entity’s business. It also includes
all finance lease arrangements in which the consolidated subsidiaries act as
lessors.

Minority interests

The net amount of the profit or loss and net assets of a subsidiary attributable to
associates outside the group (that is, the amount that is not owned, directly or
indirectly, by the parent), including that amount in the corresponding part of the
consolidated earnings for the period.

Mortgage-covered
bonds

Financial asset or security created from mortgage loans and backed by the
guarantee of the mortgage loan portfolio of the entity.

Non-current
held for sale

assets

A non-current asset or disposal group, whose carrying amount is expected to be
realized through a sale transaction, rather than through continuing use, and
which
a) it is immediately available for sale in its present condition at the balance sheet
date, i.e. only normal procedures are required for the sale of the asset.
b) the sale is considered highly probable.

following

meets

the

requirements:

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Spanish-language version prevails.

Non-monetary assets

Assets and liabilities that do not provide any right to receive or deliver a
determined or determinable amount of monetary units, such as tangible and
intangible assets, goodwill and ordinary shares subordinate to all other classes of
capital instruments.

Non Performing Loans
(NPL)

The balance of non performing risks, whether for reasons of default by
customers or for other reasons as detailed in section II of Annex IX of Bank of
Spain Circular 04/2004, for exposures on balance loans to customers. This figure
is shown gross: in other words, it is not adjusted for value corrections (loan loss
reserves) made.

NPA Coveraged ratio

Impairment allowances (generic, specific and country risk allowance) as a
percentage of the non performing assets (the sum of Substandard loans and
advances to customers and Substandard contingent liabilities to customers)

NPA ratio

Represents the sum of Substandard loans and advances to customers and
Substandard contingent liabilities to customers divided by the sum of Loans and
advances to customers and Contingent liabilities to customers.

Other
instruments

equity

This heading reflects the increase in equity resulting from various forms of owner
contributions, retained earnings, restatements of the financial statements and
valuation adjustments.

Instruments designated by the entity from the start at fair value with changes in
profit or loss. Only the following can be included in the category: assets and
liabilities that are deemed “hybrid financial assets and liabilities” and for which the
fair value of the embedded derivatives cannot be reliably determined.

Other
financial
assets/liabilities at fair
value through profit or
loss

These are financial assets managed jointly with “Liabilities under insurance
contracts” valued at fair value, in combination with derivatives written with a view
to significantly mitigating exposure to changes in these contracts' fair value, or in
combination with financial liabilities and derivatives designed to significantly
reduce global exposure to interest rate risk.

These headings also include customer loans and deposits effected via so-called
unit-linked life insurance contracts, in which the policyholder assumes the
investment risk.

Own/treasury shares

The amount of own equity instruments held by the entity.

Past service cost

It is the change in the present value of the defined benefit obligation for
employee service in prior periods, resulting in the current period from the
introduction of, or changes to, post-employment benefits or other long-term
employee benefits.

Post-employment
benefits

Retirement benefit plans are arrangements whereby an enterprise provides
benefits for its employees on or after termination of service.

Property, plant and
equipment/tangible
assets

Buildings, land, fixtures, vehicles, computer equipment and other facilities owned
by the entity or acquired under finance leases.

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Spanish-language version prevails.

Proportionate
consolidation method

Method used for the integration of the accounts of the jointly-controlled entities in
the Consolidated Financial Statements. The aggregation of the different headings
of the balance sheet and income statement of the entities to the consolidated
financial statements through this method is performed in the proportion of the
Group’s holding in its capital, excluding the portion corresponding to its own
equity instruments. In the same proportion, reciprocal credit and debits will be
eliminated, as will be the income, expenses and earnings from internal
transactions.

Provisions

Provisions include amounts recognized to cover the Group’s current obligations
arising as a result of past events, certain in terms of nature but uncertain in terms
of amount and/or cancellation date.

Provisions
contingent
and commitments

for
liabilities

Provisions recorded to cover exposures arising as a result of transactions through
which the entity guarantees commitments assumed by third parties in respect of
financial guarantees granted or other types of contracts, and provisions for
contingent commitments, i.e., irrevocable commitments which may arise upon
recognition of financial assets.

Provision
losses

for

credit

Provisions recognized during the year, net of recoveries on amounts provisioned
in prior years, with the exception of provisions for pensions and contributions to
pension funds which constitute current or interest expense.

Provisions for pensions
and similar obligation

Constitutes all provisions recognized to cover retirement benefits, including
commitments assumed vis-à-vis beneficiaries of early retirement and analogous
schemes.

Public-covered bonds

Financial asset or security created from public loans and backed by the
guarantee of the public debt portfolio of the entity.

Recurrent
profit
ongoing operations

economic
from

(EP)

This indicator measures the contribution of the year's profit, after deducting the
cost of the capital used. The calculation of EP requires a series of adjustments to
be made to the accounting net attributable profit to enable an economic profit to
be obtained, including the replacement of the accounting provisions for expected
loss, a well as the change in value of the Group's equity elements (change in
unrealized gains, change in the BV of investees, change in value of the treasury
stock, etc).

Refinanced Operation

An operation which is totally or partially brought up to date with its payments as
a result of a refinancing operation made by the entity itself or by another
company in its group.

Refinancing Operation

An operation which, irrespective of the holder or guarantees involved, is granted
or used for financial or legal reasons related to current or foreseeable financial
difficulties that the holder(s) may have in settling one or more operations granted
by the entity itself or by other companies in its group to the holder(s) or to
another company or companies of its group, or through which such operations
are totally or partially brought up to date with their payments, in order to enable
the holders of the settled or refinanced operations to pay off their loans (principal
and interest) because they are unable, or are expected to be unable, to meet the
conditions in a timely and appropriate manner.

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Spanish-language version prevails.

Renewal Operation

An operation arranged to replace another one granted previously by the entity
itself, when the borrower is not experiencing financial difficulties, and is not
expected to experience them in the future, i.e. the operation is arranged for
reasons other than refinancing.

An operation whose financial conditions are modified for economic or legal
reasons related to the holder's (or holders') current or foreseeable financial
difficulties, in order to enable payment of the loan (principal and interest),
because the holder is unable, or is expected to be unable, to meet those
conditions in a timely and appropriate manner, even if such modification is
provided for in the contract. In any event, the following are considered
restructured operations: operations in which a haircut is made or assets are
received in order to reduce the loan, or in which their conditions are modified in
order to extend their maturity, change the amortization table in order to reduce
the amount of the installments in the short term or reduce their frequency, or to
establish or extend the grace period for the principal, the interest or both; except
when it can be proved that the conditions are modified for reasons other than
the financial difficulties of the holders and, are similar to those applied on the
market on the modification date for operations granted to customers with a
similar risk profile.

Accumulated net profits or losses recognized in the income statement in prior
years and retained in equity upon distribution. Reserves also include the
cumulative effect of adjustments recognized directly in equity as a result of costs
in the issue or reduction of own equity instruments, sale of own equity
instruments, actuarial gains on pension plans and the retroactive restatement of
the financial statements due to changes in accounting policy and the correction
of errors.

Restructured Operation

Reserves

Securitization fund

A fund that is configured as a separate equity and administered by a
management company. An entity that would like funding sells certain assets to
the securitization fund, which, in turn, issues securities backed by said assets.

Share premium

The amount paid in by owners for issued equity at a premium to the shares'
nominal value.

Short positions

Financial liabilities arising as a result of the final sale of financial assets acquired
under repurchase agreements or received on loan.

Subordinated liabilities

Financing received, regardless of its instrumentation, which ranks after the
common creditors in the event of a liquidation.

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Spanish-language version prevails.

Companies over which the Group exercises control. An entity is presumed to
have control over another when it possesses the right to oversee its financial and
operational policies, through a legal, statutory or contractual procedure, in order
to obtain benefits from its economic activities. Control is presumed to exist when
the parent owns, directly or indirectly through subsidiaries, more than one half of
an entity's voting power, unless, exceptionally, it can be clearly demonstrated
that ownership of more than one half of an entity's voting rights does not
constitute control of it. Control also exists when the parent owns half or less of
the voting power of an entity when there is:

Subsidiaries

a) An agreement that gives the parent the right to control the votes of

other shareholders;

b) Power to govern the financial and operating policies of the entity under a
statute or an agreement; power to appoint or remove the majority of the
members of the board of directors or equivalent governing body and
control of the entity is by that board or body;

c) Power to cast the majority of votes at meetings of the board of directors
or equivalent governing body and control of the entity is by that board
or body.

Substandard risk

All debt instruments and contingent risks which do not meet the criteria to be
classified individually as non-performing or written-off, but show weaknesses that
may entail for the entity the need to assume losses greater than the hedges for
impairment of risks subject to special monitoring.

Stockholders' funds

Contributions by stockholders, accumulated earnings recognized in the income
statement and the equity components of compound financial instruments.

Structured
products

credit

Special financial instrument backed by other instruments building a subordination
structure.

Tax liabilities

All tax related liabilities except for provisions for taxes.

Trading derivatives

The fair value in favor (assets) or again (liabilities) of the entity of derivatives not
designated as accounting hedges.

TSR

Unit-link

Total
The total return of a stock to an investor (capital gain plus dividends)

Shareholder

Return.

This is life insurance in which the policyholder assumes the risk. In these policies,
the funds for the technical insurance provisions are invested in the name of and
on behalf of the policyholder in shares of Collective Investment Institutions and
other financial assets chosen by the policyholder, who bears the investment risk.

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This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original
Spanish-language version prevails.

Value at Risk (VaR)

Value at Risk (VaR) is the basic variable for measuring and controlling the Group’s
market risk. This risk metric estimates the maximum loss that may occur in a
portfolio’s market positions for a particular time horizon and given confidence
level

VaR figures are estimated following two methodologies:

a) VaR without smoothing, which awards equal weight to the daily
information for the immediately preceding last two years. This is
currently the official methodology for measuring market risks vis-à-vis
limits compliance of the risk.

b) VaR with smoothing, which weights more recent market information
more heavily. This is a metric which supplements the previous one.

VaR with smoothing adapts itself more swiftly to the changes in financial market
conditions, whereas VaR without smoothing is, in general, a more stable metric
that will tend to exceed VaR with smoothing when the markets show less volatile
trends, while it will tend to be lower when they present upturns in uncertainty.

248

Translation of financial statements originally issued in Spanish and prepared in accordance with Spanish generally accounting principles (Bank of Spain
Circular 4/2004, and as amended thereafter, which adapts the EU-IFRES for banks. See Note 51). This English version is a translation of the original in
Spanish for information purposes only. In the event of a discrepancy, the original Spanish-language version prevails.

BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

Management Report for the year ended December 31, 2015

Introduction ...................................................................................................................... 2
1.
2. Economic outlook .............................................................................................................. 2
3. Balance sheet, business activity and earnings ........................................................................ 2
4. Risk management .............................................................................................................. 2
5. BBVA Group solvency and capital ratios ................................................................................ 3
6. Environmental information .................................................................................................. 3
Environmental commitment ......................................................................................................... 3
6.1.
Aims of the environmental policy .................................................................................................. 3
6.2.
6.3.
Environmental policy scope, governance and review ...................................................................... 4
6.4. Main environmental actions in 2015 ............................................................................................. 4
7. Customer Care Service and Customer Ombudsman ............................................................... 4
Report on the activity of the Customer Care Service department ...................................................... 5
Report on the activity of the BBVA Customer Ombudsman .............................................................. 6
8.
Innovation and Technology ................................................................................................. 7
9. Other information .............................................................................................................. 9
Capital and treasury stock ............................................................................................................ 9
Shareholder remuneration and allocation of earnings ...................................................................... 9
Average period for payment to suppliers ....................................................................................... 9
10. Subsequent events .......................................................................................................... 10
11. Annual corporate governance report .................................................................................. 10

9.1.
9.2.
9.3.

7.1.
7.2.

BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

Management report for the year ended December 31, 2015

1. Introduction

Banco Bilbao Vizcaya Argentaria, S.A. (the “Bank” or “BBVA”) is a private-law entity governed by the rules and
regulations applicable to banks operating in Spain. The Bank conducts its business through branches and offices
located throughout Spain and abroad.

The management report of BBVA, S.A. has been prepared from the individual accounting and management
records of Banco Bilbao Vizcaya Argentaria, SA

BBVA is the parent company of the BBVA Group (hereinafter, “the Group”). It is an internationally diversified group
with a significant presence in the business of traditional retail banking, asset management and wholesale banking.

The financial information included in this management report is presented in accordance with the criteria
established by the Bank of Spain Circular 4/2004, of December 22, on Public and Confidential Financial
Reporting Rules and Formats for Financial Statements, and its subsequent amendments.

2. Economic outlook

The most probable global economic scenario for 2016 will be a growth slightly above 3% for the fifth year in a
row. These historically moderate levels offer limited and fragile prospects of improvement with downside risks.

Three events in 2015 will continue to characterize the global economic scenario in 2016:

• China's transition toward slower and sustainable rates of growth while it rebalances its economy with a

greater weight of the service sector;

•

the gradual and slow normalization of U.S. monetary policy, which is a benchmark for the financial markets,
with rises in interest rates that make emerging markets less attractive and investment projects highly
leveraged;

the rebalancing of commodity prices at lower levels, due to increases in production and the expectations of
lower growth in demand.

These uncertainties have led to a significant increase in the volatility of the financial markets, asset price falls and
major currency depreciation in emerging countries.

3. Balance sheet, business activity and earnings

The key figures in the Bank’s balance sheet with respect to its main business are as follow:

The Bank's total balance sheet as of December 31, 2015 stood at €397,303 million (€403,841 million in 2014).
At the close of 2015, “Loans and receivables – Loans and advances to customers” amounted to €197,422
million, compared with €203,865 million for the previous year. As of December 31, 2015, customer deposits
stood at €187,118 million (€187,731 million in 2014).

In 2015, the Bank had a net profit after tax of €2,864 million euros (€1,105 million in 2014). Operating
expenses increased from €3,664 million in 2014 to €3,756 million in 2015. Gross income for 2015 totaled
€7,701 million, compared with €8,533 million in 2014. Net interest income in 2015 stood at €3,339 million
(€3,270 million in 2014).

4. Risk management

BBVA's risk management system is outlined in Note 5, Risk Management, of the accompanying Financial
Statements.

BBVA Group solvency and capital ratios

The BBVA Group’s capital ratios

BBVA Group's solvency and capital ratios required by the regulation in force are outlined in Note 27 of the
accompanying Financial Statements.

Environmental information

6.1. Environmental commitment

The BBVA Group prioritizes sustainable development. As a financial institution, the Group’s activities have a
significant impact on the environment: be it through its consumption of natural resources, management of its
properties, use of paper, travel, etc. (direct impacts), or through the consequences for the environment of the
products and services it provides, particularly those related to financing, asset management and management of
its chain of suppliers (indirect impacts).

6.2. Aims of the environmental policy

The objectives of the BBVA Group's environmental policy are as follows:

• To comply with prevailing environmental legislation where the BBVA Group operates.
• To continuously improve the identification and management of environmental risks in the Group’s financial

and investment operations.

• To integrate the environmental variables into the development of financial products and services.
• To reach Eco-efficiency in the use of natural resources, setting and fulfilling objectives for improvement as

set out in the Global Eco-efficiency Plan.

• To manage direct impacts through an environmental management system based on ISO 14001 and other

recognized environmental certifications.

• To have a positive influence on the environmental behavior of stakeholders through communication and
raising awareness of the importance of the environment as an additional input in business and human
management practice.

• To inform, raise awareness of, and train employees in environmental issues.
• To provide support for sponsorship, voluntary work and environmental research.
• To provide support for the main initiatives aimed at fighting and preventing climate change.

The main international environmental commitments undertaken by the BBVA Group are:

• United Nations Global Compact (since 2002): www.globalcompact.org
• UNEP- FI (since 1998): www.unepfi.org
• Equator Principles (since 2004): www.equator-principles.com
• Carbon Disclosure Project (since 2004): www.cdproject.net
• Principles for Responsible Investment (since 2008) www.unpri.org

6.3. Environmental policy scope, governance and review

This environmental policy has worldwide scope and affects all the activities undertaken by the Group.

The Eco-efficiency and Responsible Procurement Committee is responsible for coordinating the Environmental
Policy and ensuring compliance with it through an environmental management system. The members of the
BBVA Group's Management Committee oversee correct compliance with this Policy. To this end, its members
strive to develop and oversee the implementation of this Policy in the Group. This Policy will be reviewed and
updated at least every two years.

6.4. Main environmental actions in 2015

The main environmental actions that the BBVA Group carried out in 2015 are as follows:

• Global Eco-Efficiency Plan for 2013-2015, which establishes the following objectives:

- 6% reduction in CO2 emissions (per employee).

- 3% reduction in paper consumption (per employee).

- 3% reduction in water consumption (per employee).

- 3% reduction in energy consumption (per employee).

- 33% of employees working in buildings awarded environmental certifications.

•

Improved environmental risk management systems in project finance through Equator Principles and in
determining borrower credit profiles through the tool Ecorating.

Social and environmental risk training for the Group’s risk analysts.

•
•
• Activity with multilateral institutions that contribute to regional development through the project finance and

Leadership in financing of renewable energy projects internationally.

trading operations, mainly in the agricultural and energy efficiency sectors.

•

Support for major international initiatives to fight against climate change such as CDP, Green Bonds
Principles, Global Investor Statement on Climate Change, declaration of the European Financial Services
Roundtable in support of a response to climate change and the Joint Declaration on Energy Efficiency in the
financial sector, promoted by UNEP FI.

• Accession to the Green Growth Group of Spain, a platform for public-private collaboration in order to

advance together in the fight against climate change and to a low-carbon economy.

• Development of ambitious environmental sponsorship programs, particularly through the BBVA Foundation.
Worth noting are the BBVA Foundation Frontiers of Knowledge awards in the Ecology, Conservation Biology
and Climate Change categories, each provided with €400,000, as well as the BBVA Foundation Award for
Biodiversity Conservation which carry a total cash prize of €580,000

•

Environmental awareness-raising activities with the Group's employees.

As of December 31, 2015, there are no items in the BBVA Group’s consolidated Financial Statements that
warranted inclusion in the separate environmental information document set out in the Ministry of Economy
Order dated October 8, 2001.

Customer Care Service and Customer Ombudsman

In accordance with the stipulations of Article 17 of the Ministry of Economy Order ECO/734/2004, dated March
11, regarding customer care and consumer ombudsman departments at financial institutions, and in line with the
new "Regulations for Customer Protection in Spain" of the BBVA Group approved by the BBVA Board of Directors
on September 27, 2011, regulating the activities and powers of the Customer Care Service and Customer
Ombudsman, and a summary of related activities. The summary in 2015 is included below.

The Customer Care Service processes all the grievances and complaints addressed to the Customer Ombudsman
and to the Customer Care Service itself, except for those which under the new Regulations are the responsibility
of the Customer Ombudsman.

7.1. Report on the activity of the Customer Care Service department

Statistical summary of the grievances and complaints handled in 2015

The number of customer complaints received by the BBVA’s Customer Care Service in Spain in 2015 is 15,440,
of which 1,879 have finally not been processed because they did not meet the requirements of Ministerial Order
ECO/734. A total of 93.8% of the complaints, 12,726 cases, have been resolved within the year, and 835
complaints had not yet been analyzed as of December 31, 2015.

The grievances and complaints handled are classified:

Type of Complaint to the Customer Care Service

Percentage of
Complaints

Resources
Asset products/Loans
Collection and payment services
Financial counselling and quality service
Credit cards
Securities and equity portfolios
Insurances
Other
Total

29.1%
21.2%
19.0%
9.6%
7.9%
4.5%
0.8%
7.9%
100%

The complaints handled in 2015, broken down by the nature of their final resolution, are as follows:

Resolution for Complaints to the
Customer Service Center

In favor of the person submitting the complaint
Partially in favor of the person submitting the complaint
In favor of the BBVA Group
Total

Number of
Complaints

4,167
1,546
7,013
12,726

The principles and methods used by the Customer Care Service to resolve complaints are based on the
application of the rules on transparency and customer protection and best banking practices. This department
adopts its decisions independently, notifying the various units involved of any actions which require review or
adaptation to the related regulations.

Recommendations or suggestions

In 2015 the Customer Care Service department consolidated the initiatives which begun in 2014 and
strengthened the governance of Quality, in accordance with the corporate strategy and objectives that the Group
has for Service Quality, while complying with European guidelines established by the competent authorities,
according to the joint report on the management of ESMA and EBA complaints.

Work teams have been organized to correct operational errors and bad commercial practices, backed by senior
management and extended to the rest of the organization.

In addition, the criteria and policies for action with respect to complaints are being updated in coordination with a
number of departments, as are specific training plans that provide the knowledge needed to work on claim
resolution, in line with the recommendations of regulatory bodies.

The area was also transformed in 2015 with the aim of ensuring that the Customer Care Service department
focuses all its efforts on the customers, and on providing a reasoned response to them. The management of
claims has been centralized to guarantee that criteria are applied uniformly.

In addition, a new complaints management tool has been established with a single repository that includes all the
information available relating to the management of complaints and claims. It allows a more precise analysis of
the data, including both the reasons and the basic elements of the decision, with the aim of resolving the
deficiencies detected and providing internal recommendations to the team and the Bank's different organizational
levels.

This more exhaustive analysis of the data allows better identification of any recurring or potential systemic
problem, detecting weaknesses and aiming to ensure compliance with the transparency regulations and good
banking practice. The above are the priorities of this Service, as is improving the quality of the service we provide
to our customers.

7.2. Report on the activity of BBVA´s Customer Ombudsman

Statistical summary of grievances and complaints handled in 2015

The number of customer complaints received by BBVA’s Customer Ombudsman in 2015 was 834. Of these, 41
have finally not been processed as they did not fulfill the requirements of Ministerial Order ECO/734. 90.16%
(752 complaints) of the complaints were resolved within the year, with 41 complaints still pending assessment as
of December 31, 2015.

The grievances and complaints handled are classified in the table below in line with the criteria established by the
Complaints Service of the Bank of Spain in its requests for information:

Type of Complaint to the Customer Ombudsman

Number of
Complaints

Assets operations
Investment services
Liabilities operations
Other banking products (cash, ATM, etc.)
Collection and payment services
Insurance and welfare products
Other
Total

158
59
100
40
43
343
91
834

The details of the complaints resolved in 2015, broken down according to their final resolution, are as follows:

Resolution for Complains of the Ombudsman

In favor of the person submitting the complaint

Partially in favor of the person submitting the complaint
In favor of the BBVA Group
Total

Number of
Complaints

482
268
752

Based on the above, it can be concluded that more than 60.78% of customers bringing a complaint before the
Customer Ombudsman were in some way satisfied, either as a consequence of Ombudsman’s formal resolution
or because of the outcome of its action as mediator between the customer and the Bank.

The Customer Ombudsman's decisions are based on current legislation, on the contractual relationships in place
between the parties, on current standards on transparency and customer protection, on best banking practices
and, especially, on the principle of equity.

Independence is an essential aspect of the Customer Ombudsman. Resolutions by the Ombudsman that are
favorable to the customer are binding on BBVA.

Recommendations or suggestions

Among the various initiatives implemented by the Bank at the behest of the Ombudsman in 2015, we would
highlight the following:

•

Suggestions have been made to relevant departments, for improving the Bank's claims system which can
contribute to a better and more satisfactory customer service.

• Recommendations for clarity, simplicity and transparency of the information provided to customers on
products and services offered by the Bank, as well as improving personal treatment quality with those.
• There have been recommendations on the suitability of matching product profile with customer profile,

advertising and marketing and to streamline and improve insurance claims management.

•

In partnership with Quality, Legal Services in Spain and Portugal, and the Customer Care Service, a Quality
Committee has been set up, which meets on a monthly basis with the participation of various of the Group's
Units and Areas in Spain to discuss and share problems, ideas or suggestions related to the grievances and
complaints lodged by the customers, in order to improve the Group's complaints system and thus contribute
to providing better and more satisfactory care to the customers.

• Group representatives are in constant contact and meet regularly with the Complaints Service of the Bank of
Spain, the CNMV and the Spanish General Directorate of Insurance and Pension Funds, with the common
goal of harmonizing criteria and fostering more robust customer protection and security.

Customers not satisfied with the resolution of the Customer Ombudsman can appeal before the Bank of Spain,
the CNMV or the Spanish General Directorate of Insurance and Pension Funds. The Ombudsman always informs
the customers of this option.

In 2015, 69 complaints by BBVA, S.A. customers were filed before the various public supervisory institutions,
which were processed in the Office of the Ombudsman previously.

Innovation and Technology

Engineering and Digital Transformation

In 2015, the Group organized its Engineering and Digital Transformation activity around the following lines of
action:

• Developing the technological architectures toward more uniform models, boosting the adoption of cloud

computing.

• Transforming the Technology production function by incorporating elements of new technologies.
• Optimizing processes in search of improved customer experience, efficiency and operational control.
• Guaranteeing integrated management of security, as well as control of operations and information security.
•

Facilitating the integration of Catalunya Banc Group and Garanti Group.

Infrastructure

The increasing use of digital channels by customers has exponentially increased the processing needs of
technological infrastructure. In 2015 the Group continued to make progress in its plan to construct a network of
four new next-generation data centers, two in Madrid and two in Mexico, which will operate on a crossed
Business Recovery Services (BRS) model. In 2012 the first Data Processing Center (DPC) became operational in
Madrid and in 2015 the first entered service in Mexico. In 2016 two additional ones will begin operations in
Mexico and Madrid.

In 2015 the BBVA DPC 1 in Madrid obtained Tier IV certification in construction from the Uptime Institute and the
LEED® Gold Sustainable Building Certification granted by the U.S. Green Building Council (USGBC). In Mexico,
rooms 1 and 2 of the DPC obtained Tier IV certification in construction from the Uptime Institute.

A number of projects have been completed over the year, with the aim of boosting the construction of new
corporate headquarters in Spain, Mexico and Chile to improve efficiency, corporate culture and digital
transformation. With this aim, work has been carried out on the design of "new forms of work" and the
implementation of technological teams to respond to these designs with the aim of creating spaces that favor
collaboration, simplicity and improved user experience.

Of note is the technological renewal of the equipment in the branch network in Spain, which has involved the
renewal and update of 19,402 pieces of equipment, the replacement of 3,600 financial printers and the
acquisition of 2,600 personal scanners. The Ulises Project has been a highlight in Mexico, culminating with the
successful installation of more than 1,600 devices (ATMs and "practicajas") in over 600 branches that have been
completely refurbished.

Architecture

Continuing with the technological transformation project begun by BBVA in 2007, the role of Core Banking
systems has been strengthened in each of the geographical areas (Spain and Portugal, Mexico, the United States,
South America and CIB at global level), with the aim of having modular technological platforms available with a
customer-centric vision.

Our main core banking platforms have continued to gain power in products and functionality (product catalog,
configurability, etc.), and the migration and/or shutdown of old applications has continued. The data platforms
have also carried on their development under the boost from the Informational Platform project, with particular
emphasis in Spain and Mexico, also incorporating new technologies that use Big Data into our capabilities.

Similarly, with respect to Architecture the rate of improvement in the channels has been maintained, above all the
web channel (bbva.net) and the mobile app channel, with the incorporation of new products and functionalities
such as one-click purchase of products and services. There has also been work on the continuous improvement
of user experience, with technological foundations that are both solid and innovative (for example, the use of the
HTML5 language in the digital channel). Specifically, in Spain there has been progress in migration toward a
robust multi-channel architecture focused on integrating Net, Mobile, Branches, etc., and acting as a launching
pad for plans in the rest of the countries.

In most of the Group's geographical areas, there has been significant progress in the expansion of three-layer ASO
Architecture Services designed to simplify, modularize and reuse our technological services.

In the area of architecture and infrastructure, a new low-cost and scalable processing architecture (APX) has been
extended in Spain and Mexico to absorb the exponential flow of transactions efficiently and migrate some of the
loads with the biggest impact on processing costs.

Looking forward, an architectural transformation plan has been implemented in two phases:

• The first phase includes a new boost to the adoption of technologies and models for Cloud operations.
Infrastructure with low-cost servers, automation and operational scalability (SW-defined everything), platforms
constructed "as services" (Middleware, Data, Core Banking, SaaS), with open-source systems and code reuse
(global and more uniform developments).

• The second phase focuses on artificial intelligence to capture all the potential for extreme automation of the

processes, based on machine learning and cognitive computing technologies.

The aim of this plan, on which the Group is already working, is to provide an architecture that can improve the
productivity and reliability of its platforms: process high volumes of transactions at low cost and with the highest
levels of stability; develop quality software globally and efficiently; increase the delivery times of our products; and
work on automating our productive life cycle.

Process transformation

In 2015 significant progress has been made on process transformation, providing many processes with multi-
channel capacity and aiming to increase of the level of customer satisfaction and loyalty. This goal involves a
clear commitment to investment in projects designed to increase customer satisfaction, regardless of the
channels through which customers operate. These projects include:

• Progress in implementing BBVA Wallet in Spain, Mexico, various parts of South America and Turkey (where it

is called BonusFlas).

• The development and implementation of one-click strategies, which allow quick and easy product purchase.
• Complete renewal of banking websites in Chile and Uruguay and the implementation of the NetCash website

for companies in Chile.

• The BBVA Provincial Onboarding project, which aims to improve customer experience, starting from the

time the customer makes initial contact with the bank.

• The implementation of the Ekip platform for loans to retailers in Mexico and Chile.
• The development and implementation of the Digital Signature, both in Spain, Mexico and countries in South

America.

Finally, it should be noted that the magazine Money chose BBVA Compass as the "Best regional bank in the South
and West of the United States" and its BBVA Compass Mobile Banking app as the best mobile application in its
annual Best U.S. Banks awards in November 2015.

Operational and Technological Risk Management

In 2015, as part of the organizational reconfiguration of the Engineering area, a Control function called
Engineering Risk & Corporate Assurance was set up to develop and maintain the control model, and to manage
the active risks related to business and technological processes, within the framework of the Corporate Assurance
model.

As part of the business process control model, in 2015 the Operational Control function has focused on
implementing a new scheme of standardized control in all the Group's companies and businesses, with the focus
on the most relevant processes and risks. At the same time, significant progress has been made in managing the
main operational weaknesses.

In terms of Technological Risk, the Group has continued to make progress on the three pillars that make up this
discipline: information security, technological fraud management and IT risk management. It is worth highlighting
the effort made in 2015 in terms of adapting the levels of information protection to the new challenges arising
from the Group's Digital Strategy.

At the same time, in 2015 BBVA CERT (Computer Emergency Response Team) has consolidated its position as
the nerve center of BBVA Group's cybersecurity and fraud strategy. CERT carries out all the monitoring,
immediate response, limitation and investigation of incidents 24/7, supported by sound analytical and intelligence
capabilities to handle both cybersecurity and fraud threats.

In addition, a technological risk measurement methodology was developed and implemented in 2015, based on
indicators linked to the international Cobit 5.0 standard. BBVA has also initiated a process of adopting the
standard issued by NIST (National Institute for Standards and Technologies) relating to cybersecurity, as a
framework of reference for management and control.

Lastly, in the area of Business Continuity improvements are being made to the different procedures for
recovering content in the Continuity Plans in the case of low-probability but very high-impact events. Work has
been done to update and improve the plans through technical and crisis management tests that also allow
training of the people involved in these situations. Some of these plans were fully or partially activated during the
year, as in the following cases: the eruption of the volcano Calbuco on the border between Chile and Argentina;
the threat posed by Hurricane Patricia in Mexico; and minor seismic movements that nevertheless affected
operations in the state of Mérida (Venezuela) and the north of Chile.

Catalunya Banc and the Garanti Group

In Catalunya Banc, one of the relevant milestones achieved in 2015 has been the creation of a complete
Business Recovery Services (BRS) environment for its DPC 2 systems in Madrid, with the aim of ensuring the
uninterrupted continuity of operations in case of a disaster. The Garanti Group also serves as a key point of
reference for best practice in the development and operation of technology through Garanti Teknoloji.

9. Other information

9.1. Capital and treasury stock

Information about common stock and transactions with treasury stock is detailed in Notes 22 and 25 of the
accompanying Financial Statements.

9.2. Shareholder remuneration and allocation of earnings

Information about shareholder remuneration and application of earnings can be found in Note 3 of the
accompanying Financial Statements.

9.3. Average period for payment to suppliers

The average period payment to suppliers during the year 2015 is 47 days, below the maximum legal limit of 60
days established by Law 15/2010 of July 5, for which measures are put into place combating late payment
in commercial transactions. The calculation of the average period for payment was made as established in the
Act.

10. Subsequent events

After the year ended December 31, 2015, it is expected that on February 2, 2016, under the powers delegated
by the Company’s AGM held on March 16, 2012, under point five of its agenda, the Board of Directors meeting
submits for approval an agreement for the issue of debentures convertible into ordinary BBVA shares, excluding
the pre-emptive subscription right.

The interim dividend approved on December 22, 2015 was paid out on January 12, 2016, as detailed in Note
3.

11. Annual corporate governance report

In accordance with the provisions of Article 540 of the Spanish Corporate Act, the BBVA Group prepared the
Annual Corporate Governance Report for 2014 (which is an integral part of the Management Report for that
year) following the content guidelines set down in Order ECC/461/2013, dated March 20, and in CNMV Circular
7/2015, dated December 22, including a section detailing the degree to which the Bank is compliant with
existing corporate governance recommendations in Spain. In addition, all the information required by Article 539
of the Spanish Corporations Act can be accessed on BBVA’s website www.bbva.com.

ANNUAL CORPORATE GOVERNANCE REPORT ON THE PUBLICLY TRADED
COMPANIES

ISSUER IDENTIFICATION

REFERENCE YEAR END DATE

31/12/2015

TAX ID No.: A-
48265169

Registered name: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

Registered Address: Plaza de San Nicolás 4, 48005 Bilbao (Vizcaya)

This English version is a translation of the original in Spanish for information purposes only. In case of a
discrepancy, the Spanish original will prevail.

ANNUAL CORPORATE GOVERNANCE REPORT
ON THE PUBLICLY TRADED COMPANIES

A. OWNERSHIP STRUCTURE

A.1 Fill in the following table on the company’s share capital:

Date of last change

Share capital (EUR)

Number of shares

Number of voting rights

26/10/2015

3,119,673,257.82

6,366,680,118

Indicate if there are different classes of shares with different rights associated with them.

Class

Number of shares

Nominal unit
value

Number of voting
rights per unit

Different rights

A.2 Detail the direct and indirect owners of significant holdings in your company at year-end, excluding directors:

Name of shareholder
(person or company)

Number of direct
voting rights

Direct owner of stake

Number of
voting rights

% of total voting
rights

Indirect voting rights

Indicate the most significant movements in the shareholding structure during the year.

Name of shareholder (person or
company)

Date of the transaction

Description of the transaction

A.3 Fill in the following tables with the members of the company’s Board of Directors with voting rights on company
shares:

Name of
director

Number of direct
voting rights

Direct owner of
stake

Number of voting
rights

% of total voting
rights

Indirect voting rights

FRANCISCO GONZÁLEZ
RODRÍGUEZ

2,023,183

1,626,151

0.06%

CARLOS TORRES VILA

108,454

TOMÁS ALFARO DRAKE

JOSÉ MIGUEL ANDRÉS
TORRECILLAS
RAMÓN BUSTAMENTE Y DE LA
MORA

16,421

10,252

14,616

0.00%

2,835

This English version is a translation of the original in Spanish for information purposes only. In case of a
discrepancy, the Spanish original will prevail.

JOSÉ ANTONIO FERNÁNDEZ
RIVERO

IGNACIO FERRERO JORDI

BELÉN GARIJO LÓPEZ

JOSÉ MANUEL GONZÁLEZ-
PÁRAMO MARTÍNEZ-MURILLO

CARLOS LORING MARTÍNEZ DE
IRUJO

LOURDES MÁIZ CARRO

JOSÉ MALDONADO RAMOS

JOSÉ LUIS PALAO GARCÍA-
SUELTO

JUAN PI LLORENS

71,796

4,634

19,855

56,219

37,937

10,536

SUSANA RODRÍGUEZ VIDARTE

25,432

86,269

951

0.00%

% total voting rights held by the Board of Directors

0.06%

Fill in the following tables with the members of the company’s Board of Directors with voting rights on company
shares:

Name of director (person or
company)

Number of
direct voting
rights

Direct owner

Number of
voting rights

Number of
equivalent
shares

% of total voting
rights

Indirect rights

FRANCISCO GONZÁLEZ
RODRÍGUEZ

207,449

CARLOS TORRES VILA

59,292

JOSÉ MANUEL GONZÁLEZ
PÁRAMO MARTÍNEZ
MURILLO

14,576

0.00%

A.4 Where applicable, indicate any family, commercial, contractual or corporate relationships between holders of
significant shareholdings, insofar as the company is aware of them, unless they are of little relevance or due to
ordinary trading or exchange activities:

Related name (person or
company)

Type of relationship

Brief description

A.5 Where applicable, indicate any commercial, contractual or corporate relationships between holders of significant
shareholdings, and the company and/or its group, unless they are of little relevance or due to ordinary trading or
exchange activities:

Related name (person or
company)

Type of relationship

Brief description

This English version is a translation of the original in Spanish for information purposes only. In case of a
discrepancy, the Spanish original will prevail.

A.6 Indicate whether the company has been informed of any shareholder agreements that may affect it as set out
under articles 530 and 531 of the Corporate Enterprises Act. Where applicable, briefly describe them and list the
shareholders bound by such agreement:

Participants in shareholders
agreements

% of share capital affected

Brief description of agreement

Indicate whether the company is aware of the existence of concerted actions amongst its shareholders. If so,
describe them briefly.

Participants in concerted action

% of share capital affected

Brief description of concerted
action

If there has been any amendment or breaking-off of said pacts or agreements or concerted actions, indicate this
expressly:

A.7 Indicate whether any person or organisation exercises or may exercise control over the company pursuant to
article 5 of the Securities Exchange Act. If so, identify names:

Name (person or company)

Comments

A.8 Fill in the following tables regarding the company’s treasury stock:

At year- end:

Number of direct shares

Number of indirect shares (*)

Total % of share capital

1,840,378

37,077,287

0.61%

(*) Through:

Name of direct owner of shareholding (person or company)

Number of direct shares

CORPORACIÓN GENERAL FINANCIERA, S.A.

Total:

37,077,287
37,077,287

Give details of any significant changes during the year, pursuant to Royal Decree 1362/2007.

Explain the significant changes
Seven treasury stock communications were made in 2015, of which three correspond to a change in the number of
voting rights in the “Dividend Option”, which let shareholders decide whether to receive shares or cash for their

This English version is a translation of the original in Spanish for information purposes only. In case of a
discrepancy, the Spanish original will prevail.

dividend payment. These communications are detailed below:

• Communication date: 20 January 2015 with a total of 377,341 direct shares and 42,305,105 indirect shares
acquired for 0.686% on the total share capital in the “Dividend Option” program.

• Communication date: 23 February 2015 with a total of 19,403,428 direct shares and 18,291,946 indirect shares
acquired for 0.606% on the total share capital. This communication was made after acquisitions passed the 1%
threshold.

• Communication date: 20/04/2015. The total number was 5,540,505 direct shares and 282,242 indirect shares
acquired for 0.094% on the total share capital. This communication was made after acquisitions passed the 1%
threshold.

• Communication date: 28 April 2015 with a total of 1,567,663 direct shares and 690,535 indirect shares acquired
for 0.036% on the total share capital. This communication was made on execution of the “Dividend Option”
program.

• Communication date: 09/07/2015. The total number was 2,861,915 direct shares and 8,153,454 indirect shares
acquired for 0.174% on the total share capital. This communication was made after acquisitions passed the 1%
threshold.

• Communication date: 31 August 2015 with a total of 10,515,744 direct shares and 23,800,220 indirect shares
acquired for 0.544% on the total share capital. This communication was made after acquisitions passed the 1%
threshold.

• Communication date: 2 November 2015 with a total of 771,723 direct shares and 27,682,475 indirect shares
acquired for 0.447% on the total share capital in the “Dividend Option” program.

A.9 Describe the conditions and term of the prevailing mandate from the general meeting to the Board of Directors to
issue, buy back and transfer treasury stock.

•

The Annual General Meeting of Shareholders of BBVA held on 16 March 2012, under item three of the agenda,
passed a resolution to delegate to the Board of Directors the power to increase the Bank's share capital, within
a maximum term of 5 years following the date of the resolution, up to a maximum amount corresponding to 50%
of BBVA's share capital on the date of such authorization, on one or several occasions, by issuing new ordinary
or privileged shares with or without voting rights, including redeemable shares or shares of any other kind, with
or without an issue premium, the countervalue of said shares comprising cash considerations. The authorization
includes the setting out of the terms and conditions of the common stock increase, the determination of the
nominal value of the shares to be issued, their characteristics and any privileges they may confer, the attribution
of the right of redemption and the conditions of redemption, and the exercise of that right by BBVA; and grants
the Board of Directors with the capacity to exclude the first refusal rights regarding shares issued by virtue of
said resolution, though this capacity is limited to 20% of the share capital of BBVA on the date of said
authorization.

In the meeting held on 19 November 2014, the BBVA’s Board of Directors, by virtue of the aforementioned
delegation, agreed to a common stock increase with exclusion to the rights to first refusal through an
Accelerated Bookbuilding Offering (ABO). On 20 November 2014, the common stock increase was executed for
a nominal amount of €118,787,879.56 by issuing 242,424,244 ordinary shares of BBVA, each one at a nominal
value of €0.49, in the same class and series as the shares currently in circulation.

The fifth item on the agenda at BBVA's Ordinary General Meeting of Shareholders held on 16 March 2012
agreed to powers to the Board of Directors to issue securities convertible and/or exchangeable for BBVA shares
on one or multiple occasions within a maximum period of 5 years from the date of the adoption the agreement to
do so, for a maximum amount of €12,000,000,000 or its equivalent in any other currency, extending the
delegation's aspects and capacities to: establish the different aspects and conditions of each issue; increase the
share capital by the amount needed to address the requests for conversion or subscription; exclude the right to
first refusal to shareholders whenever necessary or required in the interest of the company; and determine the
rate of conversion and/or exchange and the date of conversion and/or exchange.

In exercising this delegation in 2015, 2014 and 2013, BBVA executed three issues of convertible perpetual
securities into new issues of ordinary BBVA shares (capital instruments of level 1 additional) with exclusion of
the first refusal rights on subscription amounting to €1.5 billion, €1.5 billion and USD $1.5 billion, respectively.

The General Meeting of Shareholders of BBVA on 14 March 2014, under agenda item three, agreed to
authorized BBVA, directly or via any of its subsidiaries, for a maximum term of five years from the date of said

This English version is a translation of the original in Spanish for information purposes only. In case of a
discrepancy, the Spanish original will prevail.

resolution, for the derivative acquisition of BBVA shares at any time and on as many occasions as it deems
appropriate, by any means permitted by law, including charging the acquisition to the year's profits and/or
unrestricted reserves, and to subsequently dispose of the shares acquired, indicating that derivative acquisition
of shares will at all times be carried out in compliance with the conditions established under applicable
legislation and, in particular, the following conditions: (i) at no time will the nominal value of the treasury stock
acquired, directly or indirectly, under this authorization, added to the shares already owned by the Company and
its subsidiaries, exceed 10% of the subscribed share capital of BBVA or, as appropriate, the maximum amount
permitted by applicable legislation; (ii) the acquisition shall not result in the equity being less than the share
capital plus the legal reserves or the reserves that are restricted by the Company bylaws; (iii) a restricted
reserve, equivalent to the sum of treasury stock of the company recorded to assets, may be established against
the net equity; (iv) shares acquired must be fully paid up, unless the acquisition is without consideration, and
must not entail any obligation to provide ancillary benefits; and (v) the acquisition price per share will not be
below the nominal value of the share or more than 20% above the listed price or any other price associated with
the shares on the acquisition date. Moreover, said General Meeting expressly authorized that the shares
acquired by BBVA or its subsidiaries by exercising the aforementioned authorization may be earmarked for
delivery to workers or administrators of BBVA or its subsidiaries.

•

The General Meeting of Shareholders of BBVA held on 13 March 2015 resolved, under item four, sections 4.3
and 4.4 of the agenda, to perform two common stock increases to be charged to voluntary reserves through the
issue of new ordinary shares each with a nominal value of €0.49, without issue premium, which as of 31
December 2015 had not been executed. The maximum term for the execution of said increases is one year
from the date of the adoption of said resolutions.

A.9 bis Estimated floating capital:

Estimated floating capital

%
100

A.10 Indicate whether there is any restriction on the transferability of securities and/or any restriction on voting rights.
In particular, report the existence of any restrictions that might hinder the take-over of control of the company by
purchasing its shares on the market.

A.11 Indicate whether the General Meeting has agreed to adopt measures to neutralise a public takeover bid,
pursuant to Act 6/2007.

If so, explain the measures approved and the terms and conditions under which the restrictions would become
inefficient:

A.12 Indicate whether the company has issued securities that are not traded on a regulated market in the EU.

YES

Where applicable, indicate the different classes of shares, and what rights and obligations each share class confers.

All the shares in BBVA's capital have the same class and series, and confer the same voting and economic rights.
There are no different voting rights for any shareholder. There are no shares that do not represent capital.

The Bank's shares are admitted for trading on the Securities Exchanges in Madrid, Barcelona, Bilbao and Valencia,
through the Spanish electronic trading platform (Continuous Market), and the stock markets in London and Mexico.
BBVA’s American Depositary Shares (ADS) are traded on the New York Stock Exchange and also on the Lima
Exchange (Peru) under an exchange agreement between both markets.

Additionally, as of 31 December 2015, shares of BBVA Banco Continental, S.A., Banco Provincial S.A., BBVA
Colombia, S.A., BBVA Chile, S.A. and BBVA Banco Francés, S.A., were traded on their respective local securities

This English version is a translation of the original in Spanish for information purposes only. In case of a
discrepancy, the Spanish original will prevail.

markets and, for the latter entity, on the New York Stock Exchange and in the Latin American securities exchange
(LATIBEX) on the Stock Market of Madrid.

B GENERAL MEETING

B.1 Indicate, and where applicable give details, whether there are any differences from the minimum standards
established under the Corporate Enterprises Act (CEA) with respect to the quorum and constitution of the General
Meeting.

YES

% quorum different from quorum in

art. 193 of CEA for general

circumstances

Quorum required on first

summons

Quorum required on
second summons

0.00%

% quorum different from quorum in art.

194 of CEA for special circumstances in

art.

194 of CEA

66.66%

60.00%

Description of differences
Article 194 of the Corporate Enterprises Act establishes that in order for a General Meeting (whether annual or
extraordinary) to validly resolve to increase or reduce capital or make any other amendment to the Company
Bylaws, bond issuance, the cancellation or restriction of first refusal subscription rights over new shares, or the
conversion, merger or spin-off of the company or global assignment of assets and liabilities or the transfer of the
registered office abroad, the shareholders present and represented on first summons must own at least fifty
percent of the subscribed capital with voting rights.

On second summons, twenty-five percent of said capital will be sufficient.

The above notwithstanding, article 25 of the BBVA Company Bylaws establishes that a reinforced quorum of two-
thirds of the subscribed voting capital must attend the General Meeting at first summons or 60% of that capital at
second summons, in order to adopt resolutions on replacing the corporate purpose, the transformation, total spin
off, winding up of the Company and amending that article of Bylaws establishing this reinforced quorum.

B.2 Indicate, and where applicable give details, whether there are any differences from the minimum standards
established under the Corporate Enterprises Act (CEA) for the adoption of corporate resolutions:

Describe any differences from the minimum standards established under the CEA.

B.3 Indicate the rules applicable to amendments to the company bylaws. In particular, report the majorities
established to amend the bylaws, and the rules, if any, to safeguard shareholders' rights when amending the bylaws.

Article 30 of the BBVA Company Bylaws establishes that the General Meeting is empowered to amend the Company
Bylaws and to confirm and/or rectify Board of Directors’ interpretation of them.

To such end, the rules established under articles 285 et seq. of the Corporate Enterprises Act shall apply.

This English version is a translation of the original in Spanish for information purposes only. In case of a
discrepancy, the Spanish original will prevail.

The above paragraph notwithstanding, article 25 of the Company Bylaws establishes that in order to adopt
resolutions regarding any change to the corporate purpose, transformation, total spin-off or winding up the Company
and amendment of the second paragraph of said article 25, two-thirds of the subscribed voting capital must attend the
General Meeting at first summons, or 60% of that capital at second summons.

As regards the procedure for amending the Company Bylaws, article 4.2 c) of Act 10/2014 dated 26th June, on the
regulation, supervision and solvency of credit institutions, establishes that the Bank of Spain shall be responsible for
authorising the amendments to the bylaws of credit institutions.

Moreover, article 10 of Royal Decree 84/2015 dated 13rd February, implementing Act 10/2014, stipulates that the
Bank of Spain shall have two months to decide following receipt of the request for amendment, which must be
accompanied by a certification of minutes recording the agreement, a report substantiating the proposal drawn up by
the board of directors and a project of new bylaws, identifying the cited amendments.

Notwithstanding the foregoing, article 10 of Royal Decree 84/2015 also establishes that no previous authorization
from the Bank of Spain is required, though notification of said amendment must nevertheless be made, for
amendments with the following purposes:

- Change of the registered office within the national territory.

- Stock capital increase.

- Incorporating verbatim into the bylaws legal or regulatory precepts of a mandatory or prohibitive nature, or for the
purpose of complying with legal or administrative decisions.

- Those amendments for which the Bank of Spain, in response to a prior enquiry made by the affected bank, deems
that authorization is not required due to their little relevance.

B.4 Indicate the data on attendance at general meetings held during the year to which this report refers and the
previous year:

Attendance figures

% voting remotely

General Meeting date

% shareholders

% attending by

present

proxy

14/03/2014

13/03/2015

4.05%

2.69%

38.36%

39.68%

Electronic

vote

Other

Total

0.05%

20.72%

63.18%

0.04%

19.64%

62.05%

B.5 Indicate the number of shares, if any, that are required to be able to attend the General Meeting and whether
there are any restrictions on such attendance in the bylaws:

Number of shares necessary to attend the General Meetings

500

YES

B.6 Section repealed.

B.7 Indicate the address and means of access through the company website to the information on corporate
governance and other information on the general meetings that must be made available to shareholders on the
company's website.

The contents on corporate governance and other information on the latest general meetings are directly accessible
through the Banco Bilbao Vizcaya Argentaria corporate website, www.bbva.com, in the Shareholders and Investors,
Corporate Governance section, www.bbva.com/Accionistas e Inversores/Gobierno Corporativo.

This English version is a translation of the original in Spanish for information purposes only. In case of a
discrepancy, the Spanish original will prevail.

C CORPORATE GOVERNANCE STRUCTURE

C.1 Board of Directors

C.1.1 Maximum and minimum number of directors established in the bylaws:

Maximum number of Directors

Minimum number of Directors

C.1.2 Fill in the following table on the Board members:

Name of
director
(person or
company)

FRANCISCO
GONZÁLEZ
RODRÍGUEZ

CARLOS
TORRES VILA

TOMÁS
ALFARO
DRAKE

JOSÉ MIGUEL
ANDRÉS
TORRECILLAS

RAMÓN
BUSTAMENTE
Y DE LA MORA

JOSÉ ANTONIO
FERNÁNDEZ
RIVERO

IGNACIO
FERRERO
JORDI

BELÉN GARIJO
LÓPEZ

JOSÉ MANUEL
GONZÁLEZ-
PÁRAMO
MARTÍNEZ-
MURILLO

CARLOS
LORING

Representative

Type of
directorship

Position on the
Board

Date first
appointed

Date last
appointed

Election
procedure

EXECUTIVE

CHAIRMAN

28/01/2000

15/03/2013

GENERAL
MEETING
RESOLUTION

EXECUTIVE

CEO

04/05/2015

CO-OPTING

INDEPENDENT

DIRECTOR

18/03/2006

14/03/2014

INDEPENDENT

DIRECTOR

13/03/2015

OTHER
EXTERNAL

DIRECTOR

28/01/2000

15/03/2013

INDEPENDENT

LEAD DIRECTOR

28/02/2004

13/03/2015

OTHER
EXTERNAL

DIRECTOR

28/01/2000

15/03/2013

INDEPENDENT

DIRECTOR

16/03/2012

13/03/2015

EXECUTIVE

DIRECTOR

03/06/2013

14/03/2014

INDEPENDENT

DIRECTOR

28/02/2004

14/03/2014

GENERAL
MEETING
RESOLUTION

GENERAL
MEETING

This English version is a translation of the original in Spanish for information purposes only. In case of a
discrepancy, the Spanish original will prevail.

MARTÍNEZ DE
IRUJO

LOURDES
MÁIZ CARRO

JOSÉ
MALDONADO
RAMOS

JOSÉ LUIS
PALAO
GARCÍA-
SUELTO

JUAN PI
LLORENS

SUSANA
RODRÍGUEZ
VIDARTE

INDEPENDENT

DIRECTOR

14/03/2014

OTHER
EXTERNAL

DIRECTOR

28/01/2000

13/03/2015

INDEPENDENT

DIRECTOR

01/02/2011

14/03/2014

INDEPENDENT

DIRECTOR

27/07/2011

13/03/2015

OTHER
EXTERNAL

DIRECTOR

28/05/2002

14/03/2014

RESOLUTION

GENERAL
MEETING
RESOLUTION

Total number of Directors

Indicate the severances that have occurred on the Board of Directors during the reporting period:

Name of director (person or company)

Condition of director at time of
severance

Date of leaving

ÁNGEL CANO FERNÁNDEZ

EXECUTIVE

04/05/2015

C.1.3 Fill in the following tables on the Board members and their different kinds of directorship:

EXECUTIVE DIRECTORS

Name of director (person or company)

Position within company organisation

FRANCISCO GONZÁLEZ RODRÍGUEZ

GROUP EXECUTIVE CHAIRMAN

CARLOS TORRES VILA

CHIEF EXECUTIVE OFFICER

JOSÉ MANUEL GONZÁLEZ-PÁRAMO MARTÍNEZ-
MURILLO

DIRECTOR OF GLOBAL ECONOMICS, REGULATION
& PUBLIC AFFAIRS

Total number of executive Directors
% of total directors

3
20%

EXTERNAL PROPRIETARY DIRECTORS

EXTERNAL INDEPENDENT DIRECTORS

This English version is a translation of the original in Spanish for information purposes only. In case of a
discrepancy, the Spanish original will prevail.

Name of director (person or
company)

PROFILE

BELÉN GARIJO LÓPEZ

CARLOS LORING MARTÍNEZ DE
IRUJO

JOSÉ ANTONIO FERNÁNDEZ
RIVERO

JOSÉ LUIS PALAO GARCÍA-
SUELTO

JUAN PI LLORENS

LOURDES MÁIZ CARRO

TOMÁS ALFARO DRAKE

CHAIR AND CEO OF MERCK SERONO, MEMBER OF THE EXECUTIVE
BOARD. CEO OF MERCK HEALTH CARE AND CHAIR OF THE PHARMA
INTERNATIONAL EXECUTIVE COMMITTEE, ISEC (PHARMACEUTICAL
RESEARCH AND MANUFACTURERS OF AMERICA).
OTHER RELEVANT POSITIONS: WAS PRESIDENT FOR COMMERCIAL
OPERATIONS FOR EUROPE AND CANADA AT SANOFI AVENTIS.
GRADUATED IN MEDICINE FROM UNIVERSIDAD DE ALCALÁ DE
HENARES, MADRID.
SPECIALIST IN CLINICAL PHARMACOLOGY HOSPITAL DE LA PAZ -
UNIVERSIDAD AUTÓNOMA DE MADRID.
CHAIR OF THE BOARD'S REMUNERATION COMMITTEE. LAWYER
SPECIALIZING IN CORPORATE GOVERNANCE.
OTHER RELEVANT POSITIONS: WAS PARTNER AND MEMBER OF THE
MANAGEMENT COMMITTEE AT GARRIGUES LAW FIRM.
GRADUATED IN LAW FROM THE COMPLUTENSE UNIVERSITY OF
MADRID.
CHAIR OF THE BOARD’S RISK COMMITTEE AND LEAD DIRECTOR.
OTHER RELEVANT POSITIONS: GENERAL MANAGER OF THE BBVA
GROUP UNTIL JANUARY 2003. HAS REPRESENTED BBVA AS A
MEMBER OF THE BOARDS OF: TELEFÓNICA, IBERDROLA, BANCO DE
CRÉDITO LOCAL AND CHAIRMAN OF ADQUIRA.
GRADUATED IN ECONOMICS FROM UNIVERSIDAD DE SANTIAGO DE
COMPOSTELA.
HAS BEEN SENIOR PARTNER OF THE FINANCIAL DIVISION AT
ARTHUR ANDERSEN SPAIN. EX-CHAIR OF THE BOARD'S AUDIT &
COMPLIANCE COMMITTEE (UNTIL MAY 2015).
OTHER RELEVANT POSITIONS: WAS HEAD OF THE AUDIT &
INSPECTION SERVICES AT THE INSTITUTO DE CRÉDITO OFICIAL
(OFFICIAL CREDIT INSTITUTE) AND HAS ALSO BEEN A FREELANCE
CONSULTANT.
GRADUATED IN AGRICULTURAL ENGINEERING FROM THE MADRID
SCHOOL OF AGRICULTURAL ENGINEERS AND BUSINESS STUDIES
FROM THE COMPLUTENSE UNIVERSITY OF MADRID.
HAD A PROFESSIONAL CAREER AT IBM HOLDING VARIOUS SENIOR
POSITIONS AT A NATIONAL AND INTERNATIONAL LEVEL INCLUDING
VICE PRESIDENT FOR
IBM EUROPE SALES, VICE PRESIDENT,
TECHNOLOGY & SYSTEMS AT IBM EUROPE AND VICE PRESIDENT,
FINANCIAL SERVICES SECTOR, GMU (GROWTH MARKETS UNITS) IN
CHINA. HE WAS EXECUTIVE CHAIRMAN OF IBM SPAIN.
READ INDUSTRIAL ENGINEERING AT UNIVERSIDAD POLITECNICA DE
BARCELONA AND TOOK A GENERAL MANAGEMENT PROGRAM AT
IESE.
SECRETARY OF THE BOARD OF DIRECTORS AND DIRECTOR OF THE
LEGAL SERVICES AT IBERIA, LÍNEAS AÉREAS DE ESPAÑA.
PHD IN PHILOSOPHY, WORKED IN RESEARCH AND GAVE CLASSES IN
METAPHYSICS AT THE COMPLUTENSE UNIVERSITY DURING FIVE
YEARS. GRADUATED IN LAW, JOINED THE STATE COUNSEL CORPS
AND HELD VARIOUS POSTS OF RESPONSIBILITY IN THE PUBLIC
ADMINISTRATIONS SUCH AS GENERAL ORGANIZATIONAL DIRECTOR,
WORK AND COMPUTING POSITIONS AT THE MINISTRY OF PUBLIC
ADMINISTRATIONS, GENERAL DIRECTOR OF THE SOCIEDAD
ESTATAL DE PARTICIPACIONES PATRIMONIALES (SEPPA) IN THE
MINISTRY OF ECONOMY AND FINANCES AND GENERAL SECRETARY
AT THE MINISTRY OF AGRICULTURE. SHE HAS BEEN A DIRECTOR IN
NUMEROUS COMPANIES, INCLUDING RENFE, ADIF (ERSTWHILE GIF),
ICO (INSTITUTO DE CRÉDITO OFICIAL), ALDEASA AND BANCO
HIPOTECARIO.
CHAIR OF THE BOARD'S APPOINTMENTS COMMITTEE. DIRECTOR OF
INTERNAL DEVELOPMENT AND TEACHER IN THE FINANCE AREA AT
UNIVERSIDAD FRANCISCO DE VITORIA.

This English version is a translation of the original in Spanish for information purposes only. In case of a
discrepancy, the Spanish original will prevail.

JOSÉ MIGUEL ANDRÉS
TORRECILLAS

OTHER RELEVANT POSITIONS: WAS DIRECTOR OF THE FOLLOWING
BACHELOR'S DEGREES AT UNIVERSIDAD FRANCISCO DE VITORIA:
BUSINESS ADMINISTRATION AND MANAGEMENT; BUSINESS
SCIENCES; MARKETING. GRADUATED IN ENGINEERING AT ICAI.
CHAIR OF THE BOARD'S AUDIT & COMPLIANCE COMMITTEE.
HIS PROFESSIONAL CAREER BEGAN WITH ERNST & YOUNG AS
GENERAL MANAGING PARTNER FOR AUDIT AND ADVISORY
SERVICES AND CHAIRMAN OF ERNST & YOUNG SPAIN UNTIL 2014.
MEMBER OF SEVERAL ENTITIES SUCH AS THE OFFICIAL REGISTRY
(ROAC), REGISTRY OF ECONOMIST
OF ACCOUNT AUDITORS
AUDITORS
CHARTERED
ACCOUNTANTS AND THE ADVISORY BOARD OF THE INSTITUTE OF
INTERNAL AUDITORS. GRADUATED IN ECONOMIC AND BUSINESS
SCIENCES FROM THE COMPLUTENSE UNIVERSITY OF MADRID.

INSTITUTE OF

SPANISH

(REA),

Total number of independent Directors

% of total directors

53.33%

Indicate whether any director considered an independent director is receiving from the company or from its group any
amount or benefit under any item that is not the remuneration for his/her directorship, or maintains or has maintained
over the last year a business relationship with the company or any company in its group, whether in his/her own
name or as a significant shareholder, director or senior manager of an entity that maintains or has maintained such a
relationship.

Where applicable, include a reasoned statement from the Board with the reasons why it deems that this director can
perform his/her duties as an independent director.

Name of director (person or company)

Description of relationship

Reasons

OTHER EXTERNAL DIRECTORS

Identify all other external Directors and explain why these cannot be considered proprietary or independent Directors
and detail their relationships with the company, its executives or its shareholders.

Name of director (person or
company)

Reasons

Company, executive or
shareholder to which
related

JOSÉ MALDONADO RAMOS

José Maldonado Ramos has been a director for
a continuous period of more than 12 years.

Banco Bilbao Vizcaya
Argentaria, S.A.

RAMÓN BUSTAMENTE Y DE
LA MORA

Ramón Bustamante y de la Mora has been a
director for a continuous period of more than 12
years.

Banco Bilbao Vizcaya
Argentaria, S.A.

IGNACIO FERRERO JORDI

Ignacio Ferrero Jordi has been a director for a
continuous period of more than 12 years.

Banco Bilbao Vizcaya
Argentaria, S.A.

SUSANA RODRÍGUEZ
VIDARTE

Susana Rodríguez Vidarte has been a director
for a continuous period of more than 12 years.

Banco Bilbao Vizcaya
Argentaria, S.A.

This English version is a translation of the original in Spanish for information purposes only. In case of a
discrepancy, the Spanish original will prevail.

Total number of other external Directors

% of total directors

26.67%

Indicate any changes that may have occurred during the period in the type of directorship of each director:

Name of director (person or company)

Date of change Previous category

Current category

C.1.4 Fill in the following table with information regarding the number of female directors over the last 4 years, and
the category of their directorships:

Number of female directors

% of total female directors of each category

Executive

Proprietary

Independent

Other external

Total:

Year
2015

Year
2014
0

Year
2013
0

Year
2012
0

Year
2015

Year
2014

Year
2013

Year
2012

0.00%

25%

20%

0.00%

28.57%

20%

18.18%

25%

0.00%

21.43%

14.29%

C.1.5 Explain the measures, if any, that have been adopted to try to include a number of female directors on the
Board that would mean a balanced presence of men and women.

Explanation of measures
Article 3 of the Board of Directors Regulations establishes that the proposals submitted to the General Meeting for
appointment or reelection of directors and the appointments the Board makes directly to cover vacancies,
exercising its powers of co-option, will be approved at the proposal of the Appointments Committee in the case of
independent directors, and following a report from said Committee for all other directors. In any case, the proposal
must be accompanied by a report of the Board of Directors explaining the grounds on which the Board of
Directors has assessed the competence, experience and merits of the candidate proposed, which will be attached
to the minutes of the General Meeting or of the Board of Directors. When there is a proposal to re-elect directors,
the Board of Directors’ resolutions and deliberations on these matters will take place in the absence of the
directors whose re-election is proposed who, if present, must leave the meeting.

The Appointments Committee's mission is to assist the Board of Directors in matters concerning the selection and
appointment of directors and, in particular, to submit to the Board of Directors the proposals for the appointment,
re-election or removal of independent directors and to report on the proposals for the appointment, re-election or
removal of all other directors.

To such end, article 33 of the Board of Directors Regulations establish that the Committee will evaluate the
balance of skills, knowledge and expertise that the Board of Directors requires, as well as the conditions that
candidates should display to fill the vacancies arising, assessing the dedication necessary to be able to suitably
perform their duties in view of the needs that the Company’s governing bodies may have at any time. The
Committee will ensure that, in line with the principles set out in the BBVA Board of Directors Regulations, when
filling new vacancies, the selection procedures are not marred by implicit biases that may entail any discrimination
and, in particular, discrimination that may hinder the selection of female directors, trying to ensure that women
who display the professional profile being sought are included on the shortlists.

This English version is a translation of the original in Spanish for information purposes only. In case of a
discrepancy, the Spanish original will prevail.

Moreover, BBVA has established a director selection policy stating that the selection procedures cannot involve
discrimination in selecting female directors and that in 2020 the number of female board members will represent
at least 30% of the total number of members of the Board of Directors.

In the latest selection processes, the Appointments Committee has ensured that there are no implicit biases that
may hinder the access of women to the vacancies. It evaluated the skills, knowledge and expertise of all the
candidates according to the needs of the governing bodies at any given time, assessing the dedication necessary
to be able to suitably perform their duties in the light of the principles contained in the BBVA Board of Directors
Regulations. For these selection processes, the Committee has received support from renowned consultancy
firms in the selection of directors at the international level.

During these processes, the external expert was expressly requested to include women with the suitable profile
among the candidates to be presented and the Committee analyzed the personal and professional profiles of all
the candidates presented on the basis of the information provided by the consultancy firm, according to the needs
of the Bank's governing bodies at any given time. The skills, knowledge and expertise necessary to be a director
of the Bank were assessed and the rules on incompatibilities and conflicts of interest as well as the dedication
deemed necessary to be able to comply with the duties were taken into account.

BBVA currently has three female directors on its governing body, one of whom is a member of the Group's
Executive Committee.

C.1.6 Explain the measures, if any, agreed by the Appointments Committee to ensure that selection procedures do
not suffer from implicit biases that may hinder the selection of female directors, and that the company deliberately
seeks and includes potential female candidates that meet the professional profile sought:

Explanation of measures

See above section.

During the selection processes, the Appointments Committee, pursuant to the Board of Directors Regulations, has
ensured that women who meet the sought-after professional profile are included among the potential candidates.
In addition it has made sure that the selection procedures do not include implicit biases that might hinder the
selection of female directors.

When, despite any measures that might have been adopted, the number of female directors is low or zero, explain
the reasons:

Explanation of reasons

C.1.6.bis Explain the conclusions of the Appointments Committee regarding verification of compliance with the board
member selection policy. And, in particular, explain how this policy is fostering the goal for 2020 to have the number
of female board members represent at least 30% of the total number of members of the board of directors.

The Board of Directors has established a director selection policy stating that the individuals proposed for
appointment as members of the Board of Directors must meet the requirements set out in current legislation, in the
specific regulations applicable to credit institutions, Company Bylaws and Board Regulations. In particular, the
directors must meet the suitability requirements needed to hold the position and display recognized commercial and
professional repute, possess adequate knowledge and experience to hold the position, and be committed to good
governance.

The selection policy states that the member selection, appointment and rotation procedures for the Board of Directors
shall be aimed at attaining a composition of the company's corporate bodies that enable the powers established by
law, Company Bylaws and its own regulations to be properly discharged in the company's best interest.

This English version is a translation of the original in Spanish for information purposes only. In case of a
discrepancy, the Spanish original will prevail.

To this effect, the Board of Directors shall ensure that the appointment, selection and rotation procedures enable the
most suitable candidates to be identified at all times, based on the requirements of the corporate bodies and that they
favor diversity of experience, knowledge, skills and gender and, in general, do not suffer from implicit biases that may
involve any kind of discrimination.

In particular, the director selection policy establishes that the selection procedures cannot entail any discrimination for
the selection of female directors and that in 2020 the number of female board members will represent at least 30% of
the total number of members of the Board of Directors. In this regard, the number of women on the Board of Directors
has increased in recent years and women meeting the required professional profile have been expressly requested to
be nominated for director selection processes.

Additionally, it sets out that the composition of the Board of Directors shall attempt to have an appropriate balance
between the different types of board members and that non-executive members represent an ample majority over
executive directors, taking steps so that the number of independent directors accounts for at least 50% of the total
seats.

This policy has been followed by the Appointments Committee when submitting candidate proposals to the Board of
Directors to be raised for appointment at the General Meeting of Shareholders in 2016. On approval of said proposal
by the General Meeting of Shareholders of BBVA, Board of Directors’ composition shall continue being 50%
independent directors and a percentage of female directors on the board representing 25% of non-executive
directors.

C.1.7 Explain the form of representation on the Board of shareholders with significant holdings.

C.1.8 Explain, where applicable, the reasons why proprietary directors have been appointed at the behest of a
shareholder whose holding is less than 3% of the capital:

Indicate whether formal petitions have been ignored for presence on the Board from shareholders whose holding is
equal to or higher than that of others at whose behest proprietary directors were appointed. Where applicable, explain
why these petitions have been ignored.

C.1.9 Indicate if any director has stood down before the end of his/her term of office, if the director has explained
his/her reasons to the Board and through which channels, and if reasons were given in writing to the entire Board,
explain below, at least the reasons that were given:

Name of director

Ángel Cano Fernández

Reason for leaving
Ángel Cano Fernández ceased as a member of the Board of
Directors and President & COO of BBVA as of 4 May 2015, date
on which he and the Bank jointly agreed to his early retirement as
President & COO and, therefore, his dismissal as director, thus
giving way to others to resume the new BBVA project to drive the
transformation process of the Bank.

C.1.10 Indicate any powers delegated to the managing directors(s):

Name of director (person or company)

Brief description

FRANCISCO GONZÁLEZ RODRÍGUEZ

Holds broad-ranging powers of representation and
administration in line with his duties as Group Executive
Chairman.

CARLOS TORRES VILA

Holds broad-ranging powers of representation and
administration in line with his duties as Company CEO.

This English version is a translation of the original in Spanish for information purposes only. In case of a
discrepancy, the Spanish original will prevail.

JOSÉ MANUEL GONZÁLEZ-PÁRAMO
MARTÍNEZ-MURILLO

Holds powers of representation and administration in line with
his duties as Head of Global Economics, Regulation & Public
Affairs.

C.1.11 Identify any members of the Board holding positions as directors or managers in other companies belonging
to the listed company’s group:

Name of director (person or
company)

Name of the Group Company

Position

Does the
director hold
executive
functions?

FRANCISCO GONZÁLEZ
RODRÍGUEZ

BBVA BANCOMER, S.A. INSTITUCIÓN DE
BANCA MÚLTIPLE, GRUPO FINANCIERO
BBVA BANCOMER

DIRECTOR

FRANCISCO GONZÁLEZ
RODRÍGUEZ

GRUPO FINANCIERO BBVA BANCOMER,
S.A. DE C.V.

DIRECTOR

C.1.12 Detail, where applicable, any company directors that sit on Boards of other companies publicly traded on
regulated securities markets outside the company's own group, of which the company has been informed:

Name of director (person or company)

Name of the listed company

Position

BELÉN GARIJO LÓPEZ

L’ORÉAL SOCIÉTÉ ANONYME

DIRECTOR

JUAN PI LLORENS

ECOLUMBER, S.A.

CHAIRMAN

JOSÉ MIGUEL ANDRÉS TORRECILLAS

ZARDOYA OTIS, S.A.

DIRECTOR

C.1.13 Indicate and, where applicable, if board regulations have established rules on the maximum number of
company boards on which its directors may sit:

YES

Explanation of rules

Article 11 of the Board of Directors Regulations establishes that in the performance of their duties, directors will be
subject to the rules on limitations and incompatibilities established under the applicable regulations at any time,
and in particular to the provisions of Spanish Act 10/2014 on the organisation, supervision and solvency of credit
institutions.

Article 26 of Act 10/2014 establishes that the directors of credit institutions may not hold at the same time more
positions than those set out in one of the following combinations: (i) an executive position together with two non-
executive positions; or (ii) four non-executive positions. Executive positions are defined as those performing
management duties irrespective of the legal bond attributed by those duties. The following will count as a single
position: 1) executive or non-executive positions held within the same group; 2) executive or non-executive
positions held within: (i) entities belonging to the same institutional protection scheme; or (ii) companies in which
the entity holds a significant stake. The positions held in non-profit organizations or entities pursuing non-
commercial purposes shall not count when determining the maximum number of positions. Nonetheless, the Bank
of Spain may authorize members of the Board of Directors and general directors (or assimilated parties) to hold an
additional non-executive post if deeming that such a post would not interfere with the correct performance of the

This English version is a translation of the original in Spanish for information purposes only. In case of a
discrepancy, the Spanish original will prevail.

activities thereof in the credit institution.

Likewise, directors may not provide professional services to enterprises competing with the Bank or of any of its
Group companies, or be an employee, manager or director of such companies unless they have received express
prior authorization from the Board of Directors or the General Meeting, whichever may be the authorizing party, or
unless these activities had been provided or performed before they became a Bank director, do not involve
effective competition and had been reported to the Bank at that time.

Directors may not take a direct or indirect stake in businesses or enterprises in which the Bank or its Group
companies hold an interest, unless such stake was held prior to joining the Board of Directors or to the time when
the Group took out its holding in such business or enterprise, or unless such companies are listed on domestic or
international securities exchanges, or unless authorized to do so by the Board of Directors.

Directors of the Bank may not be a director in companies in which the Group or any of the Group companies hold
a stake. As an exception and when proposed by the Bank, executive directors are able to hold directorships in
companies directly or indirectly controlled by the Bank with the approval of the Executive Committee, and in other
associate companies with the approval of the Board of Directors. A person ceasing to be an executive director is
obliged to resign from any office in a subsidiary or associate company that is held by virtue of such directorship.

Non-executive directors may hold a directorship in the Bank's associate companies or in any other Group company
provided the directorship is not related to the Group's holding in such companies. They must have prior approval
from the Bank’s Board of Directors. For these purposes, holdings of the Bank or its Group in companies resulting
from its ordinary business activities, asset management, treasury trading, derivative hedging and/or other
transactions will not be taken into account.

Likewise, directors may not hold political office or engage in other activities that might have a public significance or
affect the image of the Company in any manner, unless there is prior authorisation from the Board of Directors of
the Bank.

C.1.14 Section repealed.

C.1.15 Indicate the overall remuneration for the Board of Directors:

Remuneration of the Board of Directors (thousands of euros)

15,761

Cumulative amount of rights of current Directors in pension scheme (thousands of euros)

13,559

Cumulative amount of rights of former Directors in pension scheme (thousands of euros)

136,123

C.1.16 Identify members of senior management that are not in turn executive directors, and indicate the total
remuneration accruing to them during the year:

Name (person or company)

Position(s)

JUAN ASÚA MADARIAGA

CORPORATE & INVESTMENT BANKING (CIB)

VICENTE RODERO RODERO

COUNTRY NETWORKS

CRISTINA DE PARIAS HALCÓN

EDUARDO OSUNA OSUNA

SPAIN

MEXICO

DONNA LEE DE ANGELIS

TALENT & CULTURE

JAVIER ESCOBEDO

GLOBAL MARKETING & DIGITAL SALES

RICARDO ENRIQUE MORENO GARCÍA

ENGINEERING

This English version is a translation of the original in Spanish for information purposes only. In case of a
discrepancy, the Spanish original will prevail.

TEPPO TAPIO PAAVOLA

NEW DIGITAL BUSINESSES

DAVID PUENTE VICENTE

BUSINESS DEVELOPMENT SPAIN

RICARDO FORCANO GARCÍA

BUSINESS DEVELOPMENT GROWTH MARKETS

JAIME SÁENZ DE TEJADA PULIDO

FINANCE

RAFAEL SALINAS MARTÍNEZ DE LECEA

GLOBAL RISK MANAGEMENT

EDUARDO ARBIZU LOSTAO

LEGAL SERVICES AND COMPLIANCE

FRANCISCO JAVIER RODRÍGUEZ SOLER

STRATEGY AND M&A

RICARDO GÓMEZ BARREDO

GLOBAL ACCOUNTING & INFORMATION
MANAGEMENT

DOMINGO ARMENGOL CALVO

GENERAL SECRETARY

JOSÉ LUIS DE LOS SANTOS TEJERO

INTERNAL AUDIT

Total senior management remuneration (€k)

19,453

C.1.17 Indicate the identity of the Board members, if any, who are in turn members of the Board of Directors in
companies of significant shareholders and/or in entities of their group:

Detail the relevant affiliations, other than those considered in the above paragraph, that link Board members to
significant shareholders and/or companies in their group:

C.1.18 Indicate whether there has been any change in the Board regulations during the year:

YES

Description of changes
In its session held on 4 May 2015, the Board of Directors approved an amendment to the Board of Directors
Regulations for adapting the definition of senior management to the new organisational structure of the Group.

Moreover, as a result of the publication of the new Code of Good Governance for listed companies in February
2015 and the Account Auditing Act (Law 22/2015 of 20 July), which amends the Corporate Enterprises Act insofar
as the duties of the Audit and Compliance Committee, the Board of Directors agreed during its session on 22
December to modify the wording of the BBVA's Board of Directors Regulations to adapt to the new requirements:

•

The duties of the Lead Director have been adapted as established in Recommendation 34 of the Code of
Good Governance.

The duties of the Board of Directors have been expanded to include new duties attributed thereto in the
Code of Good Governance and Law 22/2015 (Account Auditing Act).

The duties of the Audit and Compliance Committee has been adapted as established in article 529
quaterdecies of the Corporate Enterprises Act, amended by the Account Auditing Act (Law 22/2015).

• A new duty was added to the Remuneration Committee in accordance with Recommendation 50 of the Code

of Good Governance.

This English version is a translation of the original in Spanish for information purposes only. In case of a
discrepancy, the Spanish original will prevail.

C.1.19. Indicate procedures for selection, appointment, re-election, assessment and removal of directors. List the
competent bodies, the procedures to be followed and the criteria to be employed in each procedure.

Selection and appointment procedure:

BBVA has established a policy setting out the main general principles applicable in the selection and appointment of
directors. Additionally, articles 2 and 3 of the Board of Directors Regulations stipulate that the General Meeting is
responsible for the appointment of members of the Board. However, if a seat falls vacant, the Board has the authority
to co-opt members. In any event, persons proposed for appointment as directors must meet the requirements of
prevailing legislation, the specific regulations applicable to financial institutions and the provisions of the Company
Bylaws. In particular, directors should meet the necessary suitability requirements to exercise their directorship. Thus,
they must be considered to be of commercial and professional good repute, with adequate knowledge and expertise
to perform their duties and in situation in which they can exercise good governance of the entity.

The Board of Directors will endeavor to ensure that the selection procedures for directors favour diversity in
experience, knowledge, skills and gender and, in general, do not suffer from implicit biases that may imply any
discrimination. The Board will submit its proposals to the General Meeting in such a way that there is an ample
majority of non-executive directors over the number of executive directors on the Board. The proposals submitted to
the General Meeting for appointment or re-election of directors and the appointments the Board makes directly to
cover vacancies, exercising its powers of co-option, will be approved at the proposal of the Appointments Committee
in the case of independent directors, and following a report from said Committee for all other directors. In any case,
the proposal must be accompanied by a report of the Board explaining the grounds on which the Board of Directors
has assessed the competence, experience and merits of the candidate proposed, which will be attached to the
minutes of the General Meeting or of the Board of Directors. The Board’s resolutions and deliberations on these
matters will take place in the absence of the director whose re-election is proposed who, if present, must leave the
meeting.

To such end, the Board of Directors Regulations establish that the Appointments Committee will evaluate the balance
of skills, knowledge and expertise on the Board of Directors, as well as the conditions that candidates should display
to fill the vacancies arising, assessing the dedication necessary to be able to suitably perform their duties in view of
the needs that the Company’s governing bodies may have at any time. The Committee will ensure that when filling
new vacancies, the selection procedures are not marred by implicit biases that may involve any discrimination and, in
particular, those that hinder the selection of female directors, trying to ensure that women who display the
professional profile being sought are included on the shortlists.

Directors will stay in office for the term established by the Company Bylaws or, if they have been co-opted, until the
first General Meeting is held.

Re-election: See above section.

Assessment:

As indicated in article 17 w) of the Board's Regulations, the Board of Directors is responsible for assessing the quality
and efficiency of the Board’s operation and assessment of the performance of the duties of the Chairman of the
Board. Such assessment will always begin with the report submitted by the Appointments Committee. Likewise,
evaluation of the operation of its Committees, on the basis of the report that these submit to it. Moreover, article 5 of
the Board's Regulations establishes that the Chairman, who is responsible for efficiently running of the Board, will
organize and coordinate the regular assessment of the Board with the Chairs of the relevant Committees. Moreover,
article 5 ter of the Board's Regulations establishes that the Lead Director is especially empowered to conduct the
regular assessment of the Chairman of the Board.

Pursuant to the provisions of the Board Regulations, as in previous years, in 2015 the Board of Directors assessed
the quality and efficiency of its own running and that of its Committees, as well as the performance of the duties of the
Chairman, both as Chairman of the Board and as the first executive of the Bank, based on the report of the
Appointments Committee.

Severance:

This English version is a translation of the original in Spanish for information purposes only. In case of a
discrepancy, the Spanish original will prevail.

Directors will stand down from office when the term for which they were appointed has expired, unless they are re-
elected.

Directors must apprise the Board of any circumstances affecting them that might harm the Company’s reputation and
credit and circumstances that may impact their suitability for the post. Directors must place their directorship at the
disposal of the Board and accept its decision regarding their continuity or non-continuity in office, under the
circumstances listed in section C.1.21 below. If its decision is negative, they are obliged to tender their resignation. In
any event, directors will resign their positions on reaching 75 years of age. They must present their resignation at the
first meeting of the Bank’s Board of Directors after the General Meeting of Shareholders that approves the accounts
for the year in which they reach this age.

C.1.20 Explain to what degree the self- assessment has led to significant changes in its internal organization and the
procedures applicable to its activities:

Description of changes
Article 17 of the Board of Directors Regulations establishes that the Board will assess the quality and efficiency of
the Board’s operation, based on the report submitted by the Appointments Committee, which it has done in 2015,
likewise producing certain changes (indicated below), similar to previous years, to continue the ongoing adaptation
process of corporate governance to the regulatory requirements and best practices, though none of the changes
was particularly significant.

Throughout 2015, the Bank analyzed its needs for improvement and changes in the regulatory, supervisory and
market areas, both at a national and international level, and introduced various measures to adapt its Corporate
Governance system and practices to the new environment in which the Bank carries out its activity, including yet
not restricted to the following measures: (i) improvements and progress was made in the procedure for verifying
the information submitted for consideration by the corporate bodies, coordinated by a specific unit independent of
the areas that prepare the information. This procedure seeks to improve the quality, consistency and uniformity
thereof and ensure that corporate bodies have sufficient, adequate and complete information to exercise their
duties. The implementation of the duties of this new unit underwent reporting to the Audit and Compliance
Committee of the Board of Directors as part of its information oversight and control duties; (ii) progress was made
on the training program for directors and persons incorporated as members of the corporate bodies; (iii) the
composition of their committees was adapted, during the session of the Board of Directors on 4 May 2015, so that
they have the most suitable composition to discharge their duties; (iv) a decision was made to commission a
renowned independent expert to assist the Appointments Committee in assessing the operations of the Board of
Directors and the Chairman of the Board; (v) the duties of the Lead Directors were expanded; and (vi) the duties of
the Audit and Risk (and other) Committees were enlarged.

C.1.20.bis Describe the assessment process and the assessed areas conducted by the board of directors assisted,
as the case may be, by an external consultant, regarding the diversity in its composition and capacities, duties and
composition of its committees, the performance of the chair of the board of directors and the fist executive of the
company, and the performance and contribution of each board member.

According to article 17 of the Board of Directors Regulations, the Board shall evaluate the quality and efficiency of its
running and the performance of the functions of the Chairman of the Board, based in each case on the report
submitted by the Appointments Committee. Likewise, the Board of Directors shall assess of the running of its
Committees, based on the report they submit.

In the most recent assessment process carried out for 2015, the Board of Directors assessed: (i) the quality and
efficiency of the Board of Directors' operation, (ii) the performance of the Chairman of the Board of Directors; and (iii)
the running of the Committees of the Board of Directors. The procedure to conduct these assessments was:

•

Throughout the year, the Committee has been analyzing the structure, size and composition of the Board of
Directors during the selection processes to incorporate new members of the Board of Directors and to re-elect
directors and also to conduct the yearly assessment on the running of the Board of Directors. Thus the quality
and efficiency of the running of the Board of Directors was examined based on the prior report submitted by
the Appointments Committee and raised to the Board of Directors. The Appointments Committee, with a view
to drawing up this report, mined detailed reports on the composition and operations thereof, and on the main
activities implemented by these bodies in the performance of the duties attributed thereto by the Company
Bylaws and the Board of Directors Regulations. The committee also had the support of a renowned external
expert.

This English version is a translation of the original in Spanish for information purposes only. In case of a
discrepancy, the Spanish original will prevail.

•

The performance of the duties of the Chairman of the Board of Directors, as Chair and first executive was
examined by the Board of Directors based on the previous report submitted by the Appointments Committee,
and the Lead Director conducted the assessment process as established in article 5 ter of the Board
Regulations. The Appointments Committee drew up its report with detailed information on the performance of
the duties by the Chairman and the support of a renowned external expert.

The Board of Directors conducted the quality and efficiency assessment on the operations of the Audit and
Compliance, Risk, Appointment and Remuneration Committees based on the reports submitted by their
respective Chairs. Thus, the activities carried out by the Audit and Compliance Committee underwent the
corresponding examination in the Board during the meeting held on 29 October 2015 by the director Chair of
the Committee. Moreover, during its meeting on 25 November 2015, the Board of Directors received the report
of the director Chair of the Risk Committee regarding the activities undertaken by the Committee during 2015,
apprising of the tasks executed by the Committee in the analysis and preparation of the proposals for
resolution that, within the scope of risks, were conveyed to the Executive Committee and the Board for
consideration; and insofar as risk tracking and control. In its session on 22 December 2015, the Board
received the report of the director Chair of the Remuneration Committee regarding the activities undertaken by
the Committee during 2015, apprising of the tasks executed by the Committee in the analysis and preparation
of the remuneration-related proposals for resolution presented to the Board, particularly regarding the
amendment to the remuneration policy; tracking of the application of the remuneration policy approved by the
Board, which had been analyzed based on the report issued for such purpose by Internal Audit; and regarding
the other tasks executed. Likewise, in its session on 22 December 2015, the Board received the report of the
director Chair of the Appointments Committee regarding the activities undertaken by the Committee during
2015 within the different scopes of duties. The operations of the Committees were also analyzed in the
Board's general assessment process described above.

C.1.20.ter Break down, where pertinent, the business relationship that the consultant or any company of its group
maintains with the company or any company of its group.

The external consultant assisting in the self-assessment process of the Board of Directors also participated as a
benchmark company in the field of director selection in the selection process for new board members and directors
that the Group carried out.

C.1.21 Indicate the circumstances under which directors are obliged to resign.

In addition to the circumstances set out in applicable legislation, as established in article 12 of the BBVA Board of
Directors Regulations, the directors will stand down from office when the term for which they were appointed has
expired, unless they are re-elected. Directors must apprise the Board of Directors of any circumstances affecting
them that might harm the Company’s reputation and credit circumstances that may impact their suitability for the post.

As set out in article 12 of the BBVA Board of Directors Regulations, directors must place their office at the disposal of
the Board of Directors and accept the its decision regarding their continuity or non-continuity in office, under the
circumstances given below. Should the Board resolve they not continue, they will be obliged to tender their
resignation:

- When they are affected by circumstances of incompatibility or prohibition as defined under prevailing legislation, in
the Company Bylaws or in the Board of Directors Regulation;.

- When significant changes occur in their personal or professional situation that may affect the condition by virtue of
which they were appointed to the Board;

- When they are in serious dereliction of their duties as directors;

- When for reasons attributable to the director in his or her condition as such, serious damage has been done to the
Company's net worth, credit or reputation; or

- When they lose their suitability to hold the position of director of the Bank.

C.1.22 Section repealed.

This English version is a translation of the original in Spanish for information purposes only. In case of a
discrepancy, the Spanish original will prevail.

C.1.23 Are reinforced qualified majorities required, other than the legal majorities, for some type of resolution?

Where applicable, describe the differences.

C.1.24 Explain whether there are specific requirements, other than those regarding directors, to be appointed
Chairman of the Board of Directors.

C.1.25 Indicate whether the Chairman has a casting vote:

C.1.26 Indicate whether the bylaws or the Board Regulations establish an age limit for directors:

YES

Age limit for Chairman

Age limit for Chief Executive
Officer

Age limit for directors

C.1.27 Indicate whether the bylaws or the Board Regulations establish a limited term of office for independent
directors, other than that established by law:

C.1.28 Indicate whether the bylaws or the Board Regulations establish specific rules for proxy voting in the Board of
Directors, the way this is done and, in particular, the maximum number of proxies a director may have, and whether it
has established any limit regarding the categories that may be delegated beyond the limits stipulated by legislation. If
so, briefly give details on such standards.

The BBVA Board of Directors Regulations establishes that directors are required to attend the meetings of corporate
bodies and the meetings of the Board Committees on which they sit, except for a justifiable reason. Directors shall
participate in the deliberations, discussions and debates on matters submitted for their consideration.

However, article 21 of the Board of Directors Regulations establishes that should it not be possible for directors to
attend any of the Board of Directors meetings, they may grant proxy to another director to represent and vote for
them. This may be done by a letter or e-mail sent to the Company with the information required for the proxy director
to be able to follow the absent director's indications, in observance of the applicable legislation, though non-executive
directors may only grant their proxy to another director that is also non-executive.

C.1.29 Indicate the number of meetings the Board of Directors has held during the year. Where applicable, indicate
how many times the Board has met without the Chairman in attendance. In calculating this number, proxies given
with specific instructions will be counted as attendances.

Number of Board meetings

Number of Board meetings not attended by the Chairman

If the Chairman is an executive Director, indicate the number of meetings held without an executive director present
or represented and chaired by the Lead Director

Number of meetings

This English version is a translation of the original in Spanish for information purposes only. In case of a
discrepancy, the Spanish original will prevail.

Indicate the number of meetings of the Board’s different committees have held during the year.

Number of Executive Committee meetings

Number of Audit Committee meetings

Number of Appointments Committee meetings

Number of Remuneration Committee meetings

Number of Risks Committee meetings

C.1.30 Indicate the number of meetings held by the Board of Directors during the year attended by all its members. In
calculating this number, proxies given with specific instructions will be counted as attendances.

Number of meetings attended by all directors

% of attendances to total votes during the year

100%

C.1.31 Indicate whether the individual and consolidated financial statements presented for Board approval are
certified beforehand:

Where applicable, identify the person(s) who has(have) certified the Company's individual and consolidated financial
statements to be filed by the Board:

C.1.32 Explain the mechanisms, if any, established by the Board of Directors to prevent the individual and
consolidated financial statements that it files from being presented to the General Meeting with a qualified auditors
report.

Article 29 of BBVA's Board of Directors Regulations establishes that the Audit and Compliance Committee will be
formed exclusively by independent directors and its main task is to assist the Board of Directors in supervising the
financial information and exercising oversight for the Group. In this regard, its functions are as follows: oversee the
efficacy of the internal control of the Company, the internal audit and the risk management systems in the process of
drawing up and reporting the regulatory financial information, including tax-related risks, as well as to discuss with the
financial auditor any significant weaknesses in the internal control system detected when the audit is conducted and
oversee the process of drawing up and reporting the financial information. For such purposes, the Audit and
Compliance Committee may submit recommendations or proposals to the Board of Directors.

Moreover, article 3 of the Audit and Compliance Committee Regulations establishes that the Committee shall verify
that the external audit schedule is conducted under the agreed conditions at appropriate intervals, and that it meets
the requirements of the competent authorities and the Bank’s governing bodies. The Committee will also periodically
– at least once a year – request from the auditor its evaluation of the quality of the group’s internal control procedures
regarding the drafting and presentation the financial information of the Group.

The Committee shall also be apprised of any infringements, situations requiring adjustments, or anomalies that may
be detected during the course of the external audit and are of a material nature; materiality in this context signifies
those issues that, in isolation or as a whole, may give rise to a significant and substantive impact or harm to assets,
earnings or the reputation of the Group; discernment of such matters shall be at the discretion of the auditor who, if in
doubt, must opt to report on them

In exercising these duties, the Audit and Compliance Committee holds monthly meetings with the external auditor
without the presence of executives, to monitor on an ongoing basis their work, guaranteeing that the activity is carried
out under the best conditions and with no interference in management.

C.1.33 Is the company Secretary a director?

Complete if the Secretary is not also a Director:

This English version is a translation of the original in Spanish for information purposes only. In case of a
discrepancy, the Spanish original will prevail.

Name or corporate name of Secretary
DOMINGO ARMENGOL CALVO

Representative
-

C.1.34 Section repealed.

C.1.35 Indicate what mechanisms the company has established, if any, to preserve the independence of the external
auditors, the financial analysts, the investment banks and the rating agencies.

The BBVA Audit and Compliance Committee Regulations establish that this Committee’s duties, described in section
C.2.1, include ensuring the independence of the external audit in two ways:

- Avoiding any possibility of the warnings, opinions or recommendations of the auditors being adversely influenced.
To this end, ensure that compensation for the auditor's work does not compromise either its quality or independence,
in compliance with current legislation on auditing at all times.

- Stipulating as incompatible the provision of audit and consulting services unless they are not available in the market
alternatives as regards content, quality or efficiency of equal value to those which the auditor could provide; in this
case approval by the Committee will be required, but this decision may be delegated in advance to its Chair. The
auditor shall be prohibited from providing prohibited services outside the audit, in compliance with what is set out at
all times by audit legislation.

This matter is the subject of special attention by the Audit and Compliance Committee, which holds regular meetings
with the external auditor, without Bank directors being present, to know the details of the progress and quality of the
external audit work, as well as to confirm the independence of the performance of their duties. It also monitors the
engagement of consultancy services to ensure compliance with the Committee’s Regulations and applicable
legislation in order to safeguard the independence of the external auditor.

Moreover, in accordance with the provisions of point f), section 4 of article 529 quaterdecies of the Corporate
Enterprises Act and article 30 of the BBVA Board of Directors Regulations, the Audit and Compliance Committee
each year before the external financial auditor issues their report on the financial statements, has to issue a report
expressing an opinion on the independence of the auditor.

This report must in any event contain the reasoned assessment of the provision of additional services of any kind by
the auditors to the Group's entities, considered individually and as a whole, other than the legal audit and in relation
to the regime of independence or the rules regulating the account audit activity. The external auditor must issue, also
on an annual basis, a report confirming its independence via-à-vis BBVA or entities linked to BBVA, either directly or
indirectly, with information on the additional services of any kind provided to these entities by the external auditor, or
by the individuals or entities linked to them, as set out in the redrafted text of the Audit Act.

In keeping with the legislation in force, the relevant reports confirming the auditor's independence were issued in
2015.

In addition, as BBVA's shares are listed on the New York Stock Exchange, it is subject to compliance with the
Sarbanes Oxley Act and its implementing regulations.

C.1.36 Indicate whether the company has changed its external auditor during the year. If so, identify the incoming
and outgoing auditors:

If there were disagreements with the outgoing auditor, explain their grounds.

Explanation of disagreements

C.1.37 Indicate whether the audit firm does other work for the company and/or its group other than the audit. If so,
declare the amount of fees received for such work and the percentage of such fees on the total fees charged to the
company and/or its group:

This English version is a translation of the original in Spanish for information purposes only. In case of a
discrepancy, the Spanish original will prevail.

YES

Company

Group

Total

Amount of non-audit work (thousands euros)

1,233

1,129

2,362

Amount of non-audit work / total amount billed by the
audit firm (%)

9.09%

5.92%

7.24%

C.1.38 Indicate whether the audit report on the annual financial statements for the previous year contained
reservations or qualifications. If so, indicate the reasons given by the chair of the audit committee to explain the
content and scope of such reservations or qualifications.

C.1.39 Indicate the number of consecutive years during which the current audit firm has been auditing the financial
statements for the company and/or its group. Indicate the percentage of the number of years audited by the current
audit firm to the total number of years in which the annual financial statements have been audited:

Number of consecutive years

Number of years audited by current audit firm / number of
years the company has been audited (%)

Company

86.67%

Group

86.67%

C.1.40 Indicate and, where applicable, give details on the existence of a procedure for directors to engage external
advisory services:

YES

Details of the procedure

Article 6 of the BBVA Board of Directors Regulations expressly recognizes that directors may request any
additional information or advice they require to comply with their duties, and may request the Board of Directors for
assistance from external experts on matters subject to their consideration whose special complexity or importance
so requires.

The Audit & Compliance Committee, pursuant to article 31 of the Board of Directors Regulations, may engage
external advisory services for relevant issues when it considers that these cannot be properly provided by experts
or technical staff within the Group on grounds of specialization or independence.

Under articles 34, 37 and 40 of the Board of Directors Regulations, the rest of the Committees may obtain such
advice as may be necessary to establish an informed opinion on matters related to its business. This will be done
through the Secretariat of the Board.

C.1.41 Indicate and, where applicable, give details on the existence of a procedure for directors to obtain the
information they need to prepare the meetings of the governing bodies with sufficient time:

YES

Details of the procedure

This English version is a translation of the original in Spanish for information purposes only. In case of a
discrepancy, the Spanish original will prevail.

Article 6 of the Board of Directors Regulations establishes that before meetings the directors will be apprised of the
necessary information to be able to form their own opinions regarding questions corresponding to the Bank’s
corporate bodies. They may request any additional information and advice they require to comply with their duties.

Exercise of these rights will be channeled through the Chairman and/or Secretary of the Board of Directors, who will
attend to requests by providing the information directly or by establishing suitable arrangements within the
organisation for this purpose, unless a specific procedure has been established in the regulations governing the
Board of Directors Committees.

C.1.42 Indicate and, where applicable give details, whether the company has established rules requiring directors to
inform and, where applicable, resign under circumstances that may undermine the company’s credit and reputation:

YES

Explanation of the rules

In accordance with article 12 of the Board of Directors Regulations, directors must apprise the Board of Directors of
any circumstances affecting them that might harm the Company’s reputation and credit and circumstances that may
impact their suitability for the post.

Directors must place their office at the disposal of the Board of Directors and accept its decision regarding their
continuity or non-continuity in office. Should the Board resolve they not continue, they will be obliged to tender their
resignation when for reasons attributable to the director in his or her condition as such, serious damage has been
done to the Company’s net worth, credit and/or reputation or when they lose their suitability to hold the position of
director of the Bank.

C.1.43 Indicate whether any member of the Board of Directors has informed the company of any legal suit or court
proceedings against him or her for any of the offences listed in article 213 of the Corporate Enterprises Act:

Indicate whether the Board of Directors has analysed the case. If so, explain the grounds for the decision taken as to
whether or not the director should retain his/her directorship or, where applicable, describe the actions taken or
planned to be taken by the Board of Directors on the date of this report.

Decision adopted/action

taken

Reasoned explanation

C.1.44 Detail significant agreements reached by the Company that come into force, are amended or concluded in the
event of a change in the control of the company stemming from a public takeover bid, and its effects.

C.1.45 Identify in aggregate terms and indicate in detail any agreements between the company and its directors,
managers or employees that have guarantee or ring-fencing severance clauses for when such persons resign or are
wrongfully dismissed or if the contractual relationship comes to an end due to a public takeover bid or other kinds of
transactions.

Number of beneficiaries

Type of beneficiary

1 Executive Director
17 members of Senior

The Bank is committed to pay severance indemnity to the director José Manuel
González-Páramo Martínez-Murillo, whose contract recognises his right to
receive an indemnity in the event of severance on grounds not due to his own
will, death, retirement, invalidity or dereliction of duties, equivalent to twice his

Description of the agreement

This English version is a translation of the original in Spanish for information purposes only. In case of a
discrepancy, the Spanish original will prevail.

(excluding

Management
executive directors)
46
professionals

technical & specialist

fixed remuneration.

In addition, 17 members of Senior Management are entitled to receive
compensation payment in the event of severance on grounds other than their
own will, retirement, disability or dereliction of duties. Its amount will be
the Bank employee's
calculated by
remuneration and length of office and which under no circumstances are paid in
the event of lawful dismissal for misconduct by decision of the employer on
grounds of the worker's dereliction of duties.

fixed elements of

factoring

the

The Bank has also agreed compensation clauses with some employees (46
technical and specialist professionals) in the event of unfair dismissal. The
amount of this compensation is calculated as a function of the wage and
professional conditions of each employee.

Indicate whether these contracts must be disclosed to and/or approved by the company or group governance bodies:

Body authorising the clauses

YES

Board of Directors

General Meeting

Is the General Meeting informed of the clauses?

YES

C.2 Board of Directors Committees

C.2.1 Detail all the Board Committees, their members and the proportion of executive, proprietary, independent and
other external directors sitting on them:

EXECUTIVE OR DELEGATE COMMITTEE

Name

Position

category

JOSÉ MIGUEL ANDRÉS TORRECILLAS

CHAIRMAN

INDEPENDENT

BELÉN GARIJO LÓPEZ

CARLOS LORING MARTÍNEZ DE IRUJO

TOMÁS ALFARO DRAKE

LOURDES MÁIZ CARRO

MEMBER

INDEPENDENT

% of proprietary Directors

% of independent Directors

% of other external Directors

100%

Explain the committee's duties, describe the procedure and organisational and operational rules and summarize the
main actions taken during the year.

As established in article 30 of the Board of Directors Regulations, the duties of the Audit and Compliance
Committee include the following:

- Report to the General Meeting on questions raised with respect to those matters falling within the Committee’s

This English version is a translation of the original in Spanish for information purposes only. In case of a
discrepancy, the Spanish original will prevail.

competence.
- Oversee the efficacy of the internal control of the Company, the internal audit and the risk-management systems
in the process of drawing up and reporting the regulatory financial information, including tax risks. Also to discuss
with the financial auditor any significant weaknesses in the internal control system detected when the audit is
conducted, without undermining its independence.
- Oversee the process of drawing up and reporting financial information and submit recommendations or proposals
to the Board of Directors aimed at safeguarding its completeness.
- Submit to the Board of Directors proposals on the selection, appointment, re-election and replacement of the
external auditor, taking responsibility for the selection process in accordance with applicable regulations, as well as
their contractual conditions, and regularly collect information from the external auditor regarding the audit plan and
its implementation, as well as preserving the auditor’s independence in the performance of their duties.
- Establish correct relations with the external auditor in order to receive information on any matters that may
jeopardise their independence, for examination by the Committee, and any others relating to the process of the
financial auditing; as well as those other communications provided for by law and by the auditing regulations.
- Each year before the external financial auditor issues their report on the financial statements, to issue a report
expressing an opinion on whether the independence of the external financial auditor has been compromised. This
report must unfailingly contain the reasoned valuation of the provision of each of the additional services referred to
in the previous subsection, considered individually and as a whole, other than the legally-required audit and with
respect to the regime of independence or to the standards regulating the audit activity.
- Report, prior to the Board of Directors adopting resolutions, on all those matters established by law, by the
Company Bylaws and by these Regulations, and in particular on: (i) the financial information that the Company
must periodically publish; (ii) the creation or acquisition of a holding in special-purpose entities or entities domiciled
in countries or territories considered tax havens; and (iii) related-party transactions.
- Oversee compliance with applicable domestic and international regulations on matters related to money
laundering, conduct on the securities markets, data protection and the scope of Group activities with respect to
anti-trust regulations. Also to ensure that any requests for action or information made by official authorities with
competence in these matters are dealt with in due time and in due form.
- Ensure that the codes of ethics and of internal conduct and conduct on the securities market, as they apply to
Group personnel, comply with regulatory requirements and are adequate.
- Especially to oversee compliance with the provisions applicable to directors contained herein, as well as their
compliance with the applicable standards of conduct on the securities markets.

In keeping with the organisational and operating rules, article 31 of the Board Regulations states that the Audit and
Compliance Committee shall meet as often as necessary to discharge its duties, though an annual calendar of
meetings will be drawn up in accordance with its tasks. The officers responsible for the areas within their remit, in
particular, Accounting, Internal Audit and Compliance, may be invited to attend Committee meetings. They may
request that other staff be invited from their areas who have particular knowledge or responsibility in the matters
contained on the agenda, when their presence at the meeting is deemed advisable. However, only the Committee
members and the Secretary shall be present when the results and conclusions of the meeting are assessed. The
Committee may hire external advisory services for matters of importance if, for reasons of specialization or
independence, it considers that such services cannot be rendered by Group experts or technical personnel. The
Committee may also call on the personal cooperation and reports of any employee when it considers that this is
necessary to fulfill its duties with regard to relevant issues. The usual channel for a request of this nature shall be
through the reporting lines of the Company. However, in exceptional cases the request may be notified directly to
the person in question. The system of convening meetings, quorums, the approval of resolutions, minutes and
other details of its system of operation will be governed by the provisions of the Board Regulations insofar as they
are applicable to the Committee and by any specific Regulations that may be established.

The most important activities carried out by the Audit & Compliance Committee in 2015 are detailed in section
C.2.5.

Identify the Director who has been appointed Chairman on the basis of knowledge and experience of accounting or
auditing, or both and state the number of years they have been Chairman.

Name of Director
Number of years as Chairman

JOSÉ MIGUEL ANDRÉS TORRECILLAS

This English version is a translation of the original in Spanish for information purposes only. In case of a
discrepancy, the Spanish original will prevail.

APPOINTMENTS COMMITTEE

Position

category

TOMÁS ALFARO DRAKE

CHAIRMAN

INDEPENDENT

JOSÉ ANTONIO FERNÁNDEZ RIVERO

JOSÉ MALDONADO RAMOS

JOSÉ LUÍS PALAO GARCÍA-SUELTO

SUSANA RODRÍGUEZ VIDARTE

MEMBER

INDEPENDENT

OTHER EXTERNAL

INDEPENDENT

OTHER EXTERNAL

% of proprietary Directors
% of independent Directors
% of other external Directors

0%
60%
40%

Explain the committee's duties, describe the procedure and organizational and operational rules and summarize the
main actions taken during the year.

The Appointments Committee is bound to assist the Board of Directors in matters relating to the selection and
appointment of Board members. Thus, as provided for under article 33 of the Board Regulations, the Appointments
Committee will discharge the following duties:

- Submit proposals to the Board of Directors on the appointment, re-election or separation of independent directors
and report in proposals for the appointment, re-election or separation of the other directors.

To such end, the Committee will evaluate the balance of skills, knowledge and expertise on the Board of Directors,
as well as the conditions that candidates should display to fill the vacancies arising, assessing the dedication
necessary to be able to suitably perform their duties in view of the needs that the Company’s governing bodies
may have at any time.

The Committee will ensure that when filling new vacancies, the selection procedures are not marred by implicit
biases that may entail any discrimination and in particular discrimination that may hinder the selection of female
directors, trying to ensure that women who display the professional profile being sought are included on the
shortlists.

Likewise, when drawing up proposals within its scope of competence for the appointment of directors the
Committee will take into account in case they may be considered suitable, any applications that may be made by
any member of the Board of Directors for potential candidates to fill the vacancies.

- Submit proposals to the Board of Directors for policies on the selection and diversity of members of the Board of
Directors.

- Establish a target for representation of the underrepresented gender in the Board of Directors and draw up
guidelines on how to reach that target.

- Analyse the structure, size and composition of the Board of Directors, at least once a year when carrying out its
operational assessment.

- Analyse the suitability of the various members of the Board of Directors.

- Perform an annual review of the status of each director, so that this may be reflected in the annual corporate
governance report.

- Report the proposals for the appointment of the Chairman and the Secretary and, where applicable, of the
Deputy Chairman and the Deputy Secretary.

- Report on the performance of the duties of the Chairman of the Board, for the purposes of the periodic
assessment by the Board of Directors, under the terms established in the Board Regulations.

This English version is a translation of the original in Spanish for information purposes only. In case of a
discrepancy, the Spanish original will prevail.

- Examine and organise the succession of the Chairman in conjunction with the Lead Director and, as applicable,
file proposals with the Board of Directors so that the succession takes place in an planned and orderly manner.

- Review the Board of Directors policy on the selection and appointment of members of senior management, and
file recommendations with the Board when applicable.

- Report on proposals for appointment and separation of senior managers.

Moreover, article 34 of the Board Regulations regulates the organisational and operating rules of the Appointments
Committee, establishing that it will meet as often as necessary to fulfill its duties, convened by its Chair or by
whoever stands in for its Chair pursuant to the provisions of article 32 of the Regulations. The Committee may
request the attendance at its sessions of persons with tasks in the Group that are related to the Committee's
duties. It may also obtain advice as necessary to establish criteria related to its business. This will be done through
the Secretary of the Board. For all else, the system for convening meetings, quorums, adopting resolutions,
minutes and other details of its operation will be in accordance with the provisions of the Board Regulations insofar
as they are applicable.

The most important activities carried out by the Appointments Committee in 2015 are detailed in section C.2.5.

REMUNERATION COMMITTEE

Position

category

CARLOS LORING MARTÍNEZ DE IRUJO

CHAIRMAN

INDEPENDENT

IGNACIO FERRERO JORDI

MEMBER

OTHER EXTERNAL

RAMÓN BUSTAMENTE Y DE LA MORA

MEMBER

OTHER EXTERNAL

JUAN PI LLORENS

MEMBER

INDEPENDENT

TOMÁS ALFARO DRAKE

MEMBER

INDEPENDENT

% of proprietary Directors
% of independent Directors
% of other external Directors

0%
60%
40%

Explain the committee's duties, describe the procedure and organizational and operational rules and summarize the
main actions taken during the year.

The Remuneration Committee's main task is to assist the Board of Directors in matters related to the remuneration
policy for directors, senior management and any employees whose professional activities have a significant impact
on the Bank's risk profile, ensuring that the established remuneration policy is observed. Thus, as provided for
under article 36 of the Board of Directors Regulations, it will discharge the following duties:

- Propose to the Board of Directors, for its submission to the General Meeting, the directors’ remuneration policy,
with respect to its items, amounts, and parameters for its determination and its vesting. Also to submit the
corresponding report, in the terms established by applicable law at any time.

- Determine the extent and amount of the individual remunerations, entitlements and other economic
compensations and other contractual conditions for the executive directors, so that these can be reflected in their
contracts. The Committee’s proposals on such matters will be submitted to the Board of Directors.

- Propose the annual report on the remuneration of the Bank directors to the Board of Directors each year, which
will then be submitted to the Annual General Meeting, in compliance with the applicable legislation.

- Propose the remuneration policy to the Board of Directors for senior managers and employees whose
professional activities have a significant impact on the Company's risk profile.

This English version is a translation of the original in Spanish for information purposes only. In case of a
discrepancy, the Spanish original will prevail.

- Propose the basic conditions of the senior management contracts to the Board, and directly supervise the
remuneration of the senior managers in charge of risk management and compliance functions within the Company.

- Oversee observance of the remuneration policy established by the Company and periodically review the
remuneration policy applied to directors, senior managers and employees whose professional activities have a
significant impact on the Company's risk profile.

- Verify the information on directors and senior managers remunerations contained in the different corporate
documents, including the annual report on directors’ remuneration.

Moreover, article 37 of the Board of Directors Regulations states that the Remuneration Committee will meet as
often as necessary to fulfill its duties, convened by its Chair or by whoever stands in for its Chair pursuant to the
provisions of article 35 of the Regulations. The Committee may request the attendance at its sessions of persons
with tasks in the Group that are related to the Committee's duties. It may also obtain advice as necessary to
establish criteria related to its business. This will be done through the Secretary of the Board. For all else, the
system for convening meetings, quorums, adopting resolutions, minutes and other details of its operation will be in
accordance with the provisions of the Board Regulations insofar as they are applicable.

The most important activities carried out by the Remuneration Committee in 2015 are detailed in section C.2.5.

RISKS COMMITTEE

Position

category

JOSÉ ANTONIO FERNÁNDEZ RIVERO

CHAIRMAN

INDEPENDENT

JOSÉ LUIS PALAO GARCÍA-SUELTO

JUAN PI LLORENS

MEMBER

INDEPENDENT

RAMÓN BUSTAMENTE Y DE LA MORA

MEMBER

OTHER EXTERNAL

SUSANA RODRÍGUEZ VIDARTE

JOSÉ MIGUEL ANDRÉS TORRECILLAS

MEMBER

OTHER EXTERNAL

INDEPENDENT

% of proprietary Directors
% of independent Directors
% of other external Directors

0%
66,67%
33,33%

Explain the committee's duties, describe the procedure and organisational and operational rules and summarize the
main actions taken during the year.

The Risk Committee will be tasked with assisting the Board of Directors in determining and monitoring the Group's
risk control and management policy and its strategy in this area. Thus, as provided for under article 39 of the
Board of Directors Regulations, it will discharge the following duties:

- Analyse and assess proposals to the Group's risk management, control and strategy. In particular, these will
identify:

i. The Group's risk appetite; and
ii. Establishment of the level of risk considered acceptable according to the risk profile and capital at risk, broken
down by the Group’s businesses and areas of activity.

- Analyse and assess the control and management policies for the Group's different risks and the information and
internal control systems.

- The measures established to mitigate the impact of the risks identified, should they materialise.

This English version is a translation of the original in Spanish for information purposes only. In case of a
discrepancy, the Spanish original will prevail.

- Monitor the performance of the Group's risks and their fit with the strategies and policies and the Group’s risk
appetite.

- Analyse, prior to submitting them to the Board of Directors or the Executive Committee, those risk transactions
that must be put to its consideration.

- Examine whether the prices of the assets and liabilities offered to customers take fully into account the Bank's
business model and risk strategy and, if not, present a remedy plan to the Board of Directors.

- Participate in the process for establishing the remuneration policy, checking that is consistent with sound and
effective risk management and does not encourage risk-taking that exceeds the level of tolerated risk of the
Company.

- Check that the Company and its Group has the means, systems, structures and resources in line with best
practices that enable it to implement its risk management strategy, ensuring that the entity's risk management
mechanisms are matched to its strategy.

Moreover, article 40 of the Board Regulations regulates the organisational and operating rules of the Risk
Committee, establishing that it will meet as often as necessary to fulfill its duties, convened by its Chair or by
whoever stands in for its Chair pursuant to the provisions of article 38 of the Board Regulations, though an annual
calendar of meetings will be drawn up in accordance with its tasks. The Committee may request the attendance at
its meetings of the Group's Chief Risk Officer, as well as the executives to whom the various risk areas report or
the persons with tasks in the Group that are related to the Committee's duties. It may also obtain advice as
necessary to establish criteria related to its business. This will be done through the Secretary of the Board. The
system of convening meetings, quorums, the approval of resolutions, minutes and other details of its system of
operation will be governed by the provisions of the Board Regulations insofar as they are applicable to the
Committee and by any specific Regulations that may be established.

The most important activities carried out by the Risk Committee in 2015 are detailed in section C.2.5.

C.2.2 Fill in the following table with information on the number of female directors sitting on Board Committees over
the last four years:

Number of female directors

Year 2015

Year 2014

Year 2013

Year 2012

Number

Executive
Committee
Audit Committee
Appointments
Committee
Remuneration
Committee
Risk Committee

20%

40%

20%

16.67%

20%

25%

20%

16.67%

20%

33.33%

20%

C.2.3 Section repealed.

C.2.4 Section repealed.

C.2.5 Indicate, where applicable, the existence of regulations for the Board Committees, where they can be consulted
and any amendments made to them during the year. Indicate whether an annual report on the activities of each
committee has been drawn up voluntarily.

The Board Regulations are available on the Company's website and regulate the composition, duties and operation
of the Board Committees. In its meeting on 22 December 2015, the Board agreed to modify the duties of the Audit
and Compliance, Appointments and Remuneration Committees to adapt them to the Account Audit Act (Law
22/2015) and the Code of Good Governance.

REMUNERATION COMMITTEE: The Chair of the Remuneration Committee presented a report to the Board on its
activities during 2015, describing the following aspects: the proposal to the Board of a new remuneration policy of

This English version is a translation of the original in Spanish for information purposes only. In case of a
discrepancy, the Spanish original will prevail.

directors, implementation thereof, determination of a new structure for indicators and weighting for generating the
2015 Annual Variable Remuneration was submitted for the consideration by the General Meeting and included the
scales associated therewith; the proposal to the Board for its approval of the remuneration policy of the identified
group; the assignment of "theoretical shares" of the remuneration system with deferred distribution to non-executive
directors; the basic contractual conditions for Senior Management; and the remuneration for executive directors, such
as liquidation of the 2014 Annual Variable Remuneration, the updated of the deferred portions of the variable
remuneration from previous years, and the revision of the fixed and variable remuneration of reference for 2015. This
also included, inter alias, the tasks executed by the Committee in relation to the Annual Report on Directors’
Remuneration, proposed to the Board for a consultative vote by the General Meeting, review of the application of the
Remuneration Policy in the previous year and the monitoring of the remuneration for the officers in the Risk and
Compliance areas.

AUDIT & COMPLIANCE COMMITTEE: The Audit & Compliance Committee has specific Regulations approved by
the Board and available on the company's website, which govern its operation and powers. These Regulations have
been amended by the Board in 2015 to adapt them to the new legislative requirements and best practices in
corporate governance.

The Chair of the Audit and Compliance Committee submitted to the Board a report on its activity in 2015, giving an
account of the tasks performed by the Committee in relation to the functions within its remit, indicating that the
Committee had carried out its activity with no incidents and fulfilled its duties in relation to the supervision of financial
information; the internal control system for financial-accounting information; the monitoring and supervision of the
internal and external audits; the matters related to compliance; and those related to the regulatory area. Informing on
the Supervisory Review and Evaluation Process (SREP) regarding prudent capital requirements, carried out by the
European Central Bank; on the annual plan for the Compliance area and its regular monitoring; and the
communications with both national and international supervisory and regulatory authorities. With respect to the
external audit, it covered the working plans, schedules and communication with the persons responsible for the
account auditors, the Committee having ensured the independence of the account auditor in compliance with
applicable regulations.

RISK COMMITTEE: The Risk Committee has specific Regulations approved by the Board and available on the
company's website, which govern matters including its duties and procedural standards. These Regulations were
amended in 2015 to adapt to the new legislative requirements.

The Chair of the Risk Committee submitted to the Board a report related to the most significant aspects of the activity
carried out in 2015 by the Committee in the performance of its duties, giving an account of the analysis conducted on
the corporate policies, the proposed limits on the Group's different risks and the treatment of the transactions put to
its consideration, on which the relevant report had been issued. The Chair also informed on the Group's general
control and risk management model and its progress, also giving an account of the regular monitoring of the
development of the fundamental metrics established in the Group's risk management system and the solvency
indicators of the Group and for its capital ratios. The Chair likewise reported on the work carried out by the Committee
concerning the review of the general policies for the purposes of risk management governance, monitoring and
oversight tasks insofar as the Risk Data Aggregation (RDA) Project and the liquidity and financing ratio monitoring
established by the Group. Likewise, Chair reported on the monitoring of the Committee on the Group risk profile; risk
weighted assets; evolution of the Group's structural risks, particularly management on the structural change risk;
evolution of market risks; and the management and development of credit risk, with a detailed analysis of its
positioning by classes of assets, distribution by geographical area, portfolio and customer, as well as on the
development of the main ratios and metrics; and provisions for charge-offs. The Chair also reported on the tracking
and progress of the other main risks managed by the Group, underscoring the monitoring made by the Committee
regarding the evolution of technology and real estate risks.

C.2.6 Section repealed.

D RELATED-PARTY TRANSACTIONS AND INTRA-GROUP TRANSACTIONS

D.1 Explain the procedure, if any, for approving related-party and intra-group transactions.

Procedures for approving related party transactions

This English version is a translation of the original in Spanish for information purposes only. In case of a
discrepancy, the Spanish original will prevail.

Article 17 v) of the Board of Directors Regulations establishes that the Board is responsible for approving, where
applicable, the transactions that the Company or its Group companies may make with directors or with shareholders
that individually or in concert hold a significant interest. This includes shareholders represented on the Company’s
Board of Directors or the boards of other Group companies, or with parties related to them, with the exceptions
established by law.

Moreover, article 8 of the Board of Directors Regulations establishes that approval of the transactions of the
Company or its Group companies with directors needing to be approved by the Board of Directors will be granted
after receiving a report from the Audit Committee. The only exceptions to this approval will be transactions that
simultaneously meet the three following specifications: (i) they are carried out under contracts with standard terms
and are applied en masse to a large number of customers; (ii) they go through at market rates or prices set in
general by the party acting as supplier of the goods or services; and (iii) they are worth less than 1% of the
Company's annual revenues.

D.2 Detail any significant transactions, entailing a transfer of a significant amount or obligations between the
company or its group companies, and the company’s significant shareholders:

Name of significant

Name of the

shareholder (person or

company or group

Type of transaction

company)

entity

Type of

transaction

Amount
(€k)

D.3 Detail any significant transactions entailing a transfer of a significant amount or obligations between the company
or its group companies, and the directors and/or senior managers:

Name of the directors

Name of the related

and/or senior managers

party (person or

(person or company)

company)

Nature of
relationship

Nature of

transaction

Amount
(€k)

D.4 Detail the significant transactions in which the company has engaged with other companies belonging to the
same group, except those that are eliminated in the process of drawing up the consolidated financial statements and
that do not form part of the company’s usual trade with respect to its object and conditions.

In any event, provide information on any intragroup transaction with companies established in countries or territories
considered tax havens.

Name of the Group Company

Brief description of the transaction

Holding of securities representing
debt
Current account deposits

Issue-linked subordinated liabilities

351,942

Amount
(€k)

1,410

1,403

BBVA GLOBAL FINANCE LTD.

D.5 State the amount of the transactions carried out with other related parties.

D.6 Detail the mechanisms established to detect, determine and resolve possible conflicts of interest between the
company and/or its group, and its directors, managers and/or significant shareholders.

This English version is a translation of the original in Spanish for information purposes only. In case of a
discrepancy, the Spanish original will prevail.

Articles 7 and 8 of the Board Regulations regulate issues relating to possible conflicts of interest as follows:

Article 7

Directors must adopt necessary measures to avoid finding themselves in situations where their interests, whether for
their own account or for that of others, may enter into conflict with the corporate interest and with their duties with
respect to the Company, unless the Company has granted its consent under the terms established in applicable
legislation and in the Board of Directors Regulations.

Likewise, they must refrain from participating in deliberations and votes on resolutions or decisions in which they or a
related party may have a direct or indirect conflict of interest, unless these are decisions relating to appointment to or
severance from positions on the governing body.

Directors must notify the Board of Directors of any situation of direct or indirect conflict that they or parties related to
them may have with respect to the Company's interest.

Article 8

The duty of avoiding situations of conflict of interest referred to in the previous article obliges the directors to refrain
from, in particular:

- Carrying out transactions with the Company, unless these are ordinary business, performed under standard
conditions for the customers and of insignificant quantity. Such transactions are deemed to be those whose
information is not necessary to provide a true picture of the net worth, financial situation and performance of the
Company.

- Using the Company's name or invoking their position as director to unduly influence the performance of private
transactions.

- Making use of the corporate assets, including the Company's confidential information, for private ends.

- Taking advantage of the Company’s business opportunities.

- Obtaining advantages or remuneration from third parties other than the Company and its Group, associated to the
performance of their position, unless they are mere tokens of courtesy.

- Engaging in activities for their own account or on behalf of third parties that involve effective actual or potential
competition with the Company or that, in any other way, bring them into permanent conflict with the Company's
interests.

The above provisions will also apply should the beneficiary of the prohibited acts or activities described in the
previous subsections be a related party related to the director. However, the Company may dispense with the
aforementioned prohibitions in specific cases, authorising a director or a related party to carry out a certain
transaction with the Company, to use certain corporate assets, to take advantage of a specific business opportunity
or to obtain an advantage or remuneration from a third party.

When the authorization is intended to dispense with the prohibition against obtaining an advantage or remuneration
from third parties, or affects a transaction whose value is over 10% of the corporate assets, it must necessarily be
agreed by a General Meeting resolution.

The obligation not to compete with the Company may only be dispensed with them no damage is expected to the
Company or when any damage that is expected is compensated by benefits that are foreseen from the dispensation.
The dispensation will be conferred under an express and separate resolution of the General Meeting.

In other cases, the authorisation may also be resolved by the Board of Directors, provided the independence of the
members conferring it is guaranteed with respect to the director receiving the dispensation. Moreover, it will be
necessary to ensure that the authorized transaction will not do harm to the corporate net worth or, where applicable,
that it is carried out under market conditions and that the process is transparent.

This English version is a translation of the original in Spanish for information purposes only. In case of a
discrepancy, the Spanish original will prevail.

Approval of the transactions of the Company or its Group companies with directors needing to be approved by the
Board will be granted after receiving a report from the Audit Committee. The only exceptions to this approval will be
transactions that simultaneously meet the following 3 specifications: 1) they are carried out under contracts with
standard terms and are applied en masse to a large number of customers; 2) they go through at market rates or
prices set in general by the party acting as supplier of the goods or services; and 3) they are worth less than one per
cent of the Company’s annual revenues.

Since BBVA is a credit institution, it is subject to the provisions of Act 10/2014, dated 26th June, on the regulation,
supervision and solvency of credit institutions, whereby the directors and general managers or similar may not obtain
credits, bonds or guarantees from the Bank on whose board or management they work, above the limit and under the
terms established in article 35 of Royal Decree 84/2015, which implemented Law 10/2014, unless expressly
authorized by the Bank of Spain.

All the members of the Board of Directors and the senior management are subject to the Company’s Code of
Conduct on the Securities Markets. This Code is intended to control possible conflicts of interest. It establishes that
everyone subject to it must notify the head of their area or the Compliance Unit of situations that could potentially and
under specific circumstances may entail conflicts of interest that could compromise their impartiality, before they
engage in any transaction or conclude any business in which they could arise.

D.7 Are more than one of the Group’s companies listed in Spain as publicly traded companies?

Identify the subsidiaries listed in Spain

Subsidiaries listed

Indicate whether the respective areas of business and any potential relations between them and any potential
business relations between the holding company and the listed subsidiary and other group companies have been
publicly defined;

Define any potential business relations between the holding company and the listed subsidiary
company and between the listed subsidiaries and other group companies

Identify the mechanisms established to resolve any potential conflicts of interest between the listed subsidiary and
other companies of the group.

Mechanisms to resolve possible conflicts of interest

E RISK CONTROL AND MANAGEMENT SYSTEMS

E.1 Explain the scope of the company’s Risk Management System, including risks of a tax-related nature.

The BBVA Group has a general model of risk management and control in place which is appropriate to its
business model, its organization and countries in which it operates, that enables it to carry out its activity within
the framework of the risk control and management strategy and policy defined by the Bank's corporate bodies
and adapt to a changing economic and regulatory environment, addressing its management in a global way
adapted to the circumstances in any given time.

The risk management function at BBVA (Global Risk Management) is organized and developed by establishing
procedures and specific rules for each type of risk, bringing the elements of the model closer to the day-to-day
management of risks in the Group.

The elements comprising the model are:
1. A system of governance and organization of the risk management function that has an adequate definition of

This English version is a translation of the original in Spanish for information purposes only. In case of a
discrepancy, the Spanish original will prevail.

roles and responsibilities in all areas, a series of committees and delegation structures, and an internal control
system which is consistent with the nature and scale of the risks.
2. A Group risk appetite approved by the Board that determines the risks and the risk level that the Group is
willing to assume to achieve its business objectives.
3. A management model that, in addition to a risk planning scheme, also includes a homogeneous set of
regulations and comprehensive management of the risks throughout their life cycle.
4. A framework of risk identification, evaluation, monitoring and reporting that provides the model with a dynamic
and proactive vision to enable compliance with the risk appetite, even in adverse scenarios.
5. An adequate infrastructure that ensures that the Group has the human, technological and methodological
resources needed for effective management and supervision of risks in order to carry out the functions included
in the model.

Some notes on the management of different risks are given below:

• Credit risk: the most relevant for the Group and includes management of counterparty, issuer, settlement and
country-specific risks. Management of this risk is based on the following principles: A) availability of basic
information for assessing risks, proposing risks and having supporting documentation for approval purposes; B)
sufficient customer fund generation and solvency to assume the repayments of principal and interest on loans
owed; C) establishment of adequate and sufficient guarantees to allow effective recovery of the operation,
considered a secondary and exceptional method of recovery for when the first has failed. Credit risk
management is based on a comprehensive structure covering for objective and independent decision-making
throughout its life cycle.

• Structural interest-rate risk: This includes the potential impact that changes in market interest rates have on the
net interest income and book value of entities. Its management model in the Group is decentralized, thus the
Balance-Sheet Management unit, pertaining to Finance, designs and executes the strategies to implement via
ALCO in accordance with the tolerances set out in the risk appetite framework.

• Structural exchange-rate risk: Managed centrally in the Group and is focused on the risk that arises when
consolidating holdings in subsidiaries with functional currencies other than the euro. The corporate Balance-
Sheet Management unit, through ALCO, designs and executes the hedging strategies with the main purpose of
controlling the potential negative effect of exchange-rate fluctuations on capital ratios and on the equivalent value
in euros of the foreign-currency earnings of the different subsidiaries, considering the transactions according to
market expectations and their cost.

• Structural equity risk: the exposure to this risk mainly stems from holdings in non-strategic industrial and
financial companies with medium- and long-term investment horizons. It is managed in accordance with risk
management policies for equity positions in the equity portfolio to ensure their adaptation to BBVA's business
model and risk tolerance level.

• Market risk (trading portfolio): This arises from the probability of losses in the value of the positions held as a
result of changes in the market prices of financial instruments. The Value at Risk (VaR) model is employed to
measure market risk.

• Liquidity risk: The short-term aim of the control, monitoring and management of liquidity and funding risk is to
meet the payment commitments in due time and form, without having to raise funds under burdensome
conditions or conditions that may damage the institution's reputation. In the medium and long term, the aim is to
ensure that the Group’s funding structure is appropriate and that its evolution is suitable regarding the economic
situation, the markets and the regulatory changes, in accordance with the established risk appetite.

• Operational risk: operational risk management is based on the value provided by the Advanced Measurement
Approach model (AMA): knowledge, identification, prioritization and management of potential and actual risks,
supported by a governance model to drive management across all of the Group's units. The aim is to reduce
operating losses by managing an adequate control environment.

Regarding taxation, BBVA has defined a tax-related management policy based on a suitable control
environment, a system for identifying risks and a monitoring process including continuous improvement of the
effectiveness of the established controls.

E.2 Identify the corporate bodies responsible for drawing up and enforcing the Risk Management System, including
tax-related risks.

BBVA's risk governance system is characterized by a special involvement of its corporate bodies, both in setting
the risk strategy and in monitoring and supervising its implementation on an ongoing basis.

This English version is a translation of the original in Spanish for information purposes only. In case of a
discrepancy, the Spanish original will prevail.

The Board of Directors approves the risk strategy and supervises the internal control and management systems.
Specifically, the strategy approved by the Board includes, at least, the Group's risk appetite statement, the
fundamental metrics and the basic structure of limits by geographical areas, types of risk and classes of assets,
as well as the bases of the risk management and control model established in this way. The Board ensures that
the budget is in line with the approved risk appetite.

On the basis established by the Board of Directors, the Executive Committee approves specific corporate
policies for each type of risk. This Committee also approves and monitors the Group's risk limits, and is kept
informed of any over-limits and of the corrective measures established.

Lastly, the Board of Directors has set up a committee specializing in risks, the Risks Committee. This committee
conducts an ongoing analysis and monitoring of risks within the remit of the corporate bodies, assisting the
Board of Directors and the Executive Committee in the determination and monitoring of the risk strategy and the
corporate policies, respectively. Another task of special relevance it carries out is detailed control and monitoring
of the risks that affect the Group as a whole, which enables it to supervise the effective integration of the risk
strategy into management and the application of the corporate policies approved by the corporate bodies.

The head of GRM is the Group's Chief Risk Officer (CRO), whose main responsibility is to ensure that the
Group's risks are managed in accordance with the model. For the better performance of his duties, the Chief
Risk Officer is supported by a structure consisting of cross-cutting risk units in the corporate area and specific
risk units in the Group's geographical areas and/or business areas. Each of these units is headed by a Risk
Officer who, within his/her field of competence, carries out risk management and control functions and is
responsible for applying the corporate policies and rules approved at the Group level in a consistent manner,
adapting them if necessary to the local requirements and reporting to the local corporate bodies.

The Risk Officers of the geographical and/or business areas report both to the Group's Chief Risk Officer and to
the head of their geographical and/or business area. This dual reporting system aims to ensure the
independence of the local risk management function from the operating functions and enable its alignment with
the Group's corporate policies and goals related to risks.

The risks function has a decision-making process supported by a structure of committees. The Global Risk
Management Committee (GRMC) is the highest executive body in the risk area and proposes, examines and,
where applicable, approves, among others, the internal risk regulatory framework and the procedures and
infrastructures needed to identify, assess, measure and manage the risks facing the Group in its businesses, as
well as the admission of operations involving more relevant risks.

Regarding the tax-related risk, the Tax Department establishes the control mechanisms and internal rules
necessary to ensure compliance with the tax laws in force and the tax strategy approved by the Board of
Directors.

This duty undergoes supervision by the Audit Committee of the BBVA Group.

E.3 Indicate the principal risks, including tax-related risks that could prevent business targets from being met.

BBVA has processes for risk identification and scenario analysis that enable the Group to conduct a dynamic
and proactive risk management.

The risk identification processes are forward-looking to ensure the identification of emerging risks, and take into
account the concerns of both the business areas, which are closer to the reality of the different geographical
areas, and the corporate areas and senior management.

Risks are captured and measured in a consistent way using the most appropriate methodologies in each case.
Their measurement includes the design and application of scenario analyses and stress testing, and considers
the controls the risks are subjected to.

As part of this process, a forward projection is performed of the risk appetite variables in stress scenarios with
the aim of identifying possible deviations from the established thresholds; if such deviations are detected, the
appropriate measures are adopted to keep those variables within the target risk profile.

In this context, there are a series of emerging risks that could affect the Group's business performance. These
risks are organized into the following large blocks:

• Macroeconomic and geopolitical risks

o A slowdown in growth in emerging economies and possible difficulties in Europe's economic recovery

This English version is a translation of the original in Spanish for information purposes only. In case of a
discrepancy, the Spanish original will prevail.

are major focal points for the Group.

o On the other hand, financial institutions are exposed to the risks derived from political and social
instability in the countries in which they operate, which can have a major impact on their economies and
even at regional level.

The Group's diversification is the key to achieving a high level of recurring revenue, despite the conditions of the
environment and the economic cycles of the economies in which it operates.

• Regulatory, legal, tax-related and reputational risks

o Financial institutions are exposed to a complex and changing regulatory and legal environment that can
impact their growth capacity and the conducting of certain businesses, with higher liquidity and capital
requirements and lower profitability ratios. The Group monitors changes in the regulatory framework on
an ongoing basis to enable it to anticipate and adapt to those changes sufficiently in advance, adopt the
best practices and the most efficient and rigorous criteria for their implementation.

o The financial sector is coming under intense scrutiny by regulators, governments and society itself.
Negative news or inappropriate conduct can seriously damage an institution's reputation and affect its
ability to conduct a sustainable business. The attitudes and conduct of the Group and of its members
are governed by the principles of integrity, honesty, long-term vision and best practices, thanks to the
internal control model, the Code of Conduct, tax strategy and the Group's Responsible Business
strategy, among others.

o The financial sector is exposed to growing litigation rates in that financial entities are facing an elevated
number of lawsuits whose economic consequences cannot be easily foreseen. The Group carries out a
constant management and tracking of such lawsuits in defense of its own interests, and allocates, when
considered necessary, the corresponding provisions for coverage thereof, following the criteria of
internal lawyers and external legal experts handling the legal prosecution of the proceedings
themselves and based on the applicable laws and regulations.

• Business and operational risks

o New technologies and forms of customer relations: The development of the digital world and the
information technologies poses major challenges for financial institutions, that represent threats (new
competitors, disintermediation…) and also opportunities (new customer relations framework, greater
ability to adapt to their needs, new products and distribution channels...). In this regard, digital
transformation is one of the priorities for the Group, which aims to lead the digital banking of the future.

o Technological risks and security breaches: Financial institutions are exposed to new threats such as
cyber-attacks, internal and customer database theft, payment system fraud… that require major
investments in security from the technological and human point of view. The Group attaches a great
deal of importance to active management and control of operational and technological risk. One
example is the early adoption of advanced models for managing these risks (AMA - Advanced
Measurement Approach).

E.4 Identify whether the entity has a risk tolerance level, including tax-related risks.

The Group's risk appetite approved by the Board of Directors determines the risks and the risk level that the
Group is willing to assume to achieve its business objectives. These are expressed in terms of capital, liquidity,
profitability, recurring revenue, cost of risk or other metrics.

The definition of the risk appetite has the following goals:

• To express the Group's strategy and the maximum levels of risk it is willing to assume, at both Group and
geographical and/or business area level.
• To establish a set of action guidelines and a management framework in the medium and long term that prevent
actions (at both Group and geographical and/or business area level) that could compromise the future viability of
the Group.
• To establish a framework for relations with the geographical and/or business areas that, while preserving their
decision-making autonomy, ensures their consistency, avoiding inconsistent conduct.
• To establish a common language throughout the organization and develop an enforcement-oriented risk
culture.
• Alignment with the new regulatory requirements, facilitating communication with regulators, investors and other

This English version is a translation of the original in Spanish for information purposes only. In case of a
discrepancy, the Spanish original will prevail.

stakeholders, thanks to an integrated and stable risk management framework.

The risk appetite is expressed through the following elements:

• Risk appetite statement: sets out the general principles of the Group's risk strategy and the target risk profile.
BBVA's risk policy is aimed at maintaining the risk profile expressed in the Group's risk appetite statement, which
is structured around a series of metrics (fundamental metrics and limits).
• Fundamental metrics: they reflect, in quantitative terms, the principles and the target risk profile set out in the
risk appetite statement.
• Limits: they shape the risk appetite at geographical area, risk type and asset class level, enabling its integration
into management.

The corporate risk area works with the various geographical and/or business areas to define their risk appetite,
so that it is coordinated with, and integrated into the Group's risk appetite, making sure that its profile is in line
with the one defined.

The aim of the organization is not to eliminate all risks, but to assume a prudent level of risks that allows it to
generate returns while maintaining acceptable capital and funding levels and generating recurrent earnings.

E.5 State what risks, including tax-related risks, have occurred during the year.

Risk is inherent to financial business, so the occurrence of risk to a greater or lesser extent is absolutely implicit
in the Group’s activities. BBVA thus provides detailed information on its yearly financial statements (note 7 in the
Report and note 19 in the consolidated accounts insofar as tax-related risks) regarding the developments of such
risks, since their very nature can permanently affect the Group in undertaking its activities.

E.6 Explain the response and supervision plans for the principal risks faced by the company, including tax-related
risks

The BBVA Group's internal control system takes its inspiration from the best practices developed both in the
COSO (Committee of Sponsoring organizations of the Treadway Commission) “Enterprise Risk Management -
Integrated Framework” and in the “Framework for Internal Control Systems in Banking Organizations”, drawn up
by the Basel Bank of International Settlements (BIS).

The control model has a system comprising three lines of defense:

•

The first line is made up of the Group’s business units, which are responsible for control within their
remit and for implementing any measures that have been established higher up the management chain.

The second line of defense comprises the specialist control units (Regulatory Compliance, Global
Accounting & Information Management/Internal Financial Control, Internal Risk Control, Cybersecurity &
digital trust, Operational Control and Control of the Production Departments of the support units, such
as Talent&Culture, Legal Department, etc.). This line supervises control over the different units within its
cross-cutting area of specialization, defines the mitigation and improvement measures necessary and
promotes their proper implementation. The Corporate Operational Risk Management unit is also part of
this line of defense, providing a common management methodology and tools.

The third line consists of the Internal Audit unit, which conducts an independent review of the model,
verifying the effectiveness and compliance with corporate policies, and providing independent
information about the control model.

In addition, within the risk area, the Group has units for Internal Risk Control and Internal Validation that are
independent of the units that develop the models, manage the processes and execute the controls.

Its scope of action is global, both from the geographical point of view and in terms of the types of risks. It
encompasses all the areas of the organization and is designed to identify and manage the risks faced by the
Group entities, in order to guarantee the established corporate objectives.

The main function of Internal Risk Control is to ensure the existence of a sufficient internal regulatory framework,

This English version is a translation of the original in Spanish for information purposes only. In case of a
discrepancy, the Spanish original will prevail.

a process and measures defined for each type of risks identified in the Group, and for those other types of risk
that may potentially affect the Group, control their application and operation, and ensure that the risk strategy is
integrated into the Group's management. Among other functions, Internal Validation is responsible for the
independent review and validation, at internal level, of the models used to measure and assume the risks and for
determining the Group's capital requirements.

The Group's Internal Risk Control Director is responsible for the function and reports its activities and informs on
its work plans to CRO and to the Board's Risks Committee, assisting it in any matters where requested.

To perform its duties, the unit has a structure of teams at a corporate level and also in the most important
geographical areas in which the Group operates. As in the corporate area, the local units remain independent
from the business areas that implement the processes, and from the units that carry out the controls, reporting
functionally to the Internal Risk Control unit. The unit’s lines of action are established at Group level and it is then
responsible for their local-level adaptation and implementation, and for reporting on the most relevant aspects.

Turning to tax risks, the Board of Directors approved the Tax Strategy for the BBVA Group on 1 July 2015. This
strategy reflects the tax-related postures of the Group. In this regard, the Tax Department establishes the
policies and control processes for guaranteeing compliance with the tax laws currently in force and the tax
strategy.

F SYSTEMS OF INTERNAL RISK MANAGEMENT AND INTERNAL CONTROL OVER FINANCIAL REPORTING
(ICFR)

Describe the mechanisms comprising the risk management and control systems for financial reporting (ICFR) in the
entity.

F.1 The entity’s control environment

Give information, describing the key features of at least:

F.1.1. Which bodies and/or functions are responsible for: (i) the existence and maintenance of an adequate and
effective ICFR; (ii) its implementation; and (iii) its supervision.

Pursuant to article 17 of the Board Regulations, the Board of Directors approves the financial information that BBVA
is required to publish periodically as a publicly traded company. The Board of Directors has an Audit & Compliance
Committee, whose mission is to assist the Board supervise financial information and exercise control over the BBVA
Group.

In this respect, the BBVA Audit & Compliance Committee Regulations establishes that the Committee's duties include
the supervision of the sufficiency, suitability and effective operation of the internal control systems in the process of
drawing up and preparing financial information, so as to rest assured of the correctness, accuracy, sufficiency and
clarity of the financial information of the Entity and its consolidated Group.

The BBVA Group complies with the requirements imposed by the Sarbanes Oxley Act ("SOX") for each year's
consolidated annual accounts due to its status as a publicly traded company listed with the U.S. Securities Exchange
Commission ("SEC"). The main Group executives are involved in the design, compliance and maintenance of an
effective internal control model that guarantees the quality and veracity of the financial information. The Global
Accounting & Information Management Department (“GA&IM”) is responsible for the operation and maintenance of
the internal financial control model.

In addition, and with the aim of reinforcing internal control in the Group, the Corporate Assurance model was
implemented in 2013 (which includes the ICFR). It establishes a framework for the supervision of the internal control
model. The Corporate Assurance model (in which the business areas, support areas and the areas specializing in
internal control participate) is organized into a system of committees that analyze the most relevant issues related to
internal control in each geographical area, with the participation of the country's top managers. These committees
report to the Group's Global Committee, chaired by the CEO with the assistance of the main executives responsible
for the business and control areas.

The different internal control units at holding and local level are responsible for implementing and applying the
internal control and operational risk methodology defined in the Group. These internal control units are responsible,

This English version is a translation of the original in Spanish for information purposes only. In case of a
discrepancy, the Spanish original will prevail.

together with the business areas, for identifying, prioritizing and assessing the risks, helping the units to implement a
control model, documenting it and supervising it periodically as well as defining risk mitigating measures and
promoting their proper implementation.

The effectiveness of this internal control system is assessed on an annual basis for those risks that may have an
impact on the proper drawing up of the Group's financial statements. The Internal Financial Control area, the control
specialists of the business and support areas and the Group's Internal Audit department collaborate in this
assessment. In addition, the external auditor of the BBVA Group issues an opinion every year on the effectiveness of
internal control over financial reporting based on criteria established by COSO (Committee of Sponsoring
Organizations of the Treadway Commission) and in accordance with the standards of the U.S. Public Company
Accounting Oversight Board (PCAOB). This opinion appears in the Form 20-F that is filed every year with the SEC.

The result of the annual assessment of the System of Internal Control over Financial Reporting is reported to the
Group's Audit and Compliance Committee by the heads of Internal Control and Internal Financial Control.

F.1.2. Whether, especially in the process of drawing up the financial information, the following elements exist:

• Departments and/or mechanisms responsible for: (i) the design and review of the organisational structure; (ii) the
clear definition of lines of responsibility and authority, with an adequate distribution of tasks and functions; and (iii)
ensuring that sufficient procedures exist for their correct dissemination within the entity.

The drafting of the financial information is carried out by the local Financial Management units of the countries and in
a centralized manner by the GA&IM Division, which is overall responsible for the drafting and reporting of accounting
and regulatory information.

The BBVA Group has organizational structure design and review mechanisms that clearly define action lines,
responsibility and authority so as to guarantee compliance with all legal requirements in force that would the drawing
up of financial information of the entity and consolidated group, and also has the channels and circuits necessary for
their communication and distribution. The units responsible for drawing up these financial statements have a
distribution of tasks and segregation of functions necessary to draw up these statements in an appropriate
operational and control framework.

Additionally, there is an accountability model aimed at extending the culture of, and commitment to internal control.
Those in charge of the design and operation of the processes that have an impact on financial reporting certify that all
the controls associated with its operation under their responsibility are sufficient and have worked correctly.

• Code of conduct, approval body, degree of dissemination and instruction, principles and values included (indicating
whether specific mention is made of recording the transactions and drawing up of the financial information), body in
charge of analysing non-compliance and proposing corrective measures and sanctions.

BBVA has a Code of Conduct, approved by the Board of Directors, that sets out BBVA's specific commitments in
developing one of the principles of its Corporate Culture: Integrity as a way of understanding and carrying out its
businesses. This Code likewise establishes the corresponding channel for whistleblowers regarding possible
infringements of the Code. It is the subject of ongoing training and refresher programs including key personnel in the
financial function. The Code of Conduct has been updated in 2015 insofar as content and form to adjust its content to
developments in the sector and the experience accumulated during the application thereof in recent years; simplifying
and rendering its style more clear, accessible and integrative; adapting it even more to the international structure of
the Group; and attempting to cover the ever-growing expectations of stakeholders and society in general regarding
the manner to conduct business, especially in the financial sector.

The Code of Conduct applies to all entities comprising the BBVA Group and all its employees and management
team. It has thus been distributed to apprise them of its content, and is published on the Bank's corporate website
(www.bbva.com) and on the employees' website (intranet). Additionally, Group integrants undertake to observe its
principles and rules in an express declaration of awareness and adhesion.

The content of the Code of Conduct is structured around the following blocks: Conduct with clients, conduct with
coworkers, conduct with the company, conduct with society, and application of the code; with particular mention to
the conduct criteria applicable when recording operations in sections 3.1 and 3.2 therein; and the transparency in
financial information and market in sections 1.2, 3.13 and 3.17 therein.

This English version is a translation of the original in Spanish for information purposes only. In case of a
discrepancy, the Spanish original will prevail.

The dissemination of its content is supplemented with training activities. They are underpinned by a mandatory online
training course for all the employees and on-site refresher sessions, where deemed necessary.

The duties of the Audit & Compliance Committee include ensuring that the internal codes of ethics and conduct and
on securities market, applicable to all personnel of the Group, comply with legal requirements and are adequate for
the Bank.

Additionally, BBVA has adopted a structure of Corporate Integrity Management Committees (with individual powers at
jurisdiction or Group entity levels, as applicable). Their joint scope of action covers all the Group businesses and
activities and their main duty is to ensure effective application of the Code of Conduct. There is also a Corporate
Integrity Management Committee whose scope of responsibility extends throughout BBVA. The fundamental mission
of this committee entails ensuring uniform application of the Code in BBVA.

The Compliance Unit in turn independently and objectively promotes and supervises to ensure that BBVA acts with
integrity, particularly in areas such as money-laundering prevention, conduct with clients, security market conduct,
corruption prevention, data protection and other areas that could entail a reputational risk for BBVA. The unit's duties
include fostering the knowledge and application of the Code of Conduct, promoting the drafting and distribution of its
implementing standards, assisting in the resolution of any concern insofar as interpretation of the Code that may
arise, and managing the Whistle-Blowing Channel.

• Whistle-blowing channel, to allow financial and accounting irregularities to be communicated to the Audit
Committee, as well as possible non-compliance with the code of conduct and irregular activities in the organization,
reporting where applicable if this is confidential in nature.

Preservation of the Corporate Integrity of BBVA transcends the merely personal accountability for individual actions, it
calls for all employees to have zero tolerance for activities outside the Code of Conduct or that could harm the
reputation or good name of BBVA, an attitude that is reflected in everyone's commitment to whistle-blowing, by timely
communication, of situations that, even when unrelated to their activity or area of responsibility, could be illegal or
infringe upon the values and guidelines of the Code.

The Code of Conduct itself establishes the communication guidelines to follow and contemplates a Whistle-Blowing
Channel, likewise guaranteeing the duty to reserve of the reporting parties, confidentiality of the investigations and
the prohibition of retaliation or adverse consequences in light of communications made in good faith.

Telephone lines and email boxes have been set up for these communications in each jurisdiction. A list of these
appears on the Group Intranet.

As described in the previous section, BBVA has adopted a structure of Corporate Integrity Management Committees
(with individual powers at jurisdiction or Group entity levels, as applicable), whose joint scope of action covers all the
Group businesses and activities and whose functions (explained in greater detail in their corresponding regulations)
include:

• To promote adoption of the measures necessary to resolve ethically questionable actions that any of the Group
members may have become aware of, either in the pursuit of their duties within the areas they represent, or as a
consequence of receiving the aforementioned communications.

• To promptly report on those circumstances that could lead to significant risks for BBVA to:

(1) the Board of Directors or the Audit & Compliance Committee, as appropriate.

(2) Senior Management.

(3) The person in charge of drawing up the financial statements in order to ensure that they reflect what may be
appropriate.

• Periodic training and refresher courses for employees involved in preparing and revising the financial information,
and in ICFR assessment, covering at least accounting standards, audit, internal control and risk management.

This English version is a translation of the original in Spanish for information purposes only. In case of a
discrepancy, the Spanish original will prevail.

Specific training and periodic refresher courses are given on accounting and tax-related standards, internal control
and risk management in units involved in preparing and reviewing the financial and tax-related information and in
evaluating the internal control system, to help them perform their functions correctly.

Within GA&IM there is an annual training program for all members of the area on aspects related to the drawing up of
financial information: accounting, finance and tax matters, and other courses in accordance with the needs of the
area. These courses are taught by professionals from the area and renowned external providers.

This specific training program includes bank-wide training, which includes courses on finance and technology.

Additionally, the BBVA Group has a personal development plan for all employees, which forms the basis of a
personalized training program to deal with the areas of knowledge necessary to perform their functions.

F.2 Financial reporting risk assessment

Give information on at least:

F.2.1. The key features of the risk identification process, including error and fraud risks, with respect to:

• Whether the process exists and is documented.

The ICFR was developed by the Group Management in accordance with international standards set forth by the
Committee of Sponsoring Organizations of the Treadway Commission (“COSO”), establishing five components on
which the effectiveness and efficiency of internal control systems must be based:

• Establishing an adequate control environment for monitoring all these activities.
• Evaluating the risks that may be incurred by an entity in drawing up its financial information.
• Designing the necessary controls to mitigate the most critical risks.
• Establishing the adequate information circuits to detect and communicate the system's weaknesses or

inefficiencies.

• Monitoring such controls to ensure they are operational and the validity of their effectiveness over time.

In order to identify the risks with a greater potential impact on the generation of financial information, the processes
from which such information is derived are identified and documented, and an analysis of the risks that may arise in
each one is conducted.

Based on the corporate internal control and operational risk methodology, the risks are included in a range of
categories by type, which include the error and fraud (internal/external) categories, and their probability of occurrence
and possible impact is analyzed.

The process of identifying risks of error, falsehood or omission in the drawing up of the financial statements is carried
out by the Financial Reporting Internal Control unit. The scope of the annual/quarterly or monthly assessment of their
controls is determined based on the materiality of the risks, thus ensuring coverage of the critical risks for the
financial statements.

The assessment of the aforementioned risks and of the effectiveness of their controls begins with the management's
understanding of and insight into the business and the analyzed operating process, considering criteria of quantitative
materiality, likelihood of occurrence and economic impact, in addition to qualitative criteria associated with the type,
complexity and nature of the risks or of the business structure itself.

The system for identifying and assessing the risks of internal control over financial reporting is dynamic. It evolves
continuously, always reflecting the reality of the Group's business, changes in operating processes, the risks affecting
them and the controls that mitigate them.

All this is documented in a corporate management tool developed and managed by Operational Risk (Storm). This
tool documents all the processes, risks and controls managed by the different control specialists, including the
Financial Reporting Internal Control unit.

This English version is a translation of the original in Spanish for information purposes only. In case of a
discrepancy, the Spanish original will prevail.

• Whether the process covers all the objectives of financial reporting (existence and occurrence; completeness;
valuation; presentation, breakdown and comparability; and rights and obligations), whether the information is updated
and with what frequency.

All the processes developed in the BBVA Group for drawing up financial information aim to record all financial
transactions, value the assets and liabilities in accordance with applicable accounting regulations and provide a
breakdown of the information in accordance with regulatory requirements and market needs.

The model of control over financial information analyses each of the aforementioned processes in order to ensure
that error or fraud risks are properly covered with controls that work efficiently, and is updated when there are
changes in the relevant processes for drawing up the financial information.

• The existence of a process for identifying the consolidation perimeter, taking into account aspects including the
possible existence of complex corporate structures, instrumental or special purpose vehicles.

The GA&IM (Global Accounting and Information Management) organization includes a Consolidation department that
carries out a monthly process of identification, analysis and updating of the Group's consolidation perimeter.

In addition, the information from the consolidation department on new companies set up by the Group's different units
and the changes made to existing companies is compared with the issues analyzed by two specific committees
whose function is to analyze and document the changes in the composition of the corporate group (Holding Structure
Committee and Investments in Non-Banking Companies Committee, both corporate).

• Whether the process takes into account the effects of other types of risks (operational, technological, financial,
legal, tax-related, reputational, environmental, etc.) insofar as they impact the financial statements.

The model of internal control over financial reporting applies to processes for drawing up such financial information
and all operational or technical processes that could have a relevant impact on the financial, accounting, tax-related
or management information.

As explained above, all the specialist control areas apply a standard methodology and use a common tool (Storm) to
document the identification of the risks, including tax risks, of the controls that mitigate those risks, and of the
assessment of their effectiveness.

There are control specialists in all the operational or support areas, and therefore any type of risk that may affect the
Group's operations is analyzed under that methodology (market, credit, operational, technological, financial, legal,
tax-related, reputational or any other type of risk) and is included in the ICFR insofar as it may have an impact on the
financial information.

• Which of the entity's governance bodies supervises the process.

The process for identifying risks and assessing the effectiveness and suitability of the controls is documented at least
once a year, supervised by the Internal Audit area and reported to the Global Corporate Assurance Committee of the
Group.

Moreover, the Internal Audit Director and head of the Group's Internal Financial Control report each year to the Audit
& Compliance Committee on the analysis and certification work carried out pursuant to SOX methodology, to comply
with the legal requirements of the Sarbanes Oxley Act on internal control systems for the financial reporting included
in Form 20-F, which is filed every year with the SEC (as explained in point one regarding the control environment).

F.3 Control activities

Give information on the main features, if at least the following exist:

F.3.1. Procedures for review and authorisation of the financial information and the description of the ICFR, to be
published on the securities markets, indicating who is responsible for it, and the documentation describing the activity
flows and controls (including those concerning risk of fraud) for the different types of transactions that may materially
impact the financial statements, including the procedure for closing the accounts and the specific review of the
relevant judgments, estimates, valuations and projections.

This English version is a translation of the original in Spanish for information purposes only. In case of a
discrepancy, the Spanish original will prevail.

All the processes related to the drawing up of the financial information are documented, together with their control
model: risks in each process and controls established for their mitigation. As explained in point F.2.1, the
aforementioned risks and controls are recorded in the corporate tool Storm, which also includes the result of the
assessment of the operation of the controls and the degree of risk mitigation.

In particular, the main processes related to the generation of financial information are: accounting, consolidation,
financial reporting, financial planning and monitoring, financial and tax-related management. The analysis of these
processes, their risks and their controls is also supplemented by all other critical risks that may have a financial
impact from business areas or other support areas.

Likewise, there are procedures for review by the areas responsible for generating the financial and tax-related
information disseminated to the securities markets, including the specific review of the relevant judgments, estimates
and projections.

As mentioned in the annual financial statements, it is occasionally necessary to make estimates to determine the
amount at which some assets, liabilities, income and expenses and commitments should be recorded. These
estimates are mainly related to:

•
•

•
•
•
•

Impairment losses on certain financial assets.
The assumptions used to quantify certain provisions and in the actuarial calculation of liabilities and
commitments for post-employment and other obligations.
The useful life and impairment losses of tangible and intangible assets.
The appraisal of goodwill and price assignments in business combinations.
The fair value of certain unlisted assets and liabilities.
The recoverability of deferred tax assets.

These estimates are made based on the best information available on the financial statement closing date and,
together with the other relevant issues for the closing of the annual and six-monthly financial statements, are
analyzed and authorized by a Technical Committee at GA&IM (GA&IM Executive Steering Committee) and submitted
to the Audit and Compliance Committee before their filing by the Board of Directors.

F.3.2. Internal control procedures and policies for information systems (among others, access security, change
control, their operation, operational continuity and segregation of functions) that support the relevant processes in the
entity with respect to the drawing up and publication of the financial information.

The internal control models include procedures and controls regarding the operation of information systems and
access security, functional segregation, development and modification of computer applications used to generate
financial information.

The current methodology for internal control and operational risk establishes a list of controls by category whose
breakdown includes (among others) two categories: access control and functional segregation. Both categories are
identified in the model of internal control of financial information and their risks and controls are analyzed and
assessed on a regular basis, so the integrity and reliability of the information drawn up can be guaranteed.

Additionally, there is a corporate level procedure for managing system access profiles. It is developed, implemented
and updated by the Group's internal technology control unit. This unit is also in charge of providing support for control
processes in change management (development in test environments and putting changes into production), incident
management, management of transactions, media and backup copy management, and management of business
continuity, inter alia.

With all these mechanisms, the BBVA Group ensures the maintenance of adequate management of access control,
the establishment of the correct and necessary steps to put applications into production and their subsequent
support, the creation of backup copies, and assurance of continuity in the processing and recording of transactions.

F.3.3. Internal control procedures and policies designed to supervise the management of activities subcontracted to
third parties, and those aspects of the evaluation, calculation and assessment outsourced to independent experts,
which may materially impact the financial statements.

This English version is a translation of the original in Spanish for information purposes only. In case of a
discrepancy, the Spanish original will prevail.

The internal control policies establish controls and procedures for the management of subcontracted activities or
those aspects of evaluation, calculation and assessment outsourced to independent experts.

There is a set of standards and an Outsourcing Committee that establishes and supervises the requirements that
must be met at group level for the activities to be subcontracted. Regarding the financial processes, there are
procedural manuals contemplating the outsourced activity that identify the processes to be executed and the controls
to be applied by the service provider units and units entrusted with the outsourcing thereof. The controls established
in the outsourced processes concerning the generation of financial information are also tested by the Internal
Financial Control area.

The valuations from independent experts used for matters relevant for generating financial information are included
within the standard circuit of review procedures executed by internal control, internal auditing and external auditing.

F.4 Information and communication

Give information on the main features, if at least the following exist:

F.4.1. A specific function in charge of defining and keeping the accounting policies updated (accounting policy
department or area) and dealing with queries or conflicts stemming from their interpretation, ensuring fluent
communication with those in charge of operations in the organization, and an up-to-date manual of accounting
policies, communicated to the units through which the entity operates.

The organization has two areas within GA&IM (Group Financial Accounting and Global Supervisory Relations) in
charge of the Accounting (Accounting Working Group) and Solvency Technical Committees. Their purpose is to
analyze, study and issue standards that may impact the drawing up of the Group's financial information, determining
the accounting and solvency criteria required to ensure correct recording of transactions to the accounts and
calculation of capital requirements within the framework of standards issued by the Bank of Spain, the European
Union (IASB, directives on equity) and the Basel Committee.

There is an updated accounting policies manual, disseminated over the Company intranet to all the units in the
Group. This manual is the tool that guarantees that all the decisions related to accounting policies or specific
accounting criteria to be applied in the Group are supported and are standardized. The Accounting Policies Manual is
approved in the Accounting Working Group and is documented and updated for its use and analysis by all the
Group's entities.

F.4.2. Mechanisms to capture and prepare the financial reporting in standardised formats, for application and use by
all the units of the entity or the group, that support the main financial statements and the notes, and the information
detailed on ICFR.

The GA&IM area of the Group and the financial areas of each countries are responsible of the elaboration of the
financial reporting in accordance with the applicable accounting and consolidation rules. There is also a consolidation
computer application that includes the information on the accounting of the various Group companies and performs
the consolidation processes, including the standardization of accounting criteria, aggregation of balances and
consolidation adjustments.

Control measures have also been implemented in each process to guarantee that all the data underpinning the
financial information are collected in a comprehensive, exact and timely manner. There is also a single and
standardized format for the financial reporting system. It is applicable to and used by all the Group units and supports
the main financial statements and the explanatory notes. There are also control measures and procedures to ensure
that the information disclosed to the markets includes a sufficient level of detail to enable investors and other users of
the financial information to understand and interpret it.

F.5 Supervision of the system's operation

Give information, describing the key features of at least:

F.5.1. The ICFR supervision activities carried out by the Audit Committee and whether the entity has an internal audit
function whose powers include providing support to the Audit Committee in its task of supervising the internal control
system, including the ICFR. Likewise, give information on the scope of the ICFR assessment carried out during the
year and of the procedure by which the person in charge of performing the assessment communicates its results,

This English version is a translation of the original in Spanish for information purposes only. In case of a
discrepancy, the Spanish original will prevail.

whether the entity has an action plan listing the possible corrective measures, and whether its impact on the financial
reporting has been considered.

The internal control units of the business areas and of the support areas conduct a preliminary assessment of the
internal control model, assess the risks of the processes and the degree of mitigation of the controls, identify
weaknesses, design, implement and monitor the mitigation measures and action plans.

BBVA also has an Internal Audit unit that provides support to the Audit & Compliance Committee on the independent
supervision of the financial information internal control system. The Internal Audit function is entirely independent of
the units that draw up the financial information.

All the control weaknesses, mitigation measures and specific action plans are documented in the corporate tool
Storm and submitted to the internal control and operational risk committees of the areas, as well as to the local or
global Corporate Assurance Committees, based on the relevance of the detected issues.

To sum up: both the weaknesses identified by the internal control units and those detected by the internal or external
auditor have an action plan in place to correct or mitigate the risks.

During 2015, internal control areas conducted a full assessment of the financial information internal control system,
and, to date, no material or significant weakness have been revealed therein. The assessment was reported to the
Audit & Compliance Committee, and the Global Corporate Assurance Committee.

Additionally, in compliance with SOX, the Group annually assesses the effectiveness of the internal control model for
financial reporting on group of risks (within the perimeter of SOX companies and critical risks) that could impact the
drawing up of financial statements at local and consolidated levels. This perimeter considers risks and controls of
other specialities that are not directly financial (regulatory compliance, technology, risks, operational, human
resources, procurement, legal, etc.).

F.5.2. Whether there is a discussion procedure by which the auditor (in line with the technical auditing notes), the
internal audit function and other experts can inform senior management and the audit committee or the directors of
the entity of significant weaknesses in the internal control encountered during the review processes for the annual
accounts or any others within their remit. Likewise, give information on whether there is an action plan to try to correct
or mitigate the weaknesses observed.

As mentioned in the preceding section (F.5.1) of this Annual Corporate Governance Report, the Group does have a
procedure in place whereby the internal auditor, the external auditor and the heads of Internal Financial Control can
report to the Audit Committee any significant internal control weaknesses detected in the course of their work.

Since BBVA is a company listed with the SEC, the BBVA Group's auditor issues on an annual basis its opinion on the
effectiveness of the internal control over the financial information contained in the Group's annual consolidated
statements as of 31 December each year under PCAOB standards (“Public Company Accounting Oversight Board”),
with a view to filing the financial information under Form 20-F with the SEC. The latest report issued on the financial
information for 2014 is available on www.sec.gov. As of the date of this report, the auditor of the annual consolidated
statements corresponding to 2015 reported no significant or material weakness to the Audit Committee, the Board of
Directors or executive management bodies of the Group.

The internal control oversight carried out by the Audit & Compliance Committee, described in the Audit & Compliance
Committee Regulations published on the Group website, includes the following activities:

• Analyse the financial statements of the Bank and of its consolidated Group contained in the annual, six-monthly
and quarterly reports prior to their submission to the Board and in sufficient depth to verify their correctness,
sufficiency and clarity, as well as all other required financial information, with the necessary detail deemed
appropriate. For this purpose, the Committee shall be provided with the necessary support by the Group's
executive management, especially that of the Accounting Department and the Company and Group auditor.

• Review the necessary scope of consolidation, the correct application of accounting criteria, and all the relevant

changes relating to the accounting principles used and the presentation of the financial statements.

This English version is a translation of the original in Spanish for information purposes only. In case of a
discrepancy, the Spanish original will prevail.

• Oversee the effectiveness of the company's internal control, internal audit and risk management systems in the
process of drawing up and reporting the mandatory financial information, including tax-related risks, as well as
discuss with the auditor any significant weaknesses in the internal control systems detected during the audit,
without undermining its independence. For such purposes, and where appropriate, they may submit
recommendations or proposals to the Board of Directors, at the corresponding period for monitoring.

• Analyze, and approve as the case may be, the Annual Internal Audit Plan, monitoring it and being apprised of

the degree to which the audited units are complying with the corrective measures recommended.

• Examine the draft codes of ethic and conduct, and respective amendments thereto drawn up by the
corresponding areas of the Group, and express an opinion before the proposals being put to the Bank’s
governing bodies.

The external auditor regularly attends the Audit and Compliance Committee and is duly informed of the matters
addressed therein.

F.6 Other relevant information

F.7 External auditor report

Report on:

F.7.1. Whether the ICFR information disclosed to the markets has been submitted by the external auditor, in which
case the entity must attach the corresponding report as an annexe. Otherwise, explain the reasons why it was not.

The information related to internal control over the financial information of the BBVA Group described in this report is
reviewed by the external auditor, which issues its opinion on the control system and on its effectiveness in relation to
the statements published at the close of each financial year.

On 15 April 2015, the BBVA Group, as a private foreign issuer in the United States, filed the Annual Report (Form 20-
F) which was published on the SEC website on that same date.
In accordance with the requirements set out in Section 404 of the Sarbanes-Oxley Act of 2002 by the Securities and
Exchange Commission (SEC), the annual report Form 20-F included the certification of the main Group executives on
the establishment, maintenance and assessment of the Group's financial reporting internal control system. Form 20-F
report also included the opinion of the external auditor regarding the effectiveness of the entity's financial reporting
internal control system at year-end 2014.

G DEGREE OF COMPLIANCE WITH CORPORATE GOVERNANCE RECOMMENDATIONS

Indicate the extent to which the company follows the recommendations of the Good Governance Code of listed
companies.

Should any recommendation not be followed or be only partially followed, a detailed explanation should be given of
the reasons so that the shareholders, investors and the market in general have sufficient information to assess the
way the company works. General explanations will not be acceptable.

1. The bylaws of listed companies should not place an upper limit on the votes that can be cast by a single
shareholder, or impose other obstacles to the takeover of the company by means of share purchases on the market.

2. When a dominant and a subsidiary company are both listed, they should provide detailed disclosure on:

COMPLIANT

This English version is a translation of the original in Spanish for information purposes only. In case of a
discrepancy, the Spanish original will prevail.

a) The activity they engage in and any business dealings between them, as well as between the listed subsidiary
and other group companies.

b) The mechanisms in place to resolve possible conflicts of interest.

NOT APPLICABLE

3. During the annual general meeting the chairman of the board should verbally inform shareholders in sufficient
detail of the most relevant aspects of the company’s corporate governance, supplementing the written information
circulated in the annual corporate governance report. In particular:

a) Changes taking place since the previous annual general meeting.

b) The specific reasons for the company not following a given Good Governance Code recommendation and any
alternative procedures followed in its stead.

COMPLIANT

4. The company should draw up and implement a policy of communication and contacts with shareholders,
institutional investors and proxy advisors that complies in full with market abuse regulations and accords equitable
treatment to shareholders in the same position.

This policy should be disclosed on the company's website, complete with details of how it has been put into practice
and the identities of the relevant interlocutors or those charged with its implementation.

COMPLIANT

5. The board of directors should not make a proposal to the general meeting for the delegation of powers to issue
shares or convertible securities without pre-emptive subscription rights for an amount exceeding 20% of capital at the
time of such delegation.

When a board approves the issuance of shares or convertible securities without pre-emptive subscription rights, the
company should immediately post a report on its website explaining the exclusion as envisaged in company
legislation.

COMPLIANT

6. Listed companies drawing up the following reports on a voluntary or compulsory basis should publish them on their
website well in advance of the annual general meeting, even if their distribution is not obligatory:

a) Report on auditor independence.

b) Reviews of the operation of the audit committee and the nomination and remuneration committee.

c) Audit committee report on third-party transactions.

d) Report on corporate social responsibility policy.

COMPLIANT

7. The company should broadcast its general meetings live on the corporate website.

COMPLIANT

8. The audit committee should strive to ensure that the board of directors can present the company’s accounts to the
general meeting without limitations or qualifications in the auditor’s report. In the exceptional case that qualifications
exist, both the chairman of the audit committee and the auditors should give a clear account to shareholders of their
scope and content.

COMPLIANT

This English version is a translation of the original in Spanish for information purposes only. In case of a
discrepancy, the Spanish original will prevail.

9. The company should disclose its conditions and procedures for admitting share ownership, the right to attend
general meetings and the exercise or delegation of voting rights, and display them permanently on its website.

Such conditions and procedures should encourage shareholders to attend and exercise their rights and be applied in
a non-discriminatory manner.

COMPLIANT

10. When an accredited shareholder exercises the right to supplement the agenda or submit new proposals prior to
the general meeting, the company should:

a) Immediately circulate the supplementary items and new proposals.

b) Disclose the model of attendance card or proxy appointment or remote voting form duly modified so that new
agenda items and alternative proposals can be voted on in the same terms as those submitted by the board of
directors.

c) Put all these items or alternative proposals to the vote applying the same voting rules as for those submitted by the
board of directors, with particular regard to presumptions or deductions about the direction of votes.

d) After the general meeting, disclose the breakdown of votes on such supplementary items or alternative proposals.

11. In the event that a company plans to pay for attendance at the general meeting, it should first establish a general,
long-term policy in this respect.

NOT APPLICABLE

12. The board of Directors should perform its duties with unity of purpose and independent judgement, according the
same treatment to all shareholders in the same position. It should be guided at all times by the company’s best
interest, understood as the creation of a profitable business that promotes its sustainable success over time, while
maximising its economic value.

In pursuing the corporate interest, it should not only abide by laws and regulations and conduct itself according to
principles of good faith, ethics and respect for commonly accepted customs and good practices, but also strive to
reconcile its own interests with the legitimate interests of its employees, suppliers, clients and other stakeholders, as
well as with the impact of its activities on the broader community and the natural environment.

COMPLIANT

13. The Board of Directors should have an optimal size to promote its efficient functioning and maximize participation.
The recommended range is accordingly between five and fifteen members.

14. The board of directors should approve a director selection policy that:

a) Is concrete and verifiable.

COMPLIANT

b) Ensures that the appointment or reelection proposals are based on a prior analysis of the board’s needs.

c) Favours a diversity of knowledge, experience and gender.

The results of the prior analysis of board needs should be written up in the nomination committee’s explanatory
report, to be published when the general meeting is convened that will ratify the appointment and re-election of each
director.

The director selection policy should pursue the goal of having at least 30% of total board places occupied by women
directors before the year 2020.

This English version is a translation of the original in Spanish for information purposes only. In case of a
discrepancy, the Spanish original will prevail.

The nomination committee should run an annual check on compliance with the director selection policy and set out its
findings in the annual corporate governance report.

COMPLIANT

15. Proprietary and independent directors should constitute an ample majority on the board of directors, while the
number of executive directors should be the minimum practical bearing in mind the complexity of the corporate group
and the ownership interests they control.

COMPLIANT

16. The percentage of proprietary directors out of all non-executive directors should be no greater than the proportion
between the ownership stake of the shareholders they represent and the remainder of the company’s capital.

This criterion can be relaxed:

a) In large cap companies where few or no equity stakes attain the legal threshold for significant shareholdings.

b) In companies with a plurality of shareholders represented on the board but not otherwise related.

17. Independent directors should be at least half of all board members.

COMPLIANT

However, when the company does not have a large market capitalisation, or when a large cap company has
shareholders individually or concertedly controlling over 30 percent of capital, independent directors should occupy,
at least, a third of board places.

COMPLIANT

18. Companies should disclose the following director particulars on their websites and keep them regularly updated:

a) Background and professional experience.

b) Directorships held in other companies, listed or otherwise, and other paid activities they engage in, of whatever
nature.

c) Statement of the director class to which they belong, in the case of proprietary directors indicating the shareholder
they represent or have links with.

d) Dates of their first appointment as a board member and subsequent re-elections.

e) Shares held in the company, and any options on the same.

COMPLIANT

19. Following verification by the nomination committee, the annual corporate governance report should disclose the
reasons for the appointment of proprietary directors at the urging of shareholders controlling less than 3 percent of
capital; and explain any rejection of a formal request for a board place from shareholders whose equity stake is equal
to or greater than that of others applying successfully for a proprietary directorship.

NOT APPLICABLE

20. Proprietary directors should resign when the shareholders they represent dispose of their ownership interest in its
entirety. If such shareholders reduce their stakes, thereby losing some of their entitlement to proprietary directors, the
latters’ number should be reduced accordingly.

COMPLIANT

21. The Board of Directors should not propose the removal of independent directors before the expiry of their tenure
as mandated by the Bylaws, except where they find just cause, based on a proposal from the Nomination Committee.

This English version is a translation of the original in Spanish for information purposes only. In case of a
discrepancy, the Spanish original will prevail.

In particular, just cause will be presumed when directors take up new posts or responsibilities that prevent them
allocating sufficient time to the work of a board member, or are in breach of their fiduciary duties or come under one
of the disqualifying grounds for classification as independent enumerated in the applicable legislation.

The removal of independent directors may also be proposed when a takeover bid, merger or similar corporate
transaction alters the company’s capital structure, provided the changes in board membership ensue from the
proportionality criterion set out in recommendation 16.

COMPLIANT

22. Companies should establish rules obliging directors to disclose any circumstance that might harm the
organisation’s name or reputation, tendering their resignation as the case may be, and, in particular, to inform the
board of any criminal charges brought against them and the progress of any subsequent trial.

The moment a director is indicted or tried for any of the offences stated in company legislation, the board of directors
should open an investigation and, in light of the particular circumstances, decide whether or not he or she should be
called on to resign. The board should give a reasoned account of all such determinations in the annual corporate
governance report.

COMPLIANT

23. Directors should express their clear opposition when they feel a proposal submitted for the board's approval might
damage the corporate interest. In particular, independents and other directors not subject to potential conflicts of
interest should strenuously challenge any decision that could harm the interests of shareholders lacking board
representation.

When the board makes material or reiterated decisions about which a director has expressed serious reservations
then he or she must draw the pertinent conclusions. Directors resigning for such causes should set out their reasons
in the letter referred to in the next recommendation.

The terms of this recommendation also apply to the secretary of the board, even if he or she is not a director.

COMPLIANT

24. Directors who give up their place before their tenure expires, through resignation or otherwise, should state their
reasons in a letter to be sent to all members of the board. Whether or not such resignation is disclosed as a material
event, the motivating factors should be explained in the annual corporate governance report.

COMPLIANT

25. The nomination committee should ensure that non-executive directors have sufficient time available to discharge
their responsibilities effectively.

The board of directors regulations should lay down the maximum number of company boards on which directors can
serve.

COMPLIANT

26. The board should meet with the necessary frequency to properly perform its functions, eight times a year at least,
in accordance with a calendar and agendas set at the start of the year, to which each director may propose the
addition of initially unscheduled items.

COMPLIANT

27. Director absences should be kept to a strict minimum and quantified in the Annual Corporate Governance Report.
In the event of absence, directors should delegate their powers of representation with the appropriate instructions.

COMPLIANT

This English version is a translation of the original in Spanish for information purposes only. In case of a
discrepancy, the Spanish original will prevail.

28. When directors or the secretary express concerns about some proposal or, in the case of directors, about the
company's performance, and such concerns are not resolved at the meeting, they should be recorded in the minute
book if the person expressing them so requests.

COMPLIANT

29. The company should provide suitable channels for directors to obtain the advice they need to carry out their
duties, extending if necessary to external assistance at the company’s expense.

COMPLIANT

30. Regardless of the knowledge directors must possess to carry out their duties, they should also be offered
refresher programmes when circumstances so advise.

COMPLIANT

31. The agendas of board meetings should clearly indicate on which points directors must arrive at a decision, so
they can study the matter beforehand or gather together the material they need.

For reasons of urgency, the chairman may wish to present decisions or resolutions for board approval that were not
on the meeting agenda. In such exceptional circumstances, their inclusion will require the express prior consent, duly
minuted, of the majority of directors present.

32. Directors should be regularly informed of movements in share ownership and of the views of major shareholders,
investors and rating agencies on the company and its group.

COMPLIANT

33. The chairman, as the person charged with the efficient functioning of the board of directors, in addition to the
functions assigned by law and the company’s bylaws, should prepare and submit to the board a schedule of meeting
dates and agendas; organise and coordinate regular evaluations of the board and, where appropriate, the company’s
chief executive officer; exercise leadership of the board and be accountable for its proper functioning; ensure that
sufficient time is given to the discussion of strategic issues, and approve and review refresher courses for each
director, when circumstances so advise.

COMPLIANT

34. When a lead independent director has been appointed, the Bylaws or Board of Directors regulations should grant
him or her the following powers over and above those conferred by law: chair the board of directors in the absence of
the chairman and vice chairmen give voice to the concerns of non-executive directors; maintain contacts with
investors and shareholders to hear their views and develop a balanced understanding of their concerns, especially
those to do with the company’s corporate governance; and coordinate the chairman’s succession plan.

COMPLIANT

35. The board secretary should strive to ensure that the board’s actions and decisions are informed by the
governance recommendations of the Good Governance Code of relevance to the company.

36. The board in full should conduct an annual evaluation, adopting, where necessary, an action plan to correct
weakness detected in:

COMPLIANT

a) The quality and efficiency of the board’s operation.

b) The performance and membership of its committees.

c) The diversity of board membership and competences.

This English version is a translation of the original in Spanish for information purposes only. In case of a
discrepancy, the Spanish original will prevail.

d) The performance of the chairman of the board of directors and the company’s chief executive.

e) The performance and contribution of individual directors, with particular attention to the chairmen of board
committees.

The evaluation of board committees should start from the reports they send the board of directors, while that of the
board itself should start from the report of the nomination committee.

Every three years, the board of directors should engage an external facilitator to aid in the evaluation process. This
facilitator’s independence should be verified by the nomination committee.

Any business dealings that the facilitator or members of its corporate group maintain with the company or members
of its corporate group should be detailed in the annual corporate governance report.

The process followed and areas evaluated should be detailed in the annual corporate governance report.

COMPLIANT

37. When an executive committee exists, its membership mix by director class should resemble that of the board.
The secretary of the board should also act as secretary to the executive committee.

PARTIALLY COMPLIANT

The Executive Committee of the Board of Directors comprises two executive directors and 3 other external directors.

As of 31 December 2015, the BBVA Executive Committee partially reflected the participation of the Board of
Directors, since its Chair and Secretary sit on the Board of Directors, and according to article 26 of the Board of
Directors Regulations, has more non-executive directors than executive directors.

38. The board of directors should be kept fully informed of the business transacted and decisions made by the
executive committee. To this end, all board members should receive a copy of the committee’s minutes.

COMPLIANT

39. All members of the audit committee, particularly its chairman, should be appointed with regard to their knowledge
and experience in accounting, auditing and risk management matters. A majority of committee places should be held
by independent directors.

COMPLIANT

40. Listed companies should have a unit in charge of the internal audit function, under the supervision of the audit
committee, to monitor the effectiveness of reporting and control systems. This unit should report functionally to the
board’s non-executive chairman or the chairman of the audit committee.

41. The head of the unit handling internal audit function should present an annual work programme to the audit
committee, inform it directly of any incidents arising during its implementation and submit an activities report at the
end of each year.

COMPLIANT

42. The audit committee should have the following functions over and above those legally assigned:

1. With respect to internal control and reporting systems:

COMPLIANT

a) Monitor the preparation and the integrity of the financial information prepared on the company and, where
appropriate, the group, checking for compliance with legal provisions, the accurate demarcation of the consolidation
perimeter, and the correct application of accounting principles.

This English version is a translation of the original in Spanish for information purposes only. In case of a
discrepancy, the Spanish original will prevail.

b) Monitor the independence of the unit handling the internal audit function; propose the selection, appointment, re-
election and removal of the head of the internal audit service; propose the service’s budget; approve its priorities and
work programmes, ensuring that it focuses primarily on the main risks the company is exposed to; receive regular
report-backs on its activities; and verify that senior management are acting on the findings and recommendations of
its reports.

c) Establish and supervise a mechanism whereby staff can report, confidentially and, if appropriate and feasible,
anonymously, any significant irregularities that they detect in the course of their duties, in particular financial or
accounting irregularities.

2. With regard to the external auditor:

a) Investigate the issues giving rise to the resignation of the external auditor, should this come about.

b) Ensure that the remuneration of the external auditor does not compromise its quality or independence.

c) Ensure that the company notifies any change of external auditor to the CNMV as a material event, accompanied by
a statement of any disagreements arising with the outgoing auditor and the reasons for the same.

d) Ensure that the external auditor has a yearly meeting with the board in full to inform it of the work undertaken and
developments in the company’s risk and accounting positions.

e) Ensure that the company and the external auditor adhere to current regulations on the provision of non-audit
services, limits on the concentration of the auditor’s business and other requirements concerning auditor
independence.

COMPLIANT

43. The audit committee should be empowered to meet with any company employee or manager, even ordering their
appearance without the presence of another senior officer.

44. The Audit Committee should be informed of any fundamental changes or corporate transactions the company is
planning, so the committee can analyse the operation and report to the board beforehand on its economic conditions
and accounting impact and, when applicable, the exchange ratio proposed.

COMPLIANT

45. Risk control and management policy should identify at least:

COMPLIANT

a) The different types of financial and non-financial risk the company is exposed to (including operational,
technological, financial, legal, social, environmental, political and reputational risks), with the inclusion under financial
or economic risks of contingent liabilities and other offbalance-sheet risks.

b) The determination of the risk level the company sees as acceptable.

c) The measures in place to mitigate the impact of identified risk events should they occur.

d) The internal control and reporting systems to be used to control and manage the above risks, including contingent
liabilities and off-balancesheet risks.

COMPLIANT

46. Companies should establish a risk control and management function in the charge of one of the company’s
internal department or units and under the direct supervision of the audit committee or some other dedicated board
committee. This function should be expressly charged with the following responsibilities:

a) Ensure that risk control and management systems are functioning correctly and, specifically, that major risks the
company is exposed to are correctly identified, managed and quantified.

This English version is a translation of the original in Spanish for information purposes only. In case of a
discrepancy, the Spanish original will prevail.

b) Participate actively in the preparation of risk strategies and in key decisions about their management.

c) Ensure that risk control and management systems are mitigating risks effectively in the frame of the policy drawn
up by the board of directors.

47. Appointees to the nomination and remuneration committee – or of the nomination committee and remuneration
committee, if separately constituted – should have the right balance of knowledge, skills and experience for the
functions they are called on to discharge. The majority of their members should be independent directors.

COMPLIANT

48. Large cap companies should operate separately constituted nomination and remuneration committees.

COMPLIANT

49. The Nomination Committee should consult with the company's Chairman and chief executive, especially on
matters relating to executive Directors.

When there are vacancies on the board, any Director may approach the Nomination Committee to propose
candidates that it might consider suitable.

50. The remuneration committee should operate independently and have the following functions in addition to those
assigned by law:

COMPLIANT

a) Propose to the board the standard conditions for senior officer contracts.

b) Monitor compliance with the remuneration policy set by the company.

c) Periodically review the remuneration policy for directors and senior officers, including share-based remuneration
systems and their application, and ensure that their individual compensation is proportionate to the amounts paid to
other directors and senior officers in the company.

d) Ensure that conflicts of interest do not undermine the independence of any external advice the committee
engages.

e) Verify the information on director and senior officers’ pay contained in corporate documents, including the annual
directors’ remuneration statement.

COMPLIANT

51. The remuneration committee should consult with the company’s chairman and chief executive, especially on
matters relating to executive directors and senior officers.

COMPLIANT

52. The terms of reference of supervision and control committees should be set out in the board of directors
regulations and aligned with those governing legally mandatory board committees as specified in the preceding sets
of recommendations. They should include at least the following terms:

a) Committees should be formed exclusively by non-executive directors, with a majority of independents.

b) They should be chaired by independent directors.

c) The board should appoint the members of such committees with regard to the knowledge, skills and experience of
its directors and each committee’s terms of reference; discuss their proposals and reports; and provide report-backs
on their activities and work at the first board plenary following each committee meeting.

This English version is a translation of the original in Spanish for information purposes only. In case of a
discrepancy, the Spanish original will prevail.

d) They may engage external advice, when they feel it necessary for the discharge of their functions.

e) Meeting proceedings should be minuted and a copy made available to all board members.

COMPLIANT

53. The task of supervising compliance with corporate governance rules, internal codes of conduct and corporate
social responsibility policy should be assigned to one board committee or split between several, which could be the
audit committee, the nomination committee, the corporate social responsibility committee, where one exists, or a
dedicated committee established ad hoc by the board under its powers of self-organisation, with at the least the
following functions:

a) Monitor compliance with the company’s internal codes of conduct and corporate governance rules.

b) Oversee the communication and relations strategy with shareholders and investors, including small and medium-
sized shareholders.

c) Periodically evaluate the effectiveness of the company’s corporate governance system, to confirm that it is fulfilling
its mission to promote the corporate interest and catering, as appropriate, to the legitimate interests of remaining
stakeholders.

d) Review the company’s corporate social responsibility policy, ensuring that it is geared to value creation.

e) Monitor corporate social responsibility strategy and practices and assess compliance in their respect.

f) Monitor and evaluate the company’s interaction with its stakeholder groups.

g) Evaluate all aspects of the non-financial risks the company is exposed to, including operational, technological,
legal, social, environmental, political and reputational risks.

h) Coordinate non-financial and diversity reporting processes in accordance with applicable legislation and
international benchmarks.

COMPLIANT

54. The corporate social responsibility policy should state the principles or commitments the company will voluntarily
adhere to in its dealings with stakeholder groups, specifying at least:

a) The goals of its corporate social responsibility policy and the support instruments to be deployed.

b) The corporate strategy with regard to sustainability, the environment and social issues.

c) Concrete practices in matters relative to: shareholders, employees, clients, suppliers, social welfare issues, the
environment, diversity, fiscal responsibility, respect for human rights and the prevention of illegal conducts.

d) The methods or systems for monitoring the results of the practices referred to above, and identifying and managing
related risks.

e) The mechanisms for supervising non-financial risk, ethics and business conduct.

f) Channels for stakeholder communication, participation and dialogue.

g) Responsible communication practices that prevent the manipulation of information and protect the company’s
honour and integrity.

55. The company should report on corporate social responsibility developments in its directors’ report or in a separate
document, using an internationally accepted methodology.

COMPLIANT

This English version is a translation of the original in Spanish for information purposes only. In case of a
discrepancy, the Spanish original will prevail.

56. Director remuneration should be sufficient to attract individuals with the desired profile and compensate the
commitment, abilities and responsibility that the post demands, but not so high as to compromise the independent
judgement of non-executive directors.

COMPLIANT

57. Variable remuneration linked to the company and the director’s performance, the award of shares, options or any
other right to acquire shares or to be remunerated on the basis of share price movements, and membership of long-
term savings schemes such as pension plans should be confined to executive directors.

The company may consider the share-based remuneration of non-executive directors provided they retain such
shares until the end of their mandate. This condition, however, will not apply to shares that the director must dispose
of to defray costs related to their acquisition.

COMPLIANT

58. In the case of variable awards, remuneration policies should include limits and technical safeguards to ensure
they reflect the professional performance of the beneficiaries and not simply the general progress of the markets or
the company’s sector, or circumstances of that kind.

In particular, variable remuneration items should meet the following conditions:

a) Be subject to predetermined and measurable performance criteria that factor the risk assumed to obtain a given
outcome.

b) Promote the long-term sustainability of the company and include non-financial criteria that are relevant for the
company’s long-term value, such as compliance with its internal rules and procedures and its risk control and
management policies.

c) Be focused on achieving a balance between the delivery of short, medium and long-term objectives, such that
performance-related pay rewards ongoing achievement, maintained over sufficient time to appreciate its contribution
to long-term value creation. This will ensure that performance measurement is not based solely on one-off,
occasional or extraordinary events.

COMPLIANT

59. A major part of variable remuneration components should be deferred for a long enough period to ensure that
predetermined performance criteria have effectively been met.

COMPLIANT

60. Remuneration linked to company earnings should bear in mind any qualifications stated in the external auditor’s
report that reduce their amount.

COMPLIANT

61. A major part of executive directors’ variable remuneration should be linked to the award of shares or financial
instruments whose value is linked to the share price.

COMPLIANT

62. Following the award of shares, share options or other rights on shares derived from the remuneration system,
directors should not be allowed to transfer a number of shares equivalent to twice their annual fixed remuneration, or
to exercise the share options or other rights on shares for at least three years after their award.

The above condition will not apply to any shares that the director must dispose of to defray costs related to their
acquisition.

PARTIALLY COMPLIANT

This English version is a translation of the original in Spanish for information purposes only. In case of a
discrepancy, the Spanish original will prevail.

As a credit entity and thus bound to requirements insofar as remunerations, BBVA establishes its specific rules and
regulations by furnishing its remuneration policy with a variable remuneration system that includes deferral
conditions, payment in shares, unavailability and clauses for the ex-post adjustment of the remuneration depending
on the risk.

In this regard, the BBVA remuneration policy establishes that the executive directors will receive 50% of the Annual
Variable Remuneration in equal parts in cash and in shares, in the first quarter of the financial year following the year
to which the remuneration corresponds, and the remaining 50% (in cash and shares) deferred as a whole for a period
of three years, whereby its accrual and vesting shall be subject to compliance with a series of multi-year indicators,
which may reduce the deferred amount even to zero. Moreover, all shares paid for the settlement of Annual Variable
Remuneration, both the initial percentage and deferred amounts subject to multi-year indicators shall be unavailable
during a certain period, which shall be established on an annual basis by the Board of Directors, applying such a
withholding on the resulting number of shares after discounting the part required to honor the tax payments.

Lastly, the payment of the variable shall be conditioned to the non-occurrence of the cases contemplated in the policy
insofar as the reduction or suppression thereof (malus clauses).

63. Contractual arrangements should include provisions that permit the company to reclaim variable components of
remuneration when payment was out of step with the Director's actual performance or based on data subsequently
found to be misstated.

COMPLIANT

64. Termination payments should not exceed a fixed amount equivalent to two years of the director’s total annual
remuneration and should not be paid until the company confirms that he or she has met the predetermined
performance criteria.

COMPLIANT

H OTHER INFORMATION OF INTEREST

1. If there is any other aspect relevant to the corporate government in the company or in the group entities that has
not been reflected in the rest of the sections of this report, but is necessary to include to provide more comprehensive
and well grounded information on the corporate governance structure and practices in your entity or its group, detail
them briefly.

2. This section may also include any other relevant information, clarification or detail related to previous sections of
the report insofar as they are relevant and not reiterative.

Specifically indicate whether the company is subject to corporate governance legislation from a country other than
Spain and, if so, include the mandatory information to be provided when different from that required by this report.

3. The company may also indicate if it has voluntarily signed up to other international, industry-wide or any other
codes of ethical principles or best practices. Where applicable, the code in question will be identified along with the
date of signing. In particular, mention will be made as to whether it has adhered to the Code of Best Tax Practices
(Código de Buenas Prácticas Tributarias) of 20 July 2010.

The data in this report refer to the year ending 31 December 2015, except in those cases when another date of
reference is specifically stated.

Further to Section A.2, State Street Bank and Trust Co., The Bank of New York Mellon S.A.N.V. and Chase
Nominees Ltd., as international custodian/depositary banks, held 13.48%, 4.19% and 7.11% of BBVA's share capital,
respectively, as of December 31 2015. Of said positions held by the custodian banks, BBVA is not aware of any
individual shareholders with direct or indirect holdings greater than or equal to 3% of the BBVA common stock.

Filings of significant holdings to CNMV: On 21 December 2015, Blackrock Inc. filed a report with the CNMV
(securities exchange authority) stating that it now had an indirect holding of 4.893% of the BBVA share capital,
through the company Blackrock Investment Management. Likewise, on 18 January 2016, Blackrock Inc. filed a report

This English version is a translation of the original in Spanish for information purposes only. In case of a
discrepancy, the Spanish original will prevail.

with the CNMV (securities exchange authority) stating that it now had an indirect holding of 5.032% of the BBVA
share capital.

The director holdings indicated in section A.3 are those reported as of 31 December 2015 and therefore may have
subsequently changed. Moreover, following the instructions in Circular 7/2015 of the CNMV to complete the
Corporate Governance Report, the owners of indirect holdings are not identified in this section, as none of them
reaches the 3% of share capital and none of them reside in tax havens.

Moreover, as an explanation to section A.3., the number of direct rights on shares in the Company corresponds with
the shares from the Annual Variable Remuneration from previous years that was deferred and pending payment on
the date of this Report. Thus, the following “rights to shares” of BBVA executive directors are included:

1) 207,449 shares deferred and pending payment for the Group Executive Chairman. Among these shares, in 2016
he shall receive the corresponding total of 36,163 shares equivalent to the last third of the Annual Variable
Remuneration for 2012; in 2016 and 2017 he shall receive 29,557 shares and 29,555 shares equivalent to the
second and third thirds of the Annual Variable Remuneration for 2013, respectively; and in 2016, 2017 and 2018 he
shall receive 37,392 shares, 37,392 shares and 37,390 shares equivalent to the first, second and third thirds of the
Annual Variable Remuneration for 2014, respectively.

2) 59,292 shares deferred and pending payment for the CEO. Among these shares, in 2016 he shall receive the
corresponding total of 8,120 shares equivalent to the last third of the Annual Variable Remuneration for 2012; in 2016
and 2017 he shall receive 7,937 shares and 7,937 shares equivalent to the second and third thirds of the Annual
Variable Remuneration for 2013, respectively; and in 2016, 2017 and 2018 he shall receive 11,766 shares equivalent
to the first, second and third thirds of the Annual Variable Remuneration for 2014, respectively.

3) 14,576 shares deferred and pending payment for José Manuel González-Páramo. Among these shares, in 2016
and 2017 he shall receive the corresponding total of 1,768 shares equivalent to the second and third thirds of the
Annual Variable Remuneration for 2013; in 2016, 2017 and 2018 he shall receive 3,681 shares, 3,681 shares and
3,678 shares equivalent to the first, second and third thirds of the Annual Variable Remuneration for 2014,
respectively.

The distribution of these deferred shares is subject to the non-occurrence of any of the situations established by the
Board of Directors that could reduce or impede payment thereof (malus clauses) in addition the remaining conditions
of the liquidation and payment system.

Further to the information in section A.8, regarding earnings from treasury-stock trading, rule 21 of Circular 4/2004
and IAS 32, paragraph 33, expressly prohibit the recognition in the income statement of profits or losses made on
transactions carried out with treasury stock, including their issue and redemption. Said profits and losses are directly
booked against the company’s net assets. The table listing significant changes includes the date of the CNMV
incoming register of Annex VI of communications with treasury stock and the reason for the communication.

Regarding section A.9 bis, the resulting estimated floating capital of BBVA less the capital held by the members of
the Board of Directors and as treasury stock, both as of 31 December 2015, following the instructions to complete the
Corporate Governance Report contained in Circular 7/2015, is 98.52%.

Further to the information in section A.10, there are no legal or bylaws restrictions on the exercise of voting rights and
there are no legal or bylaws restrictions on the free acquisition or transfer of shares in the company’s share capital.
As for the legal restrictions on the free acquisition or transfer of shares in the company’s share capital, Spanish Act
10/2014, dated 26th June, on the regulation, supervision and solvency of credit institutions establishes that the direct
or indirect acquisition of a significant holding (as defined in section 16 of that Act) is subject to assessment by the
Bank of Spain as set out in sections 16 et seq. of that Act. Additionally, article 25 of Royal Decree 84/2015,
implementing Law 10/2014, establishes that the Bank of Spain shall evaluate proposals for acquisitions of significant
shares and submit a proposal to the European Central Bank regarding whether to oppose this acquisition or not. This
same article establishes the criteria that should be considered during said evaluation and the applicable timelines.

Further to section C.1.12, Juan Pi Llorens is the Chairman of the Board of Directors of Ecolumber, S.A. as a natural
person representing the company Relocation Inversiones, S.L.

Further to the information included in section C.1.15:

This English version is a translation of the original in Spanish for information purposes only. In case of a
discrepancy, the Spanish original will prevail.

The amount indicated as "Remuneration of the Board of Directors" includes remuneration stemming from the
remuneration systems established for non-executive and executive directors as provided for in the Remuneration
policy for BBVA directors and pursuant to article 33 bis and 50 bis of the Company Bylaws, respectively, and
includes:

a) The fixed remuneration (for pertaining to the Board and Committees) and remuneration in kind corresponding to
2015 of non-executive board members.

b) The fixed remuneration and in kind for executive directors currently seated on the date of this Report (3)
corresponding to 2015, including the remuneration settled to the Group Executive Chairman; to the current CEO (for
the part proportional to the 4 months as Digital Banking Director and to the 8 months holding the post as CEO); and
the executive director José Manuel González-Páramo.

c) The Annual Variable Remuneration 2015, equally distributed in cash and shares, for executive directors seated
on the date of this Report (3), including the remuneration of the Group Executive Chairman; current CEO (for the part
proportional to the 4 months as Digital Banking Director and to the 8 months holding the post as CEO); and the
executive director José Manuel González-Páramo. It should nonetheless be noted that this remuneration, has not
accrued to the executive directors in its entirety on the date of this Report, since, according to the BBVA director
remuneration policy applicable to them, described in the Annual Report on Directors' Remuneration of BBVA, they
will only receive 50% of this amount in 2016, while the remaining amount will be deferred for a period of three years,
and its accrual and payment is subject to the concurrence of the multi-year assessment indicators. Furthermore, the
deferred Annual Variable Remuneration will be subject to the non-occurrence of any of the situations established by
the Board of Directors that could reduce or impede payment thereof (malus clauses) in addition the remaining
conditions of the liquidation and payment system of the Annual Variable Remuneration.

d) The fixed remuneration in kind and the Annual Variable Remuneration for 2015, in cash and shares, to the
Former President & COO, who opted for early retirement as of 4th May 2015, for the part proportional to the 4 months
during which he held this post. It should also be mentioned that this remuneration has not fully accrued on the date of
this Report in application of the rules mentioned in section c) above for executive directors.

The total amount indicated, pursuant to the instructions in this Report, corresponds to the amount declared as total
remuneration accrued according to chart c) "Summary of Remuneration", section D.1 in the Annual Report on
Directors' Remuneration of BBVA.

For calculating the cash value of the shares corresponding to the Annual Variable Remuneration for 2015, and in
accordance with the Remuneration Policy, the reference used was the average BBVA share closing price
corresponding to the trading days between 15 December 2015 and 15 January 2016, namely €6.631 per share.

All these items are included for each individual director in Note 53 of the Annual Report.

The provisions recorded as of 31 December 2015 to cover the pension commitments assumed for executive directors
stood at €13,123 thousand for the CEO, which include the amounts accumulated as Group director and currently
rendered in his current position as CEO in the terms expressed above; and €436 thousand for José Manuel
González-Páramo Martínez-Murillo; after the sums of €9,856 thousand and €261 thousand were set aside in 2015 for
the CEO and José Manuel González-Páramo Martínez-Murillo, respectively, to cover contractually recognized
contingencies for retirement, death and disability.

Furthermore, in 2015 the Board of Directors determined the pension entitlements of the Former President & COO in
accordance with the initial contractual terms and conditions, that establish that when no longer holding said position
for any reason other than his/her own will, retirement, disability or serious breaches of duty, he/she would be given
early retirement with a pension payable, as he chooses, through a lifelong annuity pension or capital, of 75% on the
pensionable base; having established his entitlements to pension at a lifelong annuity at an annual gross amount of
€1,795 thousand, which will be settled in twelve monthly payments, with a deduction of the amounts necessary to
satisfy the corresponding taxes.

To these effects, the provision on record on the date of his stepping down for attending to the pension commitments
assumed for the Former President & COO stood at €45,209 thousand, of which €26,026 thousand are contingent
upon the results from previous years, hereby contributing an additional €19,252 thousand.

This English version is a translation of the original in Spanish for information purposes only. In case of a
discrepancy, the Spanish original will prevail.

No other obligations regarding pensions for other executive directors are in place.

The balance of the item "Provisions - Funds for pensions and similar liabilities" on the Group's consolidated balance
sheet as of 31 December 2015 includes €136 million under the item for post-employment benefit commitments
maintained with former members of the Board of Directors.

Further to the information included in section C.1.16:

The heading “Total senior management remuneration” includes the remuneration of members of Senior Management
listed as such as of 31 December 2015 (17 members), comprising:

a) The fixed remuneration and the remuneration in kind during 2015

b) The annual variable remuneration received during the first quarter of 2015 corresponding to 2014, both in cash
and in shares

c) The deferred part of the variable remuneration received during the first quarter of 2015, corresponding to previous
years (2013, 2012 and 2011), both in cash and in shares, as well as the part of the ILP 2010-2011, which was
deferred in shares, plus the amount of the corresponding updates.

For calculating the cash value of the shares corresponding to said remuneration, the reference used was the average
BBVA share closing price corresponding to the trading days between 15 December 2014 and 15 January 2015,
namely €7.72 per share.

Moreover, members of Senior Management of the BBVA Group who had ceased activities as such in 2015 (7)
received an overall total amount during this period of: €2,082 thousand as fixed remuneration; €1,596 thousand and
181,256 shares in BBVA corresponding to 50% of the Annual Variable Remuneration for 2014; and €1,432 thousand
and 196,539 shares in BBVA as liquidation of the parts deferred from the Annual Variable Remuneration from 2013,
2012 and 2011, and the ILP 2010-2011, whose corresponding payment was settled during the first quarter of 2015,
including the corresponding update; and as remuneration in kin and others amounting to €682 thousand. The sum of
these remunerations, using the aforementioned share price of €7.72, represents a total of €8,709 thousand.

Moreover, in 2015 following the severance with some members of senior management from the group,
compensations were settled for a total amount of €26,277 thousand, which is recorded in note 43 to the Annual
Report under Other Personnel Expenses. Payments have been made to beneficiaries for a part equivalent to
amounts that the Group have previously allocated to attend to the commitments assumed contractually for provisions
amounting to €11,458 thousand.

Lastly, the provisions on record as of 31 December to fulfill the provision-related obligations assumed with current
members of Senior Management, excluding executive directors, amount to €55,666 thousand, of which €6,782
thousand were allocated in 2015. These amounts include the allocations to cover possible retirement contingency
and provisions for death and disability contingencies.

The balance of the item "Provisions - Funds for pensions and similar liabilities" on the Group's consolidated balance
sheet as of 31 December 2015 includes €229 million under the item for post-employment benefit commitments
maintained with former members of the Bank's Senior Management.

In reference to section C.1.29, the Board of Directors always meets with the attendance of its chair and therefore the
Lead Director has never chaired a meeting of the Board of Directors. The Lead Director, in the scope of his entrusted
duties, maintains fluid contact with the independent directors to simplify the discharge of his duties.

With regard to section C.1.31, as BBVA shares are listed on the New York Stock Exchange, it is subject to the
supervision of the Securities & Exchange Commission (SEC) and, thus, to compliance with the Sarbanes Oxley Act
and its implementing regulations, and for this reason each year the Group Executive Chairman, the CEO and the
executive tasked with preparing the Accounts sign and submit the certifications described in sections 302 and 906 of
this Act, related to the content of the Annual Financial Statements. These certificates are contained in the annual
registration statement (Form 20-F) which the Company files with this authority for the official record.

As reference to section C.1.45, the contractual terms and conditions insofar as provisions of the CEO, shall
determine that when no longer holding said position for any reason other than his/her own will, retirement, disability or

This English version is a translation of the original in Spanish for information purposes only. In case of a
discrepancy, the Spanish original will prevail.

serious breaches of duty, he/she would be given early retirement with a pension payable, as he chooses, through a
lifelong annuity pension or capital, whose amount will be calculated on the basis of the provisions that, according to
current actuarial criteria applicable at that moment, the Bank might have made to said date in fulfillment of the
pension commitments for retirement as established in his/her contract, though in no case whatsoever shall this
commitment bind the Bank to any additional provisions. This pension may not exceed 75% on the pensionable base if
the event occurs before turning 55 or 85% on the pensionable base if the event occurs after turning said age.
Likewise, the Board of Directors only approves the contract conditions related to executive directors and senior
management members as set out in article 17 of the Board Regulations, which are reported to the General Meeting
through this Report and the Annual Report on Directors' Remuneration of BBVA, but does not authorize those of
other technical and specialist professionals.

Further to section C.2.1, on 31 December 2015, the BBVA Executive Committee partially reflected participation in the
Board of Directors, since its Chair and Secretary sit on the Board of Directors whose composition, according to article
26 of the Regulations of the Board of Directors, has more non-executive directors than executive directors.

Moreover, and further to section C.2.1, we provide brief indications regarding what the regulations establish about the
composition and functions of each board committee:

• Audit & Compliance Committee: Article 29 of the Board Regulations establishes that the Audit and Compliance
Committee will exclusively comprise independent directors tasked with assisting the Board of Directors in supervising
the financial information and exercising oversight for the Group. The members of the Audit and Compliance
Committee, and particularly its Chair, shall be appointed with regard to their knowledge and background in
accounting, auditing and risk management. It will be made up of four members appointed by the Board, one of whom
will be appointed taking into account his/her knowledge of accounting, auditing or both. The Board will also appoint
the Chair of this Committee, who must be replaced every four years and may be re-elected one year after the end of
his/her term of office. When the Chair cannot be present, his/her duties will be performed by the most senior
independent director on the Committee, and, where more than one person of equal seniority are present, by the
eldest. The Committee will appoint a Secretary who may or may not be a member of the Committee.

Turning to the duties of the Audit and Compliance Committee mentioned in section C.2.1, in addition to the duties
cited in said section, the Audit and Compliance Committee has its own operating regulations available on the BBVA
website (www.bbva.com) and includes a full breakdown of the duties of this Committee.

Further, in its meeting on 4 May 2015, the Board of Directors appointed José Miguel Andrés Torrecillas as Chair of
the BBVA Audit and Compliance Committee.

• Appointments Committee: Article 32 of the Board Regulations establish that the Appointments Committee will
comprise a minimum of three members who will be appointed by the Board of Directors, which will also appoint its
Chair. All the members of this Committee must be non-executive directors, and a majority of them independent
directors, as its Chair. When the Chair cannot be present, the meetings will be chaired by the most senior
independent director on the Committee, and, where more than one person of equal seniority are present, by the
eldest.

• Remuneration Committee: Article 35 of the Board Regulations establish that the Remuneration Committee will
comprise a minimum of three members who will be appointed by the Board of Directors, which will also appoint its
Chair. All the members of this Committee must be non-executive directors, and a majority of them independent
directors, as its Chair. When the Chair cannot be present, the meetings will be chaired by the most senior
independent director on the Committee, and, where more than one person of equal seniority are present, by the
eldest.

• Executive Committee: Article 26 of the Board Regulations establishes the following: In accordance with the
Company Bylaws, the Board of Directors may, with the favorable vote of two-thirds of its members, appoint an
Executive Committee, ensuring that there is a majority of non-executive directors over executive directors. The
Executive committee will be chaired by the Chairman of the Board of Directors, or when this is not possible, by
whomever the Company Bylaws determines. The secretary of the Committee will be the Secretary of the Board. If
absent, the person the meeting’s members appoint for this purpose will stand in for the secretary.

• Risks Committee: Article 38 of the Company Board Regulations establishes that the Risks Committee will comprise
a minimum of three members who will be appointed by the Board of Directors, which will also appoint its Chair. All the

This English version is a translation of the original in Spanish for information purposes only. In case of a
discrepancy, the Spanish original will prevail.

members of this Committee must be non-executive directors of whom at least one third, and in any event the Chair,
must be independent. When the Chair cannot be present, the meetings will be chaired by the most senior
independent director on the Committee, and, where more than one person of equal seniority are present, by the
eldest.

In addition to section C.2.5, the Chair of the Appointments Committee submitted a report to the Board of Directors
regarding the activities of said Committee during 2015, including the tasks carried out with respect to the
appointments and re-elections of directors throughout the year, the assessment of the Chairman of the Board,
analysis on the structure, size and composition of the Board with a view to evaluating the quality and efficiency of its
operations, review of the suitability of the directors and condition of independent directors, and proposals for
appointment and severance of the members of Senior Management.

With respect to section D (Related-party and Intragroup Transactions), see Note 52 of the BBVA Annual
Consolidated Accounts for 2015. With respect to section D.4, it details the transactions conducted by Banco Bilbao
Vizcaya Argentaria, S.A. at the close of the year, with companies issuing securities on international markets, carried
out as part of ordinary trading related to the management of outstanding issuances. Moreover, with respect to section
D.4, please refer to the section entitled “Offshore financial centers” in the BBVA Consolidated Management Report
for 2015.

During 2011, the BBVA Board of Directors approved the Bank's adhesion to the Code of Best Tax Practices (Código
de Buenas Prácticas Tributarias) approved by Foro de Grandes Empresas according to the wording proposed by the
State Tax Administration Agency (AEAT). During this year, it has been compliant with the contents of this Code.
Moreover, BBVA is committed to applying the provisions of the Universal Declaration of Human Rights, Principles of
United Nations Global Compact (which BBVA has formally signed), Equator Principles (to which BBVA has been
formally adhered since 2004) and other conventions and treaties involving international organizations such as the
Organization for Economic Cooperation and Development and the International Labor Organization.

This annual report on corporate governance has been approved by the Company’s Board of Directors on 2 February
2016.

List whether any Directors voted against or abstained from voting on the approval of this Report.

This English version is a translation of the original in Spanish for information purposes only. In case of a
discrepancy, the Spanish original will prevail.