<SEC-DOCUMENT>0000950103-13-001910.txt : 20130425
<SEC-HEADER>0000950103-13-001910.hdr.sgml : 20130425
<ACCEPTANCE-DATETIME>20130325132920
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950103-13-001910
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20130325

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
		CENTRAL INDEX KEY:			0000842180
		STANDARD INDUSTRIAL CLASSIFICATION:	COMMERCIAL BANKS, NEC [6029]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		PASEO DE LA CASTELLANA, 81
		CITY:			MADRID
		STATE:			U3
		ZIP:			28046
		BUSINESS PHONE:		011 34 91 537 8172

	MAIL ADDRESS:	
		STREET 1:		PASEO DE LA CASTELLANA, 81
		CITY:			MADRID
		STATE:			U3
		ZIP:			28046

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BANCO BILBAO VIZCAYA ARGENTARIA S A
		DATE OF NAME CHANGE:	20000505

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BANCO BILBAO VIZCAYA S A
		DATE OF NAME CHANGE:	19991103
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Re:&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Banco Bilbao Vizcaya Argentaria, S.A.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: -1.15pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Filed April 26, 2012</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -1.15pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Mr. Hugh West</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -1.15pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">United States Securities and Exchange Commission</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -1.15pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">100 F Street, N. E.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Dear Mr. West:</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Thank you for your letter dated March 1, 2013, setting forth comments of the staff of the Division of Corporation Finance (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Staff</font>&#8221;) of the United States Securities and Exchange Commission (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">SEC</font>&#8221; or &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Commission</font>&#8221;) on the annual report on Form 20-F for the year ended December 31, 2011 (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">2011 Form 20-F</font>&#8221;) of Banco Bilbao Vizcaya Argentaria, S.A. (&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">BBVA</font>&#8221;, also referred to in this letter as the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Company</font>&#8221; and &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">we</font>&#8221;).</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We appreciate your understanding in affording us the time necessary to prepare our responses, which we set forth in Annex A hereto. To facilitate the Staff&#8217;s review, we have reproduced the captions and numbered comments from the Staff&#8217;s March 1, 2013 comment letter in bold text.</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">BBVA is responsible for the adequacy and accuracy of the disclosure in its filings with the Commission;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Staff comments or changes to disclosure in response to Staff comments do not foreclose the Commission from taking any action with respect to the filing; and</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">BBVA may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We would like to express our appreciation for your cooperation in these matters, and we are available to discuss any of our responses with you at your convenience. In that connection, please do not hesitate to contact the undersigned in Madrid at 011-34-91-537-5928 or fax: 011-34-91-537-6766, or our counsel, Michael J. Willisch of Davis Polk &amp; Wardwell LLP, at 011-34-91-768-9610 or fax: 011-34-91-768-9710.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1.</font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Refer to your response to prior comment 9, and your statement that the amount reported in Note 22 represents the carrying amount of real estate assets received from distressed customers in lieu of payment (including from customers whose loans are not impaired.) Please revise future filings to disclose the facts and circumstances considered when concluding that these loans are not impaired. To the extent that they are not impaired due to an excess of the collateral value over the balance of the loan, revise future filings, either here or in Operating and Financial Review and Prospects, as appropriate, to disclose the following:</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">The weighted average loan to value upon receipt of these properties, if known;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">The amount of gain or loss recognized on the sale of these properties during the period; and</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">A discussion of the reasons for significant variances between periods.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Response</font>:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We further supplementally advise the Staff that the amount reported in Note 22 includes loans that were not classified as impaired since they were less than 90 days past due or in respect of which there was no objective evidence of impairment as a result of a loss event under paragraph 59 of IAS 39, upon receipt of the relevant real estate assets, rather than as a result of the existence of an excess of the collateral value over the balance of the loan.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We acknowledge the Staff&#8217;s comment and we supplementally advise the Staff that we will clarify this by including disclosure similar to that included below (the stricken language will be deleted from and the underlined language will be added to Note 22), updated as appropriate, in future 20-F filings:</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a name="tx486389_27"><!--EFPlaceholder--></a>&#8220;The heading &#8220;Inventories&#8221; includes the net carrying amount of <font style="DISPLAY: inline; TEXT-DECORATION: underline">real estate assets acquired</font> <font style="DISPLAY: inline; TEXT-DECORATION: line-through">the purchases of land and property</font> that the Group&#8217;s real estate companies hold for sale or for their business. The amounts <font style="DISPLAY: inline; TEXT-DECORATION: line-through">reflected</font> under this heading <font style="DISPLAY: inline; TEXT-DECORATION: underline">mainly</font> include real estate assets <font style="DISPLAY: inline; TEXT-DECORATION: line-through">purchased</font> <font style="DISPLAY: inline; TEXT-DECORATION: underline">acquired</font> by <font style="DISPLAY: inline; TEXT-DECORATION: underline">these</font> <font style="DISPLAY: inline; TEXT-DECORATION: line-through">those</font> companies from distressed customers (mainly in Spain, <font style="DISPLAY: inline; TEXT-DECORATION: underline">see Appendix XI</font>)<font style="DISPLAY: inline; TEXT-DECORATION: underline">, net of their corresponding impairment provisions and, to a lesser extent, real estate assets acquired by these companies from customers whose loans were not impaired since they were less than 90 days past due or in respect of which there was no objective evidence of impairment as a result of a loss event under paragraph 59 of IAS 39 upon receipt of the relevant real estate assets.</font>&#8221;</font></div>

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<div style="TEXT-ALIGN: right; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1</font></div>

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<div><img src="logo.jpg"></div>

<div>&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Consolidat</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">e</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">d</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">I</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">n</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">c</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">o</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">m</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">e</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">S</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">tat</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">e</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">ments, p</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">a</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">ge</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">F</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">-</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">5</font></font></div>

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<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2.</font></div>
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<td style="TEXT-ALIGN: justify">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">We acknowledge your response to prior comments 10 and 11 (regarding your Consolidated Statements of Cash Flows on page F-11), and your analysis based upon application of Circular 4/2004 issued by the Bank of Spain. However, for purposes of complying with Item 17(c) of Form 20-F, your financial statements must unreservedly and explicitly comply with IFRS as issued by the IASB or you must file a US GAAP reconciliation. Please provide us with your analysis under IFRS as issued by the IASB in response to our prior comment, or provide us with proposed disclosures to be included in future filings that address our prior comments.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Response</font>:</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">With respect to prior comment 10 of the Staff, we supplementally advise the Staff that, in light of the Staff&#8217;s comment and the examples set forth in the Implementation Guidance of IAS 1, we will include disclosure similar to that included below (the stricken language will be deleted from and the underlined language will be added to the Consolidated Income Statement), updated as appropriate, in future 20-F filings:</font></div>

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<table align="center" cellpadding="0" cellspacing="0" width="80%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td valign="bottom" width="70%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td align="left" colspan="2" valign="bottom" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Millions of Euros</font></div>
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</tr><tr>
<td align="left" valign="middle" width="70%" bgcolor="#ccffff"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td valign="middle" width="10%" bgcolor="#000080">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; COLOR: #ffffff; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2012</font></div>
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<td valign="middle" width="10%" bgcolor="#ccffff">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2011</font></div>
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<td valign="middle" width="10%" bgcolor="#ccffff">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2010</font></div>
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</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">INTEREST AND SIMILAR INCOME</font></div>
</td>
<td valign="bottom" width="10%" bgcolor="#ccffff"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">24,180</font></div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">21,130</font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">INTEREST AND SIMILAR EXPENSES</font></div>
</td>
<td valign="bottom" width="10%" bgcolor="#ccffff"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">(11,028)</font></div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">(7,814)</font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; COLOR: #000080; FONT-SIZE: 8pt; FONT-WEIGHT: bold">NET INTEREST INCOME</font></div>
</td>
<td valign="bottom" width="10%" bgcolor="#ccffff"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; COLOR: #000080; FONT-SIZE: 8pt; FONT-WEIGHT: bold">13,152</font></div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; COLOR: #000080; FONT-SIZE: 8pt; FONT-WEIGHT: bold">13,316</font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">DIVIDEND INCOME</font></div>
</td>
<td valign="bottom" width="10%" bgcolor="#ccffff"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">562</font></div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">529</font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">SHARE OF PROFIT OR LOSS OF ENTITIES ACCOUNTED FOR USING THE EQUITY METHOD</font></div>
</td>
<td valign="bottom" width="10%" bgcolor="#ccffff"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">595</font></div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">331</font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">FEE AND COMMISSION INCOME</font></div>
</td>
<td valign="bottom" width="10%" bgcolor="#ccffff"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">5,075</font></div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">4,864</font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">FEE AND COMMISSION EXPENSES</font></div>
</td>
<td valign="bottom" width="10%" bgcolor="#ccffff"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">(1,044)</font></div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">(831)</font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">NET GAINS (LOSSES) ON FINANCIAL ASSETS AND LIABILITIES</font></div>
</td>
<td valign="bottom" width="10%" bgcolor="#ccffff"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">1,117</font></div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">1,372</font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">Financial instruments held for trading</font></div>
</td>
<td valign="bottom" width="10%" bgcolor="#ccffff"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">1,052</font></div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">640</font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">Other financial instruments at fair value through profit or loss</font></div>
</td>
<td valign="bottom" width="10%" bgcolor="#ccffff"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">8</font></div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">18</font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">Other financial instruments not at fair value through profit or loss</font></div>
</td>
<td valign="bottom" width="10%" bgcolor="#ccffff"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">57</font></div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">714</font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">Rest</font></div>
</td>
<td valign="bottom" width="10%" bgcolor="#ccffff"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">-</font></div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">-</font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">EXCHANGE DIFFERENCES (NET)</font></div>
</td>
<td valign="bottom" width="10%" bgcolor="#ccffff"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">364</font></div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">455</font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">OTHER OPERATING INCOME</font></div>
</td>
<td valign="bottom" width="10%" bgcolor="#ccffff"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">4,244</font></div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">3,537</font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">Income on insurance and reinsurance contracts</font></div>
</td>
<td valign="bottom" width="10%" bgcolor="#ccffff"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">3,317</font></div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">2,597</font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">Financial income from non-financial services</font></div>
</td>
<td valign="bottom" width="10%" bgcolor="#ccffff"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">656</font></div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">647</font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">Rest of other operating income</font></div>
</td>
<td valign="bottom" width="10%" bgcolor="#ccffff"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">271</font></div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">293</font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">OTHER OPERATING EXPENSES</font></div>
</td>
<td valign="bottom" width="10%" bgcolor="#ccffff"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">(4,037)</font></div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">(3,240)</font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">Expenses on insurance and reinsurance contracts</font></div>
</td>
<td valign="bottom" width="10%" bgcolor="#ccffff"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">(2,436)</font></div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">(1,815)</font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">Changes in inventories</font></div>
</td>
<td valign="bottom" width="10%" bgcolor="#ccffff"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">(298)</font></div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">(554)</font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">Rest of other operating expenses</font></div>
</td>
<td valign="bottom" width="10%" bgcolor="#ccffff"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">(1,303)</font></div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">(871)</font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; COLOR: #000080; FONT-SIZE: 8pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">GROSS INCOME</font></font></div>
</td>
<td valign="bottom" width="10%" bgcolor="#ccffff"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; COLOR: #000080; FONT-SIZE: 8pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">20,028</font></font></div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; COLOR: #000080; FONT-SIZE: 8pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">20,333</font></font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">ADMINISTRATION COSTS</font></div>
</td>
<td valign="bottom" width="10%" bgcolor="#ccffff"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">(8,898)</font></div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">(8,007)</font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">Personnel expenses</font></div>
</td>
<td valign="bottom" width="10%" bgcolor="#ccffff"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">(5,191)</font></div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">(4,698)</font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">General and administrative expenses</font></div>
</td>
<td valign="bottom" width="10%" bgcolor="#ccffff"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">(3,707)</font></div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">(3,309)</font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">DEPRECIATION AND AMORTIZATION</font></div>
</td>
<td valign="bottom" width="10%" bgcolor="#ccffff"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">(839)</font></div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">(754)</font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">PROVISIONS (NET)</font></div>
</td>
<td valign="bottom" width="10%" bgcolor="#ccffff"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">(509)</font></div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">(475)</font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">IMPAIRMENT LOSSES ON FINANCIAL ASSETS (NET)</font></div>
</td>
<td valign="bottom" width="10%" bgcolor="#ccffff"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">(4,226)</font></div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">(4,718)</font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">Loans and receivables</font></div>
</td>
<td valign="bottom" width="10%" bgcolor="#ccffff"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">(4,201)</font></div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">(4,563)</font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">Other financial instruments not at fair value through profit or loss</font></div>
</td>
<td valign="bottom" width="10%" bgcolor="#ccffff"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">(25)</font></div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">(155)</font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; COLOR: #000080; FONT-SIZE: 8pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">NET OPERATING INCOME</font></font></div>
</td>
<td valign="bottom" width="10%" bgcolor="#ccffff"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; COLOR: #000080; FONT-SIZE: 8pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">5,556</font></font></div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; COLOR: #000080; FONT-SIZE: 8pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">6,379</font></font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">IMPAIRMENT LOSSES ON OTHER ASSETS (NET)</font></div>
</td>
<td valign="bottom" width="10%" bgcolor="#ccffff"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">(1,885)</font></div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">(489)</font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">Goodwill and other intangible assets</font></div>
</td>
<td valign="bottom" width="10%" bgcolor="#ccffff"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">(1,444)</font></div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">(13)</font></div>
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<div style="TEXT-ALIGN: right; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
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<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div><img src="logo.jpg"></div>

<div>&#160;</div>
</div>
</div>

<table align="center" cellpadding="0" cellspacing="0" width="80%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">Other assets</font></div>
</td>
<td valign="bottom" width="10%" bgcolor="#ccffff"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">(441)</font></div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">(476)</font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">GAINS (LOSSES) ON DERECOGNIZED ASSETS NOT CLASSIFIED AS NON-CURRENT ASSETS HELD FOR SALE</font></div>
</td>
<td valign="bottom" width="10%" bgcolor="#ccffff"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">46</font></div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">41</font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">NEGATIVE GOODWILL</font></div>
</td>
<td valign="bottom" width="10%" bgcolor="#ccffff"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">-</font></div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">1</font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">GAINS (LOSSES) IN NON-CURRENT ASSETS HELD FOR SALE NOT CLASSIFIED AS DISCONTINUED OPERATIONS</font></div>
</td>
<td valign="bottom" width="10%" bgcolor="#ccffff"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">(271)</font></div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">127</font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; COLOR: #000080; FONT-SIZE: 8pt; FONT-WEIGHT: bold">OPERATING <font style="DISPLAY: inline"><font style="TEXT-DECORATION: underline">PROFIT</font> </font><font style="DISPLAY: inline; TEXT-DECORATION: line-through">INCOME</font> BEFORE TAX</font></div>
</td>
<td valign="bottom" width="10%" bgcolor="#ccffff"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; COLOR: #000080; FONT-SIZE: 8pt; FONT-WEIGHT: bold">3,446</font></div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; COLOR: #000080; FONT-SIZE: 8pt; FONT-WEIGHT: bold">6,059</font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">INCOME TAX</font></div>
</td>
<td valign="bottom" width="10%" bgcolor="#ccffff"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">(206)</font></div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">(1,345)</font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; COLOR: #000080; FONT-SIZE: 8pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">INCOME </font><font style="DISPLAY: inline">PROFIT </font>FROM CONTINUING <font style="DISPLAY: inline; TEXT-DECORATION: underline">OPERATIONS</font> <font style="DISPLAY: inline; TEXT-DECORATION: line-through">TRANSACTIONS</font></font></div>
</td>
<td valign="bottom" width="10%" bgcolor="#ccffff"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; COLOR: #000080; FONT-SIZE: 8pt; FONT-WEIGHT: bold">3,240</font></div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; COLOR: #000080; FONT-SIZE: 8pt; FONT-WEIGHT: bold">4,714</font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt"><font style="DISPLAY: inline; COLOR: #000080; TEXT-DECORATION: line-through">INCOME </font><font style="DISPLAY: inline; COLOR: #000080">PROFIT</font> FROM DISCONTINUED <font style="DISPLAY: inline; TEXT-DECORATION: underline">OPERATIONS</font> <font style="DISPLAY: inline; TEXT-DECORATION: line-through">TRANSACTIONS</font> (NET)</font></div>
</td>
<td valign="bottom" width="10%" bgcolor="#ccffff"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">245</font></div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">281</font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; COLOR: #000080; FONT-SIZE: 8pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">NET INCOME</font> <font style="DISPLAY: inline; TEXT-DECORATION: underline">PROFIT</font></font></div>
</td>
<td valign="bottom" width="10%" bgcolor="#ccffff"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; COLOR: #000080; FONT-SIZE: 8pt; FONT-WEIGHT: bold">3,485</font></div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; COLOR: #000080; FONT-SIZE: 8pt; FONT-WEIGHT: bold">4,995</font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">Net Income</font> <font style="DISPLAY: inline">Profit</font> <font style="DISPLAY: inline; TEXT-DECORATION: line-through">attributed</font> <font style="DISPLAY: inline; TEXT-DECORATION: underline">attributable</font> to parent company</font></div>
</td>
<td valign="bottom" width="10%" bgcolor="#ccffff"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">3,004</font></div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">4,606</font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">Net income</font> <font style="DISPLAY: inline">Profit</font> <font style="DISPLAY: inline; TEXT-DECORATION: line-through">attributed</font> <font style="DISPLAY: inline; TEXT-DECORATION: underline">attributable</font> to non-controlling interests</font></div>
</td>
<td valign="bottom" width="10%" bgcolor="#ccffff"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">481</font></div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">389</font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">With respect to prior comment 11 of the Staff, we supplementally advise the Staff that, in light of the Staff&#8217;s comment and the examples set forth in&#160;IAS 7, we will eliminate non-cash transactions related to foreclosed assets received in settlement of impaired loans from our Cash Flows Statement in future 20-F filings. We further supplementally advise the Staff that we will include disclosure similar to that included below (the underlined language will be added to Note 2.2.22 to the Consolidated Financial Statements), updated as appropriate, in our annual report on Form 20-F for the year ended December 31, 2012:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: -1.15pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#8220;Our consolidated Cash Flow Statement for the year ended December 31, 2012, does not include certain non-cash transactions (related to foreclosed assets received in settlement of impaired loans and the allowance for loan losses) which in prior years were included under the captions</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; TEXT-DECORATION: underline">&#160;</font><font style="FONT-STYLE: italic; DISPLAY: inline; TEXT-DECORATION: underline">&#8220;Investments/Divestments - Non-current assets held for sale and associated liabilities&#8221; and &#8220;Net increase/decrease in operating assets - Loans and receivables&#8221;, respectively. For 2012, these transactions have been reclassified to the caption &#8220;Adjustments to obtain the cash flow from operating activities: Other adjustments&#8221;. If extended to 2011 and 2010, such reclassification would not have materially changed our cash flow for such years: our cash flow from operating activities would have decreased by &#8364;1,516 million and &#8364;1,464 million for 2011 and 2010, respectively, and our cash flow from investment activities would have increased in the same amounts for such years&#8221;.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">I</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">mpa</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">i</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">rm</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">e</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">nt</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">los</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">s</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">e</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">s det</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">e</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">r</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">m</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">i</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">n</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">e</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">d </font><font style="DISPLAY: inline; TEXT-DECORATION: underline">c</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">ol</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">l</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">ec</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">t</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">i</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">v</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">e</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">l</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">y</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">, </font><font style="DISPLAY: inline; TEXT-DECORATION: underline">p</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">a</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">g</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">e</font><font style="DISPLAY: inline; TEXT-DECORATION: underline"> F</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">-</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">22</font></font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">3.</font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Please refer to your response to prior comment 12 and revise future filings, either here or in Operating and Financial Review and Prospects, as appropriate, to address the following:</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Disclose the source of your benchmark for loss identification periods (LIPs) identified in your European peers.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Given the wide range in LIPs for corporate and retail loans, present a weighted average for each loan type. At a minimum, disclose a weighted average for the most significant product types within each portfolio.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Disclose whether there are any differences in how you assess the LIPs for your loan portfolios in the US and in Mexico.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Finally, discuss the procedures you perform in order to assess the accuracy of your estimate of LIPs and discuss how often you perform these procedures.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Response</font>:</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -1.15pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We acknowledge the Staff&#8217;s comment and we supplementally advise the Staff that we will include disclosure similar to that included below (the stricken language will be deleted from and the underlined language will be added to the disclosure we proposed in our letter to the Staff dated September 20, 2012), updated as appropriate, in future 20-F filings:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: -1.15pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;The analysis of LIPs is performed on a homogenous portfolio basis. <font style="DISPLAY: inline; TEXT-DECORATION: underline">For our portfolios in Spain and in Mexico, which are our most significant portfolios, we</font> <font style="DISPLAY: inline; TEXT-DECORATION: line-through">We</font> use the following methodology to determine an interval of LIP that has occurred over time:</font></div>

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<div align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Analysis of the frequency of regulatory and internal review: The review of the credit quality of customers results in loss <font style="DISPLAY: inline; TEXT-DECORATION: line-through">events</font> being identified. The more frequently the entity reviews the credit quality of its customers, the quicker <font style="DISPLAY: inline; TEXT-DECORATION: underline">losses</font> <font style="DISPLAY: inline; TEXT-DECORATION: line-through">loss events</font> are identified and therefore the lower is the resulting LIP (incurred but not reported losses decrease but &#8216;identified&#8217; incurred losses increase). By contrast, the less frequently the entity reviews the credit quality of its customers, the slower <font style="DISPLAY: inline; TEXT-DECORATION: underline">losses</font> <font style="DISPLAY: inline; TEXT-DECORATION: line-through">loss events</font> are identified and therefore the higher is the resulting LIP.</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
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<div align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Analysis of the correlation between macroeconomic factors and probability of default: The deterioration of certain macroeconomic factors can be considered as a loss event if it results in an increase in the credit risk of a portfolio. Analysis performed shows the existence of correlation between some macroeconomic <font style="DISPLAY: inline; TEXT-DECORATION: underline">indicators</font> <font style="DISPLAY: inline; TEXT-DECORATION: line-through">parameters</font> and the probability of default, with a time lag existing between changes in such parameters and changes in the default rate.<font style="DISPLAY: inline; TEXT-DECORATION: underline"> Our Economic Research Department (&#8220;BBVA Research&#8221;) analyses the correlation between macroeconomic indicators (mainly GDP and interest rates) and probability of default (PD) for our portfolios. The analysis includes PD available information by portfolio for the last 25 years. The purpose of the analysis is to evaluate the impact of macroeconomic indicators on the PD and identify the time lag between the deterioration of a macroeconomic indicator and the increase in PD. This time lag illustrates the time period between the loss event and the identification of the loss which leads to an individual provisioning.</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">&#160;</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">The research shows that changes in macroeconomic indicators, such as GDP and interest rates, result in variations in the PD of these portfolios within less than six months.</font></font></div>
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<div align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A<font style="DISPLAY: inline; TEXT-DECORATION: underline">n internal</font> benchmark of the LIPs<font style="DISPLAY: inline; TEXT-DECORATION: line-through"> identified in</font> <font style="DISPLAY: inline; TEXT-DECORATION: underline">used by</font> our European peers <font style="DISPLAY: inline; TEXT-DECORATION: underline">(based on 12 European banks from Belgium, Germany, Italy, the Netherlands and the United Kingdom)</font>: For corporate loans, 3-12 months; for retail loans, 2-9 months.</font></div>
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<div>&#160;</div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: -1.15pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The LIPs we use<font style="DISPLAY: inline; TEXT-DECORATION: underline">, which were determined in accordance with the methodology described above,</font> are set forth in the table below:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Portfolio</font></div>
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<td valign="middle" width="33%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid; BORDER-TOP: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Ranges of LIPs</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold; TEXT-DECORATION: underline"><font style="DISPLAY: inline">Weighted Average of LIPs Used as of December 31, 2012</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Sovereign and Public Institutions</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">12 months</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt; TEXT-DECORATION: underline"><font style="DISPLAY: inline">12 months</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Corporates</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">From 1 months to 18 months</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt; TEXT-DECORATION: underline"><font style="FONT-STYLE: italic; DISPLAY: inline">3 months</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">Large corporates</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">Others corporates</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt; TEXT-DECORATION: underline"><font style="DISPLAY: inline">9-10 months</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Retail</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt">From 2 months to 9 months</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 8pt; TEXT-DECORATION: underline"><font style="DISPLAY: inline">7-8 months</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: -1.15pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">At least once a year, we perform a backtesting analysis in order to assess the accuracy of our LIP estimates for the corporate portfolios. The backtesting involves assessing the evolution of our most significant impaired loans over a period of time, on a periodic basis, to identify the actual LIPs for each portfolio. In addition, with respect to all of our portfolios, we review the correlation between the evolution of macroeconomic indicators (mainly GDP and interest rates) and PD </font><font style="DISPLAY: inline; TEXT-DECORATION: underline">for such portfolios.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: -1.15pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">The allowance for loan losses for</font><font style="DISPLAY: inline; TEXT-DECORATION: underline"> loan portfolios of our U.S. subsidiaries (which represented approximately 9.1% of our consolidated loans and receivables as of December 31, 2012) </font><font style="DISPLAY: inline; TEXT-DECORATION: underline">is determined under U.S. GAAP. There is no significant difference between the allowance for loan losses accounting under ASC-310 and under IAS 39. The methodology followed by Compass (our bank subsidiary in the U.S.) for determining the allowance for loan losses is based on&#160;the average expected loss over the last five years. The calculation of expected losses is segmented by common portfolio characteristics such as product type, risk rating, bureau score, past due status, collateral type and loan to value. In the process of calculating the allowance for loan losses, Compass assigns a PD and an LGD for the different portfolios.&#160;The weighted average of the LIP&#160;used as of December 31, 2012 was one year, based on internal analysis of the management, following an approach that is consistent with that described above for our Spain and Mexico loan portfolios.&#8221;</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">20. </font><font style="DISPLAY: inline; TEXT-DECORATION: underline">I</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">nta</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">n</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">g</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">ib</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">l</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">e</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">a</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">ssets, p</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">a</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">g</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">e</font><font style="DISPLAY: inline; TEXT-DECORATION: underline"> F</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">-</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">120</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">20.1 Good</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">w</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">i</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">l</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">l, page</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">F</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">-</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">1</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">20</font></font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">4.</font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Refer to your response to prior comment 13. You state that you &#8220;use the economic capital assigned to your CGUs as a proxy for their carrying value although you compare it to the consolidated net book value of the assets and liabilities, including goodwill, if any, allocated to each CGU for purposes of determining whether goodwill is impaired.&#8221; Please address the following:</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Clarify the portion of your response where you indicate that you use economic capital as a proxy for the carrying value, but you compare it to the consolidated net book value of the assets and liabilities, including goodwill, allocated to each CGU for purposes of determining whether goodwill is impaired. Specifically, tell us why you would compare the carrying value based on economic capital to the consolidated net book value of the assets and liabilities of the CGU to determine whether goodwill is impaired, instead of comparing it to the recoverable amount, as required by paragraph 90 of IAS 36.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Clarify the sentence in your response where you state that you use the consolidated net book value of the assets and liabilities, including goodwill, allocated to each CGU for purposes of determining the amount to be recorded as impairment of goodwill in the income statement. Specifically, clarify whether you have separate assets and liabilities for each CGU, and if so, clarify why you would use economic capital as a proxy for the carrying value of the CGU. Consider providing an example to illustrate your methodology for measuring impairment.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Confirm that the economic capital allocated to Corporate represents the entire amount of economic capital that is not allocated to the CGUs. Additionally, clarify whether the sum of the economic capital amounts assigned to each CGU, plus the amount allocated to Corporate, reconciles to total shareholders&#8217; equity. If not, tell us why not and quantify any difference.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Given that you use economic capital as a proxy for the carrying value of your CGUs, tell us how you ensure that the recoverable amounts of the individual CGUs are only considering the assets and liabilities that are part of the carrying value of the individual CGUs (via the economic capital proxy calculation).</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="FONT-STYLE: italic; DISPLAY: inline; TEXT-DECORATION: underline">Response</font>:</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We respectfully advise the Staff that we have reviewed our response to the third bullet point of prior comment 13 in light of the Staff&#8217;s comment and we believe that the wording used in such response did not accurately describe our use of economic capital. In particular, we confirm to the Staff the following:</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">With respect to the first bullet point above, as indicated in Note 2.2.8 to our Consolidated Financial Statements, we confirm to the Staff that we compare the carrying value of the assets and liabilities, including goodwill, allocated to each CGU to the recoverable amount, as required by paragraph 90 of IAS 36, for purposes of determining whether goodwill is impaired.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">With respect to the second and fourth bullet points above, we confirm to the Staff that we use economic capital as a proxy for the carrying value of a CGU only when such CGU does not comprise a whole company or group of companies and therefore its carrying value is not easily derivable from the financial statements of the relevant company or group of companies, according to paragraph 76 of IAS 36. As of December 31, 2012, 2011 and 2010, the only CGUs which had these characteristics were the Retail Business (Eurozone) and the Wholesale Business (Eurozone) CGUs, comprising, respectively, our activities in retail and wholesale banking in Spain, Portugal and rest of Europe. Since goodwill allocated to these CGUs is not material (approximately &#8364;13 million as of December 31, 2012), impairment of the goodwill of these CGUs is not separately disclosed in the tables included in Note 20 to our Consolidated Financial Statements.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">With respect to the third bullet point above, we supplementally advise the Staff that the Corporate segment is not a CGU for purposes of determining goodwill impairment and no economic capital is allocated to such segment for these purposes. We further advise the Staff that the sum of the economic capital amounts assigned to each CGU&#160;is comparable to our capital consumption under solvency rules; therefore, we believe such amounts should&#160;be compared to our regulatory capital base (under Basel II) rather than to the total shareholders&#8217; equity<font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font>accounted for in the Consolidated Financial Statements. A reconciliation between our regulatory capital base (under Basel II) and the total shareholders&#8217; equity accounted for in the Consolidated Financial Statements will be included in </font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;Item 5. Operating and Financial Review and Prospects&#8212;Liquidity and Capital Resources&#8212;Capital&#8221;&#160;&#160;in our Annual Report on Form 20-F for the year ended December 31, 2012.</font></div>

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<div>
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">5.</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Refer to your response to prior comment 17. We note your response and your disclosures in Appendix VII beginning on page 210 of your Form 6-K furnished on February 19, 2013. Please revise future filings, either here or in Operating and Financial Review and Prospects, as appropriate, to address the following:</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</td>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline;" face="Wingdings">&#167;</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Provide proposed disclosure to address the second and third bullet points of our prior comment 17.</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline;" face="Wingdings">&#167;</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">If portfolios outside of Spain are excluded from this disclosure, provide this information for those portfolios as well.</font></div>
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<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline;" face="Wingdings">&#167;</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Discuss why your unsecured renegotiated loans appear to have a lower coverage ratio than your other types of renegotiated loans.</font></div>
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<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline;" face="Wingdings">&#167;</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">You state on page 211 that normal-risk renegotiated and restructured loans are classified as &#8220;special monitoring&#8221; until conditions established by Bank of Spain Circular 6/2012 are met. Disclose what these conditions are and if a significant amount of loans are reclassified out of the special monitoring category, quantify the amount reclassified for each period presented.</font></div>
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<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline;" face="Wingdings">&#167;</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">You disclose that 22% of the Other Companies portfolio of restructured and renegotiated loans are considered impaired due to subsequent default. Similarly, the renegotiated mortgage portfolio had a default rate of 22%. Disclose what the default rate is for your other restructured and renegotiated portfolios.</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline;" face="Wingdings">&#167;</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Discuss why such a significant portion of your renegotiations and refinances appear unsuccessful, whether you have made changes to your modification programs as a result, and if so, how.</font></div>
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<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline;" face="Wingdings">&#167;</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Discuss whether you provide any subsequent modifications for renegotiated or refinanced loans, or whether loans are only allowed to be renegotiated or refinanced once. If you provide multiple modifications, revise to disclose the following:</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</td>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">a.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Discuss whether the level of multiple modifications for loans is increasing or decreasing to give a better sense of the successfulness of your modification programs.</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">b.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Discuss how you are timely capturing all losses inherent in your loan portfolio in your allowance for loan losses. For example, discuss how you incorporate re- defaults on these loans in your probability of default assumptions and any qualitative adjustments you may make related to the risk of re-defaults.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Response</font>:</font></div>
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<div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: symbol, serif; FONT-WEIGHT: normal">&#183;</font></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Provide proposed disclosure to address the second and third bullet points of our prior comment 17.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: -1.15pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We acknowledge the Staff&#8217;s comment and we supplementally advise the Staff that, with respect to the second bullet point of prior comment 17, we will include disclosure similar to that included below (the underlined language will be added, updated as appropriate, in future 20-F filings, to the information included in Appendix XII of our Form 6-K furnished on February 19, 2013):</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: -1.45pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">&#8220;In addition to the refinancing and restructuring operations referred to in this section, we have modified loans that are not considered renegotiated or impaired based on the criteria in paragraph 59(c) in IAS 39. We concluded that these modified loans should not be classified as renegotiated or impaired because they were modified for commercial or competitive reasons (such as to improve our relationship with a customer) rather than for economic or legal reasons relating to the borrower&#8217;s financial circumstances&#8221;.</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: -1.15pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="BACKGROUND-COLOR: #ffffff; DISPLAY: inline">We further supplementally advise the Staff that, with respect to the third bullet point of prior comment 17, we </font><font style="BACKGROUND-COLOR: #ffffff; DISPLAY: inline">will provide disclosure similar to that included below in our response to the seventh bullet point of this comment, updated as appropriate, in future 20-F filings.</font></font></div>

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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: symbol, serif; FONT-WEIGHT: normal">&#183;</font></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">If portfolios outside of Spain are excluded from this disclosure, provide this information for those portfolios as well.</font></div>
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<div style="TEXT-ALIGN: right; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">8</font></div>

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<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: -1.15pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: -1.15pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We confirm to the Staff that the information set forth in Appendix XII of our Form 6-K furnished on February 19, 2013, includes loan portfolios outside of Spain.</font></div>

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<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: symbol, serif; FONT-WEIGHT: normal">&#183;</font></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Discuss why your unsecured renegotiated loans appear to have a lower coverage ratio than your other types of renegotiated loans.</font></div>
</td>
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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: -1.15pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We supplementally advise the Staff that, as of December 31, 2012, the only secured renegotiated loan portfolio which had a higher coverage ratio than our unsecured renegotiated loans was the real estate developer loan portfolio, which had a high coverage ratio due to the increase in provisions as a result of the deterioration of the real estate sector in Spain during 2012.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 446pt"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: -1.15pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We acknowledge the Staff&#8217;s comment and we further advise the Staff that we will include disclosure similar to that included below (the underlined language will be added, updated as appropriate, in future 20-F filings, to the information included in Appendix XII of our Form 6-K furnished on February 19, 2013):</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: -1.45pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;In 2012 the portfolio of loans to developers has been subject to high loan-loss provisions as a result of the deterioration of assets related to the real-estate sector in Spain. The coverage ratio of this portfolio is between 25% and 35% on average, depending on whether the risk is normal or substandard, and according to the type of guarantee. <font style="DISPLAY: inline; TEXT-DECORATION: underline">The coverage ratio of our real estate developers portfolio is higher than the coverage ratios for other renegotiated loan portfolios (including our unsecured loan portfolios) due to the increase in provisions as a result of the deterioration of the real estate sector in Spain during 2012.&#8221;</font></font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">You state on page 211 that normal-risk renegotiated and restructured loans are classified as &#8220;special monitoring&#8221; until conditions established by Bank of Spain Circular 6/2012 are met. Disclose what these conditions are and if a significant amount of loans are reclassified out of the special monitoring category, quantify the amount reclassified for each period presented.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: -1.15pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We acknowledge the Staff&#8217;s comment and we supplementally advise the Staff that we will include disclosure similar to that included below (the underlined language will be added, updated as appropriate, in future 20-F filings, to the information included in Appendix XII of our Form 6-K furnished on February 19, 2013):</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: -1.15pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">&#8220;The conditions established by the Bank of Spain&#8217;s Circular 6/2012 for &#8220;normal-risk assets with special monitoring&#8221; to be reclassified out of this special monitoring category are as follows:</font></font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1)</font></div>
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<div style="TEXT-ALIGN: justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">The customer must have paid past-due amounts (principal and interest) since the date of the renegotiation or restructuring of the operation;</font></font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2)</font></div>
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<div style="TEXT-ALIGN: justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">At least two years must have elapsed since the renegotiation or restructuring of the operation;</font></font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3)</font></div>
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<div style="TEXT-ALIGN: justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">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 operation; and</font></font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4)</font></div>
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<td style="TEXT-ALIGN: justify">
<div style="TEXT-ALIGN: justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">It is unlikely that the borrower will have financial difficulties and, therefore, it is expected that the borrower will be able to meet its debt payment obligations (principal and interest) in a timely manner.</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 45pt; MARGIN-RIGHT: -1.15pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">During 2012, no loans were reclassified out of this special monitoring category.&#8221;</font></font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: symbol, serif; FONT-WEIGHT: normal">&#183;</font></font></div>
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<div style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">You disclose that 22% of the Other Companies portfolio of restructured and renegotiated loans are considered impaired due to subsequent default. Similarly, the renegotiated mortgage portfolio had a default rate of 22%. Disclose what the default rate is for your other restructured and renegotiated portfolios.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: -1.15pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We respectfully advise the Staff that, while we believe that the information necessary to calculate the default rates for each loan portfolio is presented in Appendix XII of our Form 6-K furnished on February 19, 2013, we will</font></div>

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<div style="TEXT-ALIGN: right; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">9</font></div>

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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><img src="logo.jpg"></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: -1.15pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: -1.15pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">include disclosure similar to that included below (the underlined language will be added, updated as appropriate, in future 20-F filings, to the information included in Appendix XII of our Form 6-K furnished on February 19, 2013):</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: -1.15pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">&#8220;As of December 31, 2012, the default rate or non-performing loan (NPL) ratio for each of the renegotiated loan portfolios was as follows:</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -1.15pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold; TEXT-DECORATION: underline"><font style="DISPLAY: inline">DEFAULT RATE OR NON-PERFORMING LOAN (NPL) RATIO(*)</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -1.15pt" align="center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-DECORATION: underline"><font style="DISPLAY: inline">As of December 31, 2012</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -1.15pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-DECORATION: underline"><font style="DISPLAY: inline">Government agencies</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -1.15pt" align="center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-DECORATION: underline"><font style="DISPLAY: inline">2%</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -1.15pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-DECORATION: underline"><font style="DISPLAY: inline">Other legal entities and individual entrepreneurs</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -1.15pt" align="center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-DECORATION: underline"><font style="DISPLAY: inline">35%</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: -1.45pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-DECORATION: underline"><font style="DISPLAY: inline">Of which: Financing the construction and property development</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -1.15pt" align="center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-DECORATION: underline"><font style="DISPLAY: inline">50%</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -1.15pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-DECORATION: underline"><font style="DISPLAY: inline">Other individuals</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -1.15pt" align="center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-DECORATION: underline"><font style="DISPLAY: inline">24%</font></font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: -1.15pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 8pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">(*) The default rate or non-performing loan ratio for a renegotiated loan portfolio is defined as the outstanding amount of the impaired renegotiated loans in such portfolio at the reporting date divided by the total outstanding amount of the renegotiated loans in such portfolio at such date.&#8221;</font></font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: symbol, serif; FONT-WEIGHT: normal">&#183;</font></font></div>
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<div style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Discuss why such a significant portion of your renegotiations and refinances appear unsuccessful, whether you have made changes to your modification programs as a result, and if so, how.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: -1.15pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We respectfully advise the Staff that we believe that the results of our refinancing and restructuring policy are acceptable considering the economic deterioration of some of the regions where we operate, including Spain. Accordingly, we have not made significant changes to our modification programs as a result of existing default rates.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: -1.15pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In arriving to the conclusion stated above, we have considered the evolution of the loans renegotiated in 2008 and 2009 of our &#8220;Other companies&#8221; (comprised of those loans to &#8220;Other legal entities and individual entrepreneurs&#8221; that are not &#8220;Financing the construction and property development&#8221; loans in the table above) and &#8220;Residential mortgage&#8221; (comprised of the secured loans in our &#8220;Other individuals&#8221; portfolio). We believe that these loans may be used as a benchmark for loans in the remainder of each respective portfolio. With respect to our &#8220;Other companies&#8221; portfolio, for purposes of our evaluation we further segmented it into the following two sub-categories with distinct characteristics from a risk perspective: (i) loans to large corporations (which represented approximately 15% of the non-impaired portfolio as of December 31, 2012), which are typically refinanced due to temporary cash-flow tensions and thus have a low non-performing loan ratio, and (ii) other corporate loans (which represented approximately 85% of the non-impaired portfolio as of December 31, 2012), which relate mainly to non-real estate mid-sized businesses, many of which are going through industrial restructuring processes that contemplate cost adjustment measures and/or divestment plans with the objective of generating cash to assist the deleveraging process. Of all the loans refinanced in 2008 and 2009 of our &#8220;Other companies&#8221; portfolio, as of December 31, 2012, 37% had been repaid, 22% had been defaulted upon and the rest continued to perform (although 16% of them were classified as subjectively impaired as a precautionary measure).</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: -1.15pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">With respect to our &#8220;Residential mortgage&#8221; portfolio, since mortgage loans have long maturities, we believe that the relevant indicator to assess their evolution is not the level of repayment (which for mortgage loans renegotiated in 2008 and 2009 is typically negligible) but whether payments of capital plus interest thereunder are being made with normality. Of all the loans refinanced in 2008 and 2009 of our &#8220;Residential mortgage&#8221; portfolio, as of December 31, 2012, 16% had been defaulted upon, while capital and interest had been paid with normality with respect to approximately 80% of the loans.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: -1.15pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As stated above, we believe that the evolution of our &#8220;Other companies&#8221; and &#8220;Residential mortgage&#8221; portfolios supports our conclusion that our modification programs are currently adequate.</font></div>

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<div style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Discuss whether you provide any subsequent modifications for renegotiated or refinanced loans, or whether loans are only allowed to be renegotiated or refinanced once. If you provide multiple modifications, revise to disclose the following:</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Discuss whether the level of multiple modifications for loans is increasing or decreasing to give a better sense of the successfulness of your modification programs.</font></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Discuss how you are timely capturing all losses inherent in your loan portfolio in your allowance for loan losses. For example, discuss how you incorporate re- defaults on these loans in your probability of default assumptions and any qualitative adjustments you may make related to the risk of re-default</font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We acknowledge the Staff&#8217;s comment and we supplementally advise the Staff that we will include disclosure similar to that included below (the underlined language will be added, updated as appropriate, in future 20-F filings, to the information included in Appendix XII of our Form 6-K furnished on February 19, 2013):</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: -1.45pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">&#8220;The BBVA Group&#8217;s refinancing/restructuring policy provides for the possibility of multiple modifications, which shall be approved on an individual basis based on the risk profile of the relevant customer and its degree of compliance with the prior payment calendar.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: -1.45pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Since 2009, the number of loans that have been modified two or more times has increased as a result of the deterioration of the economic conditions, mainly in Spain. As of December 31, 2012, the non-performing loan ratio of loans that had been modified two or more times was substantially the same as the non-performing loan ratio of loans that had been modified only once.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: -1.45pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">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).&#8221;</font></font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Refer to your response to prior comment 19, and please revise your disclosure on page A-35 in future filings to include the measurement methodology for your gross value and impairment losses similar to the definitions for those measures that you included in your response.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Response</font>:</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -1.15pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We acknowledge the Staff&#8217;s comment and we supplementally advise the Staff that we will include disclosure similar to that included below (the stricken language will be deleted from and the underlined language will be added to our disclosure), updated as appropriate, in future 20-F filings:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;The breakdown of foreclosed, acquired, purchased or exchanged assets <font style="DISPLAY: inline; TEXT-DECORATION: line-through">from</font> <font style="DISPLAY: inline; TEXT-DECORATION: underline">for</font> debt from loans relating to <font style="DISPLAY: inline; TEXT-DECORATION: underline">the Group&#8217;s</font> business in Spain, as well as the holdings<font style="DISPLAY: inline; TEXT-DECORATION: underline"> in</font> and financing to non-consolidated companies holding such assets is as follows:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Information about assets received in payment of debts (Business in Spain)</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #ffffff; FONT-SIZE: 8pt; FONT-WEIGHT: bold; TEXT-DECORATION: underline"><font style="DISPLAY: inline">Adjustments</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #ffffff; FONT-SIZE: 8pt; FONT-WEIGHT: bold; TEXT-DECORATION: underline"><font style="DISPLAY: inline">(2)</font></font></div>
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<td valign="middle" width="9%" bgcolor="#b5e5f9" style="BORDER-BOTTOM: white 1px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Gross</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Value<font style="DISPLAY: inline; TEXT-DECORATION: underline">(1)</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">Provisions</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold; TEXT-DECORATION: underline"><font style="DISPLAY: inline">Valuation</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold; TEXT-DECORATION: underline"><font style="DISPLAY: inline">Adjustments</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold; TEXT-DECORATION: underline"><font style="DISPLAY: inline">(2)</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Carrying</font></div>

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<td align="left" valign="middle" width="45%" style="BORDER-LEFT: #969696 1pt solid"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160;</font></td>
<td align="right" valign="bottom" width="9%" style="BORDER-LEFT: #b5e5f9 0.5pt solid"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="9%" style="BORDER-RIGHT: #969696 1pt solid"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td align="left" valign="middle" width="45%" style="BORDER-BOTTOM: black 1px dotted; BORDER-LEFT: #969696 1pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Real estate assets from loans to the construction and real estate development sectors in Spain.</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1px dotted"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted; BORDER-LEFT: #b5e5f9 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">8,894</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">4,893</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">4,001</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">5,101</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">1,740</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted; BORDER-RIGHT: #969696 1pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">3,361</font></div>
</td>
</tr><tr>
<td align="left" valign="middle" width="45%" style="BORDER-LEFT: #969696 1pt solid"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160;</font></td>
<td align="right" valign="bottom" width="9%" style="BORDER-LEFT: #b5e5f9 0.5pt solid"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="9%" style="BORDER-RIGHT: #969696 1pt solid"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="45%" style="BORDER-BOTTOM: black 1px dotted; BORDER-LEFT: #969696 1pt solid; PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">Terminated </font><font style="DISPLAY: inline"><font style="TEXT-DECORATION: underline">Completed</font> </font>buildings</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1px dotted; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted; BORDER-LEFT: #b5e5f9 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">3,021</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">1,273</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">1,748</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">1,709</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">487</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted; BORDER-RIGHT: #969696 1pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">1,222</font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="45%" style="BORDER-BOTTOM: black 1px dotted; BORDER-LEFT: #969696 1pt solid">
<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">Homes</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1px dotted"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted; BORDER-LEFT: #b5e5f9 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">2,146</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">877</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">1,269</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">1,227</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">333</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted; BORDER-RIGHT: #969696 1pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">894</font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="45%" style="BORDER-BOTTOM: black 1px dotted; BORDER-LEFT: #969696 1pt solid">
<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">Other</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1px dotted"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted; BORDER-LEFT: #b5e5f9 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">875</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">396</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">479</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">482</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">154</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted; BORDER-RIGHT: #969696 1pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">328</font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="45%" style="BORDER-BOTTOM: black 1px dotted; BORDER-LEFT: #969696 1pt solid">
<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">Buildings under construction</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1px dotted"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted; BORDER-LEFT: #b5e5f9 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">908</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">528</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">380</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">360</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">115</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted; BORDER-RIGHT: #969696 1pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">245</font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="45%" style="BORDER-BOTTOM: black 1px dotted; BORDER-LEFT: #969696 1pt solid">
<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">Homes</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1px dotted"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted; BORDER-LEFT: #b5e5f9 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">881</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">512</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">369</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">357</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">114</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted; BORDER-RIGHT: #969696 1pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">243</font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="45%" style="BORDER-BOTTOM: black 1px dotted; BORDER-LEFT: #969696 1pt solid">
<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">Other</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1px dotted"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted; BORDER-LEFT: #b5e5f9 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">27</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">16</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">11</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">3</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">1</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted; BORDER-RIGHT: #969696 1pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">2</font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="45%" style="BORDER-BOTTOM: black 1px dotted; BORDER-LEFT: #969696 1pt solid">
<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">Land</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1px dotted"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted; BORDER-LEFT: #b5e5f9 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">4,965</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">3,092</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">1,873</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">3,032</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">1,138</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted; BORDER-RIGHT: #969696 1pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">1,894</font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="45%" style="BORDER-BOTTOM: black 1px dotted; BORDER-LEFT: #969696 1pt solid">
<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">Urbanized land</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1px dotted"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted; BORDER-LEFT: #b5e5f9 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">3,247</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">2,048</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">1,199</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">1,561</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">570</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted; BORDER-RIGHT: #969696 1pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">991</font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="45%" style="BORDER-BOTTOM: black 1px dotted; BORDER-LEFT: #969696 1pt solid">
<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">Rest of land</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1px dotted"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted; BORDER-LEFT: #b5e5f9 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">1,718</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">1,044</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">674</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">1,471</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">568</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted; BORDER-RIGHT: #969696 1pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">903</font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="45%" style="BORDER-LEFT: #969696 1pt solid"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160;</font></td>
<td align="right" valign="bottom" width="9%" style="BORDER-LEFT: #b5e5f9 0.5pt solid"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="9%" style="BORDER-RIGHT: #969696 1pt solid"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="45%" style="BORDER-BOTTOM: black 1px dotted; BORDER-LEFT: #969696 1pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Real estate assets from mortgage financing for households for the purchase of a home</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1px dotted"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted; BORDER-LEFT: #b5e5f9 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2,512</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">1,020</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">1,492</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">1,509</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">401</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted; BORDER-RIGHT: #969696 1pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">1,108</font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="45%" style="BORDER-LEFT: #969696 1pt solid; PADDING-BOTTOM: 2px"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160;</font></td>
<td align="right" valign="bottom" width="9%" style="BORDER-LEFT: #b5e5f9 0.5pt solid"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="9%" style="BORDER-RIGHT: #969696 1pt solid"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="45%" style="BORDER-BOTTOM: black 1px dotted; BORDER-LEFT: #969696 1pt solid; PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Rest of real estate assets <font style="DISPLAY: inline; TEXT-DECORATION: underline">received in payment of debts</font></font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1px dotted; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted; BORDER-LEFT: #b5e5f9 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">653</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">273</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">380</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">403</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">167</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted; BORDER-RIGHT: #969696 1pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">236</font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="45%" style="BORDER-LEFT: #969696 1pt solid"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160;</font></td>
<td align="right" valign="bottom" width="9%" style="BORDER-LEFT: #b5e5f9 0.5pt solid"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="9%" style="BORDER-RIGHT: #969696 1pt solid"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="45%" style="BORDER-BOTTOM: black 1px dotted; BORDER-LEFT: #969696 1pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Equity instruments, investments and financing to non-consolidated companies holding said assets</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1px dotted"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted; BORDER-LEFT: #b5e5f9 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">702</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">383</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">319</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">701</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">287</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1px dotted; BORDER-RIGHT: #969696 1pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">414</font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="45%" style="BORDER-LEFT: #969696 1pt solid"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160;</font></td>
<td align="right" valign="bottom" width="9%" style="BORDER-LEFT: #b5e5f9 0.5pt solid"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="9%" style="BORDER-RIGHT: #969696 1pt solid"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="45%" style="BORDER-LEFT: #969696 1pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Total</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td align="right" valign="bottom" width="9%" style="BORDER-LEFT: #b5e5f9 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">12,761</font></div>
</td>
<td align="right" valign="bottom" width="9%">
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
