<SEC-DOCUMENT>0001193125-15-104860.txt : 20150325
<SEC-HEADER>0001193125-15-104860.hdr.sgml : 20150325
<ACCEPTANCE-DATETIME>20150325150752
ACCESSION NUMBER:		0001193125-15-104860
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20150325
FILED AS OF DATE:		20150325
DATE AS OF CHANGE:		20150325

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:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10110
		FILM NUMBER:		15724484

	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>6-K
<SEQUENCE>1
<FILENAME>d897853d6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML><HEAD>
<TITLE>FORM 6-K</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM 6-K
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>REPORT OF FOREIGN ISSUER </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PURSUANT TO RULE 13a-16 OR 15d-16 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>UNDER THE SECURITIES EXCHANGE ACT OF 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the month of March, 2015 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Commission file number: 1-10110 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>BANCO BILBAO
VIZCAYA ARGENTARIA, S.A. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of Registrant as specified in its charter) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>BANK BILBAO VIZCAYA ARGENTARIA, S.A. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Translation of Registrant&#146;s name into English) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Paseo de la
Castellana, 81 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>28046 Madrid </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Spain </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of
principal executive offices) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Form
20-F&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#120;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form 40-F&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Yes&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;
&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#120;</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(7): </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Yes&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;
&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#120;</FONT> </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Banco Bilbao Vizcaya Argentaria, S.A.</B> (BBVA), in compliance with the Securities Market legislation, hereby
communicates the following: </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>RELEVANT EVENT </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BBVA hereby communicates information relating to the free-of-charge capital increase resolved by the Ordinary General Meeting of BBVA shareholders held on
March&nbsp;13<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>, 2015, under agenda item fourth, section 4.1, by which a system of flexible shareholder remuneration called &#147;Dividend Option&#148; is to be instrumented. Accompanying this
relevant event notice is an information document describing the free-of-charge capital increase for purposes of article 26.1.e) of Royal Decree 1310/2005, of 4<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>&nbsp;November, which partially
develops Act 24/1988, of 28<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>&nbsp;July, on the Securities Exchange, with respect to the admission of securities for trading on regulated secondary markets, public bids of sale or subscription and
the offering circular required for such purposes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Madrid, 25<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>&nbsp;March, 2015 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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 <P>&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g897853g82z76.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INFORMATION DOCUMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FREE-OF-CHARGE CAPITAL INCREASE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BANCO BILBAO VIZCAYA ARGENTARIA, S.A. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">25th&nbsp;March, 2015 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">THIS DOCUMENT HAS BEEN
PREPARED IN ACCORDANCE WITH ARTICLE 26.1.E) OF ROYAL DECREE 1310/2005, OF 4<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> NOVEMBER, WHICH PARTIALLY DEVELOPS ACT 24/1988, OF 28<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> JULY, ON
THE SECURITIES EXCHANGE, WITH RESPECT TO THE ADMISSION OF SECURITIES FOR TRADING ON REGULATED SECONDARY MARKETS, PUBLIC BIDS OF SALE OR SUBSCRIPTION AND THE OFFERING CIRCULAR REQUIRED FOR SUCH PURPOSES. </P>

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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>INTRODUCTION </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Ordinary General shareholders&#146; Meeting of Banco Bilbao Vizcaya Argentaria, S.A.
(&#147;<B>BBVA</B>&#148; or the &#147;<B>Bank</B>&#148;) held on 13<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>&nbsp;March, 2015 resolved, under item 4.1 of the fourth point of its agenda, to increase the share capital of BBVA, to be
charged against voluntary reserves, in accordance with the terms and conditions set out in the resolution (the &#147;<B>Capital Increase</B>&#148;), delegating the execution of the Capital Increase to the Board of Directors of BBVA pursuant to
article 297.1.a) of Royal Legislative Decree 1/2010, of 2<SUP STYLE="font-size:85%; vertical-align:top">nd</SUP>&nbsp;July, by means of which the consolidated Spanish Capital Corporations Law was passed (the &#147;<B>Spanish Capital Corporations
Law</B>&#148;), and to article 30. c) of BBVA Bylaws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This information document (the &#147;<B>Information Document</B>&#148;) has been issued in
accordance with article 26.1.e) of Royal Decree 1310/2005, of 4<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>&nbsp;November, which partially develops Act 24/1988, of 28<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>&nbsp;July, on
the Securities Exchange, with respect to the admission of securities for trading on regulated secondary markets, public bids of sale or subscription and the offering circular required for such purposes, which provides that the preparation and
publication of a prospectus related to the admission to listing of the shares issued as a consequence of the execution of a free-of-charge capital increase will not be necessary provided that &#147;a document is made available containing information
on the number and nature of the shares and the reasons for and details of the offer&#148;. This Information Document is available on the Spanish National Securities Market Commission&#146;s website (<U>www.cnmv.es</U>) and on the Bank&#146;s website
(<U>www.bbva.com</U>). </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>PURPOSE OF THE CAPITAL INCREASE </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Capital Increase serves as an instrument for the implementation of
the shareholder remuneration program named &#147;Dividend Option&#148;, which offers BBVA shareholders the opportunity to elect to receive their remuneration in ordinary newly-issued BBVA shares or in cash at their choice. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Dividend Option pursues the optimization and customization of the shareholder&#146;s remuneration scheme, and therefore the shareholders benefit from more
flexibility, since they will be able to adapt their remuneration to their preferences and personal situation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Dividend Option program works as
follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Upon the implementation of the Capital Increase, each shareholder will receive a right of free allocation for each BBVA share held at the record
date. These rights will be listed on the Spanish Stock Exchanges during a sixteen calendar day period. Once this period has elapsed, the rights will be automatically converted into ordinary newly-issued BBVA shares. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Under the Dividend Option program, each shareholder may opt from among the following alternatives:<SUP
STYLE="font-size:85%; vertical-align:top">1</SUP> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top">Receive ordinary newly issued BBVA shares. In this case, the shareholder will receive free-of-charge the number of new shares corresponding to the number of rights of free allocation held. The delivery of such shares
will not be subject to Spanish withholding tax. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top">Receive their remuneration in cash. To this end, BBVA will assume an irrevocable undertaking to acquire the rights of free allocation for a guaranteed fixed price which may be executed until 9<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP>&nbsp;April, 2015. This option is granted exclusively to the shareholders of BBVA who have such condition at the time the rights of free allocation are assigned (which is expected to occur at 23:59
Madrid (Spain) time on 27<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>&nbsp;March, 2015) and only in connection with the rights of free allocation which are originally assigned to them at such time; accordingly, this option will not be
available in respect of any right of free allocation acquired through a market purchase. This option will be subject to the same tax treatment as dividends distributed directly in cash and, therefore, the amount to be paid to the shareholders will
be subject to a 20% withholding tax. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top">Receive a cash payment through the selling of their rights on the market. Given that the rights will be listed, shareholders may opt to sell them on the market at any time during the trading period, which is expected to
take place from 30<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>&nbsp;March to 14<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>&nbsp;April, 2015, at the prevailing market price rather than at the guaranteed fixed price offered by
BBVA pursuant to its acquisition undertaking. The proceeds obtained from the market sale will not be subject to withholding tax. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Additionally, shareholders will be able to combine the above mentioned alternatives in view of their preferences. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Shareholders who do not make a timely election will receive the number of new BBVA shares corresponding to them. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>3.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>DETAILS OF THE OFFER </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>3.1. Number of shares to be issued and number of rights necessary </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BBVA&#146;s Board of Directors, at its 25<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>&nbsp;March, 2015 meeting, approved the execution of the
Capital Increase in accordance with the terms approved by the Ordinary General Meeting of BBVA shareholders held on 13<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>&nbsp;March, 2015, under item 4.1 of the fourth point of the agenda. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the formulas provided for in the resolution of the Ordinary General Meeting of BBVA shareholders, the Board of Directors of the Bank has
established the terms of the Capital Increase as follows: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Special arrangements apply to BBVA shareholders who hold their shares in the form of ADSs/ADRs. Please see section 5. </TD></TR></TABLE>

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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top">The maximum number of new ordinary shares to be issued (the &#147;<B>New Shares</B>&#148;) will be 88,927,484. Accordingly, the maximum aggregate nominal value of the Capital Increase will be &#128; 43,574,467.16, which
is the product of multiplying the maximum number of New Shares 88,927,484 by the nominal value of &#128; 0.49&nbsp;per New Share. </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The maximum number of New Shares to be issued is the result of applying the formulas provided for in the applicable resolution adopted by the
Ordinary General Meeting of BBVA shareholders, considering that the number of old shares outstanding is 6,224,923,938 (&#147;<B>NOS</B>&#148;), that the reference market value is &#128; 830,000,000 (&#147;<B>RMV</B>&#148;) and that the reference
price is &#128; 9.258 (<B>&#147;reference price</B>&#148; or &#147;<B>RP</B>&#148;).<SUP STYLE="font-size:85%; vertical-align:top">2</SUP> On this basis, the number of rights to be assigned (&#147;<B>rights to be assigned</B>&#148; or
&#147;<B>NAR</B>&#148;) is 70, in accordance with the formula indicated in the referred resolution (rounded up to the next whole number): </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">NAR = RP x NOS / RMV = 9.258 x 6,224,923,938 / 830,000,000 = 70 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Thus, the maximum number of New Shares to be issued is 88,927,484, in accordance with the formula established by the Ordinary General Meeting
of BBVA shareholders (rounded down to the next whole number): </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">New Shares = NOS / NAR = 6,224,923,938 / 70 = 88,927,484 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding this, the final number of New Shares and the final nominal value of the Capital Increase will depend on the number of rights
of free allocation acquired by the Bank pursuant to its undertaking to acquire the rights of free allocation. BBVA will waive the rights of free allocation acquired pursuant to such undertaking and only those New Shares corresponding to the rights
of free allocation which have not been acquired by BBVA pursuant to its undertaking will be issued. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The New Shares will be issued at their
nominal value of forty-nine euro cents (&#128; 0.49)&nbsp;per New Share, without issuance premium. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top">The number of rights of free allocation (NAR) necessary to receive one New Share is 70. </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">BBVA
shareholders who appear as such in the book-entry registries of Sociedad de Gesti&oacute;n de los Sistemas de Registro, Compensaci&oacute;n y Liquidaci&oacute;n de Valores, S.A. Unipersonal (&#147;<B>Iberclear</B>&#148;) at 23:59 Madrid (Spain) time
on the day of publication of the announcement of the Capital Increase in the Official Bulletin of the Commercial Registry (&#147;<I>Bolet&iacute;n Oficial del Registro Mercantil</I>&#148;) (envisaged for 27<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP>&nbsp;March, 2015) will receive a right of free allocation for each BBVA share held at that time. Consequently, such shareholders will have a right to receive one New Share for each 70 shares held by
them on such date. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">2</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The Reference Price corresponds to the arithmetic mean of the average weighted price of BBVA shares traded on the Spanish SIBE electronic trading platform over the five (5)&nbsp;trading days prior to 25<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP>&nbsp;March, 2015, the date that BBVA&#146;s Board of Directors resolved to execute the Capital Increase, rounded off to the nearest one-thousandth of a euro and, in the event of a half of
one-thousandth of a euro, this will rounded up to the nearest one-thousandth. </TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">To ensure that all the rights of free allocation are effectively exercisable and that the number
of New Shares to be issued is a whole number, BBVA has renounced 58 rights corresponding to 58 shares held as treasury stock shares. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>3.2. Definitive
price of the undertaking to acquire the rights of free allocation </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The gross price at which BBVA undertakes to acquire each right of free allocation is
&#128; 0.13&nbsp;per right, in accordance with the formula included in the resolution adopted by the Ordinary General Meeting of BBVA shareholders (rounded off to the closest one-thousandth of a euro and, in the event of a half of a thousandth of a
euro, by rounding up to the next whole thousandth): </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Purchase price = RP / (NAR +1) = 9.258 / (70+ 1) = &#128; 0.13 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Accordingly, shareholders who wish to receive their remuneration in cash may sell their rights of free allocation to BBVA at a gross guaranteed fixed price of
&#128; 0.13&nbsp;per right. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BBVA&#146;s undertaking to acquire rights of free allocation at this fixed price will be in effect until 9<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP>&nbsp;April, 2015.<SUP STYLE="font-size:85%; vertical-align:top">3</SUP> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>3.3. Calendar </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The expected calendar<SUP STYLE="font-size:85%; vertical-align:top">4</SUP> for the execution of the Capital Increase is the following: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">27<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>&nbsp;March, 2015 (23:59 Madrid (Spain) time): Record date for allocation of rights. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">30<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>&nbsp;March, 2015: Rights trading period begins in Spain. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">9<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>&nbsp;April, 2015: Deadline for exercising the undertaking to acquire the rights of free allocation assumed by BBVA on the terms set forth above.
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">14<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>&nbsp;April, 2015: Rights trading period ends. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">17<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>&nbsp;April, 2015: Date of payment to shareholders who have exercised the undertaking to acquire rights assumed by BBVA. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">23<SUP STYLE="font-size:85%; vertical-align:top">rd</SUP>&nbsp;April, 2015: New Shares allocated to shareholders. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">24<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>&nbsp;April, 2015: Initiation of ordinary trading of the New Shares on the Spanish Stock Exchanges<SUP STYLE="font-size:85%; vertical-align:top">5</SUP>, subject
to obtaining all necessary authorizations. </TD></TR></TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">3</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Special arrangements apply to BBVA shareholders who hold their shares in the form of ADSs/ADRs. Please see section 5. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">4</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">This schedule is tentative and the relevant items may be modified or may vary on the overseas exchanges on which BBVA shares, ADSs or ADRs are traded. Please see section 5. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">5</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">We will also seek admission to trading in the foreign stock exchanges where BBVA shares, ADRs or ADSs are currently listed. </TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>3.4. Assignment of rights and procedure to opt for cash or for New Shares </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The rights of free allocation will be assigned to the shareholders of BBVA who appear as such in the book-entry registries of Iberclear at 23:59 Madrid (Spain)
time on the day of publication of the announcement of the Capital Increase in the Official Bulletin of the Commercial Registry (&#147;<I>Bolet&iacute;n Oficial del Registro Mercantil</I>&#148;) (envisaged for 27<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP>&nbsp;March, 2015). The trading period of the rights will begin on the next trading day and will have a term of sixteen calendar days (envisaged from
30<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>&nbsp;March to 14<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>&nbsp;April, 2015, both inclusive). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">During the trading period of the rights, the shareholders may opt to receive cash or New Shares on the terms explained above, as well as for acquiring in the
market rights of free allocation sufficient and in the necessary proportion to subscribe for New Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">However, those shareholders who wish to exercise
the undertaking to acquire rights assumed by BBVA and receive cash at the guaranteed fixed price will need to communicate their decision no later than 9<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>&nbsp;April, 2015. This option is granted
exclusively to the shareholders of BBVA who have such condition at the time the rights of free allocation are assigned (which is expected to occur at 23:59 Madrid (Spain) time on 27<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>&nbsp;March,
2015) and only in connection with the rights of free allocation which are originally assigned to them at such time; accordingly, this option will not be available in respect of any right of free allocation acquired through a market purchase. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In the absence of a timely express communication of such decision, shareholders will receive New Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To choose among the alternatives offered by the &#147;Dividend Option&#148; program, shareholders will have to contact the entities where their BBVA shares
and corresponding rights of free allocation are deposited. Specifically: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"><U>Shareholders whose shares are deposited at BBVA Group entities</U>: Shareholders who wish to give instructions will have to give the relevant order. In the absence of an express communication, shareholders will
receive New Shares and, if applicable, the proceeds of the liquidation in the market of any rights of free allocation not-exercisable into a whole New Share. </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">BBVA shall not charge any fees or costs to those shareholders who opt to receive cash at the guaranteed fixed price or to receive their
corresponding New Shares. In case of sale of the rights on the market, BBVA shall charge the usual fees or costs pursuant to the applicable regulations. </P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"><U>Shareholders whose shares are deposited with other entities</U>: These shareholders will have to contact the entity where their shares and rights are deposited to notify them their decision. </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The depository entities may charge shareholders fees or costs related to the assignment of New Shares or the sale of rights pursuant to the
applicable regulations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Capital Increase is carried out free of fees and costs for shareholders in connection with the assignment of the New Shares,
with the Bank assuming the costs for the issue, subscription, placing on the market, admission to listing and other related costs. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>4.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>NATURE OF THE NEW SHARES TO BE ISSUED </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>4.1. Par value, issue price and representation of the New
Shares </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The New Shares to be issued in the Capital Increase will be ordinary shares with a par value of &#128; 0.49 each, of the same class and series
and with the same rights as those currently outstanding. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The New Shares will be issued at an issue price of &#128; 0.49, which is, without issuance
premium, and will be represented in book-entry form, the records of which will be kept by Iberclear and its participant entities. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>4.2. Reserves to
which the New Shares will be charged and balance sheet used for the Capital Increase </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Capital Increase is free of charge and, therefore, does not
require any payment from the shareholders. The Capital Increase will be wholly charged against the freely distributable reserve named voluntary reserves, derived from retained earnings, which amounted to &#128; 6,783,835,974.33 as of 31<SUP
STYLE="font-size:85%; vertical-align:top">st</SUP>&nbsp;December, 2014. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The balance sheet used for purposes of the Capital Increase is that corresponding
to 31<SUP STYLE="font-size:85%; vertical-align:top">st</SUP>&nbsp;December, 2014, duly audited by Deloitte, S.L. as of 4<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>&nbsp;February, 2015 and approved by the Ordinary General Meeting of BBVA
shareholders on 13<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>&nbsp;March, 2015 under the first item of its agenda. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>4.3. Shares in deposit
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Following the end of the trading period of the rights of free allocation, the New Shares that have not been capable of being assigned due to causes
not attributable to BBVA will be kept in deposit and available to whomever evidences lawful ownership of the relevant rights of free allocation. </P>

<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Three years after the end of the rights of free allocation trading period, the shares still pending to be
allotted may be sold at the risk and expense of the interested parties in accordance with article 117 of the Spanish Capital Corporations Law. The net proceeds of the sale will be deposited in the Bank of Spain or in the General Deposit Bank
(<I>Caja General de Dep&oacute;sitos</I>) at the disposal of the interested parties. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>4.4. Rights of the New Shares </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The New Shares will confer economic rights upon their holders from the date on which the New Shares are registered in the accounting records of Iberclear, and
the right to participate in the distribution of the assets resulting from the liquidation of the Bank. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>4.5. Admission to listing </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Bank will apply for the listing of the New Shares on the Madrid, Barcelona, Bilbao and Valencia Stock Exchanges through the Spanish SIBE electronic trading
platform (<I>Sistema de Interconexi&oacute;n Burs&aacute;til Espa&ntilde;ol)</I>, and shall take the steps and actions that may be necessary with the competent bodies of the foreign Stock Exchanges on which BBVA shares are traded (currently London
and Mexico, and through ADSs (American Depositary Shares), on the New York Stock Exchange, as well as on the Lima Stock Exchange, by virtue of the agreement among such exchanges) in order for the New Shares issued under the Capital Increase to be
admitted to trading on those exchanges. Subject to the granting of the relevant authorizations, it is expected that the ordinary trading of the New Shares on the Spanish Stock Exchanges will begin on
24<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>&nbsp;April, 2015. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>4.6 Tax matters </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In general, the applicable tax regime in Spain for shareholders is as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For tax purposes, the vesting of the New Shares will be deemed to be the vesting of free-of-charge shares and, consequently, will not be considered as income
for the purpose of Spanish personal income tax (&#147;<B>IRPF</B>&#148;), for corporate income tax (&#147;<B>IS</B>&#148;) or for non-residents income tax (&#147;<B>IRNR</B>&#148;), whether or not acting through a permanent establishment in Spain.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The acquisition value of New Shares received as a consequence of the Capital Increase and of the shares from which they originate will be the total cost
divided by the corresponding number of shares, including both old and newly issued shares. The seniority of such free-of-charge shares will be the same as the shares from which they originate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If shareholders sell their rights of free allocation on the market, the amount obtained from the transfer of such rights will, in general, be subject to the
following taxes: </P>

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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">In the case of IRPF and IRNR and if the transaction is carried out without a permanent establishment, the amount obtained from the transfer of rights of free allocation on the market will receive the same tax treatment
as pre-emptive subscription rights. Consequently, for tax purposes, the amount obtained from the transfer of the rights of free allocation is subtracted from the acquisition value of the shares from which these rights originate, in application of
article 37.1.a) of Act 35/2006, of 28<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>&nbsp;November, on Personal Income Tax (IRPF), as amended by Act 26/2014. </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Thus only if the amount obtained from the transfer of the rights exceeds the acquisition value of the shares from which they originate will the
difference be considered a capital gain of the transferor in the tax period in which the transfer takes place. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">In the case of IS and IRNR, when the transaction is carried out through a permanent establishment in Spain, insofar as it completes a full trading cycle, tax will be payable in accordance with the applicable accounting
rules. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If BBVA shareholders entitled to rights of free allocation decide to exercise BBVA&acute;s irrevocable undertaking to acquire the
rights for cash, the tax treatment applicable to the amount obtained from the transfer to the Bank of such rights of free allocation received due to the shareholder&#146;s status as such, will be equivalent to the tax treatment applicable to
dividends distributed directly in cash and therefore subject to the corresponding withholding tax, which currently stands at 20%. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>5.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>FOREIGN JURISDICTIONS WHERE BBVA SHARES ARE LISTED </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The options, terms and procedures indicated in this
Information Document may not be the same in respect of BBVA shares listed outside Spain, including in the form of BBVA ADSs or ADRs. Shareholders holding such shares should consult the public announcements made and other documents published in the
relevant jurisdictions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Banco Bilbao Vizcaya Argentaria, S.A. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">P.p. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Erik Schotkamp </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" COLSPAN="3"><B>Banco Bilbao Vizcaya Argentaria, S.A.</B></TD></TR>
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<TD VALIGN="top">Date: March&nbsp;25, 2015</TD>
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<TD VALIGN="bottom">By:</TD>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Erik Schotkamp</P></TD></TR>
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<TD VALIGN="bottom" COLSPAN="3">Name: Erik Schotkamp</TD></TR>
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<TD VALIGN="bottom" COLSPAN="3">Title: Capital &amp; Funding Managing Director</TD></TR>
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