<SEC-DOCUMENT>0001193125-16-525687.txt : 20160331
<SEC-HEADER>0001193125-16-525687.hdr.sgml : 20160331
<ACCEPTANCE-DATETIME>20160331153134
ACCESSION NUMBER:		0001193125-16-525687
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160331
FILED AS OF DATE:		20160331
DATE AS OF CHANGE:		20160331

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:		161543153

	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>d168168d6k.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, 2016 </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>Calle Azul 4,
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>28050 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">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">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">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 capital increase to be charged to voluntary reserves resolved by the Annual General Shareholders&#146;
Meeting of BBVA held on 11<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> March 2016, under section 3.1 of agenda item three, by which the shareholders remuneration system called &#147;Dividend Option&#148; is to be implemented. Accompanying
this relevant event notice is an information document describing the referred capital increase for purposes of article 26.1.e) of <I>Royal Decree 1310/2005, of 4</I><I><SUP STYLE="font-size:85%; vertical-align:top">th</SUP></I><I> November, which
partially develops Act 24/1988, of 28</I><I><SUP STYLE="font-size:85%; vertical-align:top">th</SUP></I><I> 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</I>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Madrid, 31<SUP STYLE="font-size:85%; vertical-align:top">st</SUP>
March 2016 </P>

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


<IMG SRC="g168168g0401002815466.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; 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>CAPITAL INCREASE TO BE CHARGED TO VOLUNTARY RESERVES </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">31<SUP STYLE="font-size:85%; vertical-align:top">st</SUP> March 2016 </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 <I>ROYAL DECREE 1310/2005, OF
4</I><I><SUP STYLE="font-size:85%; vertical-align:top">th</SUP></I><I> NOVEMBER, WHICH PARTIALLY DEVELOPS ACT 24/1988, OF 28</I><I><SUP STYLE="font-size:85%; vertical-align:top">th</SUP></I><I> 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</I>. </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 Annual 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 11<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> March 2016 resolved, under section 3.1 of agenda item three, to increase the share capital of BBVA, to be charged to voluntary
reserves, in accordance with the terms and conditions set out in the resolution (the &#147;<B>Capital Increase</B>&#148;), conferring authority on the Board of Directors of BBVA to execute the Capital Increase pursuant to article 297.1.a) of the
consolidated text of the Corporate Enterprises Act, approved under Royal Legislative Decree 1/2010, of 2<SUP STYLE="font-size:85%; vertical-align:top">nd</SUP> July (the &#147;<B>Corporate Enterprises Act</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 <I>Royal Decree
1310/2005, of 4</I><I><SUP STYLE="font-size:85%; vertical-align:top">th</SUP></I><I> November, which partially develops Act 24/1988, of 28</I><I><SUP STYLE="font-size:85%; vertical-align:top">th</SUP></I><I> 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</I>, 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 capital increase to be charged to reserves will not be necessary provided that &#147;<I>a document is made available containing information on the number
and nature of the shares and the reasons for and details of the offer</I>&#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>), where additional information of the Bank may be obtained. </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 all or part of 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:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Upon the execution of the Capital Increase, one free allocation right for each BBVA share will be assigned to whoever is accredited at the
record date (which is expected to occur at 23:59 (Madrid (Spain) local time) on 4<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> April 2016). These rights will be transferable and listed on the market during a fifteen calendar day period.
Once this period has elapsed, the rights will be automatically converted into ordinary newly-issued BBVA shares (except those which have been acquired and waived by BBVA as further explained below). </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="4%" 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 at the end of the trading
period of the rights of free allocation (which is expected to take place at 19<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> April 2016). 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 assumes an irrevocable undertaking to acquire the rights of free allocation for a guaranteed fixed price which may be exercised until 14<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP> April 2016. This option is addressed exclusively to those who have been originally assigned such free allocation rights and only with regard to the free allocation rights initially allocated at such
time; accordingly, the commitment will not be exercised in respect of any free allocation rights acquired on the market. This option will be subject to the same tax treatment as dividends distributed directly in cash and, therefore, the amount to be
paid will be subject to Spanish withholding tax, which currently stands at 19%. </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">Sell their rights of free allocation 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 5<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP> to 19<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> April 2016, 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 of the rights 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, the above
mentioned alternatives may be combined. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">When no election is made, the holders of the rights of free allocation will receive the number of new BBVA shares
corresponding to them, based on the number of free allocation rights they may hold<SUP STYLE="font-size:85%; vertical-align:top">2</SUP>. </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="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"><B>3.1.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Maximum number of shares to be issued and number of rights necessary </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BBVA&#146;s Board of Directors, at
its meeting held on 31<SUP STYLE="font-size:85%; vertical-align:top">st</SUP> March 2016, approved the execution of the Capital Increase in accordance with the terms approved by the Annual General Shareholders&#146; Meeting of BBVA held on 11<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP> March 2016, under section 3.1 of agenda item three. </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
referred resolution of the Annual General Shareholders&#146; Meeting, the Board of Directors of the Bank has established the terms and conditions of the Capital Increase as follows: </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">The maximum number of new ordinary shares to be issued (the &#147;<B>New Shares</B>&#148;) is 138,406,089. Accordingly, the maximum aggregate nominal value of the Capital Increase is &#128;67,818,983.61, which is the
product of multiplying the maximum number of New Shares 138,406,089 by the nominal value of &#128;0.49 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 resolution adopted by the Annual General Shareholders&#146; Meeting, considering that NOS (the number of old shares </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. 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">2</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE="font-family:Times New Roman; font-size:10pt">Special arrangements apply to BBVA shareholders who hold their shares in the form of ADSs. Please see section 5.
</P></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">
outstanding) is 6,366,680,118, that RMV (reference market value) is &#128;860,000,000 and that RP (reference price) is &#128;6.079<SUP STYLE="font-size:85%; vertical-align:top">3</SUP>. On this
basis, NAR (number of allocation rights) correspond to 46, in accordance with the formula indicated in the referred resolution (rounded up to the nearest next whole number): </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">NAR = RP x NOS / RMV = 6.079 x 6,366,680,118 / 860,000,000 = 46 </P>
<P STYLE="margin-top:6pt; 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 138,406,089, in accordance with the formula established by the Annual General
Shareholders&#146; Meeting (rounded down to the nearest next whole number): </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">New Shares = NOS / NAR = 6,366,680,118 / 46 = 138,406,089 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">However, 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) 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 46. </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">One
right of free allocation will be assigned for each BBVA share to whoever is accredited at 23:59 (Madrid (Spain) local time) on the day of the publication of the Capital Increase announcement in the Official Gazette of the Companies Registry
(&#147;<I>Bolet&iacute;n Oficial del Registro Mercantil</I>&#148;) (envisaged for 4<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> April 2016). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In order to ensure that all the rights of free allocation can be effectively exercised and the number of New Shares to be issued is a whole
number, BBVA has waived 24 rights corresponding to 24 own shares held in treasury stock. </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>3.2.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Definitive price of the undertaking to acquire the rights of free allocation </B></TD></TR></TABLE> <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;0.129 per right, in accordance with the formula provided for in the resolution adopted by the Annual General Shareholders&#146; Meeting (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 nearest next whole thousandth): </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Purchase price = RP /
(NAR+1) = 6.079 / (46+1) = &#128;0.129 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Accordingly, whoever is accredited, and wishes, to receive its remuneration in cash may sell its rights of free
allocation to BBVA at a guaranteed fixed gross price of &#128;0.129 per right. </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">3</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 (<I>Mercado Continuo</I>) over the five (5) trading days prior
to 31<SUP STYLE="font-size:85%; vertical-align:top">st</SUP> March 2016, the date on which 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>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; 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 14<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP> April 2016<SUP STYLE="font-size:85%; vertical-align:top">4</SUP>. </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>3.3.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Calendar </B></TD></TR></TABLE> <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">5</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>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">4<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> April 2016 (23:59 Madrid (Spain) local 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="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">5<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> April 2016: Free allocation 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="3%" 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> April 2016: 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="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">19<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> April 2016: Free allocation 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="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">21<SUP STYLE="font-size:85%; vertical-align:top">st</SUP> April 2016: Date of payment to whoever has exercised the undertaking to acquire rights assumed by BBVA<SUP STYLE="font-size:85%; vertical-align:top">6</SUP>.
</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="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">26<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> April 2016: 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="3%" 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> April 2016: Initiation of ordinary trading of the New Shares on the Spanish Stock Exchanges<SUP STYLE="font-size:85%; vertical-align:top">7</SUP>, subject to
obtaining all necessary authorizations. </TD></TR></TABLE> <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>3.4.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Assignment of rights and procedure to opt for cash or for New Shares </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The free allocation rights will be
assigned to whoever is accredited at 23:59 (Madrid (Spain) local time) on the day of the publication of the Capital Increase announcement in the Official Gazette of the Companies Registry (&#147;<I>Bolet&iacute;n Oficial del Registro
Mercantil</I>&#148;) (envisaged for 4<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> April 2016). The trading period of the rights will begin on the next trading day and will have a term of fifteen calendar days (envisaged from 5<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP> to 19<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> April 2016, both inclusive). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The option
to receive cash or New Shares on the terms explained above, or to acquire in the market rights of free allocation sufficient and in the necessary proportion to subscribe for New Shares, will be available during the trading period of the rights of
free allocation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Those who are accredited to do so and 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 14<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> April 2016. This option is addressed exclusively to those who have been originally assigned such free allocation
rights and only with regard to the rights of free allocation initially allocated at such time; accordingly, the commitment will not be exercised in respect of any free allocation rights acquired on the market. </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">4</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Special arrangements apply to BBVA shareholders who hold their shares in the form of ADSs. 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">The relevant dates may be modified or may vary on the overseas exchanges on which BBVA shares or ADSs 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">6</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The date of payment has been brought forward one day with respect to the tentative calendar published as Relevant Event on 11<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> April 2016 in order to avoid potential
operational issues that could arise as a result of the entry into force of the securities&#146; compensation, liquidation and registry reform. </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">7</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The admission to trading in the foreign stock exchanges where BBVA shares or ADSs are currently listed will be requested. </TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">When no election is made during the required period the holders of the rights of free allocation will receive the
number of new BBVA shares corresponding to them, based on the number of free allocation rights they may hold<SUP STYLE="font-size:85%; vertical-align:top">8</SUP>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To choose among the alternatives offered under the &#147;Dividend Option&#148; program, the holders of the rights of free allocation will have to contact the
entities where their rights 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>Rights deposited at BBVA Group entities</U>: Holders of rights of free allocation who wish to give instructions will have to give the relevant order. In the absence of an express communication, they will receive New
Shares and, if applicable, the proceeds of the liquidation on 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 who opt to receive cash at the guaranteed fixed price in exercise of the undertaking to
purchase right assumed by BBVA 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>
<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"><U>Rights deposited with other entities</U>: The holders of rights of free allocation will have to contact the entity where their 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 the 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 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="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"><B>4.1.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Par value, issue price and representation of the New Shares </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The New Shares to be issued under 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 by book entries, and the books will
be managed by <I>Sociedad de Gesti&oacute;n de los Sistemas de Registro, Compensaci&oacute;n y Liquidaci&oacute;n de Valores, S.A. Unipersonal</I> (&#147;<B>Iberclear</B>&#148;), which performs such function along with its participating entities.
</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>4.2.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Reserves to which the New Shares will be charged and balance sheet used for 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 is free of charge and, therefore, does not require any payment from the shareholders. The Capital Increase will be wholly charged to the freely distributable reserve named voluntary reserves, derived from retained earnings, which
amounted to &#128;6,970,821,339.21 as of 31<SUP STYLE="font-size:85%; vertical-align:top">st</SUP> December 2015. </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">8</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Special arrangements apply to BBVA shareholders who hold their shares in the form of ADSs. Please see section 5. </TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; 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> December 2015, duly audited by Deloitte, S.L. as of 3<SUP STYLE="font-size:85%; vertical-align:top">rd</SUP> February 2016 and approved by the Annual General Shareholders&#146; Meeting on 11<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP> March 2016 under agenda item one. </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>4.3.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Shares in deposit </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">At the end of the trading period for the free allocation rights, the New Shares that
have not been assigned will be held in deposit and made available to whoever can evidence its lawful ownership. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">After three years, any New Shares whose
allocation is still pending can be sold in accordance with article 117 of the Corporate Enterprises Act, on behalf of the interested parties. The net amount of such sale shall be held available to the parties concerned in the manner established by
applicable legislation. </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>4.4.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Rights of the New Shares </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The New Shares will confer on their holders the right to participate in any
distribution of corporate earnings paid out after the date on which they are recorded in the Iberclear accounting books, and in any net assets resulting from the Bank&#146;s liquidation. </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>4.5.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Listing for trading </B></TD></TR></TABLE> <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 (<I>Sistema de Interconexi&oacute;n Burs&aacute;til Espa&ntilde;ol</I>)<I> </I>electronic trading platform (<I>Mercado Continuo</I>), and shall take the steps and make the actions and
arrangements that may be necessary or convenient and present any documents required before the competent bodies of the foreign stock exchanges where BBVA&#146;s shares are traded, in order to list the New Shares finally issued on these exchanges.
(BBVA shares are currently trading on the exchanges of London and Mexico; and via ADSs -American Depositary Shares- on the New York Exchange and on the Lima Exchange, due to the interchange agreement between both markets). 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 27<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> April 2016. </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>4.6</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Tax matters </B></TD></TR></TABLE> <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 the Dividend Option 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;), or 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 and of the shares from which they originate will result from dividing the total cost 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='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In the event that the rights of free allocation are sold on the market, the amount obtained from the transfer of
such rights will, in general, be subject to the following taxes:</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="3%" 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 the mediation of 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> November, on Personal Income Tax (IRPF), as amended by Act 26/2014, of 27<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> November.
</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 for 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="3%" 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 whoever is accredited decides to exercise BBVA&#146;s irrevocable undertaking to acquire the rights for cash, the tax regulations
applicable to the amount obtained in the transfer to the Bank of the rights of free allocation will be equivalent to the tax regulations applicable to dividends distributed directly in cash, and therefore subject to the corresponding withholding
tax, which currently stands at 19%. </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. 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='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <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>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="45%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="44%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"><B>Banco Bilbao Vizcaya Argentaria, S.A.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date: March 31, 2016</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Eric Schotkamp</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Erik Schotkamp</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Capital &amp; Funding Director</TD></TR>
</TABLE>
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