<SEC-DOCUMENT>0001193125-17-101743.txt : 20170329
<SEC-HEADER>0001193125-17-101743.hdr.sgml : 20170329
<ACCEPTANCE-DATETIME>20170329162303
ACCESSION NUMBER:		0001193125-17-101743
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170329
FILED AS OF DATE:		20170329
DATE AS OF CHANGE:		20170329

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:		17722464

	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>d362939d6k.htm
<DESCRIPTION>6-K
<TEXT>
<HTML><HEAD>
<TITLE>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 <FONT
STYLE="white-space:nowrap">6-K</FONT> </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 <FONT STYLE="white-space:nowrap">13a-16</FONT> OR <FONT STYLE="white-space:nowrap">15d-16</FONT>
</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, 2017 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Commission file number: <FONT STYLE="white-space:nowrap">1-10110</FONT> </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; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Indicate by check mark whether the registrant files or will file annual reports under cover of Form <FONT
STYLE="white-space:nowrap">20-F</FONT> or Form <FONT STYLE="white-space:nowrap">40-F:</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Form
<FONT STYLE="white-space:nowrap">20-F&nbsp;&nbsp;&#9746;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form</FONT> <FONT STYLE="white-space:nowrap">40-F&nbsp;&nbsp;&#9744;</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Indicate by check mark if the registrant is submitting the Form <FONT STYLE="white-space:nowrap">6-K</FONT> in paper as
permitted by Regulation <FONT STYLE="white-space:nowrap">S-T</FONT> 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;&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;&#9746; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Indicate by check mark if the registrant is submitting the Form <FONT STYLE="white-space:nowrap">6-K</FONT> in paper as
permitted by Regulation <FONT STYLE="white-space:nowrap">S-T</FONT> 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;&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;&#9746; </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> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><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 INFORMATION </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Further to the relevant information dated 17<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> March 2017, BBVA hereby communicates
information relating to the capital increase to be charged to voluntary reserves resolved by the Annual General Meeting of BBVA Shareholders held on 17<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> March 2017, under agenda item three, by
which the shareholder remuneration system called &#147;Dividend Option&#148; is to be implemented. Accompanying this relevant information 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 official secondary markets, public bids of sale or subscription and the prospectus 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, 29<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> March 2017 </P>

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<IMG SRC="g362939g0330003115330.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">29<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> March 2017 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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 OFFICIAL SECONDARY MARKETS, PUBLIC BIDS OF SALE OR SUBSCRIPTION AND THE PROSPECTUS 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 style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>INTRODUCTION </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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 17<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> March 2017 resolved, under 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 said
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" ALIGN="justify">In use of the authorisation conferred, the Bank&#146;s Board of Directors, at its meeting held on 29<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP> March 2017, resolved to put into effect the Capital Increase in accordance with the terms approved by the Annual General Shareholders&#146; Meeting. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">This information document (the &#147;<B>Information Document</B>&#148;) has been issued for the 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 official secondary markets, public bids of sale or subscription and the prospectus required for such purposes</I>, according to which the preparation and publication of a prospectus related to
the admission to listing of the shares issued as a result of the execution of a capital increase to be charged to reserves is not 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 Securities Exchange Authority&#146;s website (<U>www.cnmv.es</U>) and on the Bank&#146;s website (<U>www.bbva.com</U>), where
additional information regarding 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 style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>REASONS FOR THE CAPITAL INCREASE </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Capital Increase serves as an instrument for the implementation of the shareholder remuneration system called &#147;Dividend Option&#148;,
which offers BBVA shareholders the possibility of receiving all or part of their remuneration in newly-issued ordinary BBVA shares or, at their choice, in cash. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Dividend Option system works as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Pursuant to the Corporate Enterprises Act, an announcement regarding the Capital Increase will be published in the Official Gazette of the
Companies Registry (BORME) on the last day on which BBVA shares are traded with the right to participate in the Capital Increase (envisaged for 31<SUP STYLE="font-size:85%; vertical-align:top">st</SUP> March 2017), which will determine the moment
when the rights of free allocation shall be assigned. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">For the purposes of the above, one right of free allocation per BBVA share will be
assigned to whoever is accredited in the accounting records of Sociedad de Gesti&oacute;n de los Sistemas de Registro, Compensaci&oacute;n y Liquidaci&oacute;n de Valores, S.A.U. (&#147;<B>Iberclear</B>&#148;) and its participating entities in
accordance with the applicable rules, systems and procedures for the clearing and settlement of securities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">These rights of free
allocation will be transferable and listed on the market during a period of seventeen calendar days. Once this period has elapsed, the rights will be automatically converted into newly-issued ordinary BBVA shares (except those which have been
acquired and waived by BBVA, as explained below). </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Under the Dividend Option system, 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 style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">To receive newly-issued ordinary BBVA shares. In this case, the shareholder will be assigned, <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">free-of-charge,</FONT></FONT> the number of new shares that corresponds based on 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 on 19<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> April 2017). </P></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 style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">To transfer their rights of free allocation to BBVA under the irrevocable commitment undertaken by the Bank to
purchase the rights of free allocation for a guaranteed fixed price. This option, which may be exercised until 12<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> April 2017, is addressed exclusively to whoever has been originally assigned
such rights of free allocation and only in connection with the rights of free allocation initially allocated at such time; accordingly this option will not be available in respect of any rights of free allocation acquired on the market.
</P></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 style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">To transfer their rights of free allocation on the market. Given that the rights will be listed, their holders
may opt to sell them on the market during the trading period, which is expected to take place from 3<SUP STYLE="font-size:85%; vertical-align:top">rd</SUP> to 19<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> April 2017, at the price at
which the rights are trading at that moment and not at the guaranteed fixed price offered by BBVA under the purchase commitment. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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" ALIGN="justify">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 rights of free allocation 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 style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>3.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>DETAILS OF THE CAPITAL INCREASE </B></P></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 style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>3.1.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Maximum number of shares to be issued and number of rights necessary </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">BBVA&#146;s Board of Directors, at its meeting held on 29<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> March 2017, resolved to put
into effect the Capital Increase in accordance with the terms approved by the Annual General Shareholders&#146; Meeting of BBVA held on 17<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> March 2017, under agenda item three. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Pursuant to the formulas provided for in the referred resolution of the Annual General Shareholders&#146; Meeting, the Bank&#146;s Board of
Directors 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 style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The maximum number of new ordinary shares to be issued (the &#147;<B>New Shares</B>&#148;) is 121,603,985.
Accordingly, the maximum nominal value of the Capital Increase is &#128;59,585,952.65, which is the result of multiplying the maximum number of New Shares (121,603,985) by the nominal value of &#128;0.49 per New Share. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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 the number of old shares (NOS) is </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 style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; 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>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<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="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; 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>

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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">
6,566,615,242; that the reference market value of the Capital Increase (RMV) is &#128;875,000,000 and that the reference price (RP) is
&#128;7.178<SUP STYLE="font-size:85%; vertical-align:top">3</SUP>. As a result, the number of rights of free allocation necessary to be assigned one New Share (NAR) is 54, 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 = 7.178 x 6,566,615,242 / 875,000,000 = 54 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Thus, the maximum number of New Shares to be issued is 121,603,985; in accordance with the formula established by the Annual
General Shareholders&#146; Meeting (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 = 6,566,615,242 / 54 = 121,603,985 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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 under the commitment to purchase the rights of free allocation. BBVA will waive the rights of free allocation acquired pursuant to such commitment and only those New Shares corresponding to the rights
of free allocation which have not been acquired by BBVA pursuant to this purchase commitment will be issued. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The New
Shares will be issued at their nominal value of 0.49 euros 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 style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The number of rights of free allocation necessary to receive one New Share (NAR) is 54. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">One right of free allocation for each BBVA share will be assigned to whoever is accredited in the accounting records of
Iberclear and its participating entities in accordance with section 3.4. below. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">In order to ensure that all the rights of
free allocation can be effectively exercised and that the number of New Shares is a whole number, BBVA has waived 52 rights of free allocation corresponding to 52 own shares held in treasury. </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 style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>3.2.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Definitive price of the commitment to purchase the rights of free allocation </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The gross price at which BBVA undertakes to acquire each right of free allocation is &#128;0.131 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 <FONT STYLE="white-space:nowrap">one-thousandth</FONT> 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) = 7.178 / (54 + 1) = &#128;0.131 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">As a consequence, 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;0.131 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 style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">3</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The reference price (RP) 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)&nbsp;trading days prior to 29<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> March 2017, which is the date on which BBVA&#146;s Board of
Directors resolved to put into effect the Capital Increase, rounded off to the nearest <FONT STYLE="white-space:nowrap">one-thousandth</FONT> of a euro and, in the event of a half of <FONT STYLE="white-space:nowrap">one-thousandth</FONT> of a euro,
this will rounded up to the nearest <FONT STYLE="white-space:nowrap">one-thousandth.</FONT> </P></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" ALIGN="justify">This commitment to purchase the rights of free allocation is addressed exclusively to whoever has
been originally assigned such rights of free allocation and only in connection with the rights of free allocation initially allocated at such time; accordingly this commitment will not be exercised in respect of any rights of free allocation
acquired on the market. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">BBVA&#146;s commitment to purchase the rights of free allocation at the indicated fixed price will be in effect
until 12<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> April 2017<SUP STYLE="font-size:85%; vertical-align:top">4</SUP> (including). </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 style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>3.3.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Schedule </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The expected schedule<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 style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">31<SUP STYLE="font-size:85%; vertical-align:top">st</SUP> March 2017: Publication of the announcement relating
to the Capital Increase in the Official Gazette of the Companies Registry (BORME). Last trading date of the BBVA shares with the right to participate in the Capital Increase. </P></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 style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">3<SUP STYLE="font-size:85%; vertical-align:top">rd</SUP> April 2017: Beginning of the trading period of the
rights of free allocation. BBVA share trades <FONT STYLE="white-space:nowrap">&#147;ex-coupon&#148;</FONT> (<I><FONT STYLE="white-space:nowrap">ex-date</FONT></I>). </P></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 style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">4<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> April 2017: Effective settlement date for the
transactions executed on 31<SUP STYLE="font-size:85%; vertical-align:top">st</SUP> March, in a D+2 settlement cycle (record date). </P></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 style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">12<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> April 2017: Deadline for requesting payment in cash
in execution of BBVA&#146;s commitment to purchase the rights of free allocation under the indicated terms. </P></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 style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">19<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> April 2017: Trading period of the rights of free
allocation ends. </P></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 style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">21<SUP STYLE="font-size:85%; vertical-align:top">st</SUP> April 2017: Payment date to shareholders who have
requested payment in cash in execution of BBVA&#146;s commitment to purchase the rights of free allocation. Publication of the result of the Capital Increase. </P></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 style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">25<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> April 2017: New Shares allocated to shareholders.
</P></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 style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">26<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> April 2017: Beginning of ordinary trading of the New
Shares on the Spanish stock exchanges<SUP STYLE="font-size:85%; vertical-align:top">6</SUP>, subject to obtaining all necessary authorisations. </P></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 style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>3.4.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Assignment of rights and procedure to opt for cash or for New Shares </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Pursuant to the Corporate Enterprises Act, an announcement regarding the Capital Increase will be published in the Official Gazette of the
Companies Registry (BORME) on the last day on which BBVA shares are traded with the right to participate in the Capital Increase (envisaged for 31<SUP STYLE="font-size:85%; vertical-align:top">st</SUP> March 2017, in accordance with the expected
schedule included in section 3.3. above), which will determine the moment when the rights of free allocation shall be assigned. </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 style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">4</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; 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>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">5</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">This schedule is tentative and is subject to obtaining all necessary authorisations. Further, the tentative
dates indicated may be modified or may vary on the foreign securities exchanges where BBVA shares or ADSs are traded. Please see section 5. </P></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 style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">6</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The admission to trading in the foreign securities exchanges where BBVA shares or ADSs are currently listed
will also be requested. </P></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" ALIGN="justify">For the purposes of the above, the rights of free allocation will be assigned to whoever is
accredited in the accounting records of Iberclear and its participating entities in accordance with the applicable rules, systems and procedures for the clearing and settlement of securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The trading period of the rights will begin on the next trading day to the publication of the announcement regarding the Capital Increase and
will have a term of seventeen calendar days (envisaged from 3<SUP STYLE="font-size:85%; vertical-align:top">rd</SUP> to 19<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> April 2017, both inclusive). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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 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" ALIGN="justify">Those who
are accredited to do so and wish to exercise BBVA&#146;s commitment to purchase rights or free allocation and therefore receive cash at the guaranteed fixed price indicated above will need to communicate their decision no later than 12<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP> April 2017. This option is addressed exclusively to whoever has been originally assigned such rights of free allocation and only in connection with the rights of free allocation initially allocated
at such time; accordingly, the commitment will not be exercised in respect of any rights of free allocation acquired on the market. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">When
no election is made within 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 rights of free allocation they may hold<SUP
STYLE="font-size:85%; vertical-align:top">7</SUP>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">To opt among the alternatives offered under the &#147;Dividend Option&#148; system,
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 style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><U>Rights deposited in BBVA</U>: The holders of the rights of free allocation who wish to give specific
instructions will have to give the relevant order. In the absence of an express communication, they will receive New Shares and, if applicable, the cash proceeds of the sale on the market of any rights of free allocation <FONT
STYLE="white-space:nowrap">not-exercisable</FONT> into a whole New Share. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">BBVA shall not charge any fees
or costs to those who opt to receive cash at the guaranteed fixed price in exercise of BBVA&#146;s commitment to purchase the rights or to those who opt 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 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 style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><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. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The depository entities may
charge the fees or costs related to the allocation of New Shares or to the sale of rights pursuant to applicable regulations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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="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 style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">7</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; 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>

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


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>4.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>NATURE OF THE NEW SHARES TO BE ISSUED </B></P></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 style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>4.1.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Par value, issue price and representation of the New Shares </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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" ALIGN="justify">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 Iberclear, 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 style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>4.2.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Reserves to which the New Shares will be charged and balance sheet used for the Capital Increase
</B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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, which at 31&nbsp;December 2016 stood at &#128;8,520,430,040.36. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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 2016, duly audited by Deloitte, S.L. as of 13<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> February 2017 and approved by the Annual General Shareholders&#146; Meeting on 17<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>
March 2017 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 style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>4.3.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Shares in deposit </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">At the end of the trading period for the rights of free allocation, the New Shares that, once issued, cannot be 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" ALIGN="justify">After three years, any New Shares whose allocation is still
pending can be sold on behalf of the interested parties in accordance with article 117 of the Corporate Enterprises Act. 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 style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>4.4.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Rights of the New Shares </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The New Shares will confer on their holders the same political and economic rights as the Bank&#146;s ordinary shares currently outstanding. In
addition, 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 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 style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>4.5.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Listing for trading </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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</I><I>&oacute;</I><I>n Burs</I><I>&aacute;</I><I>til Espa</I><I>&ntilde;</I><I>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 shares are traded, in order to list the New Shares finally issued on these exchanges. (BBVA shares are currently
trading on the exchanges of </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="justify">
London and Mexico, and via ADSs &#150;American Depositary Shares&#150; on the New York Exchange). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Subject to the granting of the relevant authorisations, it is expected that the ordinary trading of the New Shares on the Spanish Stock
Exchanges will begin on 26<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> April 2017. </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 style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>4.6.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Tax matters </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">In general, the applicable tax regime in Spain for the different alternatives of the &#147;Dividend Option&#148; is as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">For tax purposes, the vesting of the New Shares will be deemed to be the vesting of <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">free-of-charge</FONT></FONT> 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 <FONT
STYLE="white-space:nowrap">non-residents&#146;</FONT> 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" ALIGN="justify">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 <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">free-of-charge</FONT></FONT> 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" ALIGN="justify">As they do not constitute income, this option is not subject to withholding tax on account of IRPF, IS or IRNR. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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 style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">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 <FONT STYLE="white-space:nowrap">pre-emptive</FONT> subscription rights. Consequently, for tax purposes, the
amount obtained from the transfer of the rights of free allocation will be considered as capital gain for the taxpayers during the taxable period in which the transfer is made, in application of article&nbsp;37.1.a) of Act 35/2006, of
28&nbsp;November, on Personal Income Tax (IRPF) and the consolidated text of the <FONT STYLE="white-space:nowrap">Non-Resident</FONT> Income Tax Act (IRNR) approved under Royal Legislative Decree 5/2004, of 5th March, without prejudice of the
potential application to <FONT STYLE="white-space:nowrap">non-residents</FONT> of any exemption established in the IRNR regulations and in any international convention which may be applicable. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">In terms of payments on account, and as a novelty regarding the IRPF, there is an obligation to withhold against the amount
obtained from the transfers carried out by those to whom the rights of free allocation have been originally allocated, in respect of those rights originally allocated. The currently withholding is 19%. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The withholding shall be made by the depositary entity or, otherwise, by the financial intermediary or the notary public who
has been involved in the transfer, who shall also comply with the duty of disclosure regarding such withholdings to the tax authorities. </P>

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


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">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 regulations. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">In respect of those accredited decide to exercise the acquisition commitment assumed by the Bank, the tax regulations applicable to the amount
obtained in such transfer 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="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Notwithstanding the foregoing, the holders of the rights of free allocation are recommended to consult their professional advisers on the
specific tax impact in view of their particular circumstances. </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 style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>5.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>FOREIGN JURISDICTIONS WHERE BBVA SHARES ARE LISTED </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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. Holders of such shares should consult the public announcements made and other documents published in the relevant jurisdictions. </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" 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" ALIGN="justify">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">


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<TR STYLE="page-break-inside:avoid ; 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"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Banco Bilbao Vizcaya Argentaria, S.A.</B></P></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="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Date: March&nbsp;29, 2017</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">By:</P></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" ALIGN="justify">/s/ Javier Malag&oacute;n Navas</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Name:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Javier Malag&oacute;n Navas</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Title:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Global Head of Performance Management&nbsp;&amp; Capital</P></TD></TR>
</TABLE>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
