<SEC-DOCUMENT>0001193125-17-345193.txt : 20171116
<SEC-HEADER>0001193125-17-345193.hdr.sgml : 20171116
<ACCEPTANCE-DATETIME>20171116125114
ACCESSION NUMBER:		0001193125-17-345193
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		11
CONFORMED PERIOD OF REPORT:	20171116
FILED AS OF DATE:		20171116
DATE AS OF CHANGE:		20171116

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:		171207445

	BUSINESS ADDRESS:	
		STREET 1:		CALLE AZUL, 4
		CITY:			MADRID
		STATE:			U3
		ZIP:			28050
		BUSINESS PHONE:		011 34 91 537 8172

	MAIL ADDRESS:	
		STREET 1:		CALLE AZUL, 4
		CITY:			MADRID
		STATE:			U3
		ZIP:			28050

	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>d494378d6k.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 <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 November, 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">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;</FONT> Form <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">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">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>

<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>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"><B>Explanatory Note </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Report on Form <FONT
STYLE="white-space:nowrap">6-K</FONT> contains, as exhibits, certain documents listed below relating to the issuance and sale by Banco Bilbao Vizcaya Argentaria, S.A. (the &#147;<B>Issuer</B>&#148;) of $1,000,000,000 of its <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Non-Step-Up</FONT></FONT> <FONT STYLE="white-space:nowrap">Non-Cumulative</FONT> Contingent Convertible Perpetual Preferred Tier 1 Securities (the &#147;<B>Securities</B>&#148;). This
Report on Form <FONT STYLE="white-space:nowrap">6-K</FONT> and the Exhibits hereto are hereby incorporated by reference into BBVA&#146;s Registration Statement on Form <FONT STYLE="white-space:nowrap">F-3</FONT> (File
<FONT STYLE="white-space:nowrap">No.&nbsp;333-212729)</FONT> filed with the Securities and Exchange Commission. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit Index </B></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" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="92%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:23.50pt; font-size:8pt; font-family:Times New Roman">Exhibit</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Description of Exhibit</P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;1.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Pricing Agreement dated November&nbsp;8, 2017</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.7</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">First Supplemental Indenture for the Securities between the Issuer and The Bank of New York Mellon, as Trustee, Paying and Conversion Agent, Calculation Agent, Principal Paying Agent and Contingent Convertible Security Registrar
dated as of November&nbsp;16, 2017</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.8</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Security Certificate representing the Securities (included in Exhibit 4.7)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;5.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Opinion of Davis Polk&nbsp;&amp; Wardwell LLP, special United States counsel to the Issuer, as to the legality of the Securities being registered</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;5.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Opinion of J&amp;A Garrigues, S.L.P., Spanish counsel to the Issuer, as to the legality of the Securities being registered</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;8.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Opinion of Davis Polk&nbsp;&amp; Wardwell LLP regarding certain U.S. federal income tax matters</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>23.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Consent of Davis Polk&nbsp;&amp; Wardwell LLP (included in Exhibit 5.1 and Exhibit 8.1)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>23.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Consent of J&amp;A Garrigues, S.L.P. (included in Exhibit 5.2)</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </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>SIGNATURES </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="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 STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">BANCO BILBAO VIZCAYA ARGENTARIA, S.A.</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"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">By:</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">/s/ Antonio Borraz Peralta</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 STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Name:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Antonio Borraz Peralta</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="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Title:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Authorized Representative</P></TD></TR>
</TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Date: November&nbsp;16, 2017 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>d494378dex991.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 1.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I><U>Pricing Agreement </U></I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">November&nbsp;8, 2017 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">BBVA
Securities Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">1345 Avenue of the Americas </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">New York, New York 10105 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">United
States of America </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Citigroup Global Markets Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">388 Greenwich Street </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">New York,
New York 10013 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">United States of America </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Deutsche Bank Securities Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">60 Wall Street </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">New York, New
York 10005 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">United States of America </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">HSBC Securities (USA) Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">452
Fifth Avenue, Tower 10 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">New York, New York 10018 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">United States of America </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">J.P.
Morgan Securities LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">383 Madison Avenue </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">New York, New York 10179 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">United
States of America </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Merrill Lynch, Pierce, Fenner&nbsp;&amp; Smith </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incorporated </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">One Bryant Park </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">New York, New
York 10036 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">United States of America </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">As Representatives of the several </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Underwriters named in
Schedule I hereto, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Ladies and Gentlemen: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Banco Bilbao Vizcaya Argentaria, S.A., a <I>sociedad an&oacute;nima</I> incorporated under the laws of the Kingdom of Spain
(the &#147;Company&#148;), proposes, subject to the terms and conditions stated herein and in the Underwriting Agreement, a copy of which is attached hereto (the &#147;Underwriting Agreement&#148;), to issue and sell to the Underwriters named in
Schedule I hereto (the &#147;Underwriters&#148;) (other than BBVA Securities Inc.) the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">non-step-up</FONT></FONT> <FONT STYLE="white-space:nowrap">non-cumulative</FONT> contingent
convertible perpetual preferred tier 1 securities specified in Schedule II to such Pricing Agreement (the &#147;Preferred Securities&#148;), which are convertible in accordance with their terms into ordinary shares of the Company (the
&#147;Conversion Securities&#148; and, together with the Preferred Securities, the &#147;Securities&#148;). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </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; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Each of the provisions of the Underwriting Agreement is incorporated herein by
reference in its entirety, and shall be deemed to be a part of this Agreement to the same extent as if such provisions had been set forth in full herein; and each of the representations and warranties set forth therein shall be deemed to have been
made at and as of the Applicable Time (as set forth in Schedule II attached hereto), except that each representation and warranty which refers to the Prospectus in Section&nbsp;2 of the Underwriting Agreement shall be deemed to be a representation
or warranty as of the date of the Prospectus (as defined in the Underwriting Agreement), and also a representation and warranty as of the Applicable Time in relation to the Prospectus as amended or supplemented relating to the Securities which are
the subject of this Pricing Agreement. Each reference to the Underwriters purchasing Preferred Securities in the Underwriting Agreement so incorporated by reference shall be deemed, with respect to BBVA Securities Inc., to instead provide for
procuring eligible purchasers on a best efforts basis. Each reference to the Company issuing and selling Preferred Securities to the Underwriters shall be deemed to refer to the Underwriters other than BBVA Securities Inc. Each reference to the
Representatives or to the Underwriters in the provisions of the Underwriting Agreement so incorporated by reference shall be deemed to refer to you. Unless otherwise defined herein, terms defined in the Underwriting Agreement are used herein as
therein defined. The Representatives designated to act on behalf of each of the Underwriters pursuant to Section&nbsp;13 of the Underwriting Agreement and their addresses are set forth in Schedule II hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">A supplement to the Prospectus relating to the Securities, in the form heretofore delivered to you (the &#147;Prospectus
Supplement&#148;), is now proposed to be filed with the Commission. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Subject to the terms and conditions set forth herein
and in the Underwriting Agreement incorporated herein by reference, the Company agrees that it will issue and sell to each of the Underwriters (other than BBVA Securities Inc.), and each of the Underwriters (other than BBVA Securities Inc.) agrees,
severally and not jointly, to purchase from the Company, at the time and place and at the purchase price to the Underwriters set forth in Schedule II hereto, the liquidation preference of Preferred Securities set forth opposite the name of each such
Underwriter in Schedule I hereto. BBVA Securities Inc. hereby covenants and agrees to use its reasonable best efforts to procure eligible purchasers for the liquidation preference of Preferred Securities set forth opposite its name in Schedule I
hereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Each Underwriter severally, and not jointly, agrees to comply with the restrictions and agreements set forth in
Schedule III hereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">If the foregoing is in accordance with your understanding, please sign and return to us one
counterpart hereof, and upon acceptance hereof by you this letter and such acceptance hereof, including the provisions of the Underwriting Agreement incorporated herein by reference, shall constitute a binding agreement between the several
Underwriters on the one hand and the Company on the other. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">It is understood that your acceptance of this letter on behalf
of each of the Underwriters is or will be pursuant to the authority set forth in an Agreement among Underwriters. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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

 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Very truly yours,</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">BANCO BILBAO VIZCAYA ARGENTARIA, S.A.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></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">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="justify">/s/ Antonio Borraz</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="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Name: Antonio Borraz</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="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Title: Global Head of ALM</P></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


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


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Accepted as of the date hereof:</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></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"></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">BBVA SECURITIES INC.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></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">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/ James A. Brodt</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"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Name: James A. Brodt</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"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Title: Executive Director</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></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"></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">CITIGROUP GLOBAL MARKETS INC.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></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">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/ Adam D. Bordner</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"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Name: Adam D. Bordner</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"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Title: Vice President</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></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"></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">DEUTSCHE BANK SECURITIES INC.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></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">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/ Jeanine Genirs</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"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Name: Jeanine Genirs</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"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Title: Managing Director, Debt Syndicate</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></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">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/ Matthew J. Siracuse</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"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Name: Matthew J. Siracuse</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"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Title: Managing Director, Debt Syndicate</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">HSBC&nbsp;SECURITIES (USA) INC.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></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">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/ Diane M. Kenna</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"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Name: Diane M. Kenna</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"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Title: Authorized Signatory</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></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"></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">J.P. MORGAN SECURITIES LLC</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></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">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/ Maria Sramek</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"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Name: Maria Sramek</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"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Title: Executive Director</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">MERRILL LYNCH, PIERCE, FENNER&nbsp;&amp; SMITH</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INCORPORATED</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></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">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/ Andrew Karp</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"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Name: Andrew Karp</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"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Title: Managing Director</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </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>SCHEDULE I </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="80%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:43.10pt; font-size:8pt; font-family:Times New Roman"><B>Underwriter</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Liquidation</B><br><B>Preference of</B><br><B>Preferred</B><br><B>Securities</B><br><B>to be Purchased</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">BBVA Securities Inc.*</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">166,800,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Citigroup Global Markets Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">166,800,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deutsche Bank Securities Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">166,600,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">HSBC Securities (USA) Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">166,600,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">J.P. Morgan Securities LLC</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">166,600,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Merrill Lynch, Pierce, Fenner&nbsp;&amp; Smith</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;Incorporated</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">166,600,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,000,000,000</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">BBVA Securities Inc. has agreed to use its reasonable best efforts to procure purchasers for the liquidation
preference of Preferred Securities set forth opposite its name above. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Schedule I-1 </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>SCHEDULE II </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Issuer: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Banco Bilbao
Vizcaya Argentaria, S.A. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Title of Preferred Securities: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Non-Step-Up</FONT></FONT>
<FONT STYLE="white-space:nowrap">Non-Cumulative</FONT> Contingent Convertible Perpetual Preferred Tier 1 Securities </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Specific Terms of Preferred
Securities: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">See Appendix A for a copy of the Final Term Sheet relating to the Preferred Securities </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Price to Public: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">100.000% plus accrued distributions, if any, from November&nbsp;16, 2017 </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Purchase Price by Underwriters: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">99.100% </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Aggregate
Liquidation Preference: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">$1,000,000,000 </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Denominations (Liquidation Preference): </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">$200,000 </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Specified Funds for
Payment of Purchase Price: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Federal <FONT STYLE="white-space:nowrap">(same-day)</FONT> funds </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Applicable Time: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">7:15 pm
New York time November&nbsp;8, 2017 </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Time of Delivery: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">9:00 am New York time November&nbsp;16, 2017 </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Closing Location for Delivery of Preferred Securities: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">New York, New York </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Additional Closing Conditions: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">None </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Schedule II-1 </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"><B>Additional Opinions: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Spanish counsel for the Underwriters shall furnish to the Representatives such written opinion or opinions as are specified in
Section&nbsp;8(b) of the Underwriting Agreement </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Names and Addresses of Underwriters, Including the Representatives: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">BBVA Securities Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1345 Avenue of the Americas
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York 10105 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States of America </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Citigroup Global Markets Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">388 Greenwich
Street </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York 10013 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States of America
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Deutsche Bank Securities Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">60 Wall
Street </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York 10005 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States of America
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">HSBC Securities (USA) Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">452 Fifth
Avenue, Tower 10 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York 10018 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States of
America </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">J.P. Morgan Securities LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">383 Madison Avenue </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York 10179 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States of America </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Merrill Lynch, Pierce, Fenner&nbsp;&amp; Smith </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incorporated </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">One Bryant Park </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York 10036 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States of America </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Listing: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Irish Stock Exchange </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Payment
of Expenses by the Company and by the Underwriters: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Notwithstanding Section&nbsp;7 of the Underwriting Agreement, each
of BBVA Securities Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner&nbsp;&amp; Smith Incorporated, as an Underwriter, severally and not
jointly, agrees to pay to the Company its pro rata share (based on the liquidation preference of Preferred Securities which such Underwriter agreed to purchase or procure purchasers for, as the case may be, under this Pricing Agreement) of an
aggregate amount equal to 50% of the total legal fees and disbursement expenses incurred in connection with (a)&nbsp;the offering of the Preferred Securities, (b)&nbsp;Amendment No.&nbsp;1 to the Registration
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Schedule II-2 </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; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">
Statement and (c)&nbsp;the proposed offering of contingent convertible securities on a Regulation S basis in September/October 2017, for (i)&nbsp;U.S., U.K. and Spanish legal counsel to the
Company, (ii)&nbsp;legal counsel to the trustee and agent bank and (iii)&nbsp;U.S., U.K. and Spanish legal counsel to the underwriters, in each case as appropriate; provided, however, that the amount specified in clause (iii)&nbsp;above in its
entirety shall be allocated first to the 50% of the total legal fees and disbursement expenses payable by the Underwriters and the aggregate amount payable by the Underwriters shall not exceed $750,000. For the avoidance of doubt, no Underwriter
shall be liable for any further expenses after payment has been made in accordance with this provision. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Selling Restrictions: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Canada </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Preferred Securities may be sold in Canada only to purchasers purchasing, or deemed to be purchasing, as principal that are
accredited investors, as defined in National Instrument <FONT STYLE="white-space:nowrap">45-106</FONT> Prospectus Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined in National Instrument <FONT
STYLE="white-space:nowrap">31-103</FONT> Registration Requirements, Exemptions and Ongoing Registrant Obligations. Any resale of the Preferred Securities must be made in accordance with an exemption from, or in a transaction not subject to, the
prospectus requirements of applicable securities laws. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Securities legislation in certain provinces or territories of
Canada may provide a purchaser with remedies for rescission or damages if this prospectus supplement (including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser
within the time limit prescribed by the securities legislation of the purchaser&#146;s province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser&#146;s province or territory for
particulars of these rights or consult with a legal advisor. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Pursuant to section 3A.3 (or, in the case of securities
issued or guaranteed by the government of a <FONT STYLE="white-space:nowrap">non-Canadian</FONT> jurisdiction, section 3A.4) of National Instrument <FONT STYLE="white-space:nowrap">33-105</FONT> Underwriting Conflicts (&#147;NI <FONT
STYLE="white-space:nowrap">33-105&#148;),</FONT> the Underwriters are not required to comply with the disclosure requirements of NI <FONT STYLE="white-space:nowrap">33-105</FONT> regarding underwriter conflicts of interest in connection with this
offering. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">European Economic Area </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">In relation to each Member State of the European Economic Area which has implemented the Prospectus Directive (each, a
&#147;Relevant Member State&#148;), with effect from and including the date on which the Prospectus Directive is implemented in that Relevant Member State, no offer of Preferred Securities which are the subject of the offering contemplated by this
prospectus supplement and the accompanying prospectus to the public may be made in that Relevant Member State other than: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i) to any legal entity which is a qualified investor as defined in the Prospectus Directive; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Schedule II-3 </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; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ii) to fewer than 150 natural or legal persons (other than qualified investors
as defined in the Prospectus Directive), subject to obtaining the prior consent of the relevant Underwriter or Underwriters nominated by us for any such offer; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(iii) in any other circumstances falling within Article 3(2) of the Prospectus Directive, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">provided that no such offer of Preferred Securities shall require us or any Underwriter to publish a prospectus pursuant to
Article 3 of the Prospectus Directive. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">For the purposes of this section, the expression &#147;an offer of the Preferred
Securities to the public&#148; in relation to any Preferred Securities in any Relevant Member State means the communication in any form and by any means of sufficient information on the terms of the offer and the Preferred Securities to be offered
so as to enable an investor to decide to purchase or subscribe for the Preferred Securities, as the same may be varied in that Relevant Member State by any measure implementing the Prospectus Directive in that Relevant Member State and the
expression &#147;Prospectus Directive&#148; means Directive 2003/71/EC (as amended, including by Directive 2010/73/EU), and includes any relevant implementing measure in the Relevant Member State. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Hong Kong </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Preferred Securities may not be offered or sold in the Hong Kong Special Administrative Region of the People&#146;s
Republic of China (&#147;Hong Kong&#148;) by means of any document other than (i)&nbsp;to &#147;professional investors&#148; within the meaning of the Securities and Futures Ordinance (Cap.571, The Laws of Hong Kong) and any rules made thereunder,
or (ii)&nbsp;in other circumstances which do not result in the document being a &#147;prospectus&#148; within the meaning of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap.32, Laws of Hong Kong) or which do not constitute an
offer to the public within the meaning of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap.32, Laws of Hong Kong), and no advertisement, invitation or document relating to the Preferred Securities may be issued or may be in the
possession of any person for the purpose of issue (in each case whether in Hong Kong or elsewhere), which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the
securities laws of Hong Kong) other than with respect to Preferred Securities which are or are intended to be disposed of only to persons outside Hong Kong or only to &#147;professional investors&#148; within the meaning of the Securities and
Futures Ordinance (Cap.571, The Laws of Hong Kong) and any rules made thereunder. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Schedule II-4 </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; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Japan </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Preferred Securities have not been and will not be registered under the Financial Instruments and Exchange Law of Japan
(Law No.&nbsp;25 of 1948, as amended) (the &#147;FIEL&#148;) and, accordingly, will not be offered or sold, directly or indirectly, in Japan or to, or for the account or benefit of, any resident of Japan (which term as used herein means any person
resident in Japan, including any corporation or other entity organized under the laws of Japan), or to others for <FONT STYLE="white-space:nowrap">re-offering</FONT> or resale, directly or indirectly, in Japan or to, or for the account or benefit
of, any resident of Japan, except pursuant to an exemption from the registration requirements of, and otherwise in compliance with, the FIEL and any other applicable laws, regulations and ministerial guidelines of Japan promulgated by relevant
Japanese governmental or regulatory authorities in effect at the relevant time. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Singapore </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The prospectus supplement and the accompanying prospectus have not been registered as a prospectus under the Securities and
Futures Act, Chapter 289 of Singapore (the &#147;SFA&#148;) by the Monetary Authority of Singapore, and the offer of the Preferred Securities in Singapore is made primarily pursuant to the exemptions under Sections 274 and 275 of the SFA.
Accordingly, the prospectus supplement and the accompanying prospectus and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the Preferred Securities may not be circulated or
distributed, nor may the Preferred Securities be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i)&nbsp;to an institutional investor as
defined under Section&nbsp;4A of the SFA (an &#147;Institutional Investor&#148;) pursuant to Section&nbsp;274 of the SFA, (ii)&nbsp;to an accredited investor as defined under Section&nbsp;4A of the SFA (an &#147;Accredited Investor&#148;) or other
relevant person as defined under Section&nbsp;275(2) of the SFA (a &#147;Relevant Person&#148;) and pursuant to Section&nbsp;275(1) of the SFA, or to any person pursuant to an offer referred to in Section&nbsp;275(1A) of the SFA, and in accordance
with the conditions specified in Section&nbsp;275 of the SFA, or (iii)&nbsp;otherwise pursuant to, and in accordance with, the conditions of any other applicable exemption or provision of the SFA. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">It is a condition of the offer that where the Preferred Securities are subscribed for or acquired pursuant to an offer made in
reliance on Section&nbsp;275 of the SFA by a Relevant Person which is: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a) &nbsp;&nbsp;&nbsp;&nbsp;a corporation (which is
not an Accredited Investor), the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an Accredited Investor; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;a trust (where the trustee is not an Accredited Investor), the sole purpose of which is to hold
investments and each beneficiary of the trust is an individual who is an Accredited Investor, then the shares, debentures and units of shares and debentures of that corporation, or the beneficiaries&#146; rights and interest (howsoever described) in
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Schedule II-5 </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; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">
that trust, shall not be transferred within six months after that corporation or that trust has subscribed for or acquired the Preferred Securities except: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;to an Institutional Investor, or an Accredited Investor or other Relevant Person, or which arises
from an offer referred to in Section&nbsp;275(1A) of the SFA (in the case of that corporation) or Section&nbsp;276(4)(i)(B) of the SFA (in the case of that trust); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;where no consideration is or will be given for the transfer; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(iii) &nbsp;&nbsp;&nbsp;&nbsp;where the transfer is by operation of law. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Spain </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Preferred Securities must not be offered, distributed or sold in Spain or to a tax resident of Spain for purposes of the
Spanish tax legislation and they must not be transferred to or acquired by any such Spanish tax resident (other than BBVA). No publicity of any kind of the offering of the Preferred Securities shall be made in Spain. Any transfer of a Preferred
Security to any other Spanish tax resident is not permitted and the Company will consider such transfer null and void. Accordingly, the Company will not recognize any other Spanish tax resident as a holder or beneficial owner of a Preferred Security
for any purpose. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Switzerland </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The document is not intended to constitute an offer or solicitation to purchase or invest in the Preferred Securities described
herein. The Preferred Securities may not be publicly offered, sold or advertised, directly or indirectly, in, into or from Switzerland and will not be listed on the SIX Swiss Exchange or on any other exchange or regulated trading facility in
Switzerland. Neither this document nor any other offering or marketing material relating to the Preferred Securities constitutes a prospectus as such term is understood pursuant to article 652a or article 1156 of the Swiss Code of Obligations or a
listing prospectus within the meaning of the listing rules of the SIX Swiss Exchange or any other regulated trading facility in Switzerland and neither the document nor any other offering or marketing material relating to the Preferred Securities
may be publicly distributed or otherwise made publicly available in Switzerland. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">United Kingdom </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Any invitation or inducement to engage in investment activity (within the meaning of Section&nbsp;21 of the FSMA) in connection
with the issue or sale of the Preferred Securities may only be communicated or caused to be communicated in circumstances in which Section&nbsp;21(1) of the FSMA does not apply to the Company. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">All applicable provisions of the FSMA must be complied with in respect to anything done by any person in relation to the
Preferred Securities in, from or otherwise involving the United Kingdom. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Without prejudice to the generality of the above
paragraph, COBS 22.3 (Restrictions on the retail distribution of contingent convertible instruments and CoCo funds) (as it may be amended or replaced from time to time) of the United Kingdom&#146;s Financial Conduct Authority&#146;s Conduct of
Business Sourcebook (&#147;COBS&#148;) must be complied with, with such Underwriter deemed to be a &#147;firm&#148; for the purposes of this paragraph if it is not otherwise a &#147;firm&#148; for the purposes of COBS. For the purposes of this
paragraph, &#147;firm&#148; shall have the meaning attributed to such term in COBS. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Schedule II-6 </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; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Other Jurisdictions outside the United States </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">No action may be taken in any jurisdiction that would permit a public offering of the Preferred Securities or the possession,
circulation or distribution of the prospectus supplement in any jurisdiction where action for that purpose is required. Accordingly, the Preferred Securities may not be offered or sold, directly or indirectly, and neither the prospectus supplement
nor any other offering material or advertisements in connection with the Preferred Securities may be distributed or published in or from any country or jurisdiction, except under circumstances that will result in compliance with any applicable rules
and regulations of any such country or jurisdiction. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Other Terms: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;Underwriter Information&#148; shall mean the statements set forth in (i)&nbsp;the last paragraph of the cover page
regarding delivery of the Preferred Securities, (ii)&nbsp;the names of the Underwriters, (iii)&nbsp;the sentences under the heading &#147;Underwriting (Conflicts of Interest)&#148; related to concessions and reallowances, (iv)&nbsp;the paragraph
under the heading &#147;Underwriting (Conflicts of Interest)&#148; related to stabilization, syndicate covering transactions and penalty bids and (v)&nbsp;the paragraph under the heading &#147;Underwriting (Conflicts of Interest)&#148; related to
settlement, in the Pricing Prospectus and the Prospectus. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Jurisdictions Specified Pursuant to Section&nbsp;5(b) of the
Underwriting Agreement: None. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Jurisdictions Specified Pursuant to Section&nbsp;5(d) of the Underwriting Agreement: United
States. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The information that is in an electronic road show related to the Preferred Securities, a copy of which is
referred to in Appendix C, is hereby approved pursuant to Section&nbsp;6(b)(C) of the Underwriting Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Schedule II-7 </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>Schedule III </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Preferred Securities are complex financial instruments and are not a suitable or appropriate investment for all investors.
In particular, the Preferred Securities are not intended to be sold and should not be sold to retail clients in any jurisdiction. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>European Economic
Area </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Neither the prospectus supplement nor the accompanying prospectus is a prospectus for the purposes of the
European Union&#146;s Directive 2003/71/EC (and any amendments thereto) as implemented in member states of the European Economic Area. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Preferred Securities are not intended to be sold and should not be sold to retail clients in the European Economic Area,
as defined in the rules set out in the Product Intervention (Contingent Convertible Instruments and Mutual Society Shares) Instrument 2015 (as amended or replaced from time to time, the &#147;PI Instrument&#148;). Prospective investors are referred
to the section headed &#147;Restrictions on Marketing and Sales to Retail Investors&#148; below of the prospectus supplement for further information. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>United Kingdom </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The
communication of the prospectus supplement, the accompanying prospectus and any other document or materials relating to the issue of the Preferred Securities offered hereby is not being made, and such documents and/or materials have not been
approved, by an authorized person for the purposes of section 21 of the United Kingdom&#146;s Financial Services and Markets Act 2000, as amended (the &#147;FSMA&#148;). Accordingly, such documents and/or materials are not being distributed to, and
must not be passed on to, the general public in the United Kingdom. The communication of such documents and/or materials as a financial promotion is only being made to those persons in the United Kingdom who have professional experience in matters
relating to investments and who fall within the definition of investment professionals (as defined in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the &#147;Financial Promotion
Order&#148;)), or who fall within Article 49(2)(a) to (d)&nbsp;of the Financial Promotion Order, or who are any other persons to whom it may otherwise lawfully be made under the Financial Promotion Order (all such persons together being referred to
as &#147;relevant persons&#148;). In the United Kingdom, the Preferred Securities offered hereby are only available to, and any investment or investment activity to which the prospectus supplement and the accompanying prospectus relate will be
engaged in only with, relevant persons. Any person in the United Kingdom that is not a relevant person should not act or rely on the prospectus supplement or the accompanying prospectus or any of their contents. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Restrictions on Marketing and Sales to Retail Investors </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Preferred Securities are complex financial instruments and are not a suitable or appropriate investment for all investors. In some
jurisdictions, regulatory authorities have adopted or published laws, regulations or guidance with respect to the offer or sale of securities with features similar to the Preferred Securities to retail investors. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Schedule III-1 </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; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">In particular, in June 2015, the United Kingdom&#146;s Financial Conduct
Authority published the PI Instrument, which took effect from October&nbsp;1, 2015. Under the rules set out in the PI Instrument (as such rules may be amended or replaced from time to time, the &#147;PI Rules&#148;): </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%">&nbsp;</TD>
<TD WIDTH="9%" 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">certain contingent write-down or convertible securities (including any beneficial interests therein), such as
the Preferred Securities, must not be sold to retail clients in the European Economic Area; and </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%">&nbsp;</TD>
<TD WIDTH="9%" 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">there must not be any communication or approval of an invitation or inducement to participate in, acquire or
underwrite such securities (or the beneficial interest in such securities) where that invitation or inducement is addressed to or disseminated in such a way that it is likely to be received by a retail client in the European Economic Area (in each
case, within the meaning of the PI Rules), other than in accordance with the limited exemptions set out in the PI Rules. The Preferred Securities are further subject to the below prohibition on the sale of the Preferred Securities in Spain or to
Spanish tax residents. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Underwriters (and/or their respective affiliates) are required to comply
with the PI Rules. By purchasing, or making or accepting an offer to purchase, any Preferred Securities (or a beneficial interest therein) from BBVA and/or any Underwriter, each prospective investor will be deemed to represent, warrant, agree with,
and undertake to BBVA and each of the Underwriters that: </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%">&nbsp;</TD>
<TD WIDTH="9%" 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">it is not a Spanish tax resident or a retail client in any other jurisdiction of the European Economic Area
(as defined in the PI Rules); </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%">&nbsp;</TD>
<TD WIDTH="9%" 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">whether or not it is subject to the PI Rules, it will not: </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="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">sell or offer the Preferred Securities (or any beneficial interest therein) in Spain or to any Spanish tax
resident or retail clients in any other jurisdiction of the European Economic Area; or </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="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(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">communicate (including the distribution of the prospectus supplement and the accompanying prospectus) or
approve an invitation or inducement to participate in, acquire or underwrite the Preferred Securities (or any beneficial interests therein) where that invitation or inducement is addressed to or disseminated in such a way that it is likely to be
received by any Spanish tax resident or a retail client in any other jurisdiction of the European Economic Area (in each case within the meaning of the PI Rules); and </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%">&nbsp;</TD>
<TD WIDTH="9%" 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">it will at all times comply with all applicable laws, regulations and regulatory guidance (whether inside or
outside the European Economic Area) relating to the promotion, offering, distribution and/or sale of the Preferred Securities (or any beneficial interest therein), including (without limitation) any such laws, regulations and regulatory guidance
relating to determining the appropriateness and/or suitability of an investment in the Preferred Securities (or any beneficial interest therein) by investors in any relevant jurisdiction. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Where acting as agent on behalf of a disclosed or undisclosed client when purchasing, or making or accepting an offer to
purchase, any Preferred Securities (or any beneficial interest therein) from BBVA and/or the Underwriters, the foregoing representations, warranties, agreements and undertakings will be given by and be binding upon both the agent and its underlying
client. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Schedule III-2 </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"><U>Prohibition on Acquisition of Preferred Securities by Spanish Tax Residents</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Preferred Securities must not be offered, distributed or sold in Spain or to a tax resident of Spain for purposes of
Spanish tax legislation and they must not be transferred to or acquired by any such Spanish tax resident (other than BBVA). Any transfer of a Preferred Security to any other Spanish tax resident (other than BBVA) is not permitted and we will
consider such transfer null and void. Accordingly, we will not recognize any other Spanish tax resident as a holder or beneficial owner of a Preferred Security for any purpose. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Schedule III-3 </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>Appendix A </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Final Term Sheet </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g494378g1110235233439.jpg" ALT="LOGO">
 </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"><B>$1,000,000,000 <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">NON-STEP-UP</FONT></FONT>
<FONT STYLE="white-space:nowrap">NON-CUMULATIVE</FONT> CONTINGENT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CONVERTIBLE PERPETUAL PREFERRED TIER 1 SECURITIES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><I>This Free Writing Prospectus relates only to the preferred securities described below and should only be read together with the preliminary
prospectus supplement dated November&nbsp;7, 2017 (the &#147;Preliminary Prospectus Supplement&#148;) and the accompanying prospectus dated September&nbsp;25, 2017 relating to these preferred securities (together, the &#147;Prospectus&#148;). Terms
and expressions used but not defined herein shall have the same meanings in the Prospectus. </I></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" ALIGN="center">


<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="65%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Issuer</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Banco Bilbao Vizcaya Argentaria, S.A. (&#147;BBVA&#148;)</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Issue</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">$1,000,000,000 <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">non-step-up</FONT></FONT> <FONT
STYLE="white-space:nowrap">non-cumulative</FONT> contingent convertible perpetual preferred tier 1 securities (the &#147;Preferred Securities&#148;)</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Preferred Securities will be issued pursuant to a Contingent Convertible Preferred Securities Indenture dated September&nbsp;25, 2017 (the
&#147;Contingent Convertible Preferred Securities Indenture&#148;), between BBVA and The Bank of New York Mellon acting (except with respect to its role as Contingent Convertible Preferred Security Registrar) through its London Branch as trustee,
Paying and Conversion Agent, Principal Paying Agent and Contingent Convertible Security Registrar, as amended and supplemented by a First Supplemental Contingent Convertible Preferred Securities Indenture expected to be dated November&nbsp;16, 2017
(together with the Contingent Convertible Preferred Securities Indenture, the &#147;Indenture&#148;).</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Issuer Rating*</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Baa1 (stable) (Moody&#146;s) / BBB+ (positive) (S&amp;P) / <FONT STYLE="white-space:nowrap">A-</FONT> (stable)
(Fitch)</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Issue Rating*</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Ba2 (Moody&#146;s) / BB (Fitch)</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Pricing Date</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">November&nbsp;8, 2017</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Issue Date / Settlement Date</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">November&nbsp;16, 2017 (T + 6)</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Currency</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">U.S.&nbsp;Dollar</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex A-1 </P>


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


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


<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="65%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Security Type</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Preferred Securities are perpetual securities and have no stated maturity.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Issuer Ordinary Shares Price</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">EUR 7.211 (closing price on November&nbsp;7, 2017)</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Form of Issuance</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><FONT STYLE="white-space:nowrap">SEC-Registered</FONT></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>EUR / USD Exchange Rate</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">1.15975</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Conversion Price</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">If the Common Shares are: (i)&nbsp;then admitted to trading on a Relevant Stock Exchange, the higher of: (a)&nbsp;the
Reference Market Price of a Common Share (translated into U.S. dollars at the Prevailing Rate, if applicable); (b) the Floor Price; and (c)&nbsp;the nominal value of a Common Share (translated into U.S. dollars at the Prevailing Rate, if
applicable); or (ii)&nbsp;not then admitted to trading on a Relevant Stock Exchange, the higher of (b)&nbsp;and (c) above.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;Floor Price&#148; means $4.35. The Floor Price is subject to adjustment as described in the Prospectus.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Business Day Convention / Day Count Fraction</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Following unadjusted / 30/360 (ISDA)</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Joint Bookrunners</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">BBVA Securities Inc.**</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Citigroup Global Markets Inc.</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Deutsche Bank Securities Inc.</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">HSBC Securities (USA) Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">J.P.
Morgan Securities LLC</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Merrill Lynch, Pierce, Fenner&nbsp;&amp; Smith</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Incorporated</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Distribution Rates</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Preferred Securities accrue Distributions: (i)&nbsp;in respect of the period from (and including) the Closing Date to
(but excluding) the First Reset Date at the rate of 6.125% per annum; and (ii)&nbsp;in respect of each Reset Period, at the rate per annum equal to the aggregate of 3.870% (the &#147;Initial Margin&#148;) and the
<FONT STYLE="white-space:nowrap">5-year</FONT> <FONT STYLE="white-space:nowrap">Mid-Swap</FONT> Rate (expressed as a percentage per annum) for such Reset Period, and such aggregate converted to a quarterly rate in accordance with market convention
(rounded to four decimal places, with 0.00005 rounded down), all as determined by the Calculation Agent on the relevant Reset Determination Date.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Price to Public</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">100.000%</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Issue Size</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">$1,000,000,000</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex A-2 </P>


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


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


<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="65%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>US Treasury Benchmark</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">2.250% due August&nbsp;15, 2027</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>US Treasury Yield/Price</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">2.329%&nbsp;/ <FONT STYLE="white-space:nowrap">99-10</FONT></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B><FONT STYLE="white-space:nowrap">Re-offer</FONT> Yield</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">6.125% quarterly / 6.172% semi-annual</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Semi-annual Equivalent <FONT STYLE="white-space:nowrap">Re-offer</FONT> Spread to US Treasury</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">3.843% (using 6.172% semi-annual equivalent yield)</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Underwriting Discount</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">0.900%</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B><FONT STYLE="white-space:nowrap">All-in</FONT> Price</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">99.100%</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Proceeds, Before Expenses, to the Issuer</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">$991,000,000</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B><FONT STYLE="white-space:nowrap">10-year</FONT> <FONT STYLE="white-space:nowrap">Mid-Swap</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">2.302% semi-annual</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Semi-annual Equivalent Spread to <FONT STYLE="white-space:nowrap">10-year</FONT> <FONT STYLE="white-space:nowrap">Mid-Swap</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">3.870% (using 2.302% semi-annual equivalent yield)</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Reset Date</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">November&nbsp;16, 2027 (the &#147;First Reset Date&#148;) and every fifth anniversary thereafter</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>CUSIP</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">05946K AF8</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>ISIN</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">US05946KAF84</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Distribution Payment Dates</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Subject to the provisions set out below, Distributions will be payable quarterly in arrears on each of February&nbsp;16,
May&nbsp;16, August&nbsp;16 and November&nbsp;16 in each year (each a &#147;Distribution Payment Date&#148;), commencing on February&nbsp;16, 2018.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Reset Determination Date</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The second Business Day immediately preceding such Reset Date. The term &#147;Business Day&#148; means any day, other than
Saturday or Sunday, that is neither a Legal Holiday nor a day on which banking institutions are authorized or required by law, regulation or executive order to close in the City of New York, London or Madrid. &#147;Legal Holiday&#148;, with respect
to any Place of Payment or other location, means a Saturday, a Sunday or a day on which banking institutions in such Place of Payment or other location are not authorized or obligated to be open.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B><FONT STYLE="white-space:nowrap">5-year</FONT> <FONT STYLE="white-space:nowrap">Mid-Swap</FONT> Rate</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">In relation to a Reset Date and the Reset Period commencing on that Reset Date: (i)&nbsp;the annual <FONT
STYLE="white-space:nowrap">mid-swap</FONT> rate for the Reset Date for U.S. dollar swap transactions maturing on the last day of such Reset Period, expressed as a percentage, which
appears</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex A-3 </P>


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


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


<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="65%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">on the Screen Page at 11.00 a.m. (New York City time) on the Reset Determination Date; or (ii)&nbsp;if such rate does not
appear on the Screen Page at such time on such Reset Determination Date, the Reset Reference Bank Rate for such Reset Period.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;Reset Reference Bank Rate&#148; means, in relation to a Reset Date and the Reset Period commencing on that Reset Date, the percentage
determined on the basis of the arithmetic mean of the <FONT STYLE="white-space:nowrap">5-year</FONT> <FONT STYLE="white-space:nowrap">Mid-Swap</FONT> Rate Quotations provided by the Reference Banks at approximately 11.00 a.m. (New York City time) on
the Reset Determination Date for such Reset Date. The Calculation Agent will request the principal office of each Reference Bank to provide a quotation of its rate. If three or more quotations are provided, the Reset Reference Bank Rate for such
Reset Period will be the percentage reflecting the arithmetic mean of the quotations, eliminating the highest quotation (or, in the event of equality, one of the highest) and the lowest quotation (or, in the event of equality, one of the lowest). If
only two quotations are provided, it will be the arithmetic mean of the quotations provided. If only one quotation is provided, it will be the quotation provided. If no quotation is provided, the Reset Reference Bank Rate for the Reset Period will
be (i)&nbsp;in the case of a Reset Period other than the Reset Period commencing on the First Reset Date, the <FONT STYLE="white-space:nowrap">5-year</FONT> <FONT STYLE="white-space:nowrap">Mid-Swap</FONT> Rate in respect of the immediately
preceding Reset Period or (ii)&nbsp;in the case of the Reset Period commencing on the First Reset Date, 2.066% per annum.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;Screen Page&#148; means the display page on the relevant Reuters information service designated as the &#147;ICESWAP1&#148; page or such
other page as may replace it on that information service, or on such other equivalent information service as may be nominated by the person providing or sponsoring such information, for the purpose of displaying equivalent or comparable rates to the
<FONT STYLE="white-space:nowrap">5-year</FONT> <FONT STYLE="white-space:nowrap">Mid-Swap</FONT> Rate.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><FONT STYLE="white-space:nowrap">&#147;5-year</FONT> <FONT STYLE="white-space:nowrap">Mid-Swap</FONT> Rate Quotations&#148; means the
arithmetic mean of the bid and offered rates for the semi-annual fixed leg (calculated on a 30/360 (ISDA) day count basis) of a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">fixed-for-floating</FONT></FONT> U.S. dollar interest
rate swap transaction which (i)&nbsp;has a term of five years commencing on the relevant Reset Date; and (ii)&nbsp;is in an amount that is representative for a single transaction in the relevant market at the relevant time with an acknowledged
dealer of good credit in the swap market, where the floating leg (calculated on an Actual/360 (ISDA) day count basis) is equivalent to the rate for deposits in U.S. dollars for a three-month period, offered by the principal London offices of leading
swap dealers in the New York City interbank market to prime banks in the London interbank market or to the extent that an industry-accepted substitute or successor rate for such rate has been established (as determined by BBVA in its sole
discretion), such successor rate. If BBVA has determined that</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex A-4 </P>


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


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


<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="65%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a substitute or successor rate should apply in accordance with the foregoing, it will notify the Calculation Agent in
writing and the Calculation Agent will request each Reference Bank to adjust such <FONT STYLE="white-space:nowrap">5-year</FONT> <FONT STYLE="white-space:nowrap">mid-swap</FONT> rate quotation to include any necessary adjustment factor that is
necessary to make the <FONT STYLE="white-space:nowrap">5-year</FONT> <FONT STYLE="white-space:nowrap">mid-swap</FONT> rate quotation comparable to a <FONT STYLE="white-space:nowrap">5-year</FONT> <FONT STYLE="white-space:nowrap">mid-swap</FONT> rate
quotation based on the <FONT STYLE="white-space:nowrap">3-months</FONT> interbank deposit rate.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Regular Record Date</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The regular record date for the Distribution payable on any Distribution Payment Date on the Preferred Securities will be
the 15th calendar day (whether or not a Business Day) preceding a Distribution Payment Date.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Distributions Discretionary</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">BBVA may elect, in its sole and absolute discretion, to cancel the payment of any Distribution on the Preferred Securities
in whole or in part at any time and for any reason. Distributions on the Preferred Securities will be <FONT STYLE="white-space:nowrap">non-cumulative.</FONT> Accordingly, if any Distribution (or any part thereof) is not paid in respect of the
Preferred Securities as a result of its election to cancel such Distribution or the limitations on payments set out under Restrictions on Distributions below and in the Prospectus, then the right of the holders to receive the relevant Distribution
(or such part thereof) in respect of the relevant Distribution Period will be extinguished and BBVA will have no obligation to pay such Distribution (or such part thereof) accrued for such Distribution Period or to pay any interest thereon, whether
or not Distributions on the Preferred Securities are paid in respect of any future Distribution Period</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Restrictions on Distributions</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Without limitation on the above, payments of Distributions on the Preferred Securities shall be made only out of
BBVA&#146;s Distributable Items. To the extent that (i)&nbsp;BBVA has insufficient Distributable Items to make Distributions on the Preferred Securities scheduled for payment in the then current financial year and any interest payments or
distributions that have been paid or made or are scheduled or required to be paid or made out of BBVA&#146;s Distributable Items in the then current financial year, in each case excluding any portion of such payments already accounted for in
determining BBVA&#146;s Distributable Items, and/or (ii)&nbsp;the Regulator, in accordance with Article 68 of Law 10/2014 (as defined in the Prospectus) and/or Article 16 of the SSM Regulation and/or with Applicable Banking Regulations then in
force, requires BBVA to cancel the relevant Distribution in whole or in part, then BBVA will, without prejudice to the right set forth under Distributions Discretionary above to cancel at BBVA&#146;s discretion the payment of any such Distributions
on the Preferred Securities at any time, make partial or, as the case may be, no payment of the relevant Distribution on the Preferred Securities. No payments will be made on the</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex A-5 </P>


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


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


<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="65%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Preferred Securities (whether by way of a repayment of the Liquidation Preference, the payment of any Distribution or
otherwise) if and to the extent that such payment would cause a breach of any regulatory restriction or prohibition on payments on Additional Tier 1 Instruments pursuant to Applicable Banking Regulations (including, without limitation, any such
restriction or prohibition relating to any Maximum Distributable Amount (as defined in the Prospectus) applicable to BBVA and/or the Group).</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Definitions</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;Additional Tier 1 Instrument&#148; means any of BBVA&#146;s contractually subordinated obligations constituting an Additional Tier 1
instrument (instrumento de capital de nivel 1 adicional) in accordance with Applicable Banking Regulations.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;Applicable Banking Regulations&#148; means at any time the laws, regulations, requirements, guidelines and policies relating to capital
adequacy, resolution and/or solvency then applicable to BBVA and/or the Group including, without limitation to the generality of the foregoing, CRD IV, the BRRD and those laws, regulations, requirements, guidelines and policies relating to capital
adequacy, resolution and/or solvency then in effect in Spain (whether or not such regulations, requirements, guidelines or policies have the force of law and whether or not they are applied generally or specifically to BBVA and/or the Group).</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;CRD IV&#148; means any or any combination of the CRD
IV Directive, the CRR, and any CRD IV Implementing Measures.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;CRD IV Directive&#148; means Directive 2013/36/EU of the European Parliament and of the Council of June&nbsp;26, on access to the
activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC, as amended or supplemented from time to time, or such other
directive as may come into effect in place thereof.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;CRD IV Implementing Measures&#148; means any regulatory capital rules implementing the CRD IV Directive or the CRR which may from time to
time be introduced, including, but not limited to, delegated or implementing acts (regulatory technical standards) adopted by the European Commission, national laws and regulations, and regulations and guidelines issued by the Regulator, the
European Banking Authority or any other relevant authority, which are applicable to BBVA (on a standalone basis) or the Group (on a consolidated basis), including, without limitation, Law 10/2014 and any other regulation, circular or guidelines
implementing or developing Law 10/2014.</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex A-6 </P>


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


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


<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="65%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;CRR&#148; means Regulation (EU) No.&nbsp;575/2013 of the European Parliament and of the Council of June&nbsp;26, on the
prudential requirements for credit institutions and investment firms and amending Regulation (EU) No.&nbsp;648/2012, as amended or supplemented from time to time, or such other regulation as may come into effect in place thereof.</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;Distributable Items&#148; has the meaning given to
such term in CRD IV, as interpreted and applied in accordance with Applicable Banking Regulations.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;Group&#148; means BBVA and its consolidated subsidiaries.</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;Regulator&#148; means the European Central Bank or
the Bank of Spain (<I>Banco de Espa&ntilde;a</I>), as applicable, or such other or successor authority having primary bank supervisory authority, in each case, with respect to prudential matters in relation to BBVA and/or the Group from time to
time.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Agreement to Distributions Cancellation</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">By acquiring Preferred Securities, holders and holders of a beneficial interest in the Preferred Securities acknowledge and
agree that (i)&nbsp;Distributions are payable solely at BBVA&#146;s discretion, and no amount of Distribution shall become or remain due and payable in respect of the relevant Distribution Period to the extent that it has been cancelled or deemed
cancelled by BBVA and/or as a result of the limitations on payment described under Restrictions on Distributions above; and (ii)&nbsp;a cancellation or deemed cancellation of any Distribution (in whole or in part) in accordance with the terms of the
Indenture and the Preferred Securities shall not constitute an Enforcement Event or other default under the terms of the Preferred Securities or the Indenture or the occurrence of any event related to BBVA&#146;s insolvency or entitle holders to
take any action to cause such Distribution to be paid or BBVA&#146;s liquidation, dissolution or <FONT STYLE="white-space:nowrap">winding-up</FONT> or in any way limit or restrict BBVA from making any distribution or equivalent payment in connection
with any instrument ranking junior to the Preferred Securities of (including, without limitation, any CET1 Capital issued by BBVA or the Group) or in respect of any Parity Security or other Security, except to the extent Applicable Banking
Regulations otherwise provide. Distributions will only be due and payable on a Distribution Payment Date to the extent they are not cancelled or deemed cancelled previously or thereafter in accordance with the Indenture. Any Distributions cancelled
or deemed cancelled (in each case, in whole or in part) in the circumstances described in the Prospectus and in the Indenture shall not be due and shall not accumulate or be payable at any time thereafter, and holders of the Preferred Securities
shall have no rights thereto or to receive any additional Distributions or compensation as a result of such cancellation or deemed cancellation.</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex A-7 </P>


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


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


<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="65%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Definitions</B></P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;CET1 Capital&#148; means, at any time, BBVA&#146;s common equity tier 1 capital or the common equity tier 1 capital of the Group,
respectively, as calculated by BBVA in accordance with Chapter 2 (Common Equity Tier 1 Capital) of Title I (Elements of Own Funds) of Part Two (Own Funds) of the CRR and/or Applicable Banking Regulations at such time, including any applicable
transitional, phasing in or similar provisions.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;Parity Securities&#148; means any instrument issued or guaranteed by BBVA (including the guarantee thereof), which instrument or
guarantee ranks <I>pari passu</I> with the Preferred Securities.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;Securities&#148; means any securities including, without limitation, shares in BBVA&#146;s capital, or options, warrants or other rights
to subscribe for or purchase or acquire shares in BBVA&#146;s capital.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Notice of Distribution Cancellation</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">If practicable, BBVA will provide notice of any cancellation or deemed cancellation of Distributions on the Preferred
Securities (in each case, in whole or in part) to the holders of the Preferred Securities through DTC (or, if the Preferred Securities are held in definitive form, to the holders of the Preferred Securities directly at their addresses shown on the
Contingent Convertible Preferred Security Register) and to the trustee directly on or prior to the relevant Distribution Payment Date. Failure to provide such notice will have no impact on the effectiveness of, or otherwise invalidate, any such
cancellation or deemed cancellation of Distributions (and accordingly, such Distributions will not be due and payable), will not constitute an Enforcement Event with respect to the Preferred Securities, or give the holders or beneficial owners of
the Preferred Securities any rights as a result of such failure.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Subordination</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Unless previously converted into Common Shares pursuant to the conversion provisions of the Indenture and except as
provided in the Prospectus, BBVA&#146;s obligations under the Preferred Securities will constitute BBVA&#146;s direct, unconditional, unsecured and subordinated obligations and, in case of BBVA&#146;s insolvency (<I>concurso de acreedores</I>), in
accordance with Additional Provision 14.3 of Law 11/2015 and the Spanish Insolvency Law but only to the extent permitted by the Spanish Insolvency Law or any other applicable laws relating to or affecting the enforcement of creditors&#146; rights in
Spain and subject to any other ranking that may apply as a result of any mandatory provision of law (or otherwise), for so long as BBVA&#146;s obligations in respect of the Preferred
Securities</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex A-8 </P>


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


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


<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="65%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">constitute an Additional Tier 1 Instrument issued by us, such Preferred Securities will rank with respect to claims for any
Liquidation Preference of such Preferred Securities: (i)&nbsp;junior to: (a)&nbsp;any unsubordinated obligations of BBVA (including where those obligations subsequently become subordinated pursuant to Article 92.1&ordm; of the Spanish Insolvency
Law); and (b)&nbsp;any claim for principal in respect of any other of BBVA&#146;s contractually subordinated obligations, present and future, not constituting BBVA&#146;s Additional Tier 1 Capital for the purposes of Section&nbsp;3 of Additional
Provision 14 of Law 11/2015 (other than, to the extent permitted by law, any Parity Securities, whether so ranking by law or their terms); (ii) pari passu with: (a)&nbsp;each other claim for any Liquidation Preference of Preferred Securities;
(b)&nbsp;all other claims in respect of any liquidation preference or otherwise for principal in respect of BBVA&#146;s contractually subordinated obligations under any outstanding Additional Tier 1 Instruments, present and future; and (c)&nbsp;any
other Parity Securities (whether so ranking by law or their terms), to the extent permitted by law; and (iii)&nbsp;senior to the Common Shares or any other of BBVA&#146;s subordinated obligations which by law rank junior to the Preferred Securities
(including, to the extent permitted by law, any of BBVA&#146;s contractually subordinated obligations expressed by their terms to rank junior to the Preferred Securities).</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">BBVA&#146;s obligations under the Preferred Securities are
subject to, and may be limited by, the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority.</P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Definitions</B></P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;Spanish Insolvency Law&#148; means Law 22/2003 (<I>Ley
Concursal</I>) of July&nbsp;9, regulating insolvency proceedings in Spain, as amended or supplemented from time to time, or an equivalent legal provision which replaces it in the future.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Waiver of Right to <FONT STYLE="white-space:nowrap">Set-Off</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Subject to applicable law, neither any holder or beneficial owner of Preferred Securities nor the trustee acting on behalf
of the holders of the Preferred Securities may exercise, claim or plead any right of <FONT STYLE="white-space:nowrap">set-off,</FONT> compensation or retention in respect of any amount owed to it by BBVA in respect of, or arising under, or in
connection with, the Preferred Securities or the Indenture and each holder and beneficial owner of Preferred Securities, by virtue of its holding of any Preferred Securities or any interest therein, and the trustee acting on behalf of the holders of
the Preferred Securities, shall be deemed to have waived all such rights of <FONT STYLE="white-space:nowrap">set-off,</FONT> compensation or retention. If, notwithstanding the above, any amounts due and payable to any holder or beneficial owner of a
Preferred Security or any interest therein by BBVA in respect of, or arising under, the Preferred Securities are discharged by <FONT STYLE="white-space:nowrap">set-off,</FONT> such holder or beneficial owner shall, subject to
applicable</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex A-9 </P>


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


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


<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="65%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">law, immediately pay an amount equal to the amount of such discharge to BBVA (or, if a Liquidation Event shall have
occurred, BBVA&#146;s liquidator or administrator, as the case may be) and, until such time as payment is made, shall hold an amount equal to such amount in trust (where possible) or otherwise for BBVA (or BBVA&#146;s liquidator or administrator, as
the case may be) and, accordingly, any such discharge shall be deemed not to have taken place.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Conversion</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Preferred Securities are only convertible into Common Shares upon a Trigger Event or a Capital Reduction, in each case
as set forth below. The Preferred Securities are not convertible into Common Shares at the option of holders of Preferred Securities at any time and are not redeemable in cash as a result of a Trigger Event or a Capital Reduction.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Trigger Event</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">A Trigger Event shall occur if, at any time, as determined by BBVA, BBVA&#146;s CET1 ratio or the CET1 ratio of the Group is
less than 5.125%.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">If the Trigger Event occurs at any
time on or after the Closing Date, then BBVA will: not pay any Distribution on the Preferred Securities, including any accrued and unpaid Distributions, which shall be deemed to be cancelled by BBVA in accordance with their terms; and irrevocably
and mandatorily (and without any requirement for the consent or approval of the holders or beneficial owners of the Preferred Securities) convert all the Preferred Securities into Common Shares (a &#147;Trigger Conversion&#148;) to be delivered on
the relevant Conversion Settlement Date. If the Trigger Event occurs, the Preferred Securities will be converted in whole and not in part. For the purposes of determining whether the Trigger Event has occurred, BBVA will (i)&nbsp;calculate the CET1
ratio based on information (whether or not published) available to BBVA&#146;s management, including information internally reported within BBVA pursuant to BBVA&#146;s procedures for ensuring effective ongoing monitoring of BBVA&#146;s capital
ratios and the capital ratios of the Group and (ii)&nbsp;calculate and publish the CET1 ratio on at least a quarterly basis. BBVA&#146;s calculation shall be binding on the trustee and the holders and beneficial owners of the Preferred
Securities.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">A Trigger Event will not constitute an
event of default, an Enforcement Event or the occurrence of any event related to BBVA&#146;s insolvency or entitle holders to take any action to cause BBVA&#146;s liquidation, dissolution or <FONT STYLE="white-space:nowrap">winding-up.</FONT></P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Definitions</B></P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;Accounting Currency&#148; means euro or such other primary
currency used in the presentation of the Group&#146;s accounts from time to time.</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex A-10 </P>


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


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


<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="65%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;CET1 ratio&#148; means, at any time, with respect to BBVA or the Group, as the case may be, the reported ratio
(expressed as a percentage) of the aggregate amount (in the Accounting Currency) of BBVA&#146;s CET1 Capital or the CET1 Capital of the Group, respectively, at such time divided by BBVA&#146;s Risk Weighted Assets Amount or the Risk Weighted Assets
Amount of the Group, respectively, at such time, all as calculated by BBVA.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;Risk Weighted Assets Amount&#148; means at any time, with respect to BBVA or the Group, as the case may be, the aggregate amount (in the
Accounting Currency) of the risk weighted assets of BBVA or the Group, respectively, calculated in accordance with CRR and/or Applicable Banking Regulations at such time.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Capital Reduction</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">A &#147;Capital Reduction&#148; shall occur upon the adoption, in accordance with Article 418.3 of the Spanish Companies Act,
by a general shareholders&#146; meeting of BBVA of a resolution of capital reduction by reimbursement of cash contributions (<I>restituci&oacute;n de aportaciones</I>) to shareholders by way of a reduction in the nominal value of the shares of such
shareholders in BBVA&#146;s capital. A resolution of capital reduction for the redemption of any Common Shares previously repurchased by BBVA will not be considered a Capital Reduction for the purposes of the Indenture.</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Except if BBVA has given a redemption notice prior to such
Capital Reduction, if a Capital Reduction occurs at any time on or after the Closing Date, then BBVA will, subject as otherwise provided in the paragraph immediately below, irrevocably and mandatorily (and without any requirement for the consent or
approval of the holders or beneficial owners of Preferred Securities) convert all the Preferred Securities into Common Shares (a &#147;Capital Reduction Conversion&#148;) to be delivered on the relevant Conversion Settlement Date and on such
Conversion Settlement Date pay to the holders, as applicable, where not cancelled or deemed cancelled by BBVA and/or as a result of the limitations on payment, an amount equal to the accrued and unpaid Distributions for the then current Distribution
Period up to (but excluding) such Conversion Settlement Date.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Notwithstanding the above paragraph, if a Capital Reduction occurs at any time on or after the Closing Date, each holder of the Preferred
Securities will have the right to elect that all (but not part) of its Preferred Securities shall not be converted in accordance with the above paragraph, in which case all Preferred Securities of such holder shall remain outstanding and no payment
of any accrued and unpaid Distributions on such Preferred Securities shall be made in respect of such Preferred Securities to that holder on the relevant Conversion</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex A-11 </P>


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


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


<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="65%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Settlement Date pursuant to such paragraph. To exercise such right, a holder must complete, sign and deposit at the specified
office of any Paying and Conversion Agent a duly completed and signed notice of election (an &#147;Election Notice&#148;), in the form indicated in the Capital Reduction Notice, on or before the tenth Business Day immediately following the Capital
Reduction Notice Date (the period from (and including) the Capital Reduction Notice Date to (and including) such tenth Business Day, the &#147;Election Period&#148;).</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">An Election Notice shall be irrevocable. Any relevant
Preferred Securities in respect of which a duly completed and signed Election Notice is not received during the Election Period shall be converted into Common Shares.</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">A Capital Reduction will not constitute an event of
default, an Enforcement Event or the occurrence of any event related to BBVA&#146;s insolvency or entitle holders to take any action to cause BBVA&#146;s liquidation, dissolution or <FONT STYLE="white-space:nowrap">winding-up.</FONT></P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">If any notice of redemption of the Preferred Securities has
been given and a Capital Reduction with respect to the Preferred Securities occurs prior to the redemption date, such Capital Reduction will be deemed not to have occurred for all purposes of the Indenture with respect to the Preferred Securities
and there shall be no conversion of such Preferred Securities thereunder and, instead, the redemption of the Preferred Securities shall take place. In addition, holders and beneficial owners of the Preferred Securities shall be deemed to have
irrevocably waived their rights under Article 418 of the Spanish Companies Act.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Any Preferred Securities not converted upon a Capital Reduction as a result of holders delivering a duly completed and signed Election Notice
during the Election Period shall remain Outstanding and, notwithstanding any of the above, may be the subject of Conversion on the occurrence of a Trigger Event.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Upon Conversion</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Subject as provided in this paragraph with respect to fractions, the number of Common Shares to be issued on Conversion in
respect of each Preferred Security to be converted shall be determined by dividing the Liquidation Preference of such Preferred Security by the relevant Conversion Price (as defined below) in effect on the relevant Conversion Notice Date (as defined
in the Prospectus) rounded down to the nearest whole number of Common Shares. Fractions of Common Shares will not be issued on Conversion or as otherwise provided in the Prospectus, and no cash payment or other adjustment will be made in lieu
thereof. Without prejudice to the generality of the foregoing, if one or more Delivery Notices and the related Preferred Securities are received by or on behalf of a Paying</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex A-12 </P>


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


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


<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="65%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">and Conversion Agent such that the Common Shares to be delivered by or on behalf of the Conversion Shares Depository (as
defined in the Prospectus) are to be registered in the same name or delivered to the same Clearing System participant account, the number of such Common Shares to be delivered in respect thereof shall be calculated on the basis of the aggregate
Liquidation Preference of such Preferred Securities being so converted and rounded down to the nearest whole number of Common Shares.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Upon any Trigger Conversion of the Preferred Securities, holders (and beneficial owners) of any Preferred Securities shall have no claim
against BBVA in respect of (i)&nbsp;any Liquidation Preference (and premium, if any) of the Preferred Securities converted into Common Shares or (ii)&nbsp;any accrued and unpaid Distributions cancelled or otherwise unpaid in respect of Preferred
Securities, and the Preferred Securities shall cease to represent any right other than the right to receive Common Shares from or on behalf of the Conversion Shares Depository.</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Upon any Capital Reduction Conversion of the Preferred
Securities, holders (and beneficial owners) of any Preferred Securities (other than holders of Preferred Securities in respect of which such holders have elected not to convert such Preferred Securities) shall have no claim against BBVA in respect
of any Liquidation Preference (and premium, if any) of such Preferred Securities, and the Preferred Securities converted into Common Shares (other than Preferred Securities in respect of which holders have elected not to convert such Preferred
Securities) shall cease to represent any right other than the right to receive Common Shares from or on behalf of the Conversion Shares Depository.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">On or prior to the Conversion Settlement Date, BBVA shall deliver to the Conversion Shares Depository such number of Common Shares (subject as
provided above with respect to fractions) as is required to satisfy in full BBVA&#146;s obligation to deliver Common Shares (i)&nbsp;in respect of a Trigger Conversion, of the aggregate Liquidation Preference of Preferred Securities outstanding on
the Trigger Event Notice Date, and (ii)&nbsp;in respect of a Capital Reduction Conversion, of the aggregate Liquidation Preference of Preferred Securities outstanding on the Capital Reduction Notice Date, other than Preferred Securities in respect
of which such holders have elected not to convert such Preferred Securities.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">BBVA&#146;s obligation to issue and deliver Common Shares to a holder of Preferred Securities on the relevant Conversion Settlement Date shall
be satisfied by the delivery of such Common Shares to the Conversion Shares Depository.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Holders that elect to receive Common Shares in the form of</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex A-13 </P>


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


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


<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="65%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">ADSs must pay any fees that may be payable to the ADS Depositary (as defined in the Prospectus) as a result of the issue
and delivery of such ADSs in accordance with the Delivery Notice.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Agreement and Waiver with Respect to Conversion</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Preferred Securities are not convertible into Common Shares at the option of holders of Preferred Securities at any
time and are not redeemable in cash as a result of a Conversion Event. Notwithstanding any other provision described in the Prospectus or in the Indenture, by its acquisition of any Preferred Security, each holder and beneficial owner shall be
deemed to have (i)&nbsp;agreed to all the terms and conditions of the Preferred Securities, including, without limitation, those related to (x)&nbsp;Conversion following a Trigger Event or Capital Reduction, as the case may be, and (y)&nbsp;the
appointment of the Conversion Shares Depository, the issuance of the Common Shares to the Conversion Shares Depository, and acknowledged that such events in (x)&nbsp;and (y) may occur without any further action on the part of the holders or
beneficial owners of the Preferred Securities or the trustee, (ii)&nbsp;agreed that effective upon, and following, the Conversion, no amount shall be due and payable to the holders of the Preferred Securities so converted (other than any accrued and
unpaid Distributions to be paid upon a Capital Reduction Conversion (where not cancelled or deemed cancelled by BBVA and/or as a result of the limitations on payment), and BBVA&#146;s liability to pay any such amounts (including the Liquidation
Preference (and premium, if any) of, or any Distribution in respect of (other than any accrued and unpaid Distributions to be paid upon a Capital Reduction Conversion (where not cancelled or deemed cancelled by BBVA and/or as a result of the
limitations on payment), except as otherwise noted in the Indenture with respect to certain stamp and similar taxes, shall be automatically released, and the holders of the Preferred Securities so converted shall not have the right to give a
direction to the trustee with respect to the Conversion Event and any related Conversion, (iii)&nbsp;waived, to the extent permitted by the Trust Indenture Act, any claim against the trustee arising out of its acceptance of its trusteeship under,
and the performance of its duties, powers and rights in respect of, the Indenture and in connection with the Preferred Securities so converted or to be converted, including, without limitation, claims related to or arising out of or in connection
with a Conversion Event and/or any Conversion and (iv)&nbsp;authorized, directed and requested DTC, the European Clearing Systems and any direct participant in DTC, the European Clearing Systems or other intermediary or depositary through which it
holds such Preferred Securities to be converted to take any and all necessary action, if required, to implement the Conversion without any further action or direction on the part of such holder or beneficial owner of such Preferred Securities or the
trustee.</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex A-14 </P>


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


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


<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="65%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Agreement and Acknowledgment with Respect to the Exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Notwithstanding any other term of the Preferred Securities, the Indenture or any other agreements, arrangements, or
understandings between BBVA and any holder of the Preferred Securities, by its acquisition of any Preferred Security, each holder (which, for the purposes of the below, includes each holder of a beneficial interest in the Preferred Securities)
acknowledges, accepts, consents to and agrees to be bound by: (i)&nbsp;the exercise and effect of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority, which may be imposed with or without
any prior notice with respect to the Preferred Securities, and may include and result in any of the following, or some combination thereof: (a)&nbsp;the reduction or cancellation of all, or a portion, of the Amounts Due on the Preferred Securities;
(b)&nbsp;the conversion of all, or a portion, of the Amounts Due on the Preferred Securities into shares, other securities or other obligations of BBVA or another Person (and the issue to or conferral on the holder of any such shares, securities or
obligations), including by means of an amendment, modification or variation of the terms of the Preferred Securities; (c)&nbsp;the cancellation of the Preferred Securities; (d)&nbsp;the inclusion of a maturity date for the Preferred Securities or
the amendment or alteration thereof, or the amendment of the Liquidation Preference or Distributions payable on the Preferred Securities, or the date on which Distributions become payable, including by suspending payment for a temporary period; and
(ii)&nbsp;the variation of the terms of the Preferred Securities or the rights of the holders thereunder or under the Indenture, if necessary, to give effect to the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the
Relevant Spanish Resolution Authority.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">By its
acquisition of any Preferred Security, each holder acknowledges and agrees that neither a reduction or cancellation, in part or in full, of the Amounts Due on the Preferred Securities or the conversion thereof into another security or obligation of
BBVA or another Person, in each case as a result of the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority with respect to BBVA, nor the exercise of the Spanish <FONT
STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority with respect to the Preferred Securities shall: (i)&nbsp;give rise to a default or event of default for purposes of Section&nbsp;315(b) (Notice of Defaults)
and Section&nbsp;315(c) (Duties of the Trustee in Case of Default) of the Trust Indenture Act; or (ii)&nbsp;be a default or an Enforcement Event with respect to the Preferred Securities or under the Indenture. By its acquisition of any Preferred
Security, each holder further acknowledges and agrees that no repayment or payment of Amounts Due on the Preferred Securities shall</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex A-15 </P>


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


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


<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="65%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">become due and payable or be paid after the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power
by the Relevant Spanish Resolution Authority if, and to the extent that, such amounts have been reduced, converted, cancelled, amended or altered as a result of such exercise.</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">By its acquisition of any Preferred Security, each holder,
to the extent permitted by the Trust Indenture Act, waives any and all claims, in law and/or in equity, against the trustee for, agrees not to initiate a suit against the trustee in respect of, and agrees that the trustee shall not be liable for,
any action that the trustee takes, or abstains from taking, in either case in accordance with the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority with respect to the
Preferred Securities. Additionally, by its acquisition of any Preferred Security, each holder acknowledges and agrees that, upon the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution
Authority with respect to the Preferred Securities: (i)&nbsp;the trustee shall not be required to take any further directions from the holders with respect to any portion of the Preferred Securities that is written down, converted to equity and/or
cancelled pursuant to the Indenture; and (ii)&nbsp;the Indenture shall not impose any duties upon the trustee whatsoever with respect to the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish
Resolution Authority; provided, however, that notwithstanding the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority with respect to the Preferred Securities, so long as any
Preferred Securities remain outstanding, there shall at all times be a trustee for the Preferred Securities in accordance with the Indenture, and the resignation and/or removal of the trustee and the appointment of a successor trustee shall continue
to be governed by the Indenture, including to the extent no additional supplemental indenture or amendment is agreed upon in the event the Preferred Securities remain outstanding following the completion of the exercise of the Spanish <FONT
STYLE="white-space:nowrap">Bail-in</FONT> Power.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">By its
acquisition of any Preferred Security, each holder shall be deemed to have authorized, directed and requested DTC, the relevant Clearing Systems and any direct participant in any relevant Clearing System or other intermediary through which it holds
such Preferred Securities to take any and all necessary action, if required, to implement the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power with respect to the Preferred Securities as it may be imposed, without any
further action or direction on the part of such holder.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Upon the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority with
respect to the Preferred Securities, BBVA or the Relevant Spanish Resolution Authority (as the case may be) shall provide a</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex A-16 </P>


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


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


<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="65%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">written notice to DTC as soon as practicable regarding such exercise of the Spanish
<FONT STYLE="white-space:nowrap">Bail-in</FONT> Power for purposes of notifying the holders of such Preferred Securities. BBVA shall also deliver a copy of such notice to the trustee for information purposes.</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">If BBVA has elected to redeem the Preferred Securities but,
prior to the payment of the Redemption Price to holders, the Relevant Spanish Resolution Authority exercises its Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power with respect to the Preferred Securities, the relevant redemption notice
shall be automatically rescinded and shall be of no force and effect, there shall be no redemption and consequently no payment of the Redemption Price (and any other amounts payable in accordance with the redemption provisions of the Indenture) will
be due and payable.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;SRM Regulation&#148; means
Regulation (EU) No.&nbsp;806/2014 of the European Parliament and of the Council of July&nbsp;15, establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of the Single
Resolution Mechanism and the Single Resolution Fund and amending Regulation (EU) No.&nbsp;1093/2010, as amended, replaced or supplemented from time to time.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Optional Redemption</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">All, and not only some, of the Preferred Securities may be redeemed at BBVA&#146;s option at any time on or after the First
Reset Date at the Redemption Price, in accordance with Articles 77 and 78 of CRR, Article 29 of the Commission Delegated Regulation (EU) No 241/2014 and/or any other Applicable Banking Regulations then in force.</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The &#147;Redemption Price&#148; is, per Preferred
Security, the Liquidation Preference plus, if applicable, where not cancelled or deemed cancelled by BBVA and/or as a result of the limitations on payment, an amount equal to any accrued and unpaid Distributions for the then current Distribution
Period to (but excluding) the redemption date of the Preferred Securities.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Redemption Due to a Tax Event</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">If, on or after the Closing Date, there is a Tax Event, the Preferred Securities may be redeemed, in whole but not in part,
at BBVA&#146;s option at any time at the Redemption Price, in accordance with Articles 77 and 78 of CRR, Article 29 of the Commission Delegated Regulation (EU) No 241/2014 and/or any other Applicable Banking Regulations then in force.</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">A &#147;Tax Event&#148; will be deemed to have occurred
with respect to the Preferred Securities if, as a result of any change in, or amendment to, the laws or regulations applicable in Spain, or any change in the application or binding official interpretation or administration of any such laws or
regulations which</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex A-17 </P>


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


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


<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="65%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">change or amendment, or change in the application or binding official interpretation or administration, becomes effective
on or after the Closing Date (i)&nbsp;BBVA would not be entitled to claim a deduction in computing BBVA&#146;s taxation liabilities in Spain, in respect of any Distribution to be made on the next Distribution Payment Date or the value of such
deduction to BBVA would be reduced, or (ii)&nbsp;BBVA would be required to pay additional amounts pursuant to the Indenture, or (iii)&nbsp;the applicable tax treatment of the Preferred Securities would be materially affected.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Redemption Due to a Capital Event</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">If, on or after the Closing Date, there is a Capital Event, the Preferred Securities may be redeemed, in whole but not in
part, at BBVA&#146;s option at any time at the Redemption Price, in accordance with Articles 77 and 78 of CRR, Article 29 of the Commission Delegated Regulation (EU) No 241/2014 and/or any other Applicable Banking Regulations then in force.</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">A &#147;Capital Event&#148; will be deemed to have occurred
with respect to the Preferred Securities if there is a change (or any pending change which the Regulator considers to be sufficiently certain) in Spanish law or Applicable Banking Regulations that results (or would result) in any of the outstanding
aggregate Liquidation Preference of the Preferred Securities ceasing to be included in, or counting towards, the Group&#146;s or BBVA&#146;s Tier 1 Capital.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Repurchases of the Preferred Securities and Other Securities</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">BBVA or any member of the Group may purchase or otherwise acquire any of the outstanding Preferred Securities at any price in
the open market or otherwise, in accordance with Articles 77 and 78 of CRR, Article 29 of the Commission Delegated Regulation (EU) No 241/2014 and/or any other Applicable Banking Regulations in force at the relevant time.</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Notwithstanding any other provision of the Indenture and
subject to compliance with the provisions of any applicable law (including the Spanish Companies Act and the Applicable Banking Regulations), BBVA or any member of the Group may exercise such rights as BBVA or it may from time to time possess to
purchase or redeem or buy back any of BBVA&#146;s shares (including Common Shares) or any depositary or other receipts or certificates representing the same without the consent of the holders.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Payment of Additional Amounts</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">All payments of Distributions payable in respect of Preferred Securities by BBVA will be made free and clear of and without
withholding or deduction for or on account of any present or future taxes, duties, assessments or governmental charges of whatever nature imposed or levied by or on behalf of Spain or any political subdivision thereof or any authority or agency
therein or thereof having power to tax, unless the</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex A-18 </P>


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


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


<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="65%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">withholding or deduction of such taxes, duties, assessments or governmental charges is required by law. In that event, BBVA
shall (to the extent such payment can be made out of Distributable Items of BBVA on the same basis as for payment of any Distribution) pay, in respect of any withholding or deduction imposed on payments of Distributions only (and not Liquidation
Preference (and premium, if any) or other amount), such additional amounts as will result in holders of Preferred Securities receiving such amounts as they would have received in respect of such Distributions had no such withholding or deduction
been required. This provision is subject to certain important exceptions as described in the Prospectus.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Additional Issuances</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">BBVA may, from time to time, without the consent or sanction of the holders of the Preferred Securities: (i)&nbsp;take any
action required to issue additional Parity Securities or authorize, create and issue one or more series of Parity Securities ranking equally with the Preferred Securities, as to the participation in BBVA&#146;s profits and/or assets, without limit
as to the amount; or (ii)&nbsp;take any action required to authorize, create and issue one or more classes or series of shares of BBVA or securities mandatorily convertible into BBVA&#146;s Common Shares ranking junior or senior to the Preferred
Securities, as to the participation in BBVA&#146;s profits and/or assets.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">By acquiring a Preferred Security, holders and beneficial owners of Preferred Securities agree to renounce any rights of seniority or
preference that may be conferred upon it (if any) under applicable Spanish law (to the extent permitted under applicable Spanish law) over any holder of such Parity Securities issued by BBVA from time to time.</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Preferred Securities do not grant the holders of the
Preferred Securities <FONT STYLE="white-space:nowrap">pre-emption</FONT> rights in respect of any possible future issues of Parity Securities or any other securities by BBVA or any of BBVA&#146;s subsidiaries.</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">BBVA may, from time to time, without the consent of the
holders of the Preferred Securities, issue additional Preferred Securities of one or more of the series issued under the Indenture having the same ranking and same Distribution Rate, redemption terms and other terms as the Preferred Securities
except for original Distribution accrual date, Closing Date and first Distribution Payment Date. Any such additional Preferred Securities, together with the Preferred Securities, will constitute a single series of Preferred Securities under the
Indenture.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">In addition to the above, BBVA may, from
time to time, without the consent or sanction of the holders of the Preferred Securities, take any action required to authorize, create and</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex A-19 </P>


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


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


<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="65%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">issue one or more series of securities ranking senior or junior to the Preferred Securities, as to the participation in
BBVA&#146;s profits and/or assets, without limit as to the amount.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Enforcement Events and Remedies</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">There are no events of default under the Preferred Securities. In addition, under the terms of the Indenture none of the
cancellation or deemed cancellation of any Distribution, a Trigger Event, a Capital Reduction or the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power or of any other resolution tool by the Relevant Spanish Resolution
Authority, or BBVA&#146;s failure to provide notice in respect of any of the aforementioned events, will be an Enforcement Event.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Each of the following events is an &#147;Enforcement Event&#148; with respect to the Preferred Securities: (i)&nbsp;the breach of any term,
obligation or condition binding on BBVA under the Preferred Securities (other than any of BBVA&#146;s payment obligations under or arising from the Preferred Securities, including payment of any Liquidation Preference (and premium, if any),
Distributions or additional amounts (including upon a Capital Reduction), payment of the Redemption Price or payment of any damages awarded for breach of any obligations)) (a &#147;Performance Obligation&#148;); or (ii)&nbsp;the occurrence of any
voluntary or involuntary liquidation or <FONT STYLE="white-space:nowrap">winding-up</FONT> of BBVA (a &#147;Liquidation Event&#148;).</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The sole remedies of the holders of the Preferred Securities and the trustee under the Preferred Securities or the Indenture upon the
occurrence of an Enforcement Event shall be: (i)&nbsp;with respect to a breach of a Performance Obligation, to seek enforcement of the relevant Performance Obligation; and (ii)&nbsp;with respect to a Liquidation Event, to enforce the entitlement set
forth in the Prospectus.</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><I>No other remedies</I></P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Other than the limited remedies mentioned above, no remedy
against BBVA shall be available to the trustee (acting on behalf of the holders) or to the holders of the Preferred Securities, whether for the recovery of amounts owing in respect of such Preferred Securities or under the Indenture, or in respect
of any breach by BBVA of any of BBVA&#146;s obligations under or in respect of the terms of such Preferred Securities or under the Indenture in relation thereto; provided, however, that BBVA&#146;s obligations to the trustee under, and the
trustee&#146;s lien provided for in the Indenture and the trustee&#146;s rights to have money collected applied first to pay amounts due to it under such lien shall not be limited or impaired and expressly survive any Enforcement Event and are not
subject to the subordination provisions of the Indenture.</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex A-20 </P>


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


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


<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="65%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Form, Book-Entry Issuance, Settlement and Clearance</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Preferred Securities will be represented by one or more fully registered global securities registered in the name of a
nominee for, and deposited with a custodian for, DTC. You will hold beneficial interests in the Preferred Securities through DTC and its direct and indirect participants, including the European Clearing Systems, and DTC and its direct and indirect
participants will record beneficial interests on their books. Settlement of the Preferred Securities will occur through DTC in same day funds. Secondary market trading between Clearstream, Luxembourg customers and/or Euroclear Bank participants will
occur in the ordinary way in accordance with the applicable rules and operating procedures of the relevant European Clearing System and will be settled in immediately available funds. BBVA will not issue definitive Preferred Securities except as
described in the Indenture.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Liquidation Preference</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">$200,000 per Preferred Security</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Listing</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">BBVA will apply to list the Preferred Securities on the Irish Stock Exchange and, if approved, trading is expected to
commence within 30 days after the initial delivery of the Preferred Securities.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Governing Law</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Preferred Securities and the Indenture shall be governed by and construed in accordance with the laws of the State of
New York applicable to agreements made or instruments entered into and, in each case, performed in said state, except that the authorization and execution by BBVA of the Indenture, the authorization, issuance and execution by BBVA of the Preferred
Securities and provisions relating to the subordination of the Preferred Securities shall be governed by and construed in accordance with the common laws of Spain as provided in the Indenture and the Preferred Securities.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Restrictions on Offers and Sales</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Preferred Securities are complex financial instruments and are not a suitable or appropriate investment for all
investors. In particular, the Preferred Securities are not intended to be sold and should not be sold to retail clients in any jurisdiction. The offer and sale of the Securities are subject to limitation as set out in the Prospectus. The Preferred
Securities are not intended to be sold and should not be sold to retail clients in the European Economic Area (the &#147;EEA&#148;), as defined in the rules set out in the Product Intervention (Contingent Convertible Instruments and Mutual Society
Shares) Instrument 2015, as amended or replaced from time to time, other than in circumstances that do not and will not give rise to a contravention of those rules by any person.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Prohibition on Acquisition of Preferred Securities by Spanish tax residents</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Preferred Securities must not be offered, distributed or sold in Spain or to a tax resident of Spain for purposes of
Spanish tax legislation and they must not be transferred to or</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex A-21 </P>


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


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


<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="65%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">acquired by any such Spanish tax resident (other than BBVA). Any transfer of a Preferred Security to any other Spanish tax
resident is not permitted and BBVA will consider such transfer null and void. Accordingly, BBVA will not recognize any other Spanish tax resident as a holder or beneficial owner of a Preferred Security for any purpose.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Trustee and Agents</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Bank of New York Mellon, acting (except with respect to its role as Security Registrar) through its London Branch, will
act as trustee, Paying and Conversion Agent, Calculation Agent, Principal Paying Agent and Security Registrar for the Preferred Securities.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Use of Proceeds</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">BBVA intends to use the net proceeds of the offering for general corporate purposes.</P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;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>*</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>Any ratings obtained will reflect only the views of the respective rating agency and should not be
considered a recommendation to buy, sell or hold the Preferred Securities. The ratings assigned by the rating agencies are subject to revision or withdrawal at any time by such rating agencies in their sole discretion. Each rating should be
evaluated independently of any other rating. </B></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="4%" VALIGN="top" ALIGN="left"><B>**</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>BBVA Securities Inc. is a wholly-owned subsidiary of BBVA. The offering is being conducted pursuant to
FINRA Rule 5121. See &#147;Underwriting (Conflicts of Interest)&#148; in the Preliminary Prospectus Supplement. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>Pursuant to Rule <FONT STYLE="white-space:nowrap">15c6-1</FONT> under the Exchange Act, trades in the secondary market are generally
required to settle in two business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Preferred Securities prior to the delivery of the Preferred Securities hereunder will be required
to specify alternative settlement arrangements to prevent a failed settlement. Such purchasers should consult their own advisors. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>BBVA has filed a registration statement (including a prospectus) with the U.S. Securities and Exchange Commission (SEC) for this offering.
Before you invest, you should read the Prospectus for this offering in that registration statement, and other documents BBVA has filed with the SEC for more complete information about BBVA and this offering. You may get these documents for free by
searching the SEC online database (EDGAR<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP>) at www.sec.gov. Alternatively, you may obtain a copy of the Prospectus from BBVA Securities Inc. by calling <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">+1-212-728-1705,</FONT></FONT></FONT> from Citigroup Global Markets Inc. by calling toll free <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">+1-800-831-9146,</FONT></FONT></FONT> from Deutsche Bank Securities Inc., by calling toll free
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">+1-800-503-4611,</FONT></FONT></FONT> from HSBC Securities (USA) Inc. by calling toll free <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">+1-866-811-8049,</FONT></FONT></FONT> from J.P. Morgan Securities LLC by calling collect at
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">+1-212-834-4533</FONT></FONT></FONT> and from Merrill Lynch, Pierce, Fenner&nbsp;&amp; Smith Incorporated by calling toll-free at <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">+1-800-294-1322.</FONT></FONT></FONT> </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex A-22 </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>Appendix B </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Issuer Free Writing Prospectus: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Final Term Sheet dated
November&nbsp;8, 2017 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex B-1 </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>Appendix C </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BBVA&#146;s Investor Presentation, dated November&nbsp;7, 2017, entitled USD CoCo [PNC10] </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Preferred Tier 1 </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex C-1 </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>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>Preferred Securities </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I><U>Underwriting Agreement </U></I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">November&nbsp;8, 2017 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To the Representatives
named from time to time in the </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">applicable Pricing Agreement hereinafter described. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Ladies and Gentlemen: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">From time to time Banco Bilbao Vizcaya Argentaria, S.A. (the &#147;Company&#148;), a <I>sociedad</I><I>
</I><I>an</I><I>&oacute;</I><I>nima</I> incorporated under the laws of the Kingdom of Spain, proposes to enter into one or more Pricing Agreements (each a &#147;Pricing Agreement&#148;) in the form of Annex I hereto, with such additions and
deletions as the parties thereto may determine and, subject to the terms and conditions stated herein and therein, the Company proposes to issue and sell to the several firms named in Schedule I to the applicable Pricing Agreement (such firms
constituting the &#147;Underwriters&#148; with respect to such Pricing Agreement and the securities specified therein) the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">non-step-up</FONT></FONT>
<FONT STYLE="white-space:nowrap">non-cumulative</FONT> contingent convertible perpetual preferred tier 1 securities specified in Schedule II to such Pricing Agreement (the &#147;Preferred Securities&#148;), which may in certain circumstances be
converted in accordance with their terms into newly issued fully paid ordinary shares of the Company (the &#147;Conversion Securities&#148; and, together with the Preferred Securities, the &#147;Securities&#148;). The Indenture (as defined below)
will provide for the provision by The Bank of New York Mellon, acting through its London Branch, as the initial paying agent in respect of the Preferred Securities (in such capacity, the &#147;Paying Agent&#148;), of a duly executed and completed
payment statement in connection with each Payment Amount (as such term is defined in the Base Indenture (as defined herein)) under the Preferred Securities, and set forth certain procedures agreed by the Company and the Paying Agent in order to
facilitate such process, along with a form of the payment statement to be used by the Paying Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The terms and rights
of any particular issuance of Preferred Securities shall be as specified in the Pricing Agreement relating thereto and in or pursuant to the indenture dated September&nbsp;25, 2017 (the &#147;Base Indenture&#148;), as supplemented, with respect to
the Preferred Securities, by a supplemental indenture to be dated on or about November&nbsp;16, 2017 (the &#147;First Supplemental Indenture&#148;) (the Base Indenture, as supplemented, with respect to the Preferred Securities, by the First
Supplemental Indenture and as supplemented from time to time, the &#147;Indenture&#148;) between the Company and The Bank of New York Mellon (in its capacity as trustee, the &#147;Trustee&#148;). In addition, the Pricing Agreement may contain, if
appropriate, the terms and the conditions upon which the Preferred Securities are to be offered or sold outside the United States and any provisions relating thereto. The Preferred Securities may not be offered, distributed or sold in Spain or to
Spanish residents, and no publicity of any kind relating to the Preferred Securities shall be made in Spain. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">In this
Agreement and in the Pricing Agreement, the following terms shall, unless the context otherwise requires, have the meanings specified as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;Act&#148; means the United States Securities Act of 1933, as amended; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </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; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;Applicable Time&#148; means the applicable time specified in the applicable
Pricing Agreement; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;Base Prospectus&#148; means the prospectus included in the Registration Statement relating to,
among other things, the Securities, in the form in which it has most recently been filed with the Commission on or prior to the date of the applicable Pricing Agreement; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;BRRD Liability&#148; means any liability, commitment, duty, responsibility, amount payable or contingency or other
obligation arising from, or related to, the Agreement or the Pricing Agreement which may be subject to the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power (as defined below) by the Relevant Spanish Resolution Authority
(as defined below); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;Commission&#148; means the United States Securities and Exchange Commission; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;Effective Time&#148; with respect to the Registration Statement means such date and time as of which any part of the
Registration Statement filed prior to the execution and delivery of the applicable Pricing Agreement was declared effective by the Commission or has become effective upon filing pursuant to Rule 430B(f)(2) or Rule 462(c) under the Act; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;Exchange Act&#148; means the United States Securities Exchange Act of 1934, as amended; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;Final Term Sheet&#148; means the final term sheet containing a description of the Preferred Securities, prepared and
filed pursuant to Section&nbsp;5(a) hereof, and set forth as an appendix to the applicable Pricing Agreement; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;Law
11/2015&#148; means Law 11/2015 of June&nbsp;18, on the recovery and resolution of credit institutions and investment firms (<I>Ley 11/2015, de 18 de junio, de recuperaci&oacute;n y resoluci&oacute;n de entidades de cr&eacute;dito y empresas de
servicios de inversi&oacute;n</I>), as amended, replaced or supplemented from time to time; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;Pricing
Prospectus&#148; means the Base Prospectus, as amended and supplemented immediately prior to the Applicable Time, including any document incorporated by reference therein and any prospectus supplement deemed to be a part thereof, provided that, for
purposes of this definition, information contained in a form of prospectus that is deemed retroactively to be part of the Registration Statement pursuant to Rule 430B under the Act shall be considered to be included in the Pricing Prospectus as of
the actual time that form of prospectus is filed with the Commission pursuant to Rule 424(b) under the Act; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;Prospectus&#148; means the Base Prospectus as proposed to be supplemented by the Prospectus Supplement; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;Prospectus Supplement&#148; means the prospectus supplement relating to the Securities to be filed pursuant to Rule 424
under the Act; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;RD 1012/2015&#148; means Royal Decree 1012/2015 of November&nbsp;6, by virtue of which Law 11/2015
is developed and Royal Decree 2606/1996 of December&nbsp;20 on credit entities&#146; deposit guarantee fund is amended, as amended, replaced or supplemented from time to time; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;Registration Statement&#148; means the registration statement on Form <FONT STYLE="white-space:nowrap">F-3</FONT> (File <FONT
STYLE="white-space:nowrap">No.&nbsp;333-212729),</FONT> including the Prospectus, relating to the Securities filed with the Commission, as amended to the date of the applicable Pricing Agreement; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;Relevant Spanish Resolution Authority&#148; means the Spanish Fund for the
Orderly Restructuring of Banks (<I>Fondo de Restructuraci&oacute;n Ordenada Bancaria</I>), the European Single Resolution Mechanism and, as the case may be, according to Law 11/2015, the Bank of Spain and the Spanish Securities Market Commission
(CNMV), and any other entity with the authority to exercise the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power (as defined below) from time to time; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;Significant Subsidiaries&#148; shall mean BBVA&#146;s &#147;Significant Subsidiaries&#148;, as such term is defined in
Rule <FONT STYLE="white-space:nowrap">1-02</FONT> of Regulation <FONT STYLE="white-space:nowrap">S-X;</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power&#148; means any write-down, conversion, transfer,
modification, or suspension power existing from time to time under: (i)&nbsp;any law, regulation, rule or requirement applicable from time to time in the Kingdom of Spain, relating to the transposition or development of Directive 2014/59/EU of the
European Parliament and the Council of the European Union of May&nbsp;15, 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms, as amended, replaced or supplemented from time to time, including,
but not limited to (a)&nbsp;Law 11/2015, (b) RD 1012/2015 and (c)&nbsp;Regulation (EU) No.&nbsp;806/2014 of the European Parliament and of the Council of July&nbsp;15, 2014 establishing uniform rules and a uniform procedure for the resolution of
credit institutions and certain investment firms in the framework of the Single Resolution Mechanism and the Single Resolution Fund and amending Regulation (EU) No.&nbsp;1093/2010, as amended, replaced or supplemented from time to time; or
(ii)&nbsp;any other law, regulation, rule or requirement applicable from time to time in the Kingdom of Spain pursuant to which (a)&nbsp;obligations or liabilities of banks, investment firms or other financial institutions or their affiliates can be
reduced, cancelled, modified, transferred or converted into shares, other securities, or other obligations of such persons or any other person (or suspended for a temporary period or permanently) or (b)&nbsp;any right in a contract governing such
obligations may be deemed to have been exercised; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;Underwriter Information&#148; shall have the meaning set
forth in the applicable Pricing Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Any reference herein to the Registration Statement or the Prospectus shall be
deemed to refer to and include the documents which were filed under the Act or the Exchange Act on or before the date and time of the applicable Pricing Agreement, and incorporated by reference in the Registration Statement and the Prospectus,
excluding any documents or portions of such documents which are deemed under the rules and regulations of the Commission under the Act not to be incorporated by reference, and, in the case of the Registration Statement, including any prospectus
supplement filed with the Commission and deemed by virtue of Rule 430B under the Act to be part of the Registration Statement. Any reference herein to the terms &#147;amend&#148;, &#147;amendment&#148; or &#147;supplement&#148; with respect to the
Registration Statement or the Prospectus shall be deemed to refer to and include the filing of any document under the Exchange Act deemed to be incorporated therein by reference after the date of the applicable Pricing Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">1.&nbsp;&nbsp;&nbsp;&nbsp;Particular sales of Preferred Securities may be made from time to time by the Company to the
Underwriters of such Preferred Securities, for whom the firms designated as representatives of the Underwriters of such Preferred Securities in the Pricing Agreement relating thereto will act as representatives (the &#147;Representatives&#148;). The
term &#147;Representatives&#148; also refers to a single firm acting as sole representative of the Underwriters and to an Underwriter or Underwriters who act without any firm being designated as its or their representatives. This Underwriting
Agreement shall not be construed as an obligation of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </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">
the Company to sell any of the Preferred Securities or as an obligation of any of the Underwriters to purchase the Preferred Securities except as set forth in a Pricing Agreement, it being
understood that the obligation of the Company to issue and sell any of the Preferred Securities and the obligation of any of the Underwriters to purchase any of the Preferred Securities shall be evidenced by the applicable Pricing Agreement with
respect to the Preferred Securities specified therein. Each Pricing Agreement shall specify the aggregate liquidation preference of and distributions payable on, if any, such Preferred Securities, the initial public offering price of such Preferred
Securities, the purchase price to the Underwriters of such Preferred Securities, the names of the Underwriters of such Preferred Securities, the names of the Representatives of such Underwriters, the liquidation preference of such Preferred
Securities to be purchased, or for which eligible purchasers are to be procured, by each Underwriter and the underwriting discount and/or commission, if any, payable to the Underwriters with respect thereto and shall set forth the date, time and
manner of delivery of such Preferred Securities and payment therefor. The applicable Pricing Agreement shall also specify (to the extent not set forth in the Registration Statement and Prospectus with respect thereto) the terms of such Preferred
Securities. A Pricing Agreement shall be in the form of an executed writing (which may be in counterparts), and may be evidenced by an exchange of telegraphic communications or any other rapid transmission device designed to produce a written record
of communications transmitted. The obligations of the Underwriters under this Agreement and each Pricing Agreement shall be several and not joint, unless otherwise specified therein with respect to BBVA Securities Inc. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">2.&nbsp;&nbsp;&nbsp;&nbsp;The Company represents and warrants to, and agrees with, each of the Underwriters that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;The Company meets the requirements for the use of Form <FONT
STYLE="white-space:nowrap">F-3,</FONT> and the Registration Statement, including the Prospectus, has been filed with the Commission in accordance with applicable regulations of the Commission under the Act, and has been declared or has become
effective under the Act; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;No stop order suspending the effectiveness of the
Registration Statement (as amended or supplemented) has been issued and no proceeding for that purpose has been initiated or threatened, and no order preventing or suspending the use of the Prospectus or any &#147;issuer free writing
prospectus&#148; as defined in Rule 433 under the Act relating to the Securities (an &#147;Issuer Free Writing Prospectus&#148;) has been issued by the Commission; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;At the Effective Time, the Registration Statement and the Prospectus conformed, and
any amendments thereof and supplements thereto relating to the Securities will conform, in all material respects to the requirements of the Act, the Exchange Act and the rules and regulations of the Commission thereunder; and neither the
Registration Statement at the Effective Time nor the Prospectus as of the date thereof and, as amended or supplemented, at the Time of Delivery (as defined below) of the Preferred Securities, included or will include any untrue statement of a
material fact or omitted or will omit to state any material fact required to be stated therein or necessary to make the statements therein, in the case of the Registration Statement, not misleading, or in the case of the Prospectus, in light of the
circumstances in which they were made, not misleading; provided, however, that this representation and warranty shall not apply to (i)&nbsp;any statements or omissions made in reliance upon and in conformity with information furnished in writing to
the Company by or on behalf of any </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </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; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">
Underwriter of Preferred Securities by the Representatives expressly for use in such documents, it being understood and agreed that the only such information furnished by or on behalf of any
Underwriter consists of the Underwriter Information and (ii)&nbsp;any statements or omissions made in that part of the Registration Statement that constitutes the Statement of Eligibility under the Trust Indenture Act of 1939, as amended, of the
Trustee; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;The Pricing Prospectus, as supplemented by the Final Term Sheet
together with any other Issuer Free Writing Prospectus listed in or included in an appendix to the applicable Pricing Agreement and any other &#147;free writing prospectus&#148;, as defined in Rule 405 under the Act, that the parties hereto shall
hereafter expressly agree in writing to treat as part of the pricing disclosure package (collectively, the &#147;Pricing Disclosure Package&#148;), as of the Applicable Time, did not include any untrue statement of a material fact or omit to state
any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; and each Issuer Free Writing Prospectus does not conflict with the information contained in the
Registration Statement, the Prospectus Supplement or the Prospectus, and each Issuer Free Writing Prospectus and any road show presentation, including any Bloomberg road show presentation made by or on behalf of the Company, taken together with the
Pricing Disclosure Package as of the Applicable Time, did not include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they
were made, not misleading; provided, however, that this representation and warranty shall not apply to any statements or omissions made in reliance upon and in conformity with information furnished in writing to the Company by or on behalf of any
Underwriter of Preferred Securities by the Representatives expressly for use in such documents or the Pricing Disclosure Package, it being understood and agreed that the only such information furnished by or on behalf of any Underwriter consists of
the Underwriter Information; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;Each document incorporated by reference in the
Pricing Prospectus or the Prospectus, when it became effective or was filed with the Commission, as the case may be, complied in all material respects with the Act or the Exchange Act, as applicable, and the rules and regulations of the Commission
thereunder, and none of such documents contained any untrue statement of any material fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which
they were made, not misleading; any further documents so filed and incorporated by reference in the Pricing Prospectus or the Prospectus or any further amendment or supplement thereto, when such documents become effective or are filed with the
Commission, as the case may be, will conform in all material respects to the requirements of the Act or the Exchange Act, as applicable, and the rules and regulations of the Commission thereunder and will not contain any untrue statement of any
material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that (i)&nbsp;no such
documents were filed with the Commission following the Commission&#146;s close of business on the business day immediately prior to the date of the applicable Pricing Agreement and prior to the execution of the applicable
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </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; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">
Pricing Agreement, except as set forth on a schedule to the applicable Pricing Agreement; and (ii)&nbsp;this representation and warranty shall not apply to any statements or omissions made in
reliance upon and in conformity with information furnished in writing to the Company by or on behalf of any Underwriter of Preferred Securities by the Representatives expressly for use in such documents; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;The Indenture will provide for the provision by the Paying Agent of a duly executed
and completed payment statement in connection with each Payment Amount (as such term is defined in the Base Indenture) under the Preferred Securities, and set forth certain procedures agreed by the Company and the Paying Agent in order to facilitate
such process, along with a form of the payment statement to be used by the Paying Agent; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(g)&nbsp;&nbsp;&nbsp;&nbsp;The Company and each of the Significant Subsidiaries has been duly incorporated and
is validly existing and in good standing under the laws of the jurisdiction of its incorporation, with power and authority (corporate and other) to own, lease, license and operate its properties and conduct its business as described in the
Registration Statement and the Pricing Prospectus; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(h)&nbsp;&nbsp;&nbsp;&nbsp;Neither the Company nor any
of the Significant Subsidiaries is in violation of its respective charter or <FONT STYLE="white-space:nowrap">by-laws</FONT> or in default (or with the giving of notice or lapse of time would be in default) under any existing obligation, agreement,
covenant or condition contained in any indenture, loan agreement, mortgage, lease or other agreement or instrument to which any of them is a party or by which any of them is bound or to which any of the properties of any of them is subject, except
such defaults that would not, individually or in the aggregate, result in a material adverse effect on the condition (financial or otherwise), results of operations, business, properties or prospects of the Company and the Company&#146;s
subsidiaries, taken as a whole (&#147;Material Adverse Effect&#148;); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;The issue
and sale of the Preferred Securities, any issue and delivery of Conversion Securities upon conversion of the Preferred Securities and the execution and delivery by the Company of, and the performance by the Company of its obligations under, as
applicable, all of the provisions of the Preferred Securities and the Pricing Agreement (including the provisions of this Agreement), and compliance with the terms and provisions thereof, will not (i)&nbsp;result in a breach or violation of any of
the terms and provisions of the charter or <FONT STYLE="white-space:nowrap">by-laws</FONT> (or similar constitutive documents) of the Company, or (ii)&nbsp;result in a breach of any of the terms or provisions of, or constitute a default under, or
result in the imposition of any lien, charge or encumbrance upon any property or assets of the Company pursuant to (a)&nbsp;the charter or <FONT STYLE="white-space:nowrap">by-laws</FONT> (or similar constitutive documents) of the Company,
(b)&nbsp;any statute, rule, regulation or order of any governmental agency or body or any court, domestic or foreign, having jurisdiction over the Company or any of its properties, (c)&nbsp;any rules of any stock exchange on which the ordinary
shares of the Company are listed, or (d)&nbsp;any agreement or instrument to which the Company is a party or by which the Company is bound or to which any of the properties of the Company is subject, except (in the case of (ii)&nbsp;above only) as
would not have a Material Adverse Effect; and the Company has full power and authority (corporate and other) to authorize, issue and sell the Preferred Securities and perform its obligations thereunder, in each case as contemplated by the Pricing
Agreement (including the provisions of this Agreement), and the Company has taken all necessary corporate actions to authorize, issue and sell the Preferred Securities and to perform its obligations thereunder; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </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; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(j)&nbsp;&nbsp;&nbsp;&nbsp;Except as disclosed in the Pricing
Prospectus, since the end of the period covered by the latest financial statements included in the Pricing Disclosure Package (i)&nbsp;there has been no change, nor any development or event involving a prospective change, in the condition (financial
or otherwise), results of operations, business, properties or prospects of the Company and the Company&#146;s subsidiaries, taken as a whole, that has resulted, or is likely to result, in a Material Adverse Effect and (ii)&nbsp;there has been no
change in the capital stock, short-term indebtedness, long-term indebtedness, net current assets or net assets of the Company and the Company&#146;s subsidiaries, taken as a whole, that has resulted, or is likely to result, in a Material Adverse
Effect; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(k)&nbsp;&nbsp;&nbsp;&nbsp;The issued and outstanding share capital of the Company has been duly
authorized and validly issued and is fully paid and <FONT STYLE="white-space:nowrap">non-assessable</FONT> (i.e., will not subject any holder thereof to further calls or to personal liability to the Company or any of its creditors by reason only of
being such holder); none of the outstanding shares of the Company was issued in violation of preemptive or other similar rights; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(l)&nbsp;&nbsp;&nbsp;&nbsp;The Company has implemented and uses procedures that it reasonably believes are
required by applicable regulations, including procedures required by the Bank of Spain and the European Central Bank, to monitor, review, calculate, assess and maintain the sufficiency of its consolidated subsidiaries&#146; reserves in light of all
the circumstances; the Company calculates, reviews, assesses and estimates its regulated consolidated subsidiaries&#146; regulatory capital requirements, and the Company reasonably believes that its methodology in relation to its risk-based capital
position and requirements is, in light of all the circumstances, fair and in accordance with applicable regulations in all material respects; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(m)&nbsp;&nbsp;&nbsp;&nbsp;This Agreement has been duly authorized, executed and delivered by the Company; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(n)&nbsp;&nbsp;&nbsp;&nbsp;The applicable Pricing Agreement (including the provisions of this Agreement) has
been duly authorized, executed and delivered by the Company; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(o)&nbsp;&nbsp;&nbsp;&nbsp;All material
consents, approvals, authorizations, orders, registrations, clearances and qualifications of or with any court or governmental agency or body or any stock exchange authorities having jurisdiction over the Company required for the issue and sale of
the Preferred Securities and the performance by the Company of its obligations thereunder and for the execution and delivery by the Company of the applicable Pricing Agreement to be duly and validly authorized, have been obtained or made and are in
full force and effect; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(p)&nbsp;&nbsp;&nbsp;&nbsp;The Preferred Securities have been duly authorized, and,
when issued, delivered and paid for pursuant to a Pricing Agreement, the Preferred Securities will have been duly executed, authenticated, issued and delivered by the Company in accordance with Spanish law, will be fully paid and <FONT
STYLE="white-space:nowrap">non-assessable</FONT> and will constitute valid and binding obligations of the Company enforceable against the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </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; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">
Company in accordance with their terms, subject, as to enforcement, to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other laws of general applicability relating to
or affecting creditors&#146; rights, to general equity principles and to any exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power; and no holder thereof will be subject to personal liability by reason only of being such a
holder; the Preferred Securities will not be subject to the <FONT STYLE="white-space:nowrap">pre-emptive</FONT> rights of any shareholder of the Company and will be consistent with the description thereof contained in the Prospectus and the
applicable Prospectus Supplement, and such descriptions will conform to the rights set forth in the instruments defining the same; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(q)&nbsp;&nbsp;&nbsp;&nbsp;The payment obligations of the Company under the Preferred Securities will be
subordinated to the extent set forth in the Pricing Prospectus. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(r)&nbsp;&nbsp;&nbsp;&nbsp;Neither the
Company, nor any of its affiliates (as defined in Rule 405 under the Act), nor any person acting on its or their behalf (other than any Underwriter, as to which no representation is made) has taken or will take, directly or indirectly, any action
designed to cause or to result in, or that has constituted or which might reasonably be expected to cause or result in, the stabilization in violation of applicable laws or manipulation of the price of any security of the Company to facilitate the
sale or resale of the Preferred Securities; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(s)&nbsp;&nbsp;&nbsp;&nbsp;The Company is not, and after
giving effect to the offering and sale of the Preferred Securities and the application of the proceeds thereof as described in the Prospectus, will not be, required to register as an &#147;investment company&#148; as such term is defined in the U.S.
Investment Company Act of 1940, as amended; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(t)&nbsp;&nbsp;&nbsp;&nbsp;Except as described in the Pricing
Prospectus, no stamp or other issuance or transfer taxes or duties or similar fees or charges are payable by or on behalf of the Underwriters to the Kingdom of Spain or any political subdivision or taxing authority thereof or therein in connection
with (i)&nbsp;the issuance, sale and delivery by the Company of the Preferred Securities to or for the respective accounts of the Underwriters or (ii)&nbsp;the sale and delivery by the Underwriters of the Preferred Securities in accordance with the
terms of this Agreement and in the manner contemplated by the Pricing Prospectus and the Registration Statement; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(u)&nbsp;&nbsp;&nbsp;&nbsp;The statements set forth in the Pricing Prospectus and the Registration Statement
under the captions &#147;Summary&#148; and &#147;Description of the Contingent Convertible Preferred Securities of BBVA&#148; (to the extent not superseded by the statements set forth under the caption &#147;Description of the Preferred
Securities&#148; in the Prospectus Supplement), taken together, insofar as they purport to constitute a summary of the terms of the Preferred Securities, and under the captions &#147;Spanish Tax Considerations&#148; and &#147;U.S. Tax
Considerations&#148;, insofar as they purport to describe the provisions of the laws referred to therein, in each case when read together with any Final Term Sheet and any other Issuer Free Writing Prospectuses listed in an appendix to the
applicable Pricing Agreement, are accurate and complete in all material respects; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(v)&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company has available for issue and authority to allot, free from
pre-emption rights, sufficient authorized but unissued ordinary shares to enable the conversion of the Preferred Securities pursuant to the Indenture; (ii)&nbsp;the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </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; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">
Conversion Securities to be issued upon any conversion of the Preferred Securities will be duly and validly authorized, and, when issued upon the conversion of the Preferred Securities, will have
been duly issued and delivered by the Company in accordance with Spanish laws, will be fully paid and <FONT STYLE="white-space:nowrap">non-assessable</FONT> and, in accordance with current Spanish laws and the current bylaws of the Company, no
holder thereof will be subject to personal liability by reason only of being such a holder and will not be subject to calls for further funds; and (iii)&nbsp;any Conversion Securities to be issued upon conversion of the Preferred Securities will not
be issued in violation of the <FONT STYLE="white-space:nowrap">pre-emptive</FONT> rights of any holder of ordinary shares and, in accordance with Spanish laws and the current bylaws of the Company, will rank <I>pari passu</I> and carry the same
rights and privileges in all respects as the other ordinary shares of the Company then outstanding; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(w)&nbsp;&nbsp;&nbsp;&nbsp;None of the Company, any of its Significant Subsidiaries, nor, to the knowledge of
the Company, any director, officer or employee of the Company or any of its Significant Subsidiaries, is aware of or has taken any action, directly or indirectly, that could reasonably lead to an action, suit or proceeding by or before any court or
governmental agency, authority or body or any arbitrator involving the Company or any of its Significant Subsidiaries in connection with a violation by any such person of any anti-corruption or anti-bribery laws or regulations of any applicable
jurisdiction including the UK Bribery Act 2010 and the U.S. Foreign Corrupt Practices Act, as amended, and the rules and regulations thereunder (the &#147;Anti-Corruption Laws&#148;) which would result in a fine or other sanction which could be
material for the Company or the Company and its Significant Subsidiaries, and the Company, each of the Significant Subsidiaries and, to the knowledge of the Company, their respective affiliates have conducted their businesses in compliance in all
material respects with the Anti-Corruption Laws and have instituted and maintain policies and procedures designed to ensure continued compliance therewith in all material respects; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(x)&nbsp;&nbsp;&nbsp;&nbsp;The Company and each of its Significant Subsidiaries maintain a system of controls
and procedures reasonably designed to ensure that the operations of the Company and each of its Significant Subsidiaries are conducted, where applicable, in compliance in all material respects with applicable financial recordkeeping and reporting
requirements of the European Union, the Kingdom of Spain, the United States and each State thereof and the United Mexican States, and applicable money laundering statutes and the rules and regulations thereunder (collectively, the &#147;Money
Laundering Laws&#148;), and no material action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its Significant Subsidiaries with respect to the Money Laundering
Laws is pending or, to the knowledge of the Company, threatened; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(y)&nbsp;&nbsp;&nbsp;&nbsp;None of the
Company, or any of its Significant Subsidiaries is currently the subject of sanctions in a material amount administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury (&#147;OFAC&#148;) or any similar sanctions
administered by the European Union, the Kingdom of Spain or the United Mexican States; and the Company will not directly or indirectly use the transaction proceeds so as to contravene any OFAC or any similar European, Spanish or Mexican regulations
that may be applicable to them; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </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; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(z)&nbsp;&nbsp;&nbsp;&nbsp;The Company and its subsidiaries
maintain a system of internal accounting controls sufficient to provide reasonable assurance that (i)&nbsp;transactions are executed in accordance with management&#146;s general or specific authorizations; (ii)&nbsp;transactions are recorded as
necessary to permit preparation of financial statements in conformity with generally accepted accounting principles and to maintain asset accountability; (iii)&nbsp;access to assets is permitted only in accordance with management&#146;s general or
specific authorization; and (iv)&nbsp;the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences; and the Company&#146;s and its
subsidiaries&#146; internal controls over financial reporting are effective and neither the Company nor any of its subsidiaries is aware of any material weakness in its or their internal controls over financial reporting; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(aa)&nbsp;&nbsp;&nbsp;&nbsp;The Company and its subsidiaries maintain &#147;disclosure controls and
procedures&#148; (as such term is defined in Rule <FONT STYLE="white-space:nowrap">13a-15(e)</FONT> under the Exchange Act); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(bb)&nbsp;&nbsp;&nbsp;&nbsp;Except as set forth in the Pricing Disclosure Package and the Prospectus (in each
case, exclusive of any amendment or supplement thereto), no litigation, prosecution, investigation, arbitration or administrative proceeding involving the Company, any of the Company&#146;s subsidiaries or any of its properties is pending, or, to
the knowledge of the Company, threatened, except to the extent that any such litigation, prosecution, investigation, arbitration or proceeding, if resolved unfavorably to the Company, any of the Company&#146;s subsidiaries or any of its respective
properties, would not, individually or in the aggregate, have a Material Adverse Effect; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(cc)&nbsp;&nbsp;&nbsp;&nbsp;Except as set forth in the Pricing Disclosure Package, there have been no material
changes to the Company&#146;s consolidated capitalization and indebtedness since September&nbsp;30, 2017; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(dd)&nbsp;&nbsp;&nbsp;&nbsp;(1) KPMG Auditores, S.L. are independent public accountants in respect of the
Company as required by the Act and the applicable rules and regulations of the Commission; and (2)&nbsp;until March&nbsp;31, 2017 and during the periods covered by the financial statements on which Deloitte, S.L. reported, Deloitte, S.L. was an
independent registered public accounting firm in respect of the Company as required by the Act and the applicable rules and regulations of the Commission; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ee)&nbsp;&nbsp;&nbsp;&nbsp;So long as certain conditions set forth in Law 10/2014 of June&nbsp;26, on
organization, supervision and solvency of credit institutions are met, and the procedures established in Royal Decree 1065/2007 of July&nbsp;27 are complied with, and provided there are no changes to current laws or regulations, any payments in
respect of the Preferred Securities made by the Company shall not be subject to taxation in Spain and no withholding tax shall be required on such payments; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ff)&nbsp;&nbsp;&nbsp;&nbsp;No event has occurred, nor has any action been taken, which would or could
reasonably result in the voluntary or involuntary liquidation, dissolution, <FONT STYLE="white-space:nowrap">winding-up</FONT> or insolvency of the Company pursuant to the terms of Law 22/2003, of July&nbsp;9, on Insolvency. The Company is not
subject to an early intervention or resolution process pursuant to the terms of Law 11/2015; and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </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; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(gg)&nbsp;&nbsp;&nbsp;&nbsp;The Preferred Securities will be
issued pursuant to the First Additional Provision of Law 10/2014, of June&nbsp;26 and its development regulations (&#147;Law 10/2014&#148;), and will comply with and be subject to Law 10/2014, Royal <FONT STYLE="white-space:nowrap">Decree-law</FONT>
14/2013, of November&nbsp;29 <FONT STYLE="white-space:nowrap">(&#147;RD-L</FONT> 14/2013&#148;) and Regulation (EU) No.&nbsp;575/2013 of the European Parliament and of the Council of June&nbsp;26, on prudential requirements for credit institutions
and investment firms, and amending Regulation (EU) No.&nbsp;648/2012 (the &#147;CRR&#148;) and with other applicable banking regulations, and the Company will request that the Preferred Securities be qualified as Tier 1 capital of the Company, as
calculated by the Company in accordance with Chapters 1, 2 and 3 (Tier 1 capital, Common Equity Tier 1 capital and Additional Tier 1 capital) of Title I (Elements of own funds) of Part Two (Own Funds) of the CRR and/or other applicable banking
regulations at such time, including any applicable transitional, phasing in or similar provisions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">3.&nbsp;&nbsp;&nbsp;&nbsp;Upon the execution of the applicable Pricing Agreement and authorization by the Representatives of
the release of the Preferred Securities, the several Underwriters propose to offer such Preferred Securities for sale upon the terms and conditions set forth in the Prospectus as amended or supplemented. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">4.&nbsp;&nbsp;&nbsp;&nbsp;Preferred Securities to be purchased, or for which eligible purchasers are to be procured, by each
Underwriter pursuant to the applicable Pricing Agreement, in the form specified in such Pricing Agreement, and in such authorized denominations and registered in such names as the Representatives may request upon at least forty-eight hours&#146;
prior notice to the Company, shall be delivered by or on behalf of the Company to the Representatives for the account of such Underwriter, against payment by such Underwriter or on its behalf of the purchase price therefor by wire transfer of
Federal (same day) funds to the account specified by the Company in the currency specified in such Pricing Agreement, all in the manner and at the place and time and date specified in such Pricing Agreement or at such other place and time and date
as the Representatives and the Company may agree upon in writing, such time and date being herein called the &#147;Time of Delivery&#148; for such Preferred Securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">5.&nbsp;&nbsp;&nbsp;&nbsp;The Company covenants and agrees with each of the Underwriters: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;To prepare the Final Term Sheet in a form approved by the Representatives and to
file such Final Term Sheet pursuant to Rule 433(d) under the Act within the time required by such Rule, and to prepare the Prospectus as amended or supplemented in relation to the applicable Preferred Securities in a form approved by the
Representatives, which approvals shall not be unreasonably withheld, and to file such Prospectus pursuant to Rule 424(b) under the Act no later than the Commission&#146;s close of business on the second business day following the execution and
delivery of the applicable Pricing Agreement or, if applicable, such earlier time as may be required by such Rule, and to take such steps as they deem necessary to ascertain promptly whether the Prospectus transmitted for filing under Rule 424(b)
was received for filing by the Commission and, in the event that it was not, to promptly file such Prospectus; to make no further amendment or any supplement to the Registration Statement or Prospectus as amended or supplemented after the date of
the applicable Pricing Agreement and prior to the Time of Delivery for the Preferred Securities which shall be reasonably disapproved by the Representatives for such Preferred Securities promptly after reasonable notice thereof; to advise the
Representatives promptly of any such amendment or supplement after such Time of Delivery and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </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; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">
furnish the Representatives with copies thereof; to file promptly all reports required to be filed by Company with the Commission pursuant to Section&nbsp;13(a), 13(c) or 15(d) of the Exchange
Act for so long as the delivery of a prospectus (or, in lieu thereof, the notice referred to in Rule 173(a) under the Act) is required in connection with the offering or sale of such Preferred Securities, and during such same period to advise the
Representatives, promptly after it receives notice thereof, (i)&nbsp;of the receipt of any comments from the Commission in respect of the Registration Statement or any prospectus relating to the Preferred Securities, (ii)&nbsp;of the time when any
amendment to the Registration Statement has been filed or becomes effective or any supplement to the Prospectus or any amended Prospectus has been filed with the Commission, (iii)&nbsp;of the issuance by the Commission of any stop order suspending
the effectiveness of the Registration Statement or of any examination pursuant to Section&nbsp;8(e) of the Act concerning the Registration Statement or of any order preventing or suspending the use of any prospectus relating to the Preferred
Securities, (iv)&nbsp;of the suspension of the qualification of the Preferred Securities for offering or sale in any jurisdiction, (v)&nbsp;of the initiation or threatening of any proceeding for any such purpose, or of any request by the Commission
for the amending or supplementing of the Registration Statement, the Prospectus or any document incorporated by reference therein or for additional information with respect thereto and of receipt (whether written or oral) by it (or by any of its
officers or attorneys) of any comments or other communication from the Commission relating to the Registration Statement, the Pricing Disclosure Package (and, notwithstanding any other provision of this Agreement, if any such request or
communication is in writing, the Company shall promptly furnish the Underwriters with a copy thereof) or any document incorporated by reference therein, and, in the event of the issuance of any such stop order or of any such order preventing or
suspending the use of any prospectus relating to the Securities or suspending any such qualification, to promptly use its best efforts to obtain the withdrawal of such order, (vi)&nbsp;of the occurrence of any event that could reasonably be expected
to cause the Company to withdraw, rescind or terminate the offering of the Preferred Securities or would permit the Company to exercise any right not to issue the Preferred Securities other than as set forth in the Pricing Disclosure Package,
(vii)&nbsp;of the occurrence of any event, or the discovery of any fact, the occurrence or existence of which would require the making of any change in any of the Pricing Disclosure Package then being used or would cause any representation or
warranty contained in this Agreement to be untrue or inaccurate in any material respect or (viii)&nbsp;of any proposal or requirement to make, amend or supplement any of the Pricing Disclosure Package or of any other material information relating to
the offering of the Preferred Securities or this Agreement that any Underwriter may from time to time reasonably request; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;Promptly from time to time to take such action as the Representatives may reasonably
request, after consultation with the Company, to qualify such Preferred Securities for offering and sale under the securities laws of such jurisdictions as the Representatives may reasonably request and as are specified in the applicable Pricing
Agreement and to maintain such qualification in effect for not less than one year from the date of the applicable Pricing Agreement; provided, however, that additional such jurisdictions may be reasonably requested by the Representatives, with the
prior consent of the Company, subsequent to the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </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; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">
date thereof; and provided further that in connection therewith the Company shall not be required to qualify as a foreign corporation or to file a general consent to service of process in any
jurisdiction; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;To furnish the Underwriters with copies of the Prospectus, as
amended or supplemented, in such quantities as the Representatives may reasonably request, and, if the delivery of a prospectus (or in lieu thereof, the notice referred to in Rule 173(a) under the Act) is required under the Act at any time in
connection with the offering or sale of the Preferred Securities and if at such time any event shall have occurred as a result of which the Prospectus as then amended or supplemented would include any untrue statement of any material fact or omit to
state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made when such Prospectus is delivered, not misleading, or, if for any other reason it shall be necessary during such
same period to amend or supplement the Prospectus or the Registration Statement or to file under the Exchange Act any document incorporated by reference in the Prospectus in order to comply with the Act or the Exchange Act, to notify the
Representatives and upon their request to file such document and to prepare and furnish, without charge, to each Underwriter and to any dealer in securities as many copies as the Representatives may from time to time reasonably request of an amended
Prospectus or a supplement to the Prospectus which will correct such statement or omission or effect such compliance; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;During the period beginning from the date of the applicable Pricing Agreement and
continuing to and including the later of (i)&nbsp;the completion of the sale of the Preferred Securities by the Underwriters (as determined by the Representatives), but not more than 30 calendar days following the Time of Delivery, and (ii)&nbsp;the
Time of Delivery for such Preferred Securities, not to offer, sell, contract to sell or otherwise dispose of, in the jurisdiction specified in the applicable Pricing Agreement, any U.S. dollar-denominated contingent convertible securities issued by
the Company which are substantially similar to the Preferred Securities, without the prior written consent of the Representatives; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;To timely file or submit such reports pursuant to the Exchange Act as are necessary
in order to make generally available to its securityholders an earnings statement complying with Section&nbsp;11(a) of the Act and the rules and regulations of the Commission thereunder, covering a period of twelve months beginning after the
effective date of the Registration Statement (as defined in Rule 158(c) under the Act) as soon as is reasonably practicable after the termination of such twelve-month period; <I>provided however,</I> that the Company will be deemed to have satisfied
this obligation by filing with, or submitting to, the Commission a consolidated earnings statement complying with Section&nbsp;11(a) of the Act and the rules and regulations of the Commission thereunder for the year ended December&nbsp;31, 2017 as
soon as is reasonably practicable after the termination of such twelve-month period; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;To file the public deed in respect of issuance of the Preferred Securities for
registration with the Vizcaya Mercantile Registry prior to the Time of Delivery; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </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; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(g)&nbsp;&nbsp;&nbsp;&nbsp;To file the public deed of
disbursement (<I>Acta de Cierre</I>) before a notary public, supplementing the public deed of issuance referred to in Section&nbsp;5(f) above, after the Time of Delivery and to register it with the Vizcaya Mercantile Registry promptly upon the
granting thereof; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(h)&nbsp;&nbsp;&nbsp;&nbsp;To use its best efforts to effect, promptly following the
Time of Delivery, the authorization of the Preferred Securities for listing on the Irish Stock Exchange, or any other stock exchange on which the Prospectus specifies that the Preferred Securities may be listed, subject only to official notice of
issuance, and to permit the Preferred Securities to be eligible, at the Time of Delivery, for clearance and settlement through the facilities of the Depository Trust Corporation (&#147;DTC&#148;), or any other clearance and settlement entity through
which the Prospectus specifies that clearance and settlement of the Preferred Securities may be made. For so long as any of the Preferred Securities are outstanding, the Company will use its reasonable efforts to maintain the listing of the
Preferred Securities; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;Without the prior written consent of the Representatives,
none of the Company, its affiliates or any person acting on its or their behalf has given or will give to any prospective purchaser of the Preferred Securities any written information concerning the offering of the Preferred Securities other than
materials contained in the Pricing Disclosure Package, the Prospectus or any other offering materials distributed with the prior written consent of the Representatives; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(j)&nbsp;&nbsp;&nbsp;&nbsp;The Company will comply with Section&nbsp;11.04 of the Base Indenture <I>(</I>as
amended and supplemented by the First Supplemental Indenture) with respect to the Preferred Securities; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(k)&nbsp;&nbsp;&nbsp;&nbsp;Upon conversion of the Preferred Securities, the Company will deliver full legal
title to the Conversion Securities free of third-party rights and will use all reasonable endeavors to obtain the approval of the admission to listing of the Conversion Securities on the Spanish Stock Exchange (which term shall include the Madrid,
Barcelona, Valencia and Bilbao Stock Exchanges), or any other stock exchange on which the Prospectus specifies that the Conversion Securities may be listed; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(l)&nbsp;&nbsp;&nbsp;&nbsp;The Company agrees to use its commercially reasonable efforts to comply at all times
with the requirements set out under Law 10/2014, <FONT STYLE="white-space:nowrap">RD-L</FONT> 14/2013, the CRR and any other applicable banking regulations so that the outstanding aggregate liquidation preference of the Preferred Securities
qualifies as Tier 1 capital of the Company. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">6.&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company represents and agrees that
(i)&nbsp;without the prior written consent of the Underwriters, other than the Issuer Free Writing Prospectuses listed in an appendix to the applicable Pricing Agreement, it has not made and will not make any offer relating to the Preferred
Securities that (A)&nbsp;would constitute an Issuer Free Writing Prospectus or (B)&nbsp;would otherwise constitute a &#147;free writing prospectus&#148;, as defined in Rule 405 under the Act, required to be filed with the Commission or retained by
the Company pursuant to Rule 433 under the Act, (ii)&nbsp;it has complied and will comply with the requirements of Rules 164 and 433 under the Act applicable to </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </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; margin-left:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">
any Issuer Free Writing Prospectus, including timely filing with the Commission or retention where required and legending and (iii)&nbsp;it will treat any such free writing prospectus consented
to by the Underwriters as an Issuer Free Writing Prospectus. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;Each Underwriter
represents and agrees that, without the prior written consent of the Company and the other Underwriters, it has not made and will not make any offer relating to the Preferred Securities that (i)&nbsp;would constitute an Issuer Free Writing
Prospectus, or (ii)&nbsp;would otherwise constitute a &#147;free writing prospectus&#148;, as defined in Rule 405 under the Act, required to be filed with the Commission or retained by the Company pursuant to Rule 433 under the Act; provided,
however, that the Company consents to the use by each Underwriter of a &#147;free writing prospectus&#148; not required to be filed with the Commission or retained by the Company pursuant to Rule 433 under the Act that contains only
(A)&nbsp;information describing the preliminary terms of the Preferred Securities or their offering which will not be inconsistent with the Final Term Sheet or the other Issuer Free Writing Prospectuses listed in an appendix to the applicable
Pricing Agreement, (B)&nbsp;information that describes the final terms of the Preferred Securities or their offering and that is included in the Final Term Sheet or any other Issuer Free Writing Prospectuses listed or included in an appendix to the
applicable Pricing Agreement and (C)&nbsp;information that is in any electronic road show related to the Preferred Securities and approved in writing as such by the Company. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;Any such &#147;free writing prospectus&#148;, as defined in Rule 405 under the Act,
the use of which has been consented to by the Company and the Underwriters (including the Final Term Sheet) will be listed in an appendix to the applicable Pricing Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">7.&nbsp;&nbsp;&nbsp;&nbsp;The Company covenants and agrees with the several Underwriters that the Company will pay or cause to
be paid all those costs, expenses and disbursements relating or incident to the offering, purchase, sale and delivery of Securities as are set forth in the applicable Pricing Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">8.&nbsp;&nbsp;&nbsp;&nbsp;The obligations of the Underwriters of any Preferred Securities under the applicable Pricing
Agreement shall be subject, in the discretion of the Representatives, to the condition, to be met by the Time of Delivery, that all representations and warranties of the Company in or incorporated by reference in the applicable Pricing Agreement
are, at and as of the Time of Delivery for such Preferred Securities, true and correct, the condition that the Company shall have performed all of its obligations hereunder theretofore to be performed, and the following additional conditions: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;The Final Term Sheet, together with any other Issuer Free Writing Prospectuses
listed in an appendix to the applicable Pricing Agreement and any other &#147;free writing prospectus&#148;, as defined in Rule 405 under the Act, that the parties hereto shall hereafter expressly agree in writing to treat as part of the Pricing
Disclosure Package shall have been filed with the Commission within the applicable time period prescribed for such filing by Rule 433(d) under the Act and the Prospectus as amended or supplemented in relation to such Preferred Securities shall have
been filed with the Commission pursuant to Rule 424(b) under the Act within the applicable time period prescribed for such filing by the rules and regulations under the Act and in accordance with Section&nbsp;5(a) hereof; no
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </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; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">
stop order suspending the effectiveness of the Registration Statement or any part thereof or suspending the use of the Prospectus or any Issuer Free Writing Prospectus, shall have been issued and
no proceeding for that purpose shall have been initiated or, to the knowledge of the Company, threatened by the Commission; and all requests for additional information on the part of the Commission shall have been complied with; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;U.S. counsel and, if so specified in the applicable Pricing Agreement, Spanish
counsel for the Underwriters shall each have furnished to the Representatives such written opinion or opinions, dated the Time of Delivery for such Preferred Securities, with respect to the Pricing Agreement (including the provisions of this
Agreement), the Preferred Securities, the Pricing Disclosure Package, the Prospectus and the Registration Statement (as amended or supplemented at the Time of Delivery for such Preferred Securities) and other related matters not exceeding the scope
of those covered in the opinions given pursuant to Sections 8(c) and 8(d), respectively, below as the Underwriters may reasonably require, and the Company shall have furnished to such counsel such documents as they request for the purpose of
enabling them to pass on such matters; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;U.S. counsel for the Company shall have
furnished to the Representatives its written opinion, dated the Time of Delivery for such Preferred Securities, reasonably satisfactory to the Underwriters and substantially similar in form and substance to Schedule 8(c) attached hereto; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;Spanish counsel for the Company shall have furnished to the Representatives their
written opinion, dated the Time of Delivery for such Preferred Securities, reasonably satisfactory to the Underwriters and substantially similar in form and substance to Schedule 8(d) attached hereto; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;At the Applicable Time and at the Time of Delivery for the Preferred Securities,
each firm of independent accountants that has certified financial statements of the Company included or incorporated by reference in the Registration Statement shall have furnished to the Underwriters and the directors of the Company a letter or
letters, dated each such date, in form and substance satisfactory to the Representatives, together with signed or reproduced copies of such letter for each of the other Underwriters, containing statements and information of the type ordinarily
included in accountants&#146; &#147;comfort letters&#148; to underwriters with respect to the financial statements and certain financial information contained in the Registration Statement and the Prospectus and substantially similar in form and
substance to Schedule 8(e) attached hereto; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;Except as contemplated in the
Prospectus, as amended or supplemented, since the Applicable Time there shall not have occurred (i)&nbsp;any change or decrease specified in the letter or letters referred to in Section&nbsp;8(e) or (ii)&nbsp;any change, or any development involving
a prospective change, in or affecting the financial condition, earnings, business, operations, prospects or properties of the Company and the Company&#146;s subsidiaries, taken as a whole, whether or not arising from transactions in the ordinary
course of business, that, in any case referred to in paragraphs (i)&nbsp;or (ii) above, the Representatives conclude, after consultation with the Company, impairs the investment quality of the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </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; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">
Preferred Securities so as to make it impracticable or inadvisable to proceed with the public offering or the delivery of the Preferred Securities as contemplated by the Prospectus, and from the
Applicable Time to the Time of Delivery (as specified in the Pricing Agreement), no rating of the Company&#146;s senior long-term debt securities shall have been lowered by Moody&#146;s, S&amp;P or Fitch, and other than public announcements made
prior to the Applicable Time, none of Moody&#146;s, S&amp;P or Fitch shall have publicly announced that it has under surveillance or review with possible negative implications any rating of the Company&#146;s senior long-term debt securities; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(g)&nbsp;&nbsp;&nbsp;&nbsp;After the Applicable Time there shall not have occurred any of the following:
(i)&nbsp;a suspension or material limitation in trading in any securities of the Company by the Spanish <I>Comisi&oacute;n Nacional del Mercado de Valores</I>, the Commission, any Spanish Stock Exchange (which term shall include the Madrid,
Barcelona, Valencia and Bilbao Stock Exchanges), the New York Stock Exchange, Inc. or the London Stock Exchange; (ii)&nbsp;a suspension or material limitation of trading in securities generally on any Spanish Stock Exchange, the New York Stock
Exchange, Inc., the London Stock Exchange or in the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">over-the-counter</FONT></FONT> market, or any setting of minimum or maximum prices for trading on such exchange; (iii)&nbsp;a
banking moratorium declared by any U.S. federal, New York, United Kingdom or Spanish authorities or a material disruption in clearance or settlement systems in the United States, the United Kingdom or the Kingdom of Spain; (iv)&nbsp;a change or
development involving a prospective change in taxation in Spain affecting the Preferred Securities or the imposition of exchange controls by the United States or Spain; (v)&nbsp;a material outbreak or escalation of hostilities involving the United
States or Spain or the declaration by the United States or Spain of a national emergency or war or (vi)&nbsp;the occurrence of any material adverse change in the existing financial, political or economic conditions in the United States or Spain,
where the effect of any such event specified in (i)&nbsp;through (vi) above is in the judgment of the Representatives, after consultation with the Company, so material and adverse as to make it impracticable or inadvisable to proceed with the public
offering or the delivery of the Preferred Securities on the terms and in the manner contemplated in the Prospectus as amended or supplemented relating to the Securities; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(h)&nbsp;&nbsp;&nbsp;&nbsp;The Company shall have complied with the provisions of Section&nbsp;5(c) hereof with
respect to the furnishing of prospectuses on the Business Day next succeeding the date of the applicable Pricing Agreement; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;At the Time of Delivery, the Preferred Securities shall have been approved for
clearance and settlement through the facilities of DTC, or any other clearance and settlement entity through which the Prospectus specifies that clearance and settlement of the Preferred Securities may be made; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(j)&nbsp;&nbsp;&nbsp;&nbsp;The Company shall have furnished or caused to be furnished to the Representatives at
the Time of Delivery for the Preferred Securities a certificate or certificates of an officer of the Company substantially similar in form and substance to Schedule 8(j) attached hereto, as to the truth and completeness of the representations and
warranties of the Company herein at and as of such Time of Delivery, as to the performance of the Company of all of its obligations hereunder to be performed at or prior to such Time of Delivery and as to the matters set forth in subsections
(a)&nbsp;and (f) of this Section; and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </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; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(k)&nbsp;&nbsp;&nbsp;&nbsp;If any condition specified in this
Section&nbsp;8 shall not have been fulfilled when and as required to be fulfilled, this Agreement may be terminated by the Representatives by notice to the Company at any time at or prior to the Time of Delivery, and such termination shall be
without liability of any party to any other party except that Sections 7, 9, 11, 14, 15, 16, 17, 19, 21<B> </B>and 22 hereof and any related provisions of the applicable Pricing Agreement shall survive any such termination and remain in full force
and effect. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">9.&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company agrees to indemnify and hold harmless each Underwriter, its
directors, officers and employees, and each person, if any, who controls any Underwriter within the meaning of the Act or the Exchange Act against any losses, claims, damages or liabilities or expenses, joint or several, as incurred to which such
Underwriter, director, officer, employee or controlling person may become subject, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement
of any material fact contained in any preliminary prospectus, any preliminary prospectus supplement, the Registration Statement or the Prospectus, as amended or supplemented, the Pricing Prospectus, the Pricing Disclosure Package, any Issuer Free
Writing Prospectus, any &#147;issuer information&#148; filed or required to be filed pursuant to Rule 433(d) under the Act or any road show materials, in each case, relating to the Preferred Securities, or any amendment or supplement thereto, or
arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and will reimburse each Underwriter and each such director,
officer, employee or controlling person for any and all expenses (including the fees and disbursements of counsel chosen by such Underwriter) as such expenses are incurred by such Underwriter in connection with investigating, defending, settling,
compromising or paying any such loss, claim, damage, liability, expense or action; <I>provided</I>, <I>however</I>, that the foregoing indemnity agreement shall not apply to any loss, claim, damage or liability to the extent, but only to the extent,
arising out of or based upon any untrue statement or alleged untrue statement or omission or alleged omission made in any preliminary prospectus, any preliminary prospectus supplement, the Registration Statement or the Prospectus, as amended or
supplemented, the Pricing Prospectus, the Pricing Disclosure Package, any Issuer Free Writing Prospectus or any road show materials, in each case, relating to the Preferred Securities, or any such amendment or supplement, in reliance upon and in
conformity with written information furnished to the Company by any Underwriter of Preferred Securities through the Representatives expressly for use therein, it being understood and agreed that the only such information furnished by or on behalf of
any Underwriter consists of the Underwriter Information. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;Each Underwriter
severally but not jointly agrees to indemnify and hold harmless the Company and its directors, officers and employees, and each person, if any, who controls the Company within the meaning of the Act or the Exchange Act, against any loss, claim,
damage, liability or expense, as incurred, to which each such person may become subject under the Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof)
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </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; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">
arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in any preliminary prospectus, any preliminary prospectus supplement, the
Registration Statement or the Prospectus, as amended or supplemented, the Pricing Prospectus, the Pricing Disclosure Package or any Issuer Free Writing Prospectus, in each case, relating to the Preferred Securities, or any amendment or supplement
thereto, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, in each case to the extent, but only to the
extent, arising out of or based upon any untrue statement or alleged untrue statement or omission or alleged omission made in any preliminary prospectus, any preliminary prospectus supplement, the Registration Statement or the Prospectus, as amended
or supplemented, the Pricing Prospectus, the Pricing Disclosure Package, or any Issuer Free Writing Prospectus, in each case, relating to the Preferred Securities, or any such amendment or supplement, in reliance upon and in conformity with written
information furnished to the Company by any Underwriter of Preferred Securities through the Representatives expressly for use therein, it being understood and agreed that the only such information furnished by or on behalf of any Underwriter
consists of the Underwriter Information; and will reimburse the Company for any legal or other expenses incurred by the Company in connection with investigating, defending, settling, compromising or paying any such action or claim as such expenses
are incurred. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;Promptly after receipt by an indemnified party under subsection
(a)&nbsp;or (b) above of notice of the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under such subsection, notify the indemnifying party in writing of the
commencement thereof; but the omission to so notify the indemnifying party shall not relieve it from any liability which it may have to any indemnified party otherwise than under such subsection. In case any such action shall be brought against any
indemnified party and it shall notify the indemnifying party of the commencement thereof, the indemnifying party shall, so far as permitted by any insurance policy of the indemnified party and subject to the indemnifying party agreeing to indemnify
the indemnified party against all judgments and other liabilities resulting from such action, be entitled to participate therein and, to the extent that it may elect, jointly with all other indemnifying parties similarly notified, by written notice
delivered to the indemnified party promptly after receiving the aforesaid notice from such indemnified party, to assume the defense thereof, with counsel satisfactory to such indemnified party; provided that, if the defendants in any such action
include both the indemnified party and the indemnifying party, and the indemnified party shall have reasonably concluded that a conflict may arise between the positions of the indemnifying party and the indemnified party in conducting the defense of
any such action or that there may be legal defenses available to it and/or other indemnified parties which are different from or additional to those available to the indemnifying party, the indemnified party or parties shall have the right to select
separate counsel, to assert such legal defenses and to otherwise participate in the defense of such action on behalf of such indemnified party or parties. Upon receipt of notice from the indemnifying party to such indemnified party of such
indemnified party&#146;s election so to assume the defense of such action and approval by the indemnified </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </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; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">
party of counsel, the indemnifying party shall not be liable to such indemnified party under this Section&nbsp;9 for any legal or other expenses subsequently incurred by such indemnified party in
connection with the defense thereof unless (i)&nbsp;the indemnified party shall have employed separate counsel in connection with the assertion of legal defenses in accordance with the proviso to the next preceding sentence (it being understood,
however, that the indemnifying party shall not be liable for the expenses of more than one separate counsel (together with local counsel), approved by the representatives representing the indemnified parties who are parties to such action), (ii) the
indemnifying party shall not have employed counsel satisfactory to the indemnified party to represent the indemnified party within a reasonable time after notice of commencement of the action or (iii)&nbsp;the indemnifying party has authorized the
employment of counsel for the indemnified party at the expense of the indemnifying party; and except that, if clause (i)&nbsp;or (iii) is applicable, such liability shall be only in respect of the counsel referred to in such clause (i)&nbsp;or
(iii). An indemnifying party will not, without the prior written consent of each indemnified party, settle or compromise or consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect
of which indemnification or contribution may be sought hereunder (whether or not the indemnified parties are actual or potential parties to such claim or action) unless such settlement, compromise or consent (i)&nbsp;includes an unconditional
release of the indemnified party from all liability arising out of such action or claim and (ii)&nbsp;does not include a statement as to or an admission of fault, culpability or a failure to act, by or on behalf of any indemnified party.
Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested that an indemnifying party reimburse the indemnified party for fees and expenses of counsel as contemplated by this Section, the indemnifying party
shall be liable for any settlement of any proceeding effected without its written consent if (i)&nbsp;such settlement is entered into more than 30 days after receipt by the indemnifying party of such request and (ii)&nbsp;the indemnifying party
shall not have reimbursed the indemnified party in accordance with such request prior to the date of such settlement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;If the indemnification provided for in this Section&nbsp;9 is unavailable to or
insufficient to hold harmless an indemnified party under subsection (a)&nbsp;or (b) above in respect of any losses, claims, damages or liabilities (or actions in respect thereof) or expenses referred to therein, then each indemnifying party shall
contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages or liabilities (or actions in respect thereof) in such proportion as is appropriate to reflect the relative benefits received by the
Company on the one hand and the Underwriters of the Preferred Securities on the other from the offering of the Preferred Securities to which such loss, claim, damage or liability (or action in respect thereof) relates. If, however, the allocation
provided by the immediately preceding sentence is not permitted by applicable law or if the indemnified party failed to give the notice required under subsection (c)&nbsp;above, then each indemnifying party shall contribute to such amount paid or
payable by such indemnified party in such proportion as is appropriate to reflect not only such relative benefits but also the relative fault of the Company on the one hand and the Underwriters of the Preferred Securities on the other in connection
with the statements or omissions which resulted in such losses, claims, damages or liabilities (or actions in respect thereof) or expenses, as </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </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; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">
well as any other relevant equitable considerations. The relative benefits received by the Company on the one hand and such Underwriters on the other shall be deemed to be in the same respective
proportions as the total net proceeds from such offering (before deducting expenses) received by the Company bear to the total underwriting discounts and commissions received by such Underwriters, in each case as set forth on the cover page of the
Prospectus, as amended or supplemented. The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact
relates to information supplied by the Company on the one hand or such Underwriters on the other and the parties&#146; relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The Company
and the Underwriters agree that it would not be just and equitable if contribution pursuant to this subsection (d)&nbsp;were determined by <I>pro rata</I> allocation (even if the Underwriters were treated as one entity for such purpose) or by any
other method of allocation which does not take account of the equitable considerations referred to above in this subsection (d). The amount paid or payable by an indemnified party as a result of the losses, claims, damages or liabilities (or actions
in respect thereof) referred to above in this subsection (d)&nbsp;shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim.
Notwithstanding the provisions of this subsection (d), no Underwriter shall be required to contribute any amount in excess of the amount by which the total price at which the Preferred Securities underwritten by it and distributed to the public were
offered to the public exceeds the amount of any damages which such Underwriter has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation
(within the meaning of Section&nbsp;11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The obligations of the Underwriters of Preferred Securities in this subsection
(d)&nbsp;to contribute are several in proportion to their respective underwriting obligations with respect to such Preferred Securities and not joint. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;The obligations of the Company under this Section&nbsp;9 shall be in addition to any
liability which the Company may otherwise have and shall extend, upon the same terms and conditions, to each officer, director or employee of each Underwriter and to each person, if any, who controls, is controlled by or is under common control with
any Underwriter within the meaning of the Act or the Exchange Act; and the several obligations of the Underwriters under this Section&nbsp;9 shall be in addition to any liability which the respective Underwriters may otherwise have and shall extend,
upon the same terms and conditions, to each officer, director or employee of the Company and to each person, if any, who controls the Company within the meaning of the Act or the Exchange Act. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">10.&nbsp;&nbsp;&nbsp;&nbsp;(a) If any Underwriter shall default in its obligation to purchase the Preferred Securities which it
has agreed to purchase under the applicable Pricing Agreement, the Representatives may in their discretion, after giving notice to and consulting with the Company, arrange for themselves or another party or other parties to purchase such Preferred
Securities on the terms contained herein. If within <FONT STYLE="white-space:nowrap">thirty-six</FONT> hours after such default by any Underwriter the Representatives do not arrange for </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">21 </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; margin-left:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">
the purchase of such Preferred Securities, then the Company shall be entitled to a further period of <FONT STYLE="white-space:nowrap">thirty-six</FONT> hours within which to procure another party
or other parties to purchase such Preferred Securities on such terms. In the event that, within the respective prescribed period, the Representatives notify the Company that they have so arranged for the purchase of such Preferred Securities, or the
Company notifies the Representatives that it has so arranged for the purchase of such Preferred Securities, the Representatives or the Company shall have the right to postpone the Time of Delivery for such Preferred Securities for a period of not
more than seven days, in order to effect whatever changes may thereby be made necessary in the Registration Statement or the Prospectus as amended or supplemented, or in any other documents or arrangements, and the Company agrees to file promptly
any amendments or supplements to the Registration Statement or the Prospectus which in the opinion of the Representatives may thereby be made necessary. The term &#147;Underwriter&#148; as used in this Agreement shall include any person substituted
under this Section&nbsp;10 with like effect as if such person had originally been a party to the applicable Pricing Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;If, after giving effect to any arrangements for the purchase of the Preferred
Securities of a defaulting Underwriter or Underwriters by the Representatives or the Company as provided in subsection (a)&nbsp;above, the aggregate liquidation preference of such Preferred Securities which remains unpurchased does not exceed <FONT
STYLE="white-space:nowrap">one-eleventh</FONT> of the aggregate liquidation preference of the Preferred Securities, then the Company shall have the right to require each <FONT STYLE="white-space:nowrap">non-defaulting</FONT> Underwriter to purchase
the liquidation preference of Preferred Securities which such Underwriter agreed to purchase under the applicable Pricing Agreement and, in addition, to require each <FONT STYLE="white-space:nowrap">non-defaulting</FONT> Underwriter to purchase its
pro rata share (based on the liquidation preference of Preferred Securities which such Underwriter agreed to purchase under such Pricing Agreement) of the Preferred Securities of such defaulting Underwriter or Underwriters for which such
arrangements have not been made; but nothing herein shall relieve a defaulting Underwriter from liability for its default. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;If, after giving effect to any arrangements for the purchase of the Preferred
Securities of a defaulting Underwriter or Underwriters by the Representatives or the Company as provided in subsection (a)&nbsp;above, the aggregate liquidation preference of Preferred Securities which remains unpurchased exceeds <FONT
STYLE="white-space:nowrap">one-eleventh</FONT> of the aggregate liquidation preference of the Preferred Securities, as referred to in subsection (b)&nbsp;above, or if the Company shall not exercise the right described in subsection (b)&nbsp;above to
require <FONT STYLE="white-space:nowrap">non-defaulting</FONT> Underwriters to purchase Preferred Securities of a defaulting Underwriter or Underwriters, then the applicable Pricing Agreement shall thereupon terminate, without liability on the part
of any <FONT STYLE="white-space:nowrap">non-defaulting</FONT> Underwriter or the Company, except for the expenses to be borne by the Company on the one hand and the Underwriters on the other hand, as provided in Section&nbsp;7 hereof and the
indemnity and contribution agreements in Section&nbsp;9 hereof; but nothing herein shall relieve a defaulting Underwriter from liability for its default. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Notwithstanding the foregoing, BBVA Securities Inc. will not participate in the terms set out in Section&nbsp;9 since BBVA Securities Inc.
will not purchase any Preferred Securities, but instead will procure eligible purchasers for the Preferred Securities set forth opposite its name in Schedule I. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">22 </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; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">11.&nbsp;&nbsp;&nbsp;&nbsp;The respective indemnities, agreements,
representations, warranties and other statements of the Company and the several Underwriters, as set forth in this Agreement or made by or on behalf of them, respectively, pursuant to this Agreement, shall remain in full force and effect, regardless
of any investigation (or any statement as to the results thereof) made by or on behalf of any Underwriter or any controlling person of any Underwriter, the Company or any officer or director or controlling person of the Underwriters or the Company,
and shall survive delivery of and payment for the Preferred Securities sold hereunder and any termination of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">12.&nbsp;&nbsp;&nbsp;&nbsp;If any Pricing Agreement shall be terminated pursuant to Section&nbsp;10 hereof, the Company shall
not then be under any liability to any Underwriter with respect to the Preferred Securities covered by such Pricing Agreement except that Sections 7, 9, 11, 14, 15, 16, 17, 19, 21 and 22 hereof and any related provisions of the applicable Pricing
Agreement shall survive any such termination and remain in full force and effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">13.&nbsp;&nbsp;&nbsp;&nbsp;In all
dealings hereunder, the Representatives of the Underwriters of Preferred Securities shall act on behalf of each such Underwriter, and the parties hereto shall be entitled to act and rely upon any statement, request, notice or agreement on behalf of
any Underwriter made or given by such Representatives jointly or by such of the Representatives, if any, as may be designated for such purpose in the applicable Pricing Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">All statements, requests, notices and agreements hereunder shall be in writing, and if to the Underwriters shall be delivered
or sent by mail, telex or facsimile transmission to the address of the Representatives as set forth in the applicable Pricing Agreement; and, if to the Company, shall be delivered or sent by mail or electronic transmission to BBVA, Calle Azul 4,
28050 Madrid, Spain, Attention: Financial Department; <U>finance.department@bbva.com</U>; provided, however, that any notice to an Underwriter pursuant to Section&nbsp;9(c) hereof shall be delivered or sent by mail, telex or facsimile transmission
to such Underwriter at its address set forth in its Underwriters&#146; questionnaire, or telex constituting such questionnaire, which address will be supplied to the Company by the Representatives upon request. Any such statements, requests, notices
or agreements shall take effect upon receipt thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">14.&nbsp;&nbsp;&nbsp;&nbsp;This Agreement and each Pricing
Agreement shall be binding upon, and inure solely to the benefit of, the Underwriters, the Company and, to the extent provided in Sections 9 and 11 hereof, the officers and directors of the Company and each person who controls the Company or any
Underwriter, and their respective heirs, executors, administrators, successors and assigns, and no other person shall acquire or have any right under or by virtue of this Agreement or any such Pricing Agreement. No purchaser of any Preferred
Securities from any Underwriter shall be deemed a successor or assign by reason merely of such purchase. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">15.&nbsp;&nbsp;&nbsp;&nbsp;The Company waives to the fullest extent permitted by applicable law any claims it may have against
the Underwriters arising from an alleged breach of agency, fiduciary or similar duty to the Company in connection with the offering of the Preferred Securities or the process leading thereto and acknowledges and agrees that each Underwriter is
acting solely in the capacity of an arm&#146;s length contractual counterparty to the Company with respect to the offering of the Preferred Securities (including in connection with determining the terms of the offering contemplated by this
Agreement) and not as an agent or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">23 </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">
fiduciary to the Company or any other person. Additionally, each Underwriter is not advising the Company or any other person as to any legal, tax, investment, accounting or regulatory matters in
any jurisdiction. The Company shall consult with its own advisors concerning such matters and shall be responsible for making its own independent investigation and appraisal of such matters, and no Underwriter shall have any responsibility or
liability to the Company or any other person with respect to such matters. Any review by an Underwriter of the Company, the transactions contemplated by this Agreement or any other due diligence review by such Underwriter in connection with such
transactions will be performed solely for the benefit of such Underwriter and shall not be on behalf of the Company or any other person. This Agreement supersedes all prior agreements and understandings (whether written or oral) between the Company
and the Underwriters, or any of them, with respect to the subject matter hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">16.&nbsp;&nbsp;&nbsp;&nbsp;The Company
irrevocably agrees that any suit, action or proceeding against the Company brought by Underwriters or by any person who controls the Underwriters, arising out of or based upon this Agreement, the Pricing Agreement or the transactions contemplated
hereby may be instituted in any state or federal court in the Borough of Manhattan, The City of New York, New York, and, to the extent permitted by law, irrevocably waives any objection which it may now or hereafter have to the laying of venue of
any such suit, action or proceeding, and irrevocably submits to the nonexclusive jurisdiction of such courts in any such suit, action or proceeding. The Company irrevocably appoints Banco Bilbao Vizcaya Argentaria, S.A., New York Branch, as its
Authorized Agent (the &#147;Authorized Agent&#148;) upon whom process may be served in any such suit, action or proceeding arising out of or based on this Agreement, the Pricing Agreement or the transactions contemplated hereby or thereby which may
be instituted in any state or federal court in the Borough of Manhattan, The City of New York, New York, by an Underwriter or by any person who controls an Underwriter, and the Company expressly consents to the jurisdiction of any such court in
respect of any such suit, action or proceeding, and waives any other requirements of or objections to personal jurisdiction with respect thereto. The Company represents and warrants that the Authorized Agent has agreed to act as said agent for
service of process, and the Company agrees to take any and all action, including the filing of any and all documents and instruments, that may be necessary to continue such appointment in full force and effect as aforesaid. Service of process upon
the Authorized Agent and written notice of such service to the Company shall be deemed, in every respect, effective service of process upon the Company. Notwithstanding the foregoing, any suit, action or proceeding based on this Agreement may be
instituted by the Underwriters in any competent court in the Kingdom of Spain. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">17.&nbsp;&nbsp;&nbsp;&nbsp;In accordance
with the requirements of the USA Patriot Act (Title III of Pub. L. <FONT STYLE="white-space:nowrap">107-56</FONT> (signed into law October&nbsp;26, 2001)), the Underwriters are required to obtain, verify and record information that identifies their
respective clients, including the Company, which information may include the name and address of their respective clients, as well as other information that will allow the Underwriters to properly identify their respective clients. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">18.&nbsp;&nbsp;&nbsp;&nbsp;In respect of any judgment or order given or made for any amount due hereunder that is expressed
and paid in a currency (the &#147;judgment currency&#148;) other than United States dollars, the Company will indemnify each Underwriter against any loss incurred by such Underwriter as a result of any variation as between (i)&nbsp;the rate of
exchange at which the United States dollar amount is converted into the judgment currency for the purpose of such judgment or order and (ii)&nbsp;the rate of exchange at which an Underwriter is </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">24 </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">
able to purchase United States dollars with the amount of judgment currency actually received by such Underwriter. The foregoing indemnity shall constitute a separate and independent obligation
of the Company and shall continue in full force and effect notwithstanding any such judgment or order as aforesaid. The term &#147;rate of exchange&#148; shall include any premiums and costs of exchange payable in connection with the purchase of or
conversion into United States dollars. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">19.&nbsp;&nbsp;&nbsp;&nbsp;Time shall be of the essence of each Pricing Agreement.
As used herein, &#147;business day&#148; shall mean any day when the Commission&#146;s office in Washington, D.C. is open for business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">20.&nbsp;&nbsp;&nbsp;&nbsp;The invalidity or unenforceability of any section, paragraph or provision of this Agreement shall
not affect the validity or enforceability of any other section, paragraph or provision hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">21.&nbsp;&nbsp;&nbsp;&nbsp;<B>Except as may be otherwise provided in a Pricing Agreement, this Agreement and each Pricing
Agreement shall be governed by and construed in accordance with the laws of the State of New York.</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">22.&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding and to the exclusion of any other term of this Agreement, any Pricing Agreement or
any other agreements, arrangements, or understandings between the Company and any or all of the Underwriters, each of the Company and each Underwriter acknowledges and accepts that a BRRD Liability arising under this Agreement may be subject to the
exercise of <FONT STYLE="white-space:nowrap">Bail-in</FONT> Powers by the Relevant Spanish Resolution Authority and acknowledges, accepts, and agrees to be bound by: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;the effect of the exercise of the Spanish
<FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority in relation to any BRRD Liability of the Company to such Underwriter, which (without limitation) may include and result in any of the following, or
some combination thereof: </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="13%">&nbsp;</TD>
<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 reduction of all, or a portion, of such BRRD Liability or outstanding amounts due thereon;
</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="13%">&nbsp;</TD>
<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 conversion of all, or a portion, of such BRRD Liability into shares, other securities or other obligations
of the Company or another person, and the issue to or conferral on such Underwriter of such shares, securities or obligations; </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="13%">&nbsp;</TD>
<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">the cancellation of such BRRD Liability; and/or </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="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iv)</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 amendment or alteration of any interest or distribution payable, if applicable, on such BRRD Liability,
and the maturity or the dates on which any payments on such BRRD Liability are due, including by suspending payment for a temporary period; and </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;the variation of the terms of this Agreement and/or the relevant Pricing Agreement,
as deemed necessary by the Relevant Spanish Resolution Authority, to give effect to the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">25 </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>Schedule 8(c) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Form of Opinion of U.S. Counsel </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>in connection with Section&nbsp;8(c) of the Underwriting Agreement </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">65 </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>Schedule 8(d) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Form of Opinion of Spanish Counsel </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>in connection with Section&nbsp;8(d) of the Underwriting Agreement </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">66 </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>Schedule 8(e) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Forms of Auditors&#146; Comfort Letter </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>in connection with Section&nbsp;8(e) of the Underwriting Agreement </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">67 </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>Schedule 8(j) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Form of Certificate </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>in
connection with Section&nbsp;8(j) of the Underwriting Agreement </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:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>OFFICER&#146;S CERTIFICATE PURSUANT TO SECTION 8(j) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>OF THE UNDERWRITING AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">November&nbsp;16, 2017 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The undersigned,
[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], does hereby certify, pursuant to Section&nbsp;8(j) of the underwriting agreement dated November&nbsp;8, 2017 (the
&#147;Underwriting Agreement&#148;) incorporated by reference in the Pricing Agreement dated November 8], 2017 (the &#147;Pricing Agreement&#148;), between Banco Bilbao Vizcaya Argentaria, S.A., a <I>sociedad an&oacute;nima</I> incorporated under
the laws of the Kingdom of Spain (the &#147;Company&#148;), on the one hand, and the Underwriters named therein (the &#147;Underwriters&#148;), on the other hand, on behalf of the Company and to the best of [his] [her] knowledge, after reasonable
investigation, that: </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">attached hereto as <B>Exhibit A</B> is a true, complete and correct copy of the
<FONT STYLE="white-space:nowrap">By-laws</FONT> (<I>Estatutos</I>) of the Company as in full force and effect at all times since [&#9679;], to and including the date hereof; the Company is as of this date in good standing under Spanish law; no
amendment or other document modifying or affecting the <I>Estatutos</I> has been filed with the office of the Mercantile Registry of Vizcaya since the filing on [&#9679;]; </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">attached hereto as <B>Exhibit B</B> [is/are] a true, complete and correct specimen[s] of the global
certificate[s] representing the Preferred Securities; </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">the representations and warranties of the Company in the Underwriting Agreement are true and correct at and as
of the Time of Delivery; </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">(iv)</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 Company has performed all of its obligations under the Underwriting Agreement to be performed at or prior
to the Time of Delivery; </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">(v)</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 Final Term Sheet has been filed with the Commission within the applicable time period prescribed for such
filing by Rule 433(d) under the Act and the Prospectus as amended or supplemented in relation to such Securities has been filed with the Commission pursuant to Rule 424(b) under the Act within the applicable time period prescribed for such filing by
the rules and regulations under the Act and in accordance with Section&nbsp;5(a) of the Underwriting Agreement; no stop order suspending the effectiveness of the Registration Statement or any part thereof or suspending the use of the Prospectus or
any Issuer Free Writing Prospectus, has been issued and no proceeding for that purpose has been initiated or, to the knowledge of the Company, threatened by the Commission; and all requests for additional information on the part of the Commission
have been complied with; and </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">(vi)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">except as contemplated in the Prospectus, as amended or supplemented, since the Applicable Time there has not
occurred (i)&nbsp;any change or decrease specified in the letter or letters referred to in Section&nbsp;8(e) of the Underwriting Agreement or (ii)&nbsp;any change, or any development involving a prospective change, in or affecting the
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Schedule 8(j)-1 </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="4%">&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">
financial condition, earnings, business, operations, prospects or properties of the Company, taken as a whole, whether or not arising from transactions in the ordinary course of business, and at
or after the Applicable Time, no rating of the Company&#146;s senior long-term debt securities has been lowered by Moody&#146;s, S&amp;P or Fitch, and other than public announcements made prior to the Applicable Time, none of Moody&#146;s, S&amp;P
or Fitch has publicly announced that it has under surveillance or review with possible negative implications any rating of the Company&#146;s senior long-term debt securities. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Capitalized terms used but not defined herein shall have the meanings assigned to them in the Underwriting Agreement and the
Pricing Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Schedule 8(j)-2 </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; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">IN WITNESS WHEREOF, I have executed this certificate on behalf of the Company as
of the date first written above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></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">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&nbsp;</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="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Name:</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="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Title:</P></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Schedule 8(j)-3 </P>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.7
<SEQUENCE>3
<FILENAME>d494378dex47.htm
<DESCRIPTION>EX-4.7
<TEXT>
<HTML><HEAD>
<TITLE>EX-4.7</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 4.7 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:2.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:2.00pt solid #000000">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</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">as Issuer, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE BANK OF NEW YORK MELLON </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">as Trustee, Paying and Conversion Agent, Calculation Agent </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">and Principal Paying Agent </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">and
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE BANK OF NEW YORK MELLON </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">as Contingent Convertible Security Registrar </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>FIRST
SUPPLEMENTAL INDENTURE </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">dated as of November&nbsp;16, 2017 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">to </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CONTINGENT CONVERTIBLE
PREFERRED SECURITIES INDENTURE </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">dated as of September&nbsp;25, 2017 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">in respect of </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">$1,000,000,000
Contingent Convertible Preferred Securities </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="line-height:2.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:2.00pt solid #000000">&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>TABLE OF CONTENTS </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="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" ALIGN="center">


<TR>
<TD WIDTH="9%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="86%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">P<SMALL>AGE</SMALL></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">ARTICLE 1</TD>
<TD VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D<SMALL>EFINITIONS</SMALL></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;1.01.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><I>Definition of Terms</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;1.02.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><I>Separability Clause</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;1.03.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><I>Benefits of Supplemental Indenture</I>.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">ARTICLE 2</TD>
<TD VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T<SMALL>HE</SMALL> P<SMALL>REFERRED</SMALL> S<SMALL>ECURITIES</SMALL></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;2.01.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><I>Form, Title, Terms and Payments</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;2.02.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><I>Distributions.</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;2.03.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><I>Amended Provisions of Contingent Convertible Preferred Securities Indenture</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;2.04.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><I>Prohibition on Acquisition of Preferred Securities by Spanish Tax Residents</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">ARTICLE 3</TD>
<TD VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M<SMALL>ISCELLANEOUS</SMALL></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;3.01.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><I>Confirmation of Indenture</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;3.02.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><I>Governing Law</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;3.03.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><I>Counterparts</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;3.04.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><I>Not Responsible for Recitals or Issuance of Preferred Securities</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</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; text-indent:8%; font-size:10pt; font-family:Times New Roman">This FIRST SUPPLEMENTAL INDENTURE (&#147;<B>First Supplemental Indenture</B>&#148;), dated as of
November&nbsp;16, 2017, between BANCO BILBAO VIZCAYA ARGENTARIA, S.A., a <I>sociedad an&oacute;nima</I> organized under the laws of the Kingdom of Spain (the &#147;<B>Company</B>&#148;), having its principal executive office located at Calle Azul 4,
28050 Madrid, Spain, and The Bank of New York Mellon, a New York banking corporation duly organized and existing under the laws of the State of New York, having its principal corporate trust office located at 101 Barclay Street, New York, New York
10286, United States, and acting (except with respect to its role as Contingent Convertible Preferred Security Registrar) through its London Branch through its Corporate Trust Office located at One Canada Square, London E14 5AL, United Kingdom, as
trustee (the &#147;<B>Trustee</B>&#148;, which term includes any successor Trustee), paying and conversion agent (the &#147;<B>Paying and Conversion Agent</B>&#148;, which term includes any successor Paying and Conversion Agent), calculation agent
(the &#147;<B>Calculation Agent</B>&#148;, which term includes any successor Calculation Agent), principal paying agent (the &#147;<B>Principal Paying Agent</B>&#148;, which term includes any successor Principal Paying Agent) and security registrar
(the &#147;<B>Contingent Convertible Security Registrar</B>&#148;, which term includes any successor Contingent Convertible Security Registrar). </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">WITNESSETH: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, the
Company and the Trustee have executed and delivered a Contingent Convertible Preferred Securities Indenture, dated as of September&nbsp;25, 2017 (the &#147;<B>Contingent Convertible Preferred Securities Indenture</B>&#148;), to provide for the
issuance of the Company&#146;s Contingent Convertible Preferred Securities; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Company hereto desires to issue a series of
Contingent Convertible Preferred Securities to be known as the $1,000,000,000 <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Non-Step-Up</FONT></FONT> <FONT STYLE="white-space:nowrap">Non-Cumulative</FONT> Contingent Convertible
Perpetual Preferred Tier 1 Securities<B> </B>(the &#147;<B>Preferred Securities</B>&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, the parties hereto desire to
establish that the Preferred Securities shall be issued in the form of one of more Global Securities substantially in the form of Exhibit A to this First Supplemental Indenture pursuant to Sections 2.01 and 3.01 of the Contingent Convertible
Preferred Securities Indenture; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, Section&nbsp;10.01(f) of the Contingent Convertible Preferred Securities Indenture permits the
Company and the Trustee to enter into a supplemental indenture to establish the form or terms of Contingent Convertible Preferred Securities of any series as permitted under Sections 2.01 or 3.01 and 10.01(e) of the Contingent Convertible Preferred
Securities Indenture without the consent of Holders; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, Section&nbsp;10.01(e) of the Contingent Convertible Preferred Securities
Indenture permits the Company and the Trustee to add to, change or eliminate any provisions of the Contingent Convertible Preferred Securities Indenture, subject to certain conditions, without the consent of Holders; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </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; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, this First Supplemental Indenture shall amend and supplement the Contingent Convertible
Preferred Securities Indenture but only with respect to the Preferred Securities; to the extent the terms of the Contingent Convertible Preferred Securities Indenture are inconsistent with such provisions of this First Supplemental Indenture, the
terms of this First Supplemental Indenture shall govern, but only with respect to the Preferred Securities. The Contingent Convertible Preferred Securities Indenture, as amended and supplemented by this First Supplemental Indenture, is hereinafter
referred to as the &#147;<B>Indenture</B>&#148;; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Company has requested and does hereby request that the Trustee execute
and deliver this First Supplemental Indenture, and whereas all actions required by the Company to be taken in order to make this First Supplemental Indenture a valid, binding and enforceable instrument in accordance with its terms, have been taken
and performed, and the execution and delivery of this First Supplemental Indenture has been duly authorized in all respects, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">NOW,
THEREFORE, the Company and the Trustee mutually covenant and agree as follows: </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 1 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">D<SMALL>EFINITIONS</SMALL> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.01.&nbsp;&nbsp;&nbsp;&nbsp;<I>Definition of Terms</I>. For all purposes of this First Supplemental Indenture, except as
otherwise expressly provided or unless the context otherwise requires: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;the terms defined in this Article have
the meanings assigned to them in this Article and include the plural as well as the singular; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;a term defined
anywhere in this First Supplemental Indenture has the same meaning throughout; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;capitalized terms used herein
but not otherwise defined shall have the meanings assigned to them in the Contingent Convertible Preferred Securities Indenture; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;headings are for convenience of reference only and do not affect interpretation; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;the words &#147;<B>herein</B>,&#148; &#147;<B>hereof</B>,&#148; &#147;<B>hereto</B>&#148; and
&#147;<B>hereunder</B>&#148; and other words of similar import, when used in this First Supplemental Indenture, refer to this First Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision of this First
Supplemental Indenture; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;unless otherwise specified herein, references herein to a specific Section, Article or
Exhibit refer to Sections or Articles of, or an Exhibit to, this First Supplemental Indenture; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g)&nbsp;&nbsp;&nbsp;&nbsp;wherever the words &#147;<B>include</B>&#148;,
&#147;<B>includes</B>&#148; or &#147;<B>including</B>&#148; are used in this First Supplemental Indenture, they shall be deemed to be followed by the words &#147;without limitation&#148;; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h)&nbsp;&nbsp;&nbsp;&nbsp;for purposes of this First Supplemental Indenture, references herein to any act or statute or any provision of any
act or statute shall be deemed also to refer to any statutory modification or <FONT STYLE="white-space:nowrap">re-enactment</FONT> thereof or any statutory instrument, order or regulation made thereunder or under such modification or <FONT
STYLE="white-space:nowrap">re-enactment;</FONT> and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;the following terms used in this First Supplemental
Indenture shall have the following meanings: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><FONT STYLE="white-space:nowrap">5-year</FONT>
<FONT STYLE="white-space:nowrap">Mid-Swap</FONT> Rate</B>&#148; means, in relation to a Reset Date and the Reset Period commencing on that Reset Date: </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%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">the annual <FONT STYLE="white-space:nowrap">mid-swap</FONT> rate for the Reset Date for U.S. dollar swap transactions maturing on the last day of such Reset Period, expressed as a percentage, which appears on the Screen
Page at 11.00 a.m. (New York City time) on the Reset Determination Date; or </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%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">if such rate does not appear on the Screen Page at such time on such Reset Determination Date, the Reset Reference Bank Rate for such Reset Period; </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><FONT STYLE="white-space:nowrap">5-year</FONT> <FONT STYLE="white-space:nowrap">Mid-Swap</FONT> Rate Quotations</B>&#148;<B>
</B>means the arithmetic mean of the bid and offered rates for the semi-annual fixed leg (calculated on a 30/360 (ISDA) day count basis) of a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">fixed-for-floating</FONT></FONT> U.S.
dollar interest rate swap transaction which </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%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top">has a term of five years commencing on the relevant Reset Date; and </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%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top">is in an amount that is representative for a single transaction in the relevant market at the relevant time with an acknowledged dealer of good credit in the swap market, </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">where the floating leg (calculated on an Actual/360 (ISDA) day count basis) is equivalent to the rate for deposits in U.S. dollars for a
three-month period, offered by the principal London offices of leading swap dealers in the New York City interbank market to prime banks in the London interbank market or to the extent that an industry-accepted substitute or successor rate for such
rate has been established (as determined by the Company in its sole discretion), such successor rate. If the Company has determined that a substitute or successor rate should apply in accordance with the foregoing, it will notify the Calculation
Agent in writing and the Calculation Agent will request each Reference Bank to adjust such <FONT STYLE="white-space:nowrap">5-year</FONT> <FONT STYLE="white-space:nowrap">mid-swap</FONT> rate quotation to include any necessary adjustment factor that
is necessary to make the <FONT STYLE="white-space:nowrap">5-year</FONT> <FONT STYLE="white-space:nowrap">mid-swap</FONT> rate quotation comparable to a <FONT STYLE="white-space:nowrap">5-year</FONT> <FONT STYLE="white-space:nowrap">mid-swap</FONT>
rate quotation based on the <FONT STYLE="white-space:nowrap">3-months</FONT> interbank deposit rate; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B>Accrual Date</B>&#148;
means the date from which Distributions began to accrue; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </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; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B>Business Day</B>&#148; means any day, other than Saturday or Sunday, that is neither a
Legal Holiday nor a day on which banking institutions are authorized or required by law, regulation or executive order to close in the City of New York, London or Madrid; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B>Closing Date</B>&#148; means November&nbsp;16, 2017, being the date of the initial issue of the Preferred Securities; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B>Company</B>&#148; means the Person named as the &#147;Company&#148; in the first paragraph of this First Supplemental Indenture until
a successor Person shall have become such pursuant to the applicable provisions of the Indenture, and thereafter &#147;Company&#148; shall mean such successor Person, and any other obligor upon the Preferred Securities; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B>Depositary</B>&#148; means The Depository Trust Company (&#147;<B>DTC</B>&#148;) and its successors; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B>Distribution</B>&#148; means the <FONT STYLE="white-space:nowrap">non-cumulative</FONT> cash distribution, if any, in respect of the
Preferred Securities in a Distribution Period, determined in accordance with the Indenture; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B>Distribution Payment Date</B>&#148;
means, with respect to the Preferred Securities, each of February&nbsp;16, May&nbsp;16, August&nbsp;16 and November&nbsp;16 in each year, commencing on February&nbsp;16, 2018; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B>First Reset Date</B>&#148;<B> </B>means November&nbsp;16, 2027; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B>Floor Price</B>&#148; means $4.35, subject to adjustment in accordance with Section&nbsp;4.04 of the Contingent Convertible Preferred
Securities Indenture; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B>Holder</B>&#148; means a Person in whose name a Preferred Security is registered in the Contingent
Convertible Preferred Security Register; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B>Initial Margin</B>&#148; means 3.870% per annum; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B>Liquidation Preference</B>&#148;<B> </B>means $200,000 per Preferred Security; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B>Payment Business Day</B>&#148; means a day on which commercial banks and foreign exchange markets settle payments and are open for
general business (including dealing in foreign exchange and foreign currency deposits) in New York City; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B>Reference
Banks</B>&#148; means five leading swap dealers in the New York City interbank market as selected by the Company and communicated to the Calculation Agent no later than 20 calendar days prior to the relevant Reset Determination Date; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B>Regular Record Date</B>&#148; for the Distribution payable on any Distribution Payment Date on the Preferred Securities means the
15th calendar day (whether or not a Business Day) preceding a Distribution Payment Date; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B>Reset Date</B>&#148;<B> </B>means the
First Reset Date and every fifth anniversary thereafter; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </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; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B>Reset Determination Date</B>&#148;<B> </B>means, in relation to each Reset Date, the
second Business Day immediately preceding such Reset Date; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B>Reset Period</B>&#148; means the period from (and including) a Reset
Date to (but excluding) the next succeeding Reset Date; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B>Reset Reference Bank Rate</B>&#148;<B> </B>means, in relation to a Reset
Date and the Reset Period commencing on that Reset Date, the percentage determined on the basis of the arithmetic mean of the <FONT STYLE="white-space:nowrap">5-year</FONT> <FONT STYLE="white-space:nowrap">Mid-Swap</FONT> Rate Quotations provided by
the Reference Banks at approximately 11.00 a.m. (New York City time) on the Reset Determination Date for such Reset Date. The Calculation Agent will request the principal office of each Reference Bank to provide a quotation of its rate. If three or
more quotations are provided, the Reset Reference Bank Rate for such Reset Period will be the percentage reflecting the arithmetic mean of the quotations, eliminating the highest quotation (or, in the event of equality, one of the highest) and the
lowest quotation (or, in the event of equality, one of the lowest). If only two quotations are provided, it will be the arithmetic mean of the quotations provided. If only one quotation is provided, it will be the quotation provided. If no quotation
is provided, the Reset Reference Bank Rate for the Reset Period will be (i)&nbsp;in the case of a Reset Period other than the Reset Period commencing on the First Reset Date, the <FONT STYLE="white-space:nowrap">5-year</FONT> <FONT
STYLE="white-space:nowrap">Mid-Swap</FONT> Rate in respect of the immediately preceding Reset Period or (ii)&nbsp;in the case of the Reset Period commencing on the First Reset Date, 2.066% per annum; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B>Screen Page</B>&#148;<B> </B>means the display page on the relevant Reuters information service designated as the
&#147;ICESWAP1&#148; page or such other page as may replace it on that information service, or on such other equivalent information service as may be nominated by the person providing or sponsoring such information, for the purpose of displaying
equivalent or comparable rates to the <FONT STYLE="white-space:nowrap">5-year</FONT> <FONT STYLE="white-space:nowrap">Mid-Swap</FONT> Rate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.02.&nbsp;&nbsp;&nbsp;&nbsp;<I>Separability Clause</I>. In case any provision in this First Supplemental Indenture or the
Preferred Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.03.&nbsp;&nbsp;&nbsp;&nbsp;<I>Benefits of Supplemental Indenture</I>. Nothing in this First Supplemental Indenture or the
Preferred Securities, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder and the Holders, any benefit or any legal or equitable right, remedy or claim under the Indenture. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 2 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">T<SMALL>HE</SMALL>
P<SMALL>REFERRED</SMALL> S<SMALL>ECURITIES</SMALL> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.01.&nbsp;&nbsp;&nbsp;&nbsp;<I>Form, Title, Terms and Payments</I>. The
form of any Contingent Convertible Preferred Security that is designated as a Preferred Security shall be evidenced by one or more Global Securities in registered form (each, a &#147;<B>Global Preferred Security</B>&#148;) deposited with, or on
behalf of, the Depositary on the Closing Date. The Global Preferred Securities shall be registered in the name of the Depositary&#146;s </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </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">
nominee (initially Cede&nbsp;&amp; Co.) and executed and delivered in substantially the form attached hereto as Exhibit A. The terms of the Global Preferred Securities are hereby incorporated
herein by reference and made a part hereof as if set forth herein in full. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;There is hereby established a new
series of Contingent Convertible Preferred Securities designated as the $1,000,000,000<B> </B><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Non-Step-Up</FONT></FONT> <FONT STYLE="white-space:nowrap">Non-Cumulative</FONT>
Contingent Convertible Perpetual Preferred Tier 1 Securities (referred to herein as the &#147;<B>Preferred Securities</B>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;The Preferred Securities shall carry a Liquidation Preference of $200,000 per Preferred Security. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;The Preferred Securities shall be initially limited in aggregate Liquidation Preference to $1,000,000,000. The
Company may from time to time, without the consent of the Holders, issue additional Preferred Securities having the same ranking and same Distribution Rate, redemption terms and other terms as the Preferred Securities described in this First
Supplemental Indenture, except for the initial Accrual Date, Closing Date and first Distribution Payment Date. Any such additional Preferred Securities subsequently issued shall rank equally and ratably with the Preferred Securities in all respects,
so that such further Preferred Securities shall be consolidated and form a single series with the Preferred Securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;The Preferred Securities shall be perpetual Contingent Convertible Preferred Securities and shall have no stated
maturity in respect of Liquidation Preference. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;The Preferred Securities shall not have a sinking fund. No
premium, upon redemption or otherwise, shall be payable by the Company on the Preferred Securities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;Any
proposed transfer of an interest in the Preferred Securities held in the form of a Global Preferred Security shall be effected through the book-entry system maintained by the Depositary. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g)&nbsp;&nbsp;&nbsp;&nbsp;The Distribution Rate on the Preferred Securities is set forth in Section&nbsp;2.02(a) hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h)&nbsp;&nbsp;&nbsp;&nbsp;Payments in respect of the Preferred Securities, including payments of Liquidation Preference and Distributions,
shall be subject to the conditions set forth under Section&nbsp;2.02 hereof and the Contingent Convertible Preferred Securities Indenture (including Sections 3.08, 3.09, 3.10, 6.02, Article 4 and Section&nbsp;14.01 thereof). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;The Company shall undertake reasonable efforts to list the Preferred Securities on the Irish Stock Exchange within
30 days after the initial delivery of the Preferred Securities. If such listing is approved, the Company shall endeavor to maintain such listing as long as the Preferred Securities remain outstanding. Notwithstanding the above, if listing on the
Irish Stock Exchange is not approved or if such listing is approved and the Preferred Securities are subsequently removed from listing, the Company shall endeavor to list the Preferred Securities on another organized market in an Organization for
Economic <FONT STYLE="white-space:nowrap">Co-operation</FONT> and Development country as soon as practicable and to maintain such listing. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </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; text-indent:8%; font-size:10pt; font-family:Times New Roman">(j)&nbsp;&nbsp;&nbsp;&nbsp;The Depositary for the Preferred Securities shall be DTC (or, if
applicable, its successors). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(k)&nbsp;&nbsp;&nbsp;&nbsp;Upon the terms and subject to the conditions contained herein, the Company hereby
appoints The Bank of New York Mellon as the initial Paying and Conversion Agent, Calculation Agent, Principal Paying Agent and Contingent Convertible Security Registrar, under the Indenture for the purpose of performing such roles with respect to
the Preferred Securities, and The Bank of New York Mellon hereby accepts such appointments. The Company may change the Paying and Conversion Agent, the Calculation Agent, the Principal Paying Agent and/or the Contingent Convertible Security
Registrar Paying Agent without prior notice to the Holders of the Preferred Securities. The rights, privileges, protections, immunities and benefits given to the Trustee pursuant to the Contingent Convertible Preferred Securities Indenture,
including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by the Calculation Agent as though it was a party thereto, <U>provided, however</U>, that the Calculation Agent shall be deemed to have
acknowledged, accepted and agreed to be bound, and will be bound, by Section&nbsp;14.02 thereof, on the same terms as the Trustee, with respect to any BRRD Liability of the Company to the Calculation Agent. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.02.&nbsp;&nbsp;&nbsp;&nbsp;<I>Distributions</I>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;The Preferred Securities accrue Distributions: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;in respect of the period from (and including) the Closing Date to (but excluding) the First Reset
Date at the rate of 6.125% per annum; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;in respect of each Reset Period, at the rate per
annum equal to the aggregate of the Initial Margin and the <FONT STYLE="white-space:nowrap">5-year</FONT> <FONT STYLE="white-space:nowrap">Mid-Swap</FONT> Rate (expressed as a percentage per annum) for such Reset Period,<B> </B>and such aggregate
converted to a quarterly rate in accordance with market convention (rounded to four decimal places, with 0.00005 rounded down), all as determined by the Calculation Agent on the relevant Reset Determination Date. As of the date of this First
Supplemental Indenture, the market convention for quarterly rate conversion is as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="22%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="77%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" NOWRAP>Reset Distribution Rate = 4 x</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">


<IMG SRC="g494378img2.jpg" ALT="LOGO">
</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Subject as provided in the Indenture (including Sections 3.08 and 3.09 of the Contingent Convertible Preferred Securities
Indenture), such Distributions will be payable quarterly in arrears on each Distribution Payment Date. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </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; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;If a Distribution is required to be paid in respect of a Preferred
Security on any date other than a Distribution Payment Date, it shall be calculated by the Calculation Agent by applying the Distribution Rate to the Liquidation Preference in respect of each Preferred Security, multiplying the product by
(a)&nbsp;the actual number of days in the period from (and including) the Accrual Date to (but excluding) the date on which Distributions fall due divided by (b)&nbsp;the actual number of days from (and including) the Accrual Date to (but excluding)
the next following Distribution Payment Date multiplied by four, and rounding the resulting figure to the nearest cent (half a cent being rounded upwards). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;The Company will be discharged from its obligations to pay Distributions on the Preferred Securities by payment to
the Principal Paying Agent for the account of the Holders on the relevant Distribution Payment Date. Subject to any applicable fiscal or other laws and regulations, each such payment in respect of the Preferred Securities will be made in U.S.
dollars (or such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts) by transfer to an account capable of receiving payments in such currency, as directed by the
Principal Paying Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;If any date on which any payment is due to be made on the Preferred Securities would
otherwise fall on a date which is not a Payment Business Day, the payment will be postponed to the next Payment Business Day and the Holders shall not be entitled to any interest or other payment in respect of any such delay. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;If the Company does not pay a Distribution or part thereof on the relevant Distribution Payment Date, such <FONT
STYLE="white-space:nowrap">non-payment</FONT> shall evidence the cancellation of such Distribution (or relevant part thereof), and accordingly, such Distribution shall not in any such case be due and payable. For the avoidance of doubt, if the
Company provides notice to cancel a portion, but not all, of a Distribution in respect of the Preferred Securities, and the Company subsequently does not make a payment of the remaining portion of such Distribution on the relevant Distribution
Payment Date, such <FONT STYLE="white-space:nowrap">non-payment</FONT> shall evidence the Company&#146;s exercise of its discretion to cancel such remaining portion of such Distribution, and accordingly such remaining portion of the Distribution
shall also not be due and payable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;The Calculation Agent will at or as soon as practicable after the relevant
time on each Reset Determination Date at which the Distribution Rate is to be determined, determine the Distribution Rate for the relevant Reset Period. The Calculation Agent will cause the Distribution Rate for each Reset Period to be notified to
the Company and the stock exchange on which the Preferred Securities are listed and notice thereof to be published in accordance with Section&nbsp;1.06 of the Contingent Convertible Preferred Securities Indenture as soon as possible after its
determination but in no event later than the fourth Business Day thereafter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.03.&nbsp;&nbsp;&nbsp;&nbsp;<I>Amended
Provisions of Contingent Convertible Preferred Securities Indenture</I>. (a)&nbsp;The definition of &#147;Tax Event&#148; set forth in Section&nbsp;1.01 of the Contingent Convertible Preferred Securities Indenture shall be deleted with respect to
the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </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">
Preferred Securities only and shall not apply to the Preferred Securities and shall, with respect to the Preferred Securities only, be replaced by the following definition: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">&#147;&#147;<B>Tax Event</B>&#148; in respect of any series of Contingent Convertible Preferred Securities, means that as a result of any
change in, or amendment to, the laws or regulations applicable in the Kingdom of Spain (except as provided in Section&nbsp;9.02 and Section&nbsp;9.03), or any change in the application or binding official interpretation or administration of any such
laws or regulations which change or amendment, or change in the application or binding official interpretation or administration, becomes effective on or after the date of issue of the Contingent Convertible Preferred Securities of such series
(a)&nbsp;the Company would not be entitled to claim a deduction in computing its taxation liabilities in Spain (or, following any of the transactions referred to in Section&nbsp;9.01 or an assumption of obligations pursuant to Section&nbsp;9.03, the
successor Person&#146;s jurisdiction of incorporation or tax residence) in respect of any Distribution to be made on the next Distribution Payment Date or the value of such deduction to the Company would be reduced, or (b)&nbsp;the Company would be
required to pay Additional Amounts pursuant to Section&nbsp;11.04, or (c)&nbsp;the applicable tax treatment of the Contingent Convertible Preferred Securities of such series would be materially affected.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;Section 1.13 of the Contingent Convertible Preferred Securities Indenture shall be deleted with respect to the
Preferred Securities only and shall not apply to the Preferred Securities and shall, with respect to the Preferred Securities only, be replaced by the following provision: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">&#147;Section&nbsp;1.13. <I>Governing Law</I>. This Contingent Convertible Preferred Securities Indenture and the Contingent Convertible
Preferred Securities (except as set forth herein and therein) shall be governed by and construed in accordance with the laws of the State of New York applicable to agreements made or instruments entered into and, in each case, performed in said
state, except that the authorization and execution by the Company of this Contingent Convertible Preferred Securities Indenture, the authorization, issuance and execution by the Company of the Contingent Convertible Preferred Securities and
Section&nbsp;13.01(a) hereof shall be governed by and construed in accordance with the common laws of the Kingdom of Spain.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;The first paragraph of Section&nbsp;4.02(b) of the Contingent Convertible Preferred Securities Indenture shall be
deleted with respect to the Preferred Securities only and shall not apply to the Preferred Securities and shall, with respect to the Preferred Securities only, be replaced by the following provision: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">&#147;Notwithstanding Section&nbsp;4.02(a), if a Capital Reduction occurs at any time on or after the issue date of any series of Contingent
Convertible Preferred Securities, each Holder of the Contingent Convertible Preferred Securities of such series will have the right to elect that all (but not part) of its Contingent Convertible Preferred Securities shall not be converted in
accordance </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </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; margin-left:13%; font-size:10pt; font-family:Times New Roman">
with Section&nbsp;4.02(a), in which case all Contingent Convertible Preferred Securities of such Holder shall remain outstanding and no payment of any accrued and unpaid Distributions on such
Contingent Convertible Preferred Securities shall be made in respect of such Contingent Convertible Preferred Securities to that Holder on the relevant Conversion Settlement Date pursuant to Section&nbsp;4.02(a) (without prejudice to any payment of
such Distributions or any other Distributions that may accrue in respect of those Contingent Convertible Preferred Securities pursuant to Section&nbsp;3.01). To exercise such right, a Holder must complete, sign and deposit at the specified office of
any Paying and Conversion Agent a duly completed and signed notice of election (an &#147;<B>Election Notice</B>&#148;), in the form indicated in the Capital Reduction Notice, on or before the tenth Business Day immediately following the Capital
Reduction Notice Date (the period from (and including) the Capital Reduction Notice Date to (and including) such tenth Business Day, the &#147;<B>Election Period</B>&#148;). In the case of any Contingent Convertible Preferred Securities represented
by a Global Security held by or on behalf of a Clearing System, an Election Notice may be delivered within the Election Period by the Holder giving notice to the Paying and Conversion Agent of such election in accordance with the applicable
procedures of the relevant Clearing System (which may include notice being given on such Holder&#146;s instruction by the relevant Clearing System to the Paying and Conversion Agent by electronic means) in a form acceptable to such Clearing System
from time to time<I>.</I>&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;Section 4.07 of the Contingent Convertible Preferred Securities Indenture
shall be deleted with respect to the Preferred Securities only and shall not apply to the Preferred Securities and shall, with respect to the Preferred Securities only, be replaced by the following provision: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">&#147;Section&nbsp;4.07. Agreement and Waiver with Respect to Conversion. The Contingent Convertible Preferred Securities of any series are
not convertible into Common Shares at the option of Holders of Contingent Convertible Preferred Securities of any series at any time and are not redeemable in cash as a result of a Conversion Event. Notwithstanding any other provision herein, by its
acquisition of the Contingent Convertible Preferred Securities of any series, each Holder and beneficial owner shall be deemed to have (i)&nbsp;agreed to all the terms and conditions of the Contingent Convertible Preferred Securities of such series,
including, without limitation, those related to (x)&nbsp;Conversion following a Trigger Event or Capital Reduction, as the case may be, and (y)&nbsp;the appointment of the Conversion Shares Depository, the issuance of the Common Shares to the
Conversion Shares Depository, and acknowledged that such events in (x)&nbsp;and (y) may occur without any further action on the part of the Holders or beneficial owners of the Contingent Convertible Preferred Securities of such series or the
Trustee, (ii)&nbsp;agreed that effective upon, and following, the Conversion, no amount shall be due and payable to the Holders of the Contingent Convertible Preferred Securities so converted (other than any accrued and unpaid Distributions to be
paid upon a Capital Reduction Conversion in accordance with Section&nbsp;4.02(a) (where not cancelled or deemed cancelled pursuant to, or otherwise subject to the limitations on payment set out in Section&nbsp;3.08 and Section&nbsp;3.09 and except
as provided in Section&nbsp;4.02(b))), and the Company&#146;s liability to pay any such amounts (including the Liquidation Preference (and premium, if any) of, or any Distribution in respect of (other than any accrued and unpaid Distributions to be
paid upon a Capital Reduction Conversion in accordance with Section&nbsp;4.02(a) (where not cancelled or deemed </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </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; margin-left:13%; font-size:10pt; font-family:Times New Roman">
cancelled pursuant to, or otherwise subject to the limitations on payment set out in Section&nbsp;3.08 and Section&nbsp;3.09 and except as provided in Section&nbsp;4.02(b))), except as noted
under Section&nbsp;4.08(g) with respect to certain stamp and similar taxes, shall be automatically released, and the Holders of the Contingent Convertible Preferred Securities so converted shall not have the right to give a direction to the Trustee
with respect to the Conversion Event and any related Conversion, (iii)&nbsp;waived, to the extent permitted by the Trust Indenture Act, any claim against the Trustee arising out of its acceptance of its trusteeship under, and the performance of its
duties, powers and rights in respect of, the Contingent Convertible Preferred Securities Indenture and in connection with the Contingent Convertible Preferred Securities so converted or to be converted, including, without limitation, claims related
to or arising out of or in connection with a Conversion Event and/or any Conversion and (iv)&nbsp;authorized, directed and requested DTC, the European Clearing Systems and any direct participant in DTC, the European Clearing Systems or other
intermediary or depositary through which it holds such Contingent Convertible Preferred Securities to be converted to take any and all necessary action, if required, to implement the Conversion without any further action or direction on the part of
such Holder or beneficial owner of such Contingent Convertible Preferred Securities or the Trustee.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;Section 4.10 of the Contingent Convertible Preferred Securities Indenture shall be deleted with respect to the
Preferred Securities only and shall not apply to the Preferred Securities and shall, with respect to the Preferred Securities only, be replaced by the following provision: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">&#147;Section&nbsp;4.10. <I>Delivery of ADSs</I>. In respect of any Common Shares that Holders elect to receive in the form of ADSs as
specified in the Delivery Notice, the Conversion Shares Depository shall deposit with the custodian for the ADS Depositary the relevant number of Common Shares to be issued upon Conversion of the relevant Contingent Convertible Preferred Securities,
and the ADS Depositary shall issue the corresponding number of ADSs to the DTC Participant account or registered ADS facility account specified by such Holders (per the
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">ADS-to-Common</FONT></FONT> Share ratio in effect on the Conversion Settlement Date). However, the issuance of the ADSs by the ADS Depositary may be delayed until the depositary bank
or the custodian receives confirmation that all required approvals have been given and that the Common Shares have been duly transferred to the custodian and that all applicable depositary fees and payments have been paid to the ADS Depositary.
Holders that elect to receive Common Shares in the form of ADSs must pay any fees that may be payable to the ADS Depositary as a result of the issue and delivery of such ADSs in accordance with the Delivery Notice.&#148; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </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; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;Section 9.01 of the Contingent Convertible Preferred Securities
Indenture shall be deleted with respect to the Preferred Securities only and shall not apply to the Preferred Securities and shall, with respect to the Preferred Securities only, be replaced by the following provision: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Section&nbsp;9.01.&nbsp;&nbsp;&nbsp;&nbsp;<I>Company May Consolidate, Etc., Only on Certain Terms. </I>The Company may,
without the consent of Holders of any Contingent Convertible Preferred Securities of any series Outstanding under this Contingent Convertible Preferred Securities Indenture, consolidate or amalgamate with or merge into any other Person or Persons
(whether or not affiliated with the Company) or sell, convey or transfer or lease its properties and assets as an entirety or substantially as an entirety to any Person (whether or not affiliated with the Company), <U>provided that</U>: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;any Person formed by any consolidation, amalgamation or merger, or any transferee or lessee of the
Company&#146;s assets shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form satisfactory to the Trustee, all obligations of the Company under this Contingent Convertible Preferred Securities
Indenture; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;immediately after giving effect to such consolidation, amalgamation, merger,
conveyance, transfer or lease, no Enforcement Event and no event which, after notice or lapse of time or both, would become an Enforcement Event, shall have occurred and be continuing; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;the Company shall have delivered to the Trustee an Officer&#146;s Certificate and an Opinion of
Counsel, each stating that such consolidation, amalgamation, merger, conveyance, transfer or lease and such supplemental indenture comply with this Article and that all conditions precedent herein provided for relating to such transaction have been
complied with; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;except where the successor entity is a holding company of the Company or a
wholly-owned subsidiary of the Company, immediately prior to such assumption, the successor entity shall have ratings for long-term senior debt assigned by Standard&nbsp;&amp; Poor&#146;s Ratings Services or Moody&#146;s Investors Service, Inc. (or
their respective successors) which are the same as, or higher than, the credit rating for long-term senior debt of the Company (or, if applicable, the previous successor entity) assigned by Standard&nbsp;&amp; Poor&#146;s Ratings Services or
Moody&#146;s Investors Service, Inc. (or their respective successors).&#148; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </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; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g)&nbsp;&nbsp;&nbsp;&nbsp;Section 12.08 of the Contingent Convertible Preferred Securities
Indenture shall be deleted with respect to the Preferred Securities only and shall not apply to the Preferred Securities and shall, with respect to the Preferred Securities only, be replaced by the following provision: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">&#147;Subject to Sections 12.09 and 12.10 and unless otherwise provided as contemplated by Section&nbsp;3.01 with respect to the Contingent
Convertible Preferred Securities of any series, any series of Contingent Convertible Preferred Securities shall not be redeemable prior to the tenth anniversary of the date of issuance of the relevant Contingent Convertible Preferred Securities.
All, and not only some, of the Contingent Convertible Preferred Securities of any series may be redeemed at the option of the Company at any time on or after the tenth anniversary of the date of issuance of such Contingent Convertible Preferred
Securities at the Redemption Price, in accordance with Articles 77 and 78 of CRR, Article 29 of the Commission Delegated Regulation (EU) No 241/2014 and/or any other Applicable Banking Regulations then in force.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h)&nbsp;&nbsp;&nbsp;&nbsp;Section 13.01(a) of the Contingent Convertible Preferred Securities Indenture shall be deleted with respect to the
Preferred Securities only and shall not apply to the Preferred Securities and shall, with respect to the Preferred Securities only, be replaced by the following provision: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">&#147;Unless previously converted into Common Shares pursuant to Article 4 and except as provided in Section&nbsp;6.02(b), the obligations of
the Company under the Contingent Convertible Preferred Securities of any series will constitute direct, unconditional, unsecured and subordinated obligations of the Company and, in case of insolvency (concurso de acreedores) of the Company, in
accordance with Additional Provision 14.3 of Law 11/2015 and the Spanish Insolvency Law but only to the extent permitted by the Spanish Insolvency Law or any other applicable laws relating to or affecting the enforcement of creditors&#146; rights in
Spain and subject to any other ranking that may apply as a result of any mandatory provision of law (or otherwise), for so long as the obligations of the Company in respect of the Contingent Convertible Preferred Securities of such series constitute
an Additional Tier 1 Instrument of the Company, such Contingent Convertible Preferred Securities will rank with respect to claims for any Liquidation Preference of such Contingent Convertible Preferred Securities: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;junior to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:17%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A)&nbsp;&nbsp;&nbsp;&nbsp;any unsubordinated obligations of the Company (including where those obligations subsequently
become subordinated pursuant to Article 92.1&ordm; of the Spanish Insolvency Law); and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:17%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B)&nbsp;&nbsp;&nbsp;&nbsp;any
claim for principal in respect of any other contractually subordinated obligations of the Company, present and future, not constituting Additional Tier 1 Capital of the Company for the purposes of Section&nbsp;3 of Additional Provision 14 of Law
11/2015 (other than, to the extent permitted by law, any Parity Securities, whether so ranking by law or their terms); </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </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; text-indent:17%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;<I>pari passu</I> with: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:17%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A)&nbsp;&nbsp;&nbsp;&nbsp;each other claim for any Liquidation Preference of the Contingent Convertible Preferred Securities
of such series; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:17%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B)&nbsp;&nbsp;&nbsp;&nbsp;all other claims in respect of any liquidation preference or otherwise for
principal in respect of contractually subordinated obligations of the Company under any outstanding Additional Tier 1 Instruments, present and future; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:17%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(C)&nbsp;&nbsp;&nbsp;&nbsp;any other Parity Securities (whether so ranking by law or their terms), to the extent permitted by
law; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;senior to the Common Shares or any other subordinated obligations of the Company
which by law rank junior to the Contingent Convertible Preferred Securities (including, to the extent permitted by law, any contractually subordinated obligations of the Company expressed by their terms to rank junior to the Contingent Convertible
Preferred Securities). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:8%; font-size:10pt; font-family:Times New Roman">The obligations of the Company under the Contingent Convertible Preferred Securities are subject
to, and may be limited by, the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;Section 14.01(a) of the Contingent Convertible Preferred Securities Indenture shall be deleted with respect to the
Preferred Securities only and shall not apply to the Preferred Securities and shall, with respect to the Preferred Securities only, be replaced by the following provision: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">&#147;Notwithstanding any other term of the Contingent Convertible Preferred Securities of any series, the Contingent Convertible Preferred
Securities Indenture or any other agreements, arrangements, or understandings between the Company and any Holder of the Contingent Convertible Preferred Securities of any series, by its acquisition of the Contingent Convertible Preferred Securities
of any series, each Holder (which, for the purposes of this Article 14, includes each holder of a beneficial interest in the Contingent Convertible Preferred Securities of any series) acknowledges, accepts, consents to and agrees to be bound by:
(i)&nbsp;the exercise and effect of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority, which may be imposed with or without any prior notice with respect to the Contingent Convertible
Preferred Securities of any series, and may include and result in any of the following, or some combination thereof: (A)&nbsp;the reduction or cancellation of all, or a portion, of the Amounts Due on the Contingent Convertible Preferred Securities
of any series; (B)&nbsp;the conversion of all, or a portion, of the Amounts Due on the Contingent Convertible Preferred Securities of any series into shares, other securities or other obligations of the Company or another Person (and the issue to or
conferral on the Holder of any such shares, securities or obligations), including by means of an amendment, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </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; margin-left:13%; font-size:10pt; font-family:Times New Roman">
modification or variation of the terms of the Contingent Convertible Preferred Securities; (C)&nbsp;the cancellation of the Contingent Convertible Preferred Securities of any series; (D)&nbsp;the
inclusion of a maturity date for the Contingent Convertible Preferred Securities of any series or the amendment or alteration thereof, or the amendment of the Liquidation Preference or Distributions payable on the Contingent Convertible Preferred
Securities of any series, or the date on which Distributions become payable, including by suspending payment for a temporary period; and (ii)&nbsp;the variation of the terms of the Contingent Convertible Preferred Securities of any series or the
rights of the Holders thereunder or under the Contingent Convertible Preferred Securities Indenture, if necessary, to give effect to the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution
Authority<I>.</I>&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.04.&nbsp;&nbsp;&nbsp;&nbsp;<I>Prohibition on Acquisition of Preferred Securities</I><I> by Spanish
Tax Residents. </I>The Preferred Securities must not be offered, distributed or sold in the Kingdom of Spain or to a tax resident of the Kingdom of Spain for purposes of Spanish tax legislation and they must not be transferred to or acquired by any
such Spanish tax resident (other than the Company). Any transfer of a Preferred Security to any other Spanish tax resident is not permitted and such transfer will be considered null and void by the Company. Accordingly, the Company will not
recognize any other Spanish tax resident as a holder or beneficial owner of a Preferred Security for any purpose. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 3 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">M<SMALL>ISCELLANEOUS</SMALL> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.01.&nbsp;&nbsp;&nbsp;&nbsp;<I>Confirmation of Indenture</I>. The Contingent Convertible Preferred Securities Indenture, as
supplemented and amended by this First Supplemental Indenture, is in all respects ratified and confirmed, and the Contingent Convertible Preferred Securities Indenture and this First Supplemental Indenture shall, in respect of any Preferred
Securities, be read, taken and construed as one and the same instrument. This First Supplemental Indenture constitutes an integral part of the Contingent Convertible Preferred Securities Indenture with respect to the Preferred Securities. In the
event of a conflict between the terms and conditions of the Contingent Convertible Preferred Securities Indenture and the terms and conditions of this First Supplemental Indenture, the terms and conditions of this First Supplemental Indenture shall
prevail with respect to the Preferred Securities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.02.&nbsp;&nbsp;&nbsp;&nbsp;<I>Governing Law</I>. This First Supplemental
Indenture and the Preferred Securities (except as set forth herein and therein) shall be governed by, and construed in accordance with, the laws of the State of New York applicable to agreements made or instruments entered into and, in each case,
performed in said state, except that the authorization and execution by the Company of this First Supplemental Indenture, the authorization, issuance and execution by the Company of the Preferred Securities and Section&nbsp;13.01(a) of the
Contingent Convertible Preferred Securities Indenture shall be governed by and construed in accordance with the common laws of the Kingdom of Spain. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </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; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.03.&nbsp;&nbsp;&nbsp;&nbsp;<I>Counterparts</I>. This First Supplemental Indenture
may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same instrument. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.04.&nbsp;&nbsp;&nbsp;&nbsp;<I>Not Responsible for Recitals or Issuance of Preferred Securities</I>. The recitals contained
herein and in the Preferred Securities except the Trustee&#146;s and any Authenticating Agent&#146;s certificates of authentication, shall be taken as the statements of the Company, and neither the Trustee nor any Authenticating Agent assumes any
responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this First Supplemental Indenture or of the Preferred Securities, except that the Trustee represents and warrants that it is duly
authorized to execute and deliver this First Supplemental Indenture, authenticate the Preferred Securities and perform its obligations hereunder. Neither the Trustee nor any Authenticating Agent shall be accountable for the use or application by the
Company of Preferred Securities or the proceeds thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>[Signature Pages Follow] </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </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; text-indent:8%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties hereto have caused this First Supplemental Indenture to be duly
executed as of the date first written above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BANCO BILBAO VIZCAYA</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">ARGENTARIA,
S.A.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></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">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Antonio Joaquin Borraz Peralta</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Antonio Joaquin Borraz Peralta</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Authorized Representative</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">THE BANK OF NEW YORK MELLON,</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">AS
TRUSTEE, PAYING AND</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">CONVERSION AGENT, CALCULATION</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">AGENT AND
PRINCIPAL PAYING</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">AGENT</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></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">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Thomas Vanson</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Thomas Vanson</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Authorized Signatory</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">THE BANK OF NEW YORK MELLON,</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">AS
CONTINGENT CONVERTIBLE</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">PREFERRED SECURITY REGISTRAR</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></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">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Thomas Vanson</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Thomas Vanson</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Authorized Signatory</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>[Signature Page to First Supplemental Indenture] </I></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="right"><B>EXHIBIT A </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FORM OF GLOBAL PREFERRED SECURITY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY
OR A NOMINEE THEREOF. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN CERTIFICATED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TRUST COMPANY (THE &#147;DEPOSITARY&#148;) TO A NOMINEE OF THE
DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS GLOBAL SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY TO THE COMPANY OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE&nbsp;&amp; CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY (AND ANY PAYMENT IS MADE TO
CEDE&nbsp;&amp; CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE&nbsp;&amp; CO., HAS AN INTEREST HEREIN. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">THE RIGHTS OF THE HOLDER OF THIS SECURITY ARE, TO THE EXTENT AND IN THE MANNER SET FORTH IN
SECTION 13.01 OF THE INDENTURE HEREINAFTER REFERRED TO, SUBORDINATED TO THE CLAIMS OF OTHER CREDITORS OF THE COMPANY, AND THIS SECURITY IS ISSUED SUBJECT TO THE PROVISIONS OF THAT SECTION 13.01, AND THE HOLDER (AND BENEFICIAL OWNERS) OF THIS
SECURITY, BY ACCEPTING THE SAME, AGREES TO AND SHALL BE BOUND BY SUCH PROVISIONS. THE PROVISIONS OF SECTION 13.01 OF THE INDENTURE AND THE TERMS OF THIS PARAGRAPH ARE GOVERNED BY, AND SHALL BE CONSTRUED IN ACCORDANCE WITH, THE COMMON LAWS OF THE
KINGDOM OF SPAIN. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">THIS SECURITY MAY NOT BE OFFERED, DISTRIBUTED OR SOLD IN THE KINGDOM OF SPAIN OR TO A TAX RESIDENT OF THE KINGDOM OF
SPAIN FOR PURPOSES OF SPANISH TAX LEGISLATION AND IT MUST NOT BE TRANSFERRED TO OR ACQUIRED BY ANY SUCH SPANISH TAX RESIDENT (OTHER THAN THE COMPANY). ANY TRANSFER OF THIS SECURITY TO ANY OTHER SPANISH TAX RESIDENT IS NOT PERMITTED AND SUCH TRANSFER
WILL BE CONSIDERED NULL AND VOID BY THE COMPANY. ACCORDINGLY, THE COMPANY WILL NOT RECOGNIZE ANY OTHER SPANISH TAX RESIDENT AS A HOLDER OR BENEFICIAL OWNER OF THIS SECURITY FOR ANY PURPOSE. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </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; text-indent:8%; font-size:10pt; font-family:Times New Roman">This security is one of a duly authorized issue of securities of the Company (as defined below)
(herein called the &#147;<B>Preferred Securities</B>&#148; and each, a &#147;<B>Preferred Security</B>&#148;) issued and to be issued in one or more series<B> </B>under and governed by the Contingent Convertible Preferred Securities Indenture, dated
as of September&nbsp;25, 2017 (the &#147;<B>Contingent Convertible Preferred Securities Indenture</B>&#148;), as supplemented by the First Supplemental Indenture, dated as of November&nbsp;16, 2017 (the &#147;<B>First Supplemental
Indenture</B>&#148; and, together with the Contingent Convertible Preferred Securities Indenture, the &#147;<B>Indenture</B>&#148;). Capitalized terms used herein but not otherwise defined shall have the meaning ascribed to them in the First
Supplemental Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Notwithstanding any other term of the Preferred Securities, the Indenture or any other agreements, arrangements,
or understandings between the Company and any Holder of the Preferred Securities, and as set forth more fully on the reverse of this Preferred Security and in the Indenture, by its acquisition of any Preferred Security, each Holder (which, for the
purposes of this paragraph, includes each holder of a beneficial interest in any Preferred Security) acknowledges, accepts, consents to and agrees to be bound by: (i)&nbsp;the exercise and effect of the Spanish
<FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority, which may be imposed with or without any prior notice with respect to the Preferred Securities, and may include and result in any of the following,
or some combination thereof: (A)&nbsp;the reduction or cancellation of all, or a portion, of the Amounts Due on the Preferred Securities; (B)&nbsp;the conversion of all, or a portion, of the Amounts Due on the Preferred Securities into shares, other
securities or other obligations of the Company or another Person (and the issue to or conferral on the Holder of any such shares, securities or obligations), including by means of an amendment, modification or variation of the terms of the Preferred
Securities; (C)&nbsp;the cancellation of the Preferred Securities; (D)&nbsp;the inclusion of a maturity date for the Preferred Securities or the amendment or alteration thereof, or the amendment of the Liquidation Preference or Distributions payable
on the Preferred Securities, or the date on which Distributions become payable, including by suspending payment for a temporary period; and (ii)&nbsp;the variation of the terms of the Preferred Securities or the rights of the Holders thereunder or
under the Indenture, if necessary, to give effect to the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">BANCO BILBAO VIZCAYA ARGENTARIA, S.A. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">$1,000,000,000 <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Non-Step-Up</FONT></FONT>
<FONT STYLE="white-space:nowrap">Non-Cumulative</FONT> Contingent Convertible Perpetual Preferred Tier 1 Securities </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" ALIGN="center">


<TR>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">No.&nbsp;<U></U>&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$500,000,000</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">CUSIP NO. 05946K AF8 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">ISIN NO. US05946KAF84 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">BANCO
BILBAO VIZCAYA ARGENTARIA, S.A., a <I>sociedad an&oacute;nima </I>organized under the laws of the Kingdom of Spain and having its registered office in the Kingdom of Spain (together with its successors and permitted assigns under the Indenture, the
&#147;<B>Company</B>&#148;), for value received, hereby promises to pay to CEDE&nbsp;&amp; CO., or registered assignees, the Liquidation Preference of $500,000,000, if and to the extent due, and to pay Distributions thereon, if any, in accordance
with the terms hereof and the Indenture. The Preferred Securities shall have no fixed maturity or fixed redemption date. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The Preferred Securities accrue Distributions: (a)&nbsp;in respect of the period from (and
including) the Closing Date to (but excluding) November&nbsp;16, 2027 (the &#147;<B>First Reset Date</B>&#148;) at the rate of 6.125% per annum; and (b)&nbsp;in respect of each Reset Period, at the rate per annum equal to the aggregate of 3.870% per
annum (the &#147;<B>Initial Margin</B>&#148;) and the <FONT STYLE="white-space:nowrap">5-year</FONT> <FONT STYLE="white-space:nowrap">Mid-Swap</FONT> Rate (expressed as a percentage per annum) for such Reset Period, and such aggregate converted to a
quarterly rate in accordance with market convention (rounded to four decimal places, with 0.00005 rounded down), all as determined by the Calculation Agent on the relevant Reset Determination Date. Subject as provided in the Indenture (including
Sections 3.08 and 3.09 of the Contingent Convertible Preferred Securities Indenture), such Distributions will be payable quarterly in arrears on each of February&nbsp;16, May&nbsp;16, August&nbsp;16 and November&nbsp;16 of each year (each, a
&#147;<B>Distribution Payment Date</B>&#148;). The first date on which Distributions may be paid will be February&nbsp;16, 2018. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Subject
to the limitations specified on the reverse of this Preferred Security and in the Indenture, if a Distribution is required to be paid in respect of a Preferred Security on any date other than a Distribution Payment Date, it shall be calculated by
the Calculation Agent by applying the Distribution Rate to the Liquidation Preference in respect of each Preferred Security, multiplying the product by (a)&nbsp;the actual number of days in the period from (and including) the date from which
Distributions began to accrue (the &#147;<B>Accrual Date</B>&#148;) to (but excluding) the date on which Distributions fall due divided by (b)&nbsp;the actual number of days from (and including) the Accrual Date to (but excluding) the next following
Distribution Payment Date multiplied by four, and rounding the resulting figure to the nearest cent (half a cent being rounded upwards). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The &#147;<B><FONT STYLE="white-space:nowrap">5-year</FONT> <FONT STYLE="white-space:nowrap">Mid-Swap</FONT> Rate</B>&#148; is, in relation to
a Reset Date and the Reset Period commencing on that Reset Date: (a)&nbsp;the annual <FONT STYLE="white-space:nowrap">mid-swap</FONT> rate for the Reset Date for U.S. dollar swap transactions maturing on the last day of such Reset Period, expressed
as a percentage, which appears on the Screen Page at 11.00 a.m. (New York City time) on the Reset Determination Date; or (b)&nbsp;if such rate does not appear on the Screen Page at such time on such Reset Determination Date, the Reset Reference Bank
Rate for such Reset Period. The &#147;<B>Screen Page</B>&#148; is the display page on the relevant Reuters information service designated as the &#147;ICESWAP1&#148; page or such other page as may replace it on that information service, or on such
other equivalent information service as may be nominated by the person providing or sponsoring such information, for the purpose of displaying equivalent or comparable rates to the <FONT STYLE="white-space:nowrap">5-year</FONT> <FONT
STYLE="white-space:nowrap">Mid-Swap</FONT> Rate. The &#147;<B>Reset Reference Bank Rate</B>&#148;<B> </B>is, in relation to a Reset Date and the Reset Period commencing on that Reset Date, the percentage determined on the basis of the arithmetic
mean of the <FONT STYLE="white-space:nowrap">5-year</FONT> <FONT STYLE="white-space:nowrap">Mid-Swap</FONT> Rate Quotations provided by the Reference Banks at approximately 11.00 a.m. (New York City time) on the Reset Determination Date for such
Reset Date. The Calculation Agent will request the principal office of each Reference Bank to provide a quotation of its rate. If three or more quotations are provided, the Reset Reference Bank Rate for such Reset Period will be the percentage
reflecting the arithmetic mean of the quotations, eliminating the highest quotation (or, in the event </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </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">
of equality, one of the highest) and the lowest quotation (or, in the event of equality, one of the lowest). If only two quotations are provided, it will be the arithmetic mean of the quotations
provided. If only one quotation is provided, it will be the quotation provided. If no quotation is provided, the Reset Reference Bank Rate for the Reset Period will be (i)&nbsp;in the case of a Reset Period other than the Reset Period commencing on
the First Reset Date, the <FONT STYLE="white-space:nowrap">5-year</FONT> <FONT STYLE="white-space:nowrap">Mid-Swap</FONT> Rate in respect of the immediately preceding Reset Period or (ii)&nbsp;in the case of the Reset Period commencing on the First
Reset Date, 2.066% per annum. The &#147;<B><FONT STYLE="white-space:nowrap">5-year</FONT> <FONT STYLE="white-space:nowrap">Mid-Swap</FONT> Rate Quotations</B>&#148;<B> </B>is the arithmetic mean of the bid and offered rates for the semi-annual fixed
leg (calculated on a 30/360 (ISDA) day count basis) of a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">fixed-for-floating</FONT></FONT> U.S. dollar interest rate swap transaction which (i)&nbsp;has a term of five years commencing
on the relevant Reset Date; and (ii)&nbsp;is in an amount that is representative for a single transaction in the relevant market at the relevant time with an acknowledged dealer of good credit in the swap market, where the floating leg (calculated
on an Actual/360 (ISDA) day count basis) is equivalent to the rate for deposits in U.S. dollars for a three-month period, offered by the principal London offices of leading swap dealers in the New York City interbank market to prime banks in the
London interbank market or to the extent that an industry-accepted substitute or successor rate for such rate has been established (as determined by the Company in its sole discretion), such successor rate. If the Company has determined that a
substitute or successor rate should apply in accordance with the foregoing, it will notify the Calculation Agent in writing and the Calculation Agent will request each Reference Bank to adjust such <FONT STYLE="white-space:nowrap">5-year</FONT> <FONT
STYLE="white-space:nowrap">mid-swap</FONT> rate quotation to include any necessary adjustment factor that is necessary to make the <FONT STYLE="white-space:nowrap">5-year</FONT> <FONT STYLE="white-space:nowrap">mid-swap</FONT> rate quotation
comparable to a <FONT STYLE="white-space:nowrap">5-year</FONT> <FONT STYLE="white-space:nowrap">mid-swap</FONT> rate quotation based on the <FONT STYLE="white-space:nowrap">3-months</FONT> interbank deposit rate. The &#147;<B>Reset Determination
Date</B>&#148;<B> </B>is, in relation to each Reset Date, the second Business Day immediately preceding such Reset Date. &#147;<B>Reset Date</B>&#148;<B> </B>means the First Reset Date and every fifth anniversary thereafter. &#147;<B>Reset
Period</B>&#148; means the period from (and including) a Reset Date to (but excluding) the next succeeding Reset Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">If any date on
which any payment is due to be made on the Preferred Securities would otherwise fall on a date which is not a Payment Business Day, the payment will be postponed to the next Payment Business Day and the Holders shall not be entitled to any interest
or other payment in respect of any such delay. &#147;<B>Payment Business Day</B>&#148; means a day on which commercial banks and foreign exchange markets settle payments and are open for general business (including dealing in foreign exchange and
foreign currency deposits) in New York City. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Distributions, if any, on any Preferred Securities which are payable, and are paid or duly
provided for, on any Distribution Payment Date shall be paid to the Person in whose name such Preferred Security is registered at the close of business on the Regular Record Date for such Distributions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">In addition to any other restrictions on payments of Liquidation Preference, Distributions or Additional Amounts described in this Preferred
Security and/or contained in the Indenture, no repayment or payment of Amounts Due on the Preferred Securities shall become due and payable or be paid after the exercise of the Spanish Bail-in Power by the Relevant Spanish Resolution Authority if,
and to the extent that, such amounts have been reduced, converted, cancelled, amended or altered as a result of such exercise. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </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; text-indent:8%; font-size:10pt; font-family:Times New Roman">The Company may elect, in its sole and absolute discretion, to cancel the payment of any
Distribution on the Preferred Securities in whole or in part at any time and for any reason. Distributions on the Preferred Securities will be <FONT STYLE="white-space:nowrap">non-cumulative.</FONT> Accordingly, if any Distribution (or any part
thereof) is not paid in respect of the Preferred Securities as a result of any election of the Company to cancel such Distribution pursuant to this paragraph or the limitations on payment set out in the immediately subsequent paragraph, then the
right of the Holders to receive the relevant Distribution (or such part thereof) in respect of the relevant Distribution Period will be extinguished and the Company will have no obligation to pay such Distribution (or such part thereof) accrued for
such Distribution Period or to pay any interest thereon, whether or not Distributions on the Preferred Securities are paid in respect of any future Distribution Period. No such election to cancel the payment of any Distribution (or any part thereof)
pursuant to this paragraph or <FONT STYLE="white-space:nowrap">non-payment</FONT> of any Distribution (or any part thereof) as a result of the limitations on payment set out in the immediately subsequent paragraph will constitute an event of
default, an Enforcement Event or the occurrence of any event related to the insolvency of the Company or entitle Holders to take any action to cause such Distribution (or part thereof) to be paid or the liquidation, dissolution or <FONT
STYLE="white-space:nowrap">winding-up</FONT> of the Company or in any way limit or restrict the Company from making any distribution or equivalent payment in connection with any instrument ranking junior to the Preferred Securities (including,
without limitation, any CET1 Capital of the Company or the Group) or in respect of any Parity Security or other security, except to the extent Applicable Banking Regulations otherwise provide. If the Company does not pay a Distribution or part
thereof on the relevant Distribution Payment Date, such <FONT STYLE="white-space:nowrap">non-payment</FONT> shall evidence the cancellation of such Distribution (or relevant part thereof), and accordingly, such Distribution shall not in any such
case be due and payable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Without limitation on the foregoing paragraph, payments of Distributions on the Preferred Securities shall be
made only out of Distributable Items of the Company. To the extent that (i)&nbsp;the Company has insufficient Distributable Items to make Distributions on the Preferred Securities scheduled for payment in the then current financial year and any
interest payments or distributions that have been paid or made or are scheduled or required to be paid or made out of Distributable Items of the Company in the then current financial year, in each case excluding any portion of such payments already
accounted for in determining the Distributable Items of the Company, and/or (ii)&nbsp;the Regulator, in accordance with Article 68 of Law 10/2014 and/or Article 16 of the SSM Regulation and/or with Applicable Banking Regulations then in force,
requires the Company to cancel the relevant Distribution in whole or in part, then the Company will, without prejudice to the right described in the paragraph immediately above to cancel at its discretion the payment of any such Distributions on the
Preferred Securities at any time, make partial or, as the case may be, no payment of the relevant Distribution on the Preferred Securities. No payments will be made on the Preferred Securities (whether by way of a repayment of the Liquidation
Preference, the payment of any Distribution or otherwise) if and to the extent that such payment would cause a breach of any regulatory </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </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">
restriction or prohibition on payments on Additional Tier 1 Instruments pursuant to Applicable Banking Regulations (including, without limitation, any such restriction or prohibition relating to
any Maximum Distributable Amount if and to the extent applicable to the Company and/or the Group). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">By acquiring Preferred Securities,
Holders (which, for the purposes of this paragraph, includes holders of a beneficial interest in the Preferred Securities) acknowledge and agree that (i)&nbsp;Distributions are payable solely at the Company&#146;s discretion, and no amount of
Distribution shall become or remain due and payable in respect of the relevant Distribution Period to the extent that it has been cancelled or deemed cancelled by the Company as described in the second paragraph above and/or as a result of the
limitations on payment described in the paragraph immediately above; and (ii)&nbsp;a cancellation or deemed cancellation of any Distribution (in whole or in part) in accordance with the terms of the Indenture and the Preferred Securities shall not
constitute an Enforcement Event or other default under the terms of the Preferred Securities or the Indenture or the occurrence of any event related to the insolvency of the Company or entitle Holders to take any action to cause such Distribution to
be paid or the liquidation, dissolution or <FONT STYLE="white-space:nowrap">winding-up</FONT> of the Company or in any way limit or restrict the Company from making any distribution or equivalent payment in connection with any instrument ranking
junior to the Preferred Securities (including, without limitation, any CET1 Capital of the Company or the Group) or in respect of any Parity Security or other security, except to the extent Applicable Banking Regulations otherwise provide.
Distributions will only be due and payable on a Distribution Payment Date to the extent they are not cancelled or deemed cancelled previously or thereafter in accordance with Sections 3.08, 3.09, 3.10 and 6.02 and Article 4 of the Contingent
Convertible Preferred Securities Indenture. Any Distributions cancelled or deemed cancelled (in each case, in whole or in part) in the circumstances described herein and in the Indenture shall not be due and shall not accumulate or be payable at any
time thereafter, and Holders of the Preferred Securities shall have no rights thereto or to receive any additional Distributions or compensation as a result of such cancellation or deemed cancellation. For the avoidance of doubt, <FONT
STYLE="white-space:nowrap">non-payment</FONT> of a Distribution (or any part thereof) in respect of the Preferred Securities shall evidence the Company&#146;s exercise of its discretion to cancel such Distribution (or such part thereof), and
accordingly such Distribution (or such part thereof) shall also not be due and payable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">This Preferred Security and the Indenture (except
as set forth herein and therein) shall be governed by, and construed in accordance with, the laws of the State of New York applicable to agreements made or instruments entered into and, in each case, performed in said state, except that the
authorization and execution by the Company of the Indenture, the authorization, issuance and execution by the Company of the Preferred Securities and Section&nbsp;13.01(a) of the Contingent Convertible Preferred Securities Indenture shall be
governed by and construed in accordance with the common laws of the Kingdom of Spain. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Reference is hereby made to the further provisions
of this Preferred Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </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; text-indent:8%; font-size:10pt; font-family:Times New Roman">THIS PREFERRED SECURITY IS NOT A DEPOSIT AND IS NOT INSURED BY THE UNITED STATES FEDERAL DEPOSIT
INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY OF THE UNITED STATES OR THE KINGDOM OF SPAIN. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Unless the certificate of
authentication hereon has been executed by the Trustee referred to on the reverse hereof, directly or through an Authenticating Agent, by manual signature of an authorized signatory, this Preferred Security shall not be entitled to any benefit under
the Indenture or be valid or obligatory for any purpose. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>[The rest of this page is intentionally left blank.] </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </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; text-indent:8%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Date: November&nbsp;16, 2017 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BANCO BILBAO VIZCAYA</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">ARGENTARIA,
S.A.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></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">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Antonio Joaquin Borraz Peralta</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Authorized Representative</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </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"><I>Trustee&#146;s Certificate of Authentication </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">This is one of the Preferred Securities of the series designated herein referred to in the Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Date: November&nbsp;16, 2017 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">THE BANK OF NEW YORK MELLON,</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">as
Trustee</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></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">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Authorized Signatory</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </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">(Reverse of Preferred Security) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">This Preferred Security is one of a duly authorized issue of securities of the Company (as defined below) (herein called the
&#147;<B>Preferred Securities</B>&#148; and each, a &#147;<B>Preferred Security</B>&#148;) issued and to be issued in one or more series under and governed by the Contingent Convertible Preferred Securities Indenture, dated as of September&nbsp;25,
2017 (the &#147;<B>Contingent Convertible Preferred Securities Indenture</B>&#148;), as supplemented by the First Supplemental Indenture, dated as of November&nbsp;16, 2017 (the &#147;<B>First Supplemental Indenture</B>&#148; and, together with the
Contingent Convertible Preferred Securities Indenture, the &#147;<B>Indenture</B>&#148;). Capitalized terms used herein but not otherwise defined shall have the meaning ascribed to them in the First Supplemental Indenture, and reference is hereby
made to the Indenture, the terms of which are incorporated herein by reference, for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee, the Holders of the Preferred Securities
and of the terms upon which the Preferred Securities are, and are to be, authenticated and delivered. Insofar as the provisions of the Indenture may conflict with the provisions set forth in this Preferred Security, the provisions set forth in this
Preferred Security shall control for purposes of this Preferred Security. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">This Preferred Security is one of the series designated on the
face hereof, limited to a Liquidation Preference of $1,000,000,000, which amount may be increased at the option of the Company if in the future it determines that it may wish to issue additional Contingent Convertible Preferred Securities of this
series. References herein to &#147;<B>this series</B>&#148; mean the series designated on the face hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><I>Additional Amounts.
</I>Unless otherwise specified in the Indenture, all payments of Distributions payable in respect of Preferred Securities by the Company will be made free and clear of and without withholding or deduction for or on account of any present or future
taxes, duties, assessments or governmental charges (collectively &#147;<B>Taxes</B>&#148;) of whatever nature imposed or levied by or on behalf of the Kingdom of Spain (except as provided under &#147;<I>Consolidation, Merger, Conveyance or
Transfer</I>&#148;) or any political subdivision thereof or any authority or agency therein or thereof having power to tax, unless the withholding or deduction of such taxes, duties, assessments or governmental charges is required by law. In that
event, the Company shall (to the extent such payment can be made out of Distributable Items of the Company on the same basis as for payment of any Distribution in accordance with Article 3 of the Contingent Convertible Preferred Securities
Indenture) pay, in respect of any withholding or deduction imposed on payments of Distributions only (and not Liquidation Preference (and premium, if any) or other amount), such additional amounts (&#147;<B>Additional Amounts</B>&#148;) as will
result in Holders of Outstanding Preferred Securities receiving such amounts as they would have received in respect of such Distributions had no such withholding or deduction been required to the extent provided in Section&nbsp;11.04 of the
Contingent Convertible Preferred Securities Indenture and subject to the exceptions therein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><I>Payments Subject to Fiscal Laws</I>. All
payments in respect of the Preferred Securities will be subject in all cases to any fiscal or other laws and regulations applicable thereto (including FATCA, any regulations or agreements thereunder, any
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </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">
official interpretation thereof, any intergovernmental agreements with respect thereto, or any law implementing an intergovernmental agreement or any regulations or official interpretations
relating thereto), but without prejudice to the Company&#146;s obligation to pay Additional Amounts to the extent required under &#147;<I>Additional Amounts</I>&#148; above. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><I>Optional Redemption</I>. All, and not only some, of the Preferred Securities may be redeemed at the option of the Company at any time on or
after the First Reset Date at the Redemption Price, in accordance with Articles 77 and 78 of CRR, Article 29 of the Commission Delegated Regulation (EU) No 241/2014 and/or any other Applicable Banking Regulations then in force. The
&#147;<B>Redemption Price</B>&#148; is, per Preferred Security, the Liquidation Preference plus, if applicable, where not cancelled or deemed cancelled pursuant to, or otherwise subject to the limitations on payment set out herein, an amount equal
to any accrued and unpaid Distributions for the then current Distribution Period to (but excluding) the Redemption Date of the Preferred Securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><I>Optional Redemption due to a Tax Event</I>. If, on or after the Closing Date, there is a Tax Event, the Preferred Securities may be
redeemed, in whole but not in part, at the option of the Company at any time at the Redemption Price, in accordance with Articles 77 and 78 of CRR, Article 29 of the Commission Delegated Regulation (EU) No 241/2014 and/or any other Applicable
Banking Regulations then in force. A &#147;<B>Tax Event</B>&#148; will be deemed to have occurred with respect to the Preferred Securities if, as a result of any change in, or amendment to, the laws or regulations applicable in the Kingdom of Spain
(except as provided under &#147;<I>Consolidation, Merger, Conveyance or Transfer</I>&#148;), or any change in the application or binding official interpretation or administration of any such laws or regulations which change or amendment, or change
in the application or binding official interpretation or administration, becomes effective on or after the Closing Date (a)&nbsp;the Company would not be entitled to claim a deduction in computing its taxation liabilities in the Kingdom of Spain
(except as provided under &#147;<I>Consolidation, Merger, Conveyance or Transfer</I>&#148;) in respect of any Distribution to be made on the next Distribution Payment Date or the value of such deduction to the Company would be reduced, or
(b)&nbsp;the Company would be required to pay Additional Amounts pursuant to &#147;<I>Additional Amounts</I>&#148; above, or (c)&nbsp;the applicable tax treatment of the Preferred Securities would be materially affected. Prior to any notice of
redemption of the Preferred Securities, the Company shall provide the Trustee with (i)&nbsp;an Officer&#146;s Certificate of the Company stating that the Company is entitled to effect such redemption and setting forth in reasonable detail a
statement of circumstances showing that a Tax Event has occurred; and (ii)&nbsp;an Opinion of Counsel to the effect that a Tax Event has occurred. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><I>Optional Redemption due to a Capital Event.</I> If, on or after the Closing Date, there is a Capital Event, the Preferred Securities may be
redeemed, in whole but not in part, at the option of the Company at any time at the Redemption Price, in accordance with Articles 77 and 78 of CRR, Article 29 of the Commission Delegated Regulation (EU) No 241/2014 and/or any other Applicable
Banking Regulations then in force. A &#147;<B>Capital Event</B>&#148; will be deemed to have occurred with respect to the Preferred Securities if there is a change (or any pending change which the Regulator considers to be sufficiently certain) in
Spanish law or Applicable Banking Regulations that results (or would result) in any of the outstanding aggregate Liquidation Preference of the Preferred Securities ceasing to be included in, or counting towards, the Group&#146;s or the
Company&#146;s Tier 1 Capital. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </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; text-indent:8%; font-size:10pt; font-family:Times New Roman"><I>Cancelled Distributions Not Payable Upon Redemption</I>. Any Distributions that have been
cancelled or deemed cancelled pursuant to the terms of this Preferred Security shall not be payable if the Preferred Securities are redeemed pursuant to the terms of this Preferred Security. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><I>Redemption Procedures; Notice of Redemption</I>. The decision to redeem the Preferred Securities must be irrevocably notified by the
Company to Holders of the Preferred Securities upon not less than 30 nor more than 60 calendar days&#146; notice prior to the relevant Redemption Date (i)&nbsp;through the filing of a relevant information (<I>informaci&oacute;n relevante</I>)
announcement with the CNMV and its publication in accordance with the rules and regulations of the stock exchange on which the Preferred Securities are listed and (ii)&nbsp;in the manner and to the extent required by Section&nbsp;1.06 of the
Contingent Convertible Preferred Securities Indenture (in which case, such notice may be given at the Company&#146;s request by the Trustee in the name and at the expense of the Company, provided the Company has requested the Trustee to so give
notice in writing accompanied by a copy of the form of notice, and the Trustee shall give such notice by the fifth Business Day following its receipt of such request). Failure to give notice in the manner herein provided to the Holder of any
Preferred Securities designated for redemption, or any defect in the notice to any such Holder, shall not affect the validity of the proceedings for the redemption of any other Preferred Securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Any notice of redemption will state: the Redemption Date; the Redemption Price; that on the Redemption Date the Redemption Price will, subject
to the satisfaction of the conditions set forth in the Indenture, become due and payable upon each Preferred Security being redeemed and that Distributions will cease to accrue on or after that date; the place or places where the Preferred
Securities are to be surrendered for payment of the Redemption Price; and the CUSIP, Common Code and/or ISIN number or numbers, if any, with respect to the Preferred Securities being redeemed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The Company may not give a notice of redemption with respect to the Preferred Securities if a Trigger Event Notice has been given with respect
to the Preferred Securities. If any notice of redemption of the Preferred Securities has been given and a Trigger Event with respect to the Preferred Securities occurs prior to the Redemption Date, the relevant redemption notice shall be
automatically rescinded and shall be of no force and effect, there shall be no redemption of the relevant Preferred Securities on such Redemption Date and, instead, the Trigger Conversion of the Preferred Securities shall take place as provided
herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">If a Capital Reduction Notice has been given with respect to the Preferred Securities, the Company may not give a notice of
redemption with respect to the Preferred Securities until the end of the Election Period. If a redemption notice is given by the Company after the end of the Election Period, the Company may redeem all (but not part) of the aggregate Liquidation
Preference of the Preferred Securities which remains outstanding following the Capital Reduction Conversion. If any notice of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </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">
redemption of the Preferred Securities has been given and a Capital Reduction with respect to the Preferred Securities occurs prior to the Redemption Date, such Capital Reduction will be deemed
not to have occurred<B> </B>for all purposes of the Indenture with respect to the Preferred Securities and there shall be no conversion of such Preferred Securities pursuant to the provisions described under &#147;<I>Conversion Upon Capital
Reduction</I>&#148; below and, instead, the redemption of the Preferred Securities shall take place as provided herein. Accordingly, the provisions described under &#147;<I>Conversion Upon Capital Reduction</I>&#148; shall not apply to the Preferred
Securities with respect to any such Capital Reduction and Holders and beneficial owners of the Preferred Securities shall be deemed to have irrevocably waived their rights under Article 418 of the Spanish Companies Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">If the Company has elected to redeem the Preferred Securities but, prior to the payment of the Redemption Price to Holders, the Relevant
Spanish Resolution Authority exercises its Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power with respect to the Preferred Securities, the relevant redemption notice shall be automatically rescinded and shall be of no force and effect,
there shall be no redemption and consequently no payment of the Redemption Price (and any other amounts payable in accordance with Article 12 of the Contingent Convertible Preferred Securities Indenture) will be due and payable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><I>Conversion upon Trigger Event</I>. If the Trigger Event occurs at any time on or after the Closing Date, then the Company will: not pay any
Distribution on the Preferred Securities, including any accrued and unpaid Distributions, which shall be deemed to be cancelled by the Company in accordance with their terms; and irrevocably and mandatorily (and without any requirement for the
consent or approval of the Holders or beneficial owners of the Preferred Securities) convert all the Preferred Securities into Common Shares (the &#147;<B>Trigger Conversion</B>&#148;) to be delivered on the relevant Conversion Settlement Date. If
the Trigger Event occurs, the Preferred Securities will be converted in whole and not in part. For the purposes of determining whether the Trigger Event has occurred, the Company will (i)&nbsp;calculate the CET1 ratio based on information (whether
or not published) available to management of the Company, including information internally reported within the Company pursuant to its procedures for ensuring effective ongoing monitoring of the capital ratios of the Company and the Group and
(ii)&nbsp;calculate and publish the CET1 ratio on at least a quarterly basis. The Company&#146;s calculation shall be binding on the Trustee and the Holders and beneficial owners of the Preferred Securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">A Trigger Event will not constitute an event of default, an Enforcement Event or the occurrence of any event related to the insolvency of the
Company or entitle Holders to take any action to cause the liquidation, dissolution or <FONT STYLE="white-space:nowrap">winding-up</FONT> of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><I>Conversion upon Capital Reduction. </I>Subject as provided above in the fourth paragraph under &#147;<I>Redemption Procedures; Notice of
Redemption</I>&#148;, if a Capital Reduction occurs at any time on or after the Closing Date, then the Company will, subject as provided in the immediately subsequent paragraph, irrevocably and mandatorily (and without any requirement for the
consent or approval of the Holders or beneficial owners of Preferred Securities) convert all the Preferred Securities into Common Shares (a </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </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">
&#147;<B>Capital Reduction Conversion</B>&#148;) to be delivered on the relevant Conversion Settlement Date and on such Conversion Settlement Date pay to the Holders, as applicable, where not
cancelled or deemed cancelled pursuant to, or otherwise subject to the limitations on payment set out herein, an amount equal to the accrued and unpaid Distributions for the then current Distribution Period up to (but excluding) such Conversion
Settlement Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Notwithstanding the preceding paragraph, if a Capital Reduction occurs at any time on or after the Closing Date, each
Holder of the Preferred Securities will have the right to elect that all (but not part) of its Preferred Securities shall not be converted in accordance with such paragraph, in which case all Preferred Securities of such Holder shall remain
outstanding and no payment of any accrued and unpaid Distributions on such Preferred Securities shall be made in respect of such Preferred Securities to that Holder on the relevant Conversion Settlement Date pursuant to such paragraph. To exercise
such right, a Holder must complete, sign and deposit at the specified office of any Paying and Conversion Agent a duly completed and signed notice of election (an &#147;<B>Election Notice</B>&#148;), in the form indicated in the Capital Reduction
Notice, on or before the tenth Business Day immediately following the Capital Reduction Notice Date (the period from (and including) the Capital Reduction Notice Date to (and including) such tenth Business Day, the &#147;<B>Election
Period</B>&#148;). An Election Notice shall be irrevocable. Any relevant Preferred Securities in respect of which a duly completed and signed Election Notice is not duly received during the Election Period shall be converted into Common Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">A Capital Reduction will not constitute an event of default, an Enforcement Event or the occurrence of any event related to the insolvency of
the Company or entitle Holders to take any action to cause the liquidation, dissolution<B> </B>or <FONT STYLE="white-space:nowrap">winding-up</FONT> of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><I>Upon Conversion</I>. Subject as provided in this paragraph with respect to fractions, the number of Common Shares to be issued on
Conversion in respect of each Preferred Security to be converted shall be determined by dividing the Liquidation Preference of such Preferred Security by the relevant Conversion Price in effect on the relevant Conversion Notice Date rounded down to
the nearest whole number of Common Shares. Fractions of Common Shares will not be issued on Conversion or pursuant to Section&nbsp;4.05(d) of the Contingent Convertible Preferred Securities Indenture and no cash payment or other adjustment will be
made in lieu thereof. Without prejudice to the generality of the foregoing, if one or more Delivery Notices and the related Preferred Securities are received by or on behalf of a Paying and Conversion Agent such that the Common Shares to be
delivered by or on behalf of the Conversion Shares Depository are to be registered in the same name or delivered to the same Clearing System participant account, the number of such Common Shares to be delivered in respect thereof shall be calculated
on the basis of the aggregate Liquidation Preference of such Preferred Securities being so converted and rounded down to the nearest whole number of Common Shares. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </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; text-indent:8%; font-size:10pt; font-family:Times New Roman">Upon any Trigger Conversion of the Preferred Securities, Holders (and beneficial owners) of any
Preferred Securities shall have no claim against the Company in respect of (i)&nbsp;any Liquidation Preference (and premium, if any) of the Preferred Securities converted into Common Shares or (ii)&nbsp;any accrued and unpaid Distributions cancelled
or otherwise unpaid in respect of Preferred Securities, and the Preferred Securities shall cease to represent any right other than the right to receive Common Shares from or on behalf of the Conversion Shares Depository. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Upon any Capital Reduction Conversion of the Preferred Securities, Holders (and beneficial owners) of any Preferred Securities, other than
Holders of Preferred Securities in respect of which such Holders have elected not to convert such Preferred Securities as provided in the second paragraph under &#147;<I>Conversion Upon Capital Reduction</I>&#148;, shall have no claim against the
Company in respect of any Liquidation Preference (and premium, if any) of such Preferred Securities, and the Preferred Securities converted into Common Shares, other than Preferred Securities in respect of which Holders have elected not to convert
such Preferred Securities as provided in the second paragraph under &#147;<I>Conversion Upon Capital Reduction</I>&#148;, shall cease to represent any right other than the right to receive Common Shares from or on behalf of the Conversion Shares
Depository. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">On or prior to the Conversion Settlement Date, the Company shall deliver to the Conversion Shares Depository such number of
Common Shares (subject as provided in the first paragraph under &#147;<I>Upon Conversion</I>&#148; with respect to fractions) as is required to satisfy in full the Company&#146;s obligation to deliver Common Shares (i)&nbsp;in respect of a Trigger
Conversion, of the aggregate Liquidation Preference of Preferred Securities outstanding on the Trigger Event Notice Date, and (ii)&nbsp;in respect of a Capital Reduction Conversion, of the aggregate Liquidation Preference of Preferred Securities
outstanding on the Capital Reduction Notice Date, other than Preferred Securities in respect of which such Holders have elected not to convert such Preferred Securities as provided in the second paragraph under &#147;<I>Conversion Upon Capital
Reduction</I>&#148;. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The obligation of the Company to issue and deliver Common Shares to a Holder of Preferred Securities on the relevant
Conversion Settlement Date shall be satisfied by the delivery of such Common Shares to the Conversion Shares Depository. Receipt of the relevant Common Shares by the Conversion Shares Depository shall discharge the Company&#146;s obligations in
respect of the Preferred Securities converted, other than, in the case of a Capital Reduction, as provided in the first paragraph under &#147;<I>Conversion Upon Capital Reduction</I>&#148; with respect to the payment of accrued and unpaid
Distributions for the then current Distribution Period up to (but excluding) the Conversion Settlement Date (where not cancelled or deemed cancelled pursuant to, or otherwise subject to the limitations on payment set out herein) except as provided
in the second paragraph under &#147;<I>Conversion Upon Capital Reduction</I>&#148;. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Except as set forth in the immediately subsequent
paragraph with respect to a Capital Reduction, if a Conversion Event occurs, Holders shall have recourse to the Company only for the issue and delivery of the relevant Common Shares to the Conversion Shares Depository. After such delivery by the
Company of the relevant Common Shares to the Conversion Shares Depository, Holders of the Preferred Securities so converted shall have recourse to the Conversion Shares Depository only for the delivery to them of such Common Shares, in the
circumstances described under &#147;<I>Settlement Procedures</I>&#148; below. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </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; text-indent:8%; font-size:10pt; font-family:Times New Roman">In the case of a Capital Reduction, Holders shall also have recourse to the Company as provided
in the first paragraph under &#147;<I>Conversion Upon Capital Reduction</I>&#148; with respect to the payment of accrued and unpaid Distributions for the then current Distribution Period up to (but excluding) the Conversion Settlement Date (where
not cancelled or deemed cancelled pursuant to, or otherwise subject to the limitations on payment set out herein) except as provided in the second paragraph under &#147;<I>Conversion Upon Capital Reduction</I>&#148;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><I>Conversion Price</I>. The Conversion Price will be calculated pursuant to Section&nbsp;4.04 of the Contingent Convertible Preferred
Securities Indenture and is subject to adjustment as provided in Section&nbsp;4.05 of the Contingent Convertible Preferred Securities Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><I>Conversion Procedures; Common Shares</I>. If a Trigger Event occurs at any time on or after the Closing Date, then the Company will notify
the Regulator and the Holders of the Preferred Securities immediately upon the Company&#146;s determination that a Trigger Event has occurred (i)&nbsp;through the filing of a relevant information (<I>informaci&oacute;n relevante</I>) announcement
with the CNMV and its publication in accordance with the rules and regulations of the stock exchange on which the Preferred Securities are listed and (ii)&nbsp;in accordance with Section&nbsp;1.06 of the Contingent Convertible Preferred Securities
Indenture (together, the &#147;<B>Trigger Event Notice</B>&#148;). Any failure by the Company to give a Trigger Event Notice or otherwise notify the Holders of a Trigger Event will have no impact on the effectiveness of, or otherwise invalidate, any
Trigger Conversion, will not constitute an Enforcement Event with respect to the Preferred Securities, or give the Holders or beneficial owners of the Preferred Securities any rights as a result of such failure. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">If a Capital Reduction occurs at any time on or after the Closing Date of the Preferred Securities, then the Company will notify the Regulator
and the Holders of the Preferred Securities immediately (i)&nbsp;through the filing of a relevant information (<I>informaci&oacute;n relevante</I>) announcement with the CNMV and its publication in accordance with the rules and regulations of the
stock exchange on which the Preferred Securities are listed and (ii)&nbsp;in accordance with Section&nbsp;1.06 of the Contingent Convertible Preferred Securities Indenture (together, the &#147;<B>Capital Reduction Notice</B>&#148;). Any failure by
the Company to give a Capital Reduction Notice or otherwise notify the Holders of a Capital Reduction will have no impact on the effectiveness of, or otherwise invalidate, any Capital Reduction, will not constitute an Enforcement Event with respect
to the Preferred Securities, or give the Holders or beneficial owners of the Preferred Securities any rights as a result of such failure. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">A Conversion Notice shall be a written notice specifying the information provided in Section&nbsp;4.06(c) of the Contingent Convertible
Preferred Securities Indenture. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </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; text-indent:8%; font-size:10pt; font-family:Times New Roman">If a Trigger Event occurs, the Preferred Securities will be converted in whole and not in part,
and if a Capital Reduction occurs, the Preferred Securities will be converted in whole and not in part except for Preferred Securities in respect of which such Holders have elected not to convert such Preferred Securities as provided in the second
paragraph under &#147;<I>Conversion Upon Capital Reduction</I>&#148;. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Notwithstanding anything set forth in this Preferred Security or
the Indenture to the contrary, except in the case of a Capital Reduction with respect to any Preferred Securities in respect of which the Holders have elected not to convert such Preferred Securities as provided in the second paragraph under
&#147;<I>Conversion Upon Capital Reduction</I>&#148; (as the case may be), upon a Conversion, (i)&nbsp;subject to the right of Holders of the Preferred Securities relating to a breach of the Performance Obligation in the event of a failure by the
Company to issue and deliver any Common Shares to the Conversion Shares Depository on the Conversion Settlement Date and, in the case of a Capital Reduction, the right of Holders to receive payment of accrued and unpaid Distributions for the then
current Distribution Period up to (but excluding) the Conversion Settlement Date provided in the first paragraph under &#147;<I>Conversion Upon Capital Reduction</I>&#148; (where not cancelled or deemed cancelled pursuant to, or otherwise subject to
the limitations on payment set out herein and except as provided in the second paragraph under &#147;<I>Conversion Upon Capital Reduction</I>&#148;), the Indenture shall impose no duties upon the Trustee whatsoever with regard to a Conversion (other
than as provided in Section&nbsp;3.05(a) of the Contingent Convertible Preferred Securities Indenture if a Global Security is surrendered for conversion in part upon a Capital Reduction), and the Holders of the Preferred Securities converted or to
be converted shall have no rights whatsoever under the Indenture or such Preferred Securities to instruct the Trustee to take any action whatsoever and (ii)&nbsp;as of the Conversion Notice Date, except for any indemnity and/or security provided by
any Holders of such Preferred Securities in such direction or related to such direction, any direction previously given to the Trustee by any Holders of such Preferred Securities shall cease automatically and shall be null and void and of no further
effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><I>Settlement Procedures</I>. Delivery of the Common Shares to the Holders of converted Preferred Securities upon a Conversion
Event shall be made in accordance with the procedures set forth below. The Company may make changes to these procedures to the extent such changes are reasonably necessary, in the opinion of the Company, including to reflect changes in Clearing
System practices. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Holders of the Preferred Securities cleared and settled through DTC may elect to have their Common Shares delivered in
the form of Common Shares or ADSs in accordance with the procedures set forth herein. The obligation to deliver ADSs if a Holder elects to have its Common Shares delivered in such form will apply only if on the relevant Conversion Settlement Date
the Company continues to maintain an ADS depositary facility. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">In order to obtain delivery of the relevant Common Shares, or, if indicated
in the relevant Delivery Notice, ADSs, upon any Conversion from the Conversion Shares Depository, the relevant Holder or beneficial owner (or the custodian, broker, nominee or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </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">
other representative thereof) must deliver its Preferred Securities (other than, in the case of a Capital Reduction, Preferred Securities which Holders elect not to convert as provided in the
second paragraph under &#147;<I>Conversion Upon Capital Reduction</I>&#148;) and a duly completed Delivery Notice to the specified office of the Paying and Conversion Agent, with a copy of such Delivery Notice to the Trustee, on or before the Notice
<FONT STYLE="white-space:nowrap">Cut-off</FONT> Date. The Delivery Notice shall contain: (i)&nbsp;the name of the Holder or beneficial owner (or the custodian, broker, nominee or other representative thereof) of the Preferred Securities to be
converted; (ii)&nbsp;the aggregate Liquidation Preference held by such Holder or beneficial owner (or the custodian, broker, nominee or other representative thereof) of such converted Preferred Securities on the date of such notice; (iii)&nbsp;the
name in which the Common Shares or ADSs, as applicable, are to be registered, if applicable; (iv)&nbsp;whether Common Shares or ADSs are to be delivered to the Holder or beneficial owner of such Preferred Securities; (v)&nbsp;the details of the DTC,
Iberclear or other clearing system account (subject to the limitations set out below) to which the Common Shares or ADSs are to be credited (or, if the Common Shares are not a participating security in Iberclear or another clearing system, the
address to which the Common Shares should be delivered; and, as the case may be, details of the registered account in the Company&#146;s ADS facility if direct registration ADSs are to be issued); (vi) any relevant certifications and/or
representations as may be required by applicable law and regulations; and (vii)&nbsp;such other details as may be required by the Paying and Conversion Agent or any relevant Clearing System. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">If the Preferred Securities are held through DTC, the Delivery Notice must be given and the Preferred Securities delivered in accordance with
the applicable procedures of DTC (which may include the notice being given to the Paying and Conversion Agent by electronic means) and in a form acceptable to DTC and the Paying and Conversion Agent. With respect to any Preferred Securities held in
definitive form, the Delivery Notice must be delivered to the specified office of the Paying and Conversion Agent together with the relevant Preferred Securities, except as otherwise indicated in the relevant Conversion Notice. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Subject to satisfaction of the requirements and limitations set forth herein and provided that the relevant Preferred Securities and a duly
completed Delivery Notice have been delivered not later than the Notice <FONT STYLE="white-space:nowrap">Cut-off</FONT> Date, the Paying and Conversion Agent shall give instructions to the Conversion Shares Depository that the Conversion Shares
Depository shall deliver the relevant Common Shares (as rounded down to the nearest whole number of Common Shares in accordance with the first paragraph under &#147;<I>Upon Conversion</I>&#148; and, where applicable, Section&nbsp;4.05(d) of the
Contingent Convertible Preferred Securities Indenture) to, or shall deposit part or all of such Common Shares with the ADS Depositary on behalf of, the Holder or beneficial owner (or the custodian, broker, nominee or other representative thereof) of
the relevant Preferred Securities completing such Delivery Notice or its nominee in accordance with the instructions given in such Delivery Notice on the applicable Conversion Settlement Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Any Delivery Notice shall be irrevocable. Failure properly to complete and deliver a Delivery Notice and deliver the relevant Preferred
Securities may result in such Delivery Notice being treated as null and void and the Company shall be entitled to </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </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">
procure the sale of any applicable Common Shares to which the relevant Holder may be entitled in accordance with Section&nbsp;4.09 of the Contingent Convertible Preferred Securities Indenture.
Any determination as to whether any Delivery Notice has been properly completed and delivered as provided herein shall be made by the Company in its sole discretion, acting in good faith, and shall, in the absence of manifest error, be conclusive
and binding on the relevant Holders and beneficial owners (and any custodian, broker, nominee or other representative thereof). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">A Holder
of the Preferred Securities or Selling Agent (as defined in Section&nbsp;4.09 of the Contingent Convertible Preferred Securities Indenture) must pay (in the case of the Selling Agent by means of deduction from the net proceeds of sale set forth in
such Section&nbsp;4.09) any taxes and capital, stamp, issue, registration and transfer taxes or duties arising on Conversion (other than any capital, stamp, issue, registration and transfer taxes or duties payable in the Kingdom of Spain by the
Company in respect of the issue and delivery of the Common Shares in accordance with a Delivery Notice delivered pursuant to the Indenture which shall be paid by the Company) and such Holder or the Selling Agent (as the case may be) must pay (in the
case of the Selling Agent, by way of deduction from the net proceeds of sale as aforesaid) all, if any, taxes or duties arising by reference to any disposal or deemed disposal of a Preferred Security or interest therein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Any costs incurred by the Conversion Shares Depository or any parent, subsidiary or affiliate of the Conversion Shares Depository in
connection with the holding by the Conversion Shares Depository of any Common Shares and any amount received in respect thereof shall be deducted by the Conversion Shares Depository from such amount (or, if such deduction is not possible, paid to
the Conversion Shares Depository, by the relevant Holder) prior to the delivery of such Common Shares and/or payment of such amount to the relevant Holder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">If the Company shall fail to pay any capital, stamp, issue, registration and transfer taxes or duties for which it is responsible as provided
in the second paragraph above, the Holder or Selling Agent, as the case may be, shall be entitled (but shall not be obliged) to tender and pay the same and the Company as a separate and independent obligation, undertakes to reimburse and indemnify
each Holder or Selling Agent, as the case may be, in respect of any payment thereof and any penalties payable in respect thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The
Common Shares issued on Conversion will be fully paid and will in all respects rank pari passu with the fully paid Common Shares in issue on the relevant Conversion Notice Date, except in any such case for any right excluded by mandatory provisions
of applicable law and except that such Common Shares will not rank for (or, as the case may be, the relevant Holder shall not be entitled to receive) any rights, distributions or payments the record date or other due date for the establishment of
entitlement for which falls prior to the Conversion Settlement Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">In respect of any Common Shares that Holders elect to receive in the
form of ADSs as specified in the Delivery Notice, the Conversion Shares Depository shall deposit with the custodian for the ADS Depositary the relevant number of Common Shares to be issued upon Conversion of the relevant Preferred Securities, and
the ADS Depositary </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </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">
shall issue the corresponding number of ADSs to the DTC Participant account or registered ADS facility account specified by such Holders (per the <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">ADS-to-Common</FONT></FONT> Share ratio in effect on the Conversion Settlement Date). However, the issuance of the ADSs by the ADS Depositary may be delayed until the depositary bank or the custodian receives confirmation
that all required approvals have been given and that the Common Shares have been duly transferred to the custodian and that all applicable depositary fees and payments have been paid to the ADS Depositary. Holders that elect to receive Common Shares
in the form of ADSs must pay any fees that may be payable to the ADS Depositary as a result of the issue and delivery of such ADSs in accordance with the Delivery Notice. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><I>Failure to Deliver a Delivery Notice</I>. If a duly completed Delivery Notice and the relevant Preferred Securities are not delivered to
the Paying and Conversion Agent as provided in the Indenture and the Conversion Notice on or before the Notice <FONT STYLE="white-space:nowrap">Cut-off</FONT> Date, then at any time following the Notice
<FONT STYLE="white-space:nowrap">Cut-off</FONT> Date and prior to the tenth Business Day after the Conversion Settlement Date, the Company may in its sole and absolute discretion (and the relevant Holders and beneficial owners of such Preferred
Securities shall be deemed to agree thereto), elect to appoint a person (the &#147;<B>Selling Agent</B>&#148;) to procure that all Common Shares held by the Conversion Shares Depository in respect of which the applicable Preferred Securities and
duly completed Delivery Notice have not been delivered on or before the Notice <FONT STYLE="white-space:nowrap">Cut-off</FONT> Date as aforesaid be sold by or on behalf of the Selling Agent as soon as reasonably practicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Subject to the deduction by or on behalf of the Selling Agent of any amount payable in respect of its liability to taxation and the payment of
any capital, stamp, issue, registration and/or transfer taxes and duties (if any) and any fees or costs incurred by or on behalf of the Selling Agent in connection with the issue, allotment and sale of any Common Shares pursuant to the immediately
preceding paragraph, and the conversion of any proceeds of such sale into U.S. dollars, the net proceeds of such sale, converted into U.S. dollars at the Prevailing Rate on the Notice <FONT STYLE="white-space:nowrap">Cut-off</FONT> Date, if
necessary, shall as soon as reasonably practicable be distributed ratably to the relevant Holders in such manner and at such time as the Company shall determine and notify to the relevant Holders. Such payment shall for all purposes discharge the
obligations of the Company, the Conversion Shares Depository, the Paying and Conversion Agent and the Selling Agent to such Holders in respect of the relevant Conversion. The Company, the Conversion Shares Depository, the Paying and Conversion Agent
and the Selling Agent shall have no liability in respect of the exercise or <FONT STYLE="white-space:nowrap">non-exercise</FONT> of any discretion or power pursuant to this section &#147;<I>Failure to Deliver a Delivery Notice</I>&#148; or in
respect of any sale of any Common Shares, whether for the timing of any such sale or the price at or manner in which any such Common Shares are sold or the inability to sell any such Common Shares. Furthermore, the Company, the Conversion Shares
Depository, the Paying and Conversion Agent and the Selling Agent shall have no liability to any Holder or beneficial owner of the Preferred Securities for any loss resulting from such Holder&#146;s or beneficial owner&#146;s failure to receive any
Common Shares or ADSs, or from any delay in the receipt thereof, in each case as a result of such Holder or beneficial owner (or custodian, nominee, broker or other representative thereof) failing to duly submit a Delivery Notice and the relevant
Preferred Securities on a timely basis or at all. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </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; text-indent:8%; font-size:10pt; font-family:Times New Roman">If the applicable Preferred Securities and Delivery Notice are not delivered to the Paying and
Conversion Agent on or before the Notice <FONT STYLE="white-space:nowrap">Cut-off</FONT> Date and the Company does not appoint the Selling Agent by the 10th Business Day after the Conversion Settlement Date, or if any Common Shares are not sold by
the Selling Agent in accordance with this section &#147;<I>Failure to Deliver a Delivery Notice</I>&#148;, the Conversion Shares Depository shall continue to hold any Common Shares not sold by the Selling Agent until a duly completed Delivery Notice
and the relevant Preferred Securities are so delivered. However, any Holder or beneficial owner (or custodian, broker, nominee or other representative thereof) of such Preferred Securities delivering a Delivery Notice after the Notice <FONT
STYLE="white-space:nowrap">Cut-off</FONT> Date will have to provide evidence of its entitlement to the relevant Common Shares, or if the Holder so elects, ADSs, satisfactory to the Conversion Shares Depository in its sole and absolute discretion in
order to receive delivery of such Common Shares or ADSs (if so elected to be deposited with the ADS Depositary on its behalf). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><I>Agreement and Waiver with Respect to Conversion</I>. The Preferred Securities are not convertible into Common Shares at the option of
Holders of Preferred Securities at any time and are not redeemable in cash as a result of a Conversion Event. Notwithstanding any other provision in this Preferred Security or the Indenture, by its acquisition of any Preferred Security, each Holder
and beneficial owner shall be deemed to have (i)&nbsp;agreed to all the terms and conditions of the Preferred Securities, including, without limitation, those related to (y)&nbsp;Conversion following a Trigger Event or Capital Reduction, as the case
may be, and (z)&nbsp;the appointment of the Conversion Shares Depository, the issuance of the Common Shares to the Conversion Shares Depository, and acknowledged that such events in (y)&nbsp;and (z) may occur without any further action on the part
of the Holders or beneficial owners of the Preferred Securities or the Trustee, (ii)&nbsp;agreed that effective upon, and following, the Conversion, no amount shall be due and payable to the Holders of the Preferred Securities so converted (other
than any accrued and unpaid Distributions to be paid upon a Capital Reduction Conversion in accordance with the provision described in the first paragraph under &#147;<I>Conversion Upon Capital Reduction</I>&#148; (where not cancelled or deemed
cancelled pursuant to, or otherwise subject to the limitations on payment set out herein), and the Company&#146;s liability to pay any such amounts (including the Liquidation Preference (and premium, if any) of, or any Distribution in respect of
(other than any accrued and unpaid Distributions to be paid upon a Capital Reduction Conversion in accordance with the provision described in the first paragraph under &#147;<I>Conversion Upon Capital Reduction</I>&#148; (where not cancelled or
deemed cancelled pursuant to, or otherwise subject to the limitations on payment set out herein)), except as noted in the seventh paragraph under &#147;<I>Settlement Procedures</I>&#148; with respect to certain stamp and similar taxes, shall be
automatically released, and the Holders of the Preferred Securities so converted shall not have the right to give a direction to the Trustee with respect to the Conversion Event and any related Conversion, (iii)&nbsp;waived, to the extent permitted
by the Trust Indenture Act, any claim against the Trustee arising out of its acceptance of its trusteeship under, and the performance of its duties, powers and rights in respect of, the Indenture and in connection with the Preferred Securities so
converted or to be converted, including, without limitation, claims related to or arising out of or in connection with a Conversion Event and/or any Conversion and (iv)&nbsp;authorized, directed and requested DTC, the European Clearing Systems and
any </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">21 </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">
direct participant in DTC, the European Clearing Systems or other intermediary or depositary through which it holds such Preferred Securities to be converted to take any and all necessary action,
if required, to implement the Conversion without any further action or direction on the part of such Holder or beneficial owner of such Preferred Securities or the Trustee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><I>Enforcement Events</I>. Each of the following events is an &#147;Enforcement Event&#148; with respect to the Preferred Securities:
(i)&nbsp;the breach of any term, obligation or condition binding on the Company under the Preferred Securities (other than any of the Company&#146;s payment obligations under or arising from the Preferred Securities, including payment of any
Liquidation Preference (and premium, if any), Distributions or Additional Amounts (including upon a Capital Reduction), payment of the Redemption Price or payment of any damages awarded for breach of any obligations)) (a &#147;<B>Performance
Obligation</B>&#148;); or (ii)&nbsp;the occurrence of any voluntary or involuntary liquidation or <FONT STYLE="white-space:nowrap">winding-up</FONT> of the Company (a &#147;<B>Liquidation Event</B>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Neither the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power nor the exercise of any other resolution tool by the
Relevant Spanish Resolution Authority or any action in compliance therewith shall constitute an Enforcement Event or other default under the terms of the Preferred Securities or the Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><I>Liquidation Distribution</I>. Subject as provided in the immediately subsequent paragraph, in the event of any Liquidation Event, Holders
of the Preferred Securities (unless previously converted into Common Shares) shall be entitled to receive out of the assets of the Company available for distribution to Holders of the Preferred Securities, the Liquidation Distribution. Such
entitlement will arise before any distribution of assets is made to holders of Common Shares or any other instrument of the Company ranking junior to the Preferred Securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">If, before the occurrence of a Liquidation Event, a Conversion Event occurs but the relevant conversion of the Preferred Securities into
Common Shares is still to take place when the Liquidation Event occurs, Holders of the Preferred Securities will be entitled to receive out of the relevant assets of the Company a monetary amount equal to that which Holders of such Preferred
Securities would have received on any distribution of the assets of the Company if such conversion had taken place immediately prior to such Liquidation Event. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">After payment of the relevant entitlement in respect of a Preferred Security as described in Section&nbsp;6.02 of the Contingent Convertible
Preferred Securities Indenture, such Preferred Security will confer no further right or claim to any of the remaining assets of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><I>Limitation of Remedies Upon an Enforcement Event</I>. The sole remedies of the Holders of the Preferred Securities and the Trustee under
the Preferred Securities or the Indenture upon the occurrence of an Enforcement Event shall be: (a)&nbsp;with respect to a breach of a Performance Obligation, to seek enforcement of the relevant Performance Obligation; and (b)&nbsp;with respect to a
Liquidation Event, to enforce the entitlement set forth in Section&nbsp;6.02 of the Contingent Convertible Preferred Securities Indenture. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">22 </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; text-indent:8%; font-size:10pt; font-family:Times New Roman"><I>No Other Remedies and Other Terms</I>. Other than the limited remedies specified in Article 6
of the Contingent Convertible Preferred Securities Indenture, and subject to the second paragraph below, no remedy against the Company shall be available to the Trustee (acting on behalf of the Holders) or to the Holders of the Preferred Securities,
whether for the recovery of amounts owing in respect of such Preferred Securities or under the Indenture, or in respect of any breach by the Company of any of the Company&#146;s obligations under or in respect of the terms of such Preferred
Securities or under the Indenture in relation thereto; provided, however, that the Company&#146;s obligations to the Trustee under, and the Trustee&#146;s lien provided for in Section&nbsp;7.08 of the Contingent Convertible Preferred Securities
Indenture and the Trustee&#146;s rights to have money collected applied first to pay amounts due to it under such Section pursuant to Section&nbsp;6.08 of the Contingent Convertible Preferred Securities Indenture shall not be limited or impaired by
Article 6 of the Contingent Convertible Preferred Securities Indenture and expressly survive any Enforcement Event and are not subject to the subordination provisions of Section&nbsp;13.01 of the Contingent Convertible Preferred Securities
Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Notwithstanding the limitations on remedies specified in this Preferred Security and in Article 6 of the Contingent
Convertible Preferred Securities Indenture, (i)&nbsp;the Trustee shall have such powers as are required to be authorized to it under the Trust Indenture Act in respect of the rights of the Holders under the provisions of the Indenture, and
(ii)&nbsp;nothing shall impair the rights of a Holder of the Preferred Securities under the Trust Indenture Act, absent such Holder&#146;s consent, to sue for any payment due but unpaid with respect to the Preferred Securities as provided for in
Section&nbsp;6.10 of the Contingent Convertible Preferred Securities Indenture; provided that, in the case of (i)&nbsp;and (ii) above, any payments in respect of, or arising from, the Preferred Securities, including any payments or amounts resulting
or arising from the enforcement of any rights under the Trust Indenture Act in respect of the Preferred Securities, shall be subject to the subordination provisions set forth in Section&nbsp;13.01 of the Contingent Convertible Preferred Securities
Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">In furtherance of Section&nbsp;7.01 of the Contingent Convertible Preferred Securities Indenture: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;For purposes of Sections 315(a) and 315(c) of the Trust Indenture Act, the term &#147;default&#148; is hereby
defined to mean an Enforcement Event which has occurred and is continuing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything contained
in the Indenture to the contrary, the duties and responsibilities of the Trustee under the Indenture shall be subject to the protections, exculpations and limitations on liability afforded to an indenture trustee under the provisions of the Trust
Indenture Act. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">23 </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; text-indent:8%; font-size:10pt; font-family:Times New Roman"><I>Agreement with Respect to Limitation of Remedies for Breach of a Performance Obligation.</I>
By its acquisition of any Preferred Security, each Holder and beneficial owner of any such Preferred Security acknowledges and agrees that such Holder and beneficial owner will not seek, and will not direct the Trustee to seek, a claim for damages
against the Company in respect of a breach by the Company of a Performance Obligation and that the sole and exclusive remedy that such Holder, beneficial owner and the Trustee may seek under the Preferred Securities and the Indenture for a breach by
the Company of a Performance Obligation is specific performance. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><I>Waiver of Past Enforcement Events</I>. Holders of not less than a
majority in aggregate Liquidation Preference of the Outstanding Preferred Securities may on behalf of the Holders of all of the Preferred Securities waive any past Enforcement Event that results from a breach by the Company of a Performance
Obligation. Holders of a majority of the aggregate Liquidation Preference of the Outstanding Preferred Securities shall not be entitled to waive (i)&nbsp;any past Enforcement Event that results from a Liquidation Event and (ii)&nbsp;any Enforcement
Event in respect of a covenant or provision of the Indenture which under Article 10 of the Contingent Convertible Preferred Securities Indenture cannot be modified or amended without the consent of the Holder of each Outstanding Preferred Security
affected. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Upon the occurrence of any waiver permitted by the paragraph immediately above, such Enforcement Event shall cease to exist,
and any Enforcement Event with respect to the Preferred Securities arising therefrom shall be deemed to have been cured and not to have occurred for every purpose of the Indenture, but no such waiver shall extend to any subsequent or other
Enforcement Event or impair any right consequent thereon. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><I>Subordination</I>. Unless previously converted into Common Shares and except
as provided in the second paragraph under &#147;<I>Liquidation Distribution</I>&#148; above, the obligations of the Company under the Preferred Securities will constitute direct, unconditional, unsecured and subordinated obligations of the Company
and, in case of insolvency (<I>concurso de acreedores</I>) of the Company, in accordance with Additional Provision 14.3 of Law 11/2015 and the Spanish Insolvency Law but only to the extent permitted by the Spanish Insolvency Law or any other
applicable laws relating to or affecting the enforcement of creditors&#146; rights in the Kingdom of Spain and subject to any other ranking that may apply as a result of any mandatory provision of law (or otherwise), for so long as the obligations
of the Company in respect of the Preferred Securities constitute an Additional Tier 1 Instrument of the Company, such Preferred Securities will rank with respect to claims for any Liquidation Preference of such Preferred Securities: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;junior to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A)&nbsp;&nbsp;&nbsp;&nbsp;any unsubordinated obligations of the Company (including where those obligations subsequently become
subordinated pursuant to Article 92.1&ordm; of the Spanish Insolvency Law); and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">24 </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; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B)&nbsp;&nbsp;&nbsp;&nbsp;any claim for principal in respect of any other
contractually subordinated obligations of the Company, present and future, not constituting Additional Tier 1 Capital of the Company for the purposes of Section&nbsp;3 of Additional Provision 14 of Law 11/2015 (other than, to the extent permitted by
law, any Parity Securities, whether so ranking by law or their terms); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;<I>pari passu </I>with: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A)&nbsp;&nbsp;&nbsp;&nbsp;each other claim for any Liquidation Preference of Preferred Securities; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B)&nbsp;&nbsp;&nbsp;&nbsp;all other claims in respect of any liquidation preference or otherwise for principal in respect of
contractually subordinated obligations of the Company under any outstanding Additional Tier 1 Instruments, present and future; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(C)&nbsp;&nbsp;&nbsp;&nbsp;any other Parity Securities (whether so ranking by law or their terms), to the extent permitted by
law; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;senior to the Common Shares or any other subordinated obligations of the Company which by law rank
junior to the Preferred Securities (including, to the extent permitted by law, any contractually subordinated obligations of the Company expressed by their terms to rank junior to the Preferred Securities). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The obligations of the Company under the Preferred Securities are subject to, and may be limited by, the exercise of the Spanish <FONT
STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The Company agrees with respect to the
Preferred Securities and each Holder and beneficial owner of a Preferred Security, by his or her acquisition of a Preferred Security, will be deemed to have agreed to the subordination as described herein. To the extent permitted by Spanish law,
each such Holder and beneficial owner will be deemed to have irrevocably waived his or her rights of priority which would otherwise be accorded to him or her under the laws of the Kingdom of Spain, to the extent necessary to effectuate the
subordination provisions of the Preferred Security. In addition, each Holder and beneficial owner of Preferred Securities by his or her acquisition of the securities, to the extent permitted by Spanish law, authorizes and directs the Trustee on his
or her behalf to take such action as may be necessary or appropriate to effectuate the subordination of the relevant Preferred Securities as provided in the Indenture and as summarized herein and appoints the Trustee his <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorney-in-fact</FONT></FONT> for any and all such purposes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><I>Waiver of
Right of <FONT STYLE="white-space:nowrap">Set-Off</FONT></I>. Subject to applicable law, neither any Holder or beneficial owner of Preferred Securities nor the Trustee acting on behalf of the Holders of the Preferred Securities may exercise, claim
or plead any right of <FONT STYLE="white-space:nowrap">set-off,</FONT> compensation or retention in respect of any amount owed to it by the Company in respect of, or arising under, or in connection with, the Preferred Securities or the Indenture and
each Holder and beneficial owner of Preferred Securities, by virtue of its holding of any Preferred Securities or any interest therein, and the Trustee acting on behalf of the Holders of the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">25 </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">
Preferred Securities, shall be deemed to have waived all such rights of <FONT STYLE="white-space:nowrap">set-off,</FONT> compensation or retention. If, notwithstanding the above, any amounts due
and payable to any Holder or beneficial owner of a Preferred Security or any interest therein by the Company in respect of, or arising under, the Preferred Securities are discharged by <FONT STYLE="white-space:nowrap">set-off,</FONT> such Holder or
beneficial owner shall, subject to applicable law, immediately pay an amount equal to the amount of such discharge to the Company (or, if a Liquidation Event shall have occurred, the liquidator or administrator of the Company, as the case may be)
and, until such time as payment is made, shall hold an amount equal to such amount in trust (where possible) or otherwise for the Company (or the liquidator or administrator of the Company, as the case may be) and, accordingly, any such discharge
shall be deemed not to have taken place. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><I>Limitation on Suits</I>. No Holder (which, for the purposes of this paragraph, includes each
holder of a beneficial interest in the Preferred Securities) of any Preferred Security shall have any right to institute any proceeding, judicial or otherwise, with respect to such Preferred Security, the Indenture, or for the appointment of a
receiver or trustee, or for any other remedy hereunder, unless such Holder fulfils the requirements of Section&nbsp;6.09 of the Contingent Convertible Preferred Securities Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><I>Consolidation, Merger, Conveyance or Transfer</I>. The Company may, without the consent of Holders of the Preferred Securities, consolidate
or amalgamate with or merge into any other Person or Persons (whether or not affiliated with the Company) or sell, convey or transfer or lease its properties and assets as an entirety or substantially as an entirety to any Person (whether or not
affiliated with the Company), subject to the conditions set forth in Section&nbsp;9.01 of the Contingent Convertible Preferred Securities Indenture except that the condition set forth in Section&nbsp;9.01(d) shall not be applicable if the acquiring
or resulting successor corporation (the &#147;<B>successor corporation</B>&#148;) is a holding company of the Company or a wholly-owned subsidiary of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">In the event of assumption of the Company&#146;s obligations in connection with a merger, consolidation, amalgamation, conveyance, transfer or
lease of substantially all of its assets, the Company shall be released from all obligations and covenants under the Indenture or this Preferred Security, as the case may be, and the successor corporation formed by such consolidation or amalgamation
or into which the Company is merged or to which such conveyance, transfer or lease is made shall succeed to and be substituted for, and may exercise every right and power of, the Company under the Indenture with the same effect as if such successor
corporation had been named as the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Any holding company of the Company or any wholly-owned subsidiary of the Company (the
&#147;<B>successor entity</B>&#148;) may without the consent of the Holders of the Preferred Securities, assume the obligations of the Company (or of any Person which shall have previously assumed the obligations of the Company) under the Contingent
Convertible Preferred Securities of such series, subject to the conditions set forth in Section&nbsp;9.03 of the Contingent Convertible Preferred Securities Indenture. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">26 </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; text-indent:8%; font-size:10pt; font-family:Times New Roman">Upon any such assumption, the successor entity shall succeed to, and be substituted for, and may
exercise every right and power of, the Company under the Indenture with respect to the Preferred Securities with the same effect as if such successor entity had been named as the Company in the Indenture, and the Company or any legal and valid
successor entity which shall theretofore have become such in the manner prescribed herein, shall be released from all liability as obligor upon the Preferred Securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">In the event of any merger, consolidation, amalgamation, conveyance, transfer, lease or assumption permitted as provided above under this
section &#147;<I>Consolidation, Merger, Conveyance or Transfer</I>&#148;, Additional Amounts under the Preferred Securities will thereafter be payable in respect of taxes imposed by the successor corporation&#146;s or successor entity&#146;s, as the
case may be, jurisdiction of incorporation or tax residence (subject to exceptions equivalent to those that apply to the obligation to pay Additional Amounts as required under Section&nbsp;11.04 of the Contingent Convertible Preferred Securities
Indenture in respect of taxes imposed in the Kingdom of Spain) rather than taxes imposed by the Kingdom of Spain. Additional Amounts with respect to payments of Distributions due prior to the date of such merger, consolidation, amalgamation,
conveyance, transfer, lease or assumption will be payable only in respect of taxes imposed by the Kingdom of Spain. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The successor
corporation or successor entity, as the case may be, will also be entitled to redeem the Preferred Securities in the circumstances described in, and in accordance with, the section &#147;<I>Optional Redemption due to a Tax Event</I>&#148;, except
that if such successor corporation or successor entity, as the case may be, is not incorporated or tax resident in the Kingdom of Spain (i)&nbsp;references to the Kingdom of Spain in the definition of &#147;Tax Event&#148; shall be deemed to refer
to the successor corporation&#146;s or successor entity&#146;s, as the case may be, jurisdiction of incorporation or tax residence, and (ii)&nbsp;the change in, or amendment to, the laws or regulations of such jurisdiction of incorporation or tax
residence or of any political subdivision thereof or any authority or agency therein or thereof having power to tax, or the change in the application or binding official interpretation or administration of any such laws or regulations giving rise to
a Tax Event shall become effective subsequent to the date of any merger, consolidation, amalgamation, conveyance, transfer, lease or assumption permitted under this &#147;<I>Consolidation, Merger, Conveyance or Transfer</I>&#148;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><I>Agreement and Acknowledgment with Respect to the Exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power.</I>
Notwithstanding any other term of the Preferred Securities, the Indenture or any other agreements, arrangements, or understandings between the Company and any Holder of the Preferred Securities, by its acquisition of the Preferred Securities, each
Holder (which, for the purposes of the below, includes each holder of a beneficial interest in the Preferred Securities) acknowledges, accepts, consents to and agrees to be bound by: (i)&nbsp;the exercise and effect of the Spanish <FONT
STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority, which may be imposed with or without any prior notice with respect to the Preferred Securities, and may include and result in any of the following, or some
combination thereof: (A)&nbsp;the reduction or cancellation of all, or a portion, of the Amounts Due on the Preferred Securities; (B)&nbsp;the conversion of all, or a portion, of the Amounts Due on the Preferred Securities into shares, other
securities or other obligations of the Company or another Person (and the issue to or conferral on the Holder of any </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">27 </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">
such shares, securities or obligations), including by means of an amendment, modification or variation of the terms of the Preferred Securities; (C)&nbsp;the cancellation of the Preferred
Securities; (D)&nbsp;the inclusion of a maturity date for the Preferred Securities or the amendment or alteration thereof, or the amendment of the Liquidation Preference or Distributions payable on the Preferred Securities, or the date on which
Distributions become payable, including by suspending payment for a temporary period; and (ii)&nbsp;the variation of the terms of the Preferred Securities or the rights of the Holders thereunder or under the Indenture, if necessary, to give effect
to the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">By its
acquisition of the Preferred Securities, each Holder acknowledges and agrees that neither a reduction or cancellation, in part or in full, of the Amounts Due on the Preferred Securities or the conversion thereof into another security or obligation
of the Company or another Person, in each case as a result of the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority with respect to the Company, nor the exercise of the Spanish
<FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority with respect to the Preferred Securities shall: (i)&nbsp;give rise to a default or event of default for purposes of Section&nbsp;315(b) (Notice of
Defaults) and Section&nbsp;315(c) (Duties of the Trustee in Case of Default) of the Trust Indenture Act; or (ii)&nbsp;be a default or an Enforcement Event with respect to the Preferred Securities or under the Indenture. By its acquisition of the
Preferred Securities, each Holder further acknowledges and agrees that no repayment or payment of Amounts Due on the Preferred Securities shall become due and payable or be paid after the exercise of the Spanish
<FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority if, and to the extent that, such amounts have been reduced, converted, cancelled, amended or altered as a result of such exercise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">By its acquisition of the Preferred Securities, each Holder, to the extent permitted by the Trust Indenture Act, waives any and all claims, in
law and/or in equity, against the Trustee for, agrees not to initiate a suit against the Trustee in respect of, and agrees that the Trustee shall not be liable for, any action that the Trustee takes, or abstains from taking, in either case in
accordance with the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority with respect to the Preferred Securities. Additionally, by its acquisition of the Preferred Securities,
each Holder acknowledges and agrees that, upon the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority with respect to the Preferred Securities: (i)&nbsp;the Trustee shall not be
required to take any further directions from the Holders with respect to any portion of the Preferred Securities that is written down, converted to equity and/or cancelled under Section&nbsp;6.14 of the Contingent Convertible Preferred Securities
Indenture; and (ii)&nbsp;the Indenture shall not impose any duties upon the Trustee whatsoever with respect to the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority; provided,
however, that notwithstanding the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority with respect to the Preferred Securities, so long as any Preferred Securities remain
outstanding, there shall at all times be a trustee for the Preferred Securities in accordance with the Indenture, and the resignation and/or removal of the Trustee and the appointment of a successor trustee shall continue to be governed by this
Indenture, including to the extent no additional supplemental indenture or amendment is agreed upon in the event the Preferred Securities remain outstanding following the completion of the exercise of the Spanish
<FONT STYLE="white-space:nowrap">Bail-in</FONT> Power. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">28 </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; text-indent:8%; font-size:10pt; font-family:Times New Roman">By its acquisition of the Preferred Securities, each Holder shall be deemed to have authorized,
directed and requested the relevant Depositary, Clearing Systems and any direct participant in any relevant Clearing System or other intermediary through which it holds such Preferred Securities to take any and all necessary action, if required, to
implement the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power with respect to the Preferred Securities as it may be imposed, without any further action or direction on the part of such Holder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Upon the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority with
respect to the Preferred Securities, the Company or the Relevant Spanish Resolution Authority (as the case may be) shall provide a written notice to the relevant Depositary as soon as practicable regarding such exercise of the Spanish <FONT
STYLE="white-space:nowrap">Bail-in</FONT> Power for purposes of notifying the Holders of such Preferred Securities. The Company shall also deliver a copy of such notice to the Trustee for information purposes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">If the Company has elected to redeem the Preferred Securities but, prior to the payment of the Redemption Price to Holders, the Relevant
Spanish Resolution Authority exercises its Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power with respect to the Preferred Securities, the relevant redemption notice shall be automatically rescinded and shall be of no force and effect,
there shall be no redemption and consequently no payment of the Redemption Price (and any other amounts payable in accordance with Article 12 of the Contingent Convertible Preferred Securities Indenture) will be due and payable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">By its acquisition of the Preferred Securities, each Holder acknowledges, accepts, consents to and agrees to be bound by (i)&nbsp;the exercise
and effect of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority, which may be imposed with or without any prior notice, with respect to any Common Shares that may be delivered to it upon
the Conversion (if any) of the Preferred Securities, and (ii)&nbsp;the variation of the terms of such Common Shares to give effect to the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish
Resolution Authority. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Each Holder that acquires Preferred Securities in the secondary market or otherwise shall be deemed to acknowledge
and agree to be bound by and consent to the same provisions specified herein and in the Indenture to the same extent as the Holders that acquire the Preferred Securities upon their initial issuance, including, without limitation, with respect to the
above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;*&nbsp;&nbsp;* </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This
Preferred Security, and any other Contingent Convertible Preferred Securities of this series and of like tenor, are issuable only in registered form without coupon. The Preferred Securities shall carry a Liquidation Preference of $200,000 per
Preferred Security. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">29 </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"><B>This Preferred Security and the Indenture (except as set forth herein and therein) shall be governed by and
construed in accordance with the laws of the State of New York applicable to agreements made or instruments entered into and, in each case, performed in said state, except that the authorization and execution by the Company of the Indenture, the
authorization, issuance and execution by the Company of the Preferred Securities and Section&nbsp;13.01(a) of the Contingent Convertible Preferred Securities Indenture shall be governed by and construed in accordance with the common laws of the
Kingdom of Spain. </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">30 </P>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>4
<FILENAME>d494378dex51.htm
<DESCRIPTION>EX-5.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-5.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 5.1 </B></P> <P STYLE="font-size:18pt;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" ALIGN="center">


<TR>
<TD WIDTH="22%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="49%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="16%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="9%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD COLSPAN="3" VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>New York</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Northern&nbsp;California</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Washington DC</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>S&atilde;o Paulo</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>London</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Paris</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Madrid</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Tokyo</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Beijing</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>Hong&nbsp;Kong</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em" ALIGN="center">


<IMG SRC="g494378g29i29.jpg" ALT="LOGO">
</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Davis Polk&nbsp;&amp; Wardwell LLP</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Paseo de la Castellana, 41</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">28046 Madrid</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">91&nbsp;768&nbsp;9600&nbsp;tel</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">91&nbsp;768&nbsp;9700&nbsp;fax</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="3" VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">November&nbsp;16, 2017 </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Banco
Bilbao Vizcaya Argentaria, S.A. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Calle Azul, 4 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">28050 Madrid
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Spain </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>Banco Bilbao Vizcaya Argentaria, S.A. (&#147;<B>BBVA</B>&#148;), a <B></B><I>sociedad an&oacute;nima</I><B></B> organized under the laws
of the Kingdom of Spain (&#147;<B>Spain</B>&#148;), filed with the Securities and Exchange Commission a Registration Statement on Form F-3 (File No.&nbsp;333-212729) (the &#147;<B>Registration Statement</B>&#148;) and the related Prospectus (the
&#147;<B>Prospectus</B>&#148;) for the purpose of registering under the Securities Act of 1933, as amended (the &#147;<B>Securities Act</B>&#148;), certain securities, including BBVA&#146;s $1,000,000,000 non-step-up non-cumulative contingent
convertible perpetual preferred tier 1 securities (the &#147;<B>Securities</B>&#148;). The Securities are to be issued pursuant to the provisions of the Contingent Convertible Preferred Securities Indenture dated as of September&nbsp;25, 2017 (the
&#147;<B>Base Indenture</B>&#148;) among BBVA and The Bank of New York Mellon, acting through its London Branch, as trustee, paying and conversion agent and principal paying agent, and The Bank of New York Mellon, as contingent convertible security
registrar, as modified and supplemented by the First Supplemental Indenture dated as of November&nbsp;16, 2017 pursuant to which the Securities are to be issued (the &#147;<B>Supplemental Indenture</B>&#148; and, together with the Base Indenture (as
modified and supplemented by the Supplemental Indenture), the &#147;<B>Indenture</B>&#148;). The Securities are to be sold pursuant to the Underwriting Agreement (the &#147;<B>Underwriting Agreement</B>&#148;) incorporated by reference in the
Pricing Agreement dated November&nbsp;8, 2017 (together with the Underwriting Agreement, the &#147;<B>Pricing Agreement</B>&#148;) among BBVA and the several underwriters named therein (the &#147;<B>Underwriters</B>&#148;).<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">We, as your counsel, have examined originals or copies of such documents, corporate records, certificates of public officials and other
instruments as we have deemed necessary or advisable for the purpose of rendering this opinion. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">In rendering the opinions expressed
herein, we have, without independent inquiry or investigation, assumed that (i)&nbsp;all documents submitted to us as originals are authentic and complete, (ii)&nbsp;all documents submitted to us as copies conform to authentic, complete originals,
(iii)&nbsp;all signatures on all documents that we reviewed are genuine, (iv)&nbsp;all natural persons executing documents had and have the legal capacity to do so, (v)&nbsp;all statements in certificates of public officials and officers of BBVA
that we reviewed were and are accurate and (vi)&nbsp;all representations made by BBVA as to matters of fact in the documents that we reviewed were and are accurate. </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">Based upon the foregoing, and subject to the additional assumptions and qualifications set forth
below, we advise you that, in our opinion, assuming that the Securities have been duly executed and authenticated in accordance with the provisions of the Indenture and delivered to and paid for by the Underwriters pursuant to the Pricing Agreement,
the Securities (other than the terms thereof governed by Spanish law, as to which we express no opinion) will constitute valid and binding obligations of BBVA, enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency
and similar laws affecting creditors&#146; rights generally, concepts of reasonableness and equitable principles of general applicability, and may be subject to possible judicial or regulatory actions giving effect to governmental actions or foreign
laws affecting creditors&#146; rights, provided that we express no opinion as to the validity, legally binding effect or enforceability of any provision that permits holders to collect any portion of stated principal amount upon acceleration of the
Securities to the extent determined to constitute unearned interest. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>In connection with the opinion expressed above, we have
assumed that BBVA is validly existing as a corporation under the laws of the Kingdom of Spain. In addition, we have assumed that the Indenture and the Securities (collectively, the &#147;<B>Documents</B>&#148;) are valid, binding and enforceable
agreements of each party thereto. We have also assumed that the execution, delivery and performance by each party to each Document to which it is a party (a)&nbsp;are within its corporate powers, (b)&nbsp;do not contravene, or constitute a default
under, the bylaws or other constitutive documents of such party, (c)&nbsp;require no action by or in respect of, or filing with, any governmental body, agency or official and (d)&nbsp;do not contravene, or constitute a default under, any provision
of applicable law, regulation or public policy or any judgment, injunction, order or decree or any agreement or other instrument binding upon such party.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">We express no opinion as to (i)&nbsp;any provisions in the Indenture that purport to waive objections to venue, claims that a particular
jurisdiction is an inconvenient forum or the like, (ii)&nbsp;whether a United States federal court would have subject-matter or personal jurisdiction over a controversy arising under the Indenture or the Securities or (iii)&nbsp;the effectiveness of
any service of process made other than in accordance with applicable law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">We express no opinion as to (i)&nbsp;whether a New York State
or United States federal court would render or enforce a judgment in a currency other than U.S. Dollars or (ii)&nbsp;the exchange rate that such a court would use in rendering a judgment in U.S. Dollars in respect of an obligation in any other
currency. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">We also express no opinion with respect to any provision of the Indenture or the Securities relating to the Spanish Bail-in
Power (as such term is defined therein). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">We are members of the Bar of the State of New York and the foregoing opinion is limited to the
laws of the State of New York and the federal laws of the United States, except that we express no opinion as to any law, rule or regulation that is applicable to BBVA, the Documents or such transactions solely because such law, rule or regulation
is part of a regulatory regime applicable to any party to any of the Documents or any of its affiliates due to the specific assets or business of such party or such affiliate. Insofar as the foregoing opinion involves matters governed by the laws of
the Kingdom of Spain, we have relied, without independent inquiry or investigation, on the opinion of J&amp;A Garrigues, S.L.P., Spanish legal counsel for BBVA, to be filed as an exhibit to a report on Form 6-K to be filed by BBVA on the date
hereof, and our opinion is subject to the qualifications, assumptions and limitations set forth therein.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">We hereby consent to the filing
of this opinion as an exhibit to a report on Form 6-K to be filed by BBVA on the date hereof and its incorporation by reference into the Registration Statement and further consent to the reference to our name under the caption &#147;Validity of the
Securities&#148; in the prospectus supplement which is a part of the Registration Statement. In giving this consent, we do not admit that we are in the category of persons whose consent is required under Section&nbsp;7 of the Securities Act. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></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="bottom" ALIGN="center">2</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></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">Very truly yours, </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ Davis Polk&nbsp;&amp; Wardwell LLP </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></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="bottom" ALIGN="center">3</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR></TABLE>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.2
<SEQUENCE>5
<FILENAME>d494378dex52.htm
<DESCRIPTION>EX-5.2
<TEXT>
<HTML><HEAD>
<TITLE>EX-5.2</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Exhibit 5.2 </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g494378g44s48.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">November&nbsp;16, 2017 </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>To: </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><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">Calle Azul 4, 28050 Madrid, Espa&ntilde;a </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>Re: Banco Bilbao Vizcaya Argentaria, S.A. issue of Non-Step-Up Non-Cumulative Contingent Convertible Perpetual Preferred Tier 1 Securities
(</B><B><I>Participaciones Preferentes</I></B><B>) (the &#147;Issue&#148;) of $200,000 liquidation preference each (the &#147;Preferred Securities&#148;) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>We have acted as Spanish legal counsel for Banco Bilbao Vizcaya Argentaria, S.A. (hereinafter, &#147;<B>BBVA</B>&#148; or the
&#147;<B>Issuer</B>&#148;) in connection with the Issue and the pricing and underwriting agreements dated November&nbsp;8, 2017 (the &#147;<B>Underwriting Agreement</B>&#148;) entered into among the Issuer and BBVA Securities Inc., Citigroup Global
Markets Inc., Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner&nbsp;&amp; Smith Incorporated (the<B> &#147;Underwriters&#148;</B>). <B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Preferred Securities will be issued under the indenture (the &#147;<B>Base Indenture</B>&#148;) dated September&nbsp;25, 2017 between
BBVA, as issuer, and The Bank of New York Mellon, as trustee, paying and conversion agent and principal paying agent (the &#147;<B>Trustee</B>&#148; or the &#147;<B>Principal Paying Agent</B>&#148;), as amended and supplemented by the First
Supplemental Indenture dated November&nbsp;16, 2017 (the &#147;<B>First Supplemental Indenture</B>&#148; and together with the Base Indenture (as amended and supplemented by the First Supplemental Indenture), the &#147;<B>Indenture</B>&#148;),
following the granting of the public deed of issuance by the Issuer on November&nbsp;10, 2017 in front of the Public Notary of Madrid, Mr.&nbsp;Rodrigo Tena Arregui, with number 1,969 of his official records (the &#147;<B>Public Deed</B>&#148;) and
its registration with the Commercial Registry of Vizcaya (Bizkaia) on November&nbsp;14, 2017 with record number 3,703 of the corporate sheet of the Issuer open at the said commercial registry. Hereinafter, the Underwriting Agreement and the
Indenture will be referred to as the &#147;<B>Agreements</B>&#148;. </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="5%" 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>Background</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">For the purposes of issuing this legal opinion, we have reviewed and examined originals or copies certified or otherwise
identified to our satisfaction, of such records of the Issuer and such other documents and certificates, and made such inquiries with officers of the Issuer as we have deemed necessary as a basis for the opinions hereinafter expressed. In
particular, we have reviewed and examined copies of the following documents: </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" ALIGN="center">


<IMG SRC="g494378g73h68.jpg" ALT="LOGO">
 </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="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a copy of the Agreements; </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="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a copy of the Public Deed; </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="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a copy of the executed the Preferred Securities; </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="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a photocopy of the deed of incorporation of the Issuer granted on October&nbsp;1, 1988, before the Notary
Public of Bilbao Mr.&nbsp;Jos&eacute; Mar&iacute;a Arriola Arana with the number 4,350 of his official records; </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="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a copy of the by-laws of the Issuer (the &#147;<B>By-Laws</B>&#148;); </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="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a copy of the certification issued by the Secretary of the Board of Directors of the Issuer including the
resolutions passed by the Shareholders Meeting on March&nbsp;17, 2017 and the Board of Directors of such company on September&nbsp;27, 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="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">7.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a copy of the directors&#146; report (&#147;<I>Informe de Administradores</I>&#148;) prepared by the Board of
Directors in relation to the issue of the Preferred Securities; </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="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">8.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a copy of the report prepared by BDO Auditores, S.L. dated November&nbsp;3, 2017 in relation to the
directors&#146; report referred to immediately above; </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="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">9.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a copy of the registration statement on Form F-3 (File No.&nbsp;333-212729) and Amendment No.&nbsp;1 thereto
filed with the Securities and Exchange Commission (the &#147;<B>Registration Statement</B>&#148;); </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="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">10.</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 Disclosure Package, as defined below, including a copy of the Preliminary Prospectus Supplement filed with
the Securities and Exchange Commission on November&nbsp;7, 2017 (the &#147;<B>Preliminary Prospectus Supplement</B>&#148;) and a copy of the Prospectus Supplement filed with the Securities and Exchange Commission on November&nbsp;9, 2017 (the
&#147;<B>Prospectus Supplement</B>&#148;); </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="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">11.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a copy of the public deed executed before the Notary Public of Madrid Mr.&nbsp;Ram&oacute;n Corral Beneyto on
November&nbsp;17, 2011 under number 2,120 of his official records under which the Issuer granted powers of attorney in favor of Mr.&nbsp;Antonio Joaquin Borraz Peralta, such deed being duly registered with the Commercial Registry of Vizcaya under
Volume 5.249, Sheet 17, Page BI-17(A), entry n&ordm; 2,725; </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="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">12.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">an on-line excerpt (<I>nota simple telem&aacute;tica</I>) of the data of the Issuer issued by the Commercial
Registry of Vizcaya as of November&nbsp;10, 2017; and </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 2 - </P>


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

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


<IMG SRC="g494378g73h68.jpg" ALT="LOGO">
 </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="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">13.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">search result dated November&nbsp;16, 2017 for the Issuer on the website of the registers of the Bank of
Spain, on the CNMV website and on the online Public Register of Insolvency Decisions (<U>www.publicidadconcursal.es</U>). </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="5%" 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></B><B>Assumptions underlying the opinion</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">On issuing this opinion, we assume that: </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="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">a)</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 documents we have consulted and reviewed to issue this opinion and the signatures, stamps and seals
attached thereto are accurate, genuine and complete and have not been modified or rendered null and void by any documents other than those provided by the consulted and reviewed sources; </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="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">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">the photocopies of the documents provided to us in order to issue this opinion are true and complete copies of
their originals; </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="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">c)</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 signatures and seals appearing in the executed documents submitted to us are authentic;
</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="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">d)</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 Underwriters, the Principal Paying Agent and the Trustee and any other party different from the Issuer,
have the corporate power and authority to enter into and perform as provided for under the Agreements and have taken all respective and necessary corporate action to authorize the execution, delivery and performance of the Agreements, thereby
becoming legal and valid obligations binding on the parties thereto (except for the Issuer) (and are not subject to avoidance by any person) under all applicable laws and in all applicable jurisdictions (other than the laws of Spain) and insofar as
any of such Agreements and other documents is to be performed in any jurisdiction other than Spain, its performance will not be illegal or ineffective by virtue of the laws of that jurisdiction; </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="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">e)</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 individuals that execute the Agreements on behalf of the parties thereto (except for the Issuer), as the
case may be, have the power, and have been authorized by all necessary corporate action, to execute and deliver the Agreements; </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="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">f)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">all deeds, instruments, agreements and other documents in relation to the matters contemplated by the
Agreements are within the capacity and powers of, have been validly authorized, executed and delivered by the parties thereto (except for the Issuer); </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="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">g)</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 absence of fraud and the presence of good faith on the part of the Issuer; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 3 - </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" ALIGN="center">


<IMG SRC="g494378g73h68.jpg" ALT="LOGO">
 </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="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">h)</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 representations and warranties (other than any representations and warranties as to which we are
expressing opinion herein) given by each of the parties to the Agreements are in each case true, accurate and complete in all respects; </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="5%">&nbsp;</TD>
<TD WIDTH="5%" 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">without having made any investigation, that the Agreements, governed by the laws of the State of New York, and
any other applicable laws other than the laws of Spain, constitute legal, valid, binding and enforceable obligations to the respective parties thereto under such laws; </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="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">j)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">there are no contractual or similar restrictions binding on any person which would affect the conclusions of
this opinion resulting from any agreement or arrangement not being a document specifically examined by us for the purposes of this opinion and there are no arrangements between any of the parties to the documents which modify or supersede any of the
terms thereof (it being understood that we are not aware of the existence of any such agreement or arrangement); </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="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">k)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">insofar as any obligation under the documents examined is to be performed in, or is otherwise subject to, any
jurisdiction other than the Kingdom of Spain, their performance will not be illegal or ineffective by virtue of any law of, or contrary to public policy in, that jurisdiction; and </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="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">l)</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 Registration Statement, and the related prospectus (including the Incorporated Documents) dated
September&nbsp;25, 2017, relating to the Preferred Securities (hereinafter referred to as the &#147;<B>Base Prospectus</B>&#148;) as supplemented by the Preliminary Prospectus Supplement, together with the pricing term sheet substantially in the
form set forth in Appendix A to the Underwriting Agreement for the Preferred Securities, including any amendment thereto, are hereinafter called the &#147;<B>Disclosure Package</B>&#148;, and as supplemented by the Prospectus Supplement (hereinafter
referred to as the &#147;<B>Prospectus</B>&#148;) have been filed with the United States Securities and Exchange Commission (the &#147;<B>Commission</B>&#148;). </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="5%" 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>Scope of the opinion</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">This opinion refers solely and exclusively to legal matters and is issued solely with respect to Spanish law in force on the
date hereof. </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="5%" 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>Opinion</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="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">A.</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 Issuer is a limited liability company (&#147;<I>Sociedad An&oacute;nima</I>&#148;) duly incorporated and
validly existing under the laws of the Kingdom of Spain and has full power and capacity to conduct its businesses as described in the Disclosure Package and the Prospectus, to enter into the Agreements and the Public Deed, to issue the Preferred
Securities, to undertake and perform its obligations established thereunder and to issue the Common Shares upon conversion of said Preferred Securities, as the case maybe. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 4 - </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" ALIGN="center">


<IMG SRC="g494378g73h68.jpg" ALT="LOGO">
 </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="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">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">The Issuer has all requisite power and authority to enter into and perform its obligations under the
Agreements and the Public Deed, to issue and perform its obligations under the Preferred Securities and has taken all necessary actions to approve and authorize the execution and delivery of the Agreements and the Public Deed and the issuance of the
Preferred Securities, the performance of its obligations thereunder and to issue the Common Share upon conversion of said Preferred Securities, as the case maybe. </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="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">C.</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 Issuer, as a limited liability company (&#147;<I>Sociedad An&oacute;nima</I>&#148;), has all the requisite
corporate power and authority to issue the Preferred Securities, as provided for in the Agreements and the Base Prospectus. </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="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">D.</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 Issuer is not in liquidation, dissolution, insolvency or similar proceedings, and no liquidation,
administrator or receiver or analogous person under the laws of the Kingdom of Spain has been appointed over all or any of the Issuer&#146;s assets. To the best of our knowledge, and based on the information available at the online Public Register
of Insolvency Decisions (<U>www.publicidadconcursal.es</U>), no notice of commencement of insolvency proceedings has been filed in respect of the Issuer. </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="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">E.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Save for the registration of the Public Deed (<I>Escritura de Emisi&oacute;n</I>) with the Commercial
Registry, which has taken place, no other consents, approvals, authorizations, orders, regulations, qualifications or clearances of or with any court or governmental agency or regulatory body in Spain having jurisdiction over the Issuer and its
subsidiaries or any of their properties or of any stock exchange authorities in Spain is required for (i)&nbsp;the valid authorization, execution and delivery by the Issuer of the Agreements and the Public Deed and the performance of its obligations
thereunder and the issuance, delivery and sale of the Preferred Securities (subject to the selling restrictions in Spain contained in the Underwriting Agreement and the Disclosure Package and the Prospectus) and the performance of its obligations
thereunder, (ii)&nbsp;to effect distributions and any payments in United States of America dollars under the Preferred Securities or (iii)&nbsp;for the consummation of the other transactions by the Issuer. </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="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">F.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">All Common Shares to be received by holders of Preferred Securities, in accordance with the Indenture, when
issued and delivered upon conversion in accordance with the terms of said Indenture, and therefore, once, a public deed of issuance of such Common Share is executed and registered within the Mercantile Registry (<I>Registro Mercantil</I>), will be
duly authorized, fully </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 5 - </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" ALIGN="center">


<IMG SRC="g494378g73h68.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:10%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">paid, non-assessable and validly issued and credited as fully paid under the existing laws
of Spain, and will not be subject to further call or contribution; and no other consents, approvals, authorizations, orders, regulations, qualifications or clearances of or with any court or governmental agency or regulatory body in Spain having
jurisdiction over the Issuer and its subsidiaries or any of their properties or of any stock exchange authorities in Spain is required for the valid authorization, execution and delivery by the Issuer of Common Shares upon conversion. </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="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">G.</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 Agreements, the Public Deed and the Preferred Securities have been duly authorized, executed, issued and
delivered by the Issuer, as applicable, and constitute legal, valid, binding and enforceable obligations of the Issuer, enforceable against the Issuer in accordance with their terms, are in appropriate form to be admissible in evidence in the Courts
of the Kingdom of Spain and contain no material provision that is contrary to law or public policy in the Kingdom of Spain. </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="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">H.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Each of the individuals signing the Agreements, the Public Deed and the Preferred Securities in the name and
on behalf of the Issuer, was, at the time of execution of the Agreements, the Public Deed and the Preferred Securities, duly empowered to act in the name and on behalf of the Issuer. </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="5%">&nbsp;</TD>
<TD WIDTH="5%" 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 execution and delivery of the Agreements, the Public Deed and the Preferred Securities and the
consummation of the transactions therein contemplated and compliance with the terms thereof do not conflict with or result in a breach of: </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="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any provision of the By-Laws; </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="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(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">any present law or regulation in force in Spain; </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="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any judicial or administrative order binding on the Issuer or its assets of which we are aware taking into
account that no review or investigation on this subject has been performed; or </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="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(d)</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 principles of public policy (&#147;<I>orden p&uacute;blico</I>&#148;) as these are construed in Spain as
of the date of this opinion. </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="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">J.</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 issued and outstanding share capital of the Issuer has been duly and validly authorized, has been issued
and fully paid-in and is not subject to any call for the payment of further capital and is non-assessable. </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="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">K.</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 Preferred Securities have been duly authorized and validly issued, are fully paid-in and non-assessable;
no holder thereof is or will be subject to personal liability by reason only of being such a holder; and the Preferred Securities are not subject to pre-emptive rights of any shareholder. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 6 - </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" ALIGN="center">


<IMG SRC="g494378g73h68.jpg" ALT="LOGO">
 </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="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">L.</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 statements made in the Disclosure Package and the Prospectus and any amendments thereto under the captions
&#147;Description of BBVA Ordinary Shares&#148;, &#147;Description of BBVA American Depositary Shares&#148;, &#147;Description of Rights to Subscribe for Ordinary Shares&#148;, &#147;Description of the Contingent Convertible Preferred Securities of
BBVA&#148;, &#147;Enforcement of Civil Liabilities&#148; and &#147;Spanish Tax Considerations&#148;, and related to the ranking of the Preferred Securities, to the extent that they relate to matters of Spanish law or taxation, are true and accurate
and there are no facts the omission of which from such statements would make the same misleading in any material respect. </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="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">M.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">No filing or registration of the Registration Statement, the Disclosure Package, the Prospectus or any other
offering document or circular is necessary under Spanish law in connection with the issuance, sale or delivery of the Preferred Securities to the Underwriters, in the manner contemplated hereby, or the resale and delivery of such Preferred
Securities by the Underwriters in the manner contemplated in the Prospectus and the Agreements. </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="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">N.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Insofar as matters of Spanish law are concerned, the Registration Statement, the Disclosure Package, the
Prospectus have been duly authorized by and on behalf of the Issuer. </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="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">O.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Under the laws of Spain, neither the Issuer nor any of its assets (including properties) have any immunity
from service of process, suit or proceedings or from the enforcement of any judgment, including attachments (whether on the grounds of sovereign immunity or otherwise). </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="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">P.</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 provisions contained in Section&nbsp;13.01(a) of the Base Indenture and Section&nbsp;2.03 (h)&nbsp;of the
Supplemental Indenture (which amends Section&nbsp;13.01 (a)&nbsp;of the Base Indenture), which are expressed to be governed by Spanish law, constitute legal, valid and binding obligations of the Issuer, enforceable in accordance with their terms.
</P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:10%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Notwithstanding the foregoing opinions, the claims of the holders of Preferred Securities arising from
any Preferred Security, the Common Shares, the Agreements or the Public Deed will be subject, in accordance with its own terms as reflected in the Indenture, to the exercise of any power in compliance with any laws, regulations, rules or
requirements in effect in the Kingdom of Spain, relating to the transposition of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms (&#147;<B>Directive 2014/59/EU</B>&#148;), as
amended </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 7 - </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" ALIGN="center">


<IMG SRC="g494378g73h68.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:10%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">from time to time, including, but not limited to (i)&nbsp;Law 11/2015, as amended from
time to time, (ii)&nbsp;Royal Decree 1012/2015 of 6th&nbsp;November (&#147;<B>RD 1012/2015</B>&#148;), as amended from time to time, (iii)&nbsp;Regulation (EU) No.&nbsp;806/2014 of the European Parliament and of the Council of July&nbsp;15, 2014
establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of the Single Resolution Mechanism and the Single Resolution Fund and amending Regulation (EU)
No.&nbsp;1093/2010 (&#147;<B>Regulation (EU) 806/2014</B>&#148;), as amended from time to time, and (iv)&nbsp;any other instruments, rules or standards made in connection with either (i), (ii)&nbsp;or (iii). </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="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">Q.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">It is not necessary to ensure the legality, validity, enforceability or admissibility in evidence of the
Agreements and the Public Deed that any document be filed, recorded or enrolled with any government department or other authority in Spain, except for the filing and registration of the Public Deed in the Commercial Registry of Vizcaya (Bizkaia),
which has been obtained. </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="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">R.</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 Spanish courts will give effect to the choice of the State of New York as the governing law of the aspects
expressly stated into the Agreements and the Preferred Securities subject to the terms and conditions of Regulation (EC) No 593/2008 of the European Parliament and of the Council of 17&nbsp;June 2008 on the law applicable to contractual obligations
(Rome I) (with respect to the Agreements) and articles 10.3 of the Spanish Civil Code and 405 of the Spanish <I>Ley de Sociedades de Capital </I>(with respect to the Preferred Securities). </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="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">S.</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 Issuer can sue and be sued in its own name, and under the laws of Spain the irrevocable submission of the
Issuer to the non-exclusive jurisdiction of the state and Federal courts in the Borough of Manhattan, The City of New York, New York (each a &#147;New York court&#148;), and the waiver by the Issuer of any objection to the venue of a proceeding in a
New York court are legal, valid and binding; and service of process effected in the manner set forth in the Agreements, assuming their validity under New York law, will be effective, insofar as Spanish law is concerned, to confer valid personal
jurisdiction over the Issuer before a New York court. </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="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">T.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">A judgment duly obtained in the courts of New York in connection with the Agreements and the Preferred
Securities will be recognized and enforceable, under the laws of Spain, against the Issuer by the courts of Spain without a retrial or re-examination of the matters thereby adjudicated. The judicial courts of Spain will recognize and enforce,
without re-examination of the merits of the case, as a valid judgment, any final judgment obtained against the Issuer in respect of the Agreements, subject to full compliance with the requirements set forth in the international treaties that may be
applicable </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 8 - </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" ALIGN="center">


<IMG SRC="g494378g73h68.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:10%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">from time to time and, as the case may be, Spanish Procedural Law. For the recognition and
enforcement in Spain of a judgment or decision with executive force rendered by said courts, it will have to be submitted to the exequatur procedure, for which purpose the following requirements under Spanish Procedural Law must be met: (i)&nbsp;the
decision to be enforced must have been rendered as the result of the bringing of a personal action; (ii)&nbsp;the judgment must be final, sworn-translated into Spanish and apostilled, as the document to be enforced must meet the requirements for it
to be considered authentic in the country where it was rendered and the requirements demanded by Spanish law for it to be considered sufficient evidence of the corresponding judgment or decision in Spain; (iii)&nbsp;the judgment shall not be
contrary to Spanish public policy, it should not have been rendered in default, and the obligation whose performance is demanded must be lawful in Spain; (iv)&nbsp;there shall not be a judgment rendered between the same parties and for the same
cause of action in Spain or in another country provided that in this latter case the judgment has been recognized in Spain; (v)&nbsp;where rendering the Judgment, the courts rendering it must have not infringed an exclusive ground of jurisdiction
provided for in Spanish law or have based their jurisdiction on exorbitant grounds; and (vi)&nbsp;the rights of defense of the defendant should have been protected where rendering the Foreign Judgment, including but not limited to a proper service
of process carried out with sufficient time for the defendant to prepare its defense. </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="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">U.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Any judgment obtained from a Spanish Court against the Issuer by the holder of any Preferred Security or by
any party to the Agreements would be expressed in the currency set out in the enforcement title (&#147;<I>t&iacute;tulo ejecutivo</I>&#148;) upon which the enforcement judgment is based. Any judicial costs and expenses as well as any default
interest shall always be payable in the corresponding Spanish currency. </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="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">V.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">It is not necessary under the laws of the Kingdom of Spain (i)&nbsp;to enable any person to exercise or
enforce its rights under the Agreements and/or the Preferred Securities or (ii)&nbsp;by reason of any person being or becoming a party to the Agreements and/or the Preferred Securities or by reason of the performance of any person of its obligations
or enforcement of its rights thereunder or in respect thereof that such person should be licensed, qualified or otherwise entitled to carry on business in the Kingdom of Spain (save in connection with the sale, distribution and offer of the
Preferred Securities in the Kingdom of Spain, which is not permitted, as provided for in the selling restrictions contained in the Underwriting Agreement and the Disclosure Package). </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 9 - </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" ALIGN="center">


<IMG SRC="g494378g73h68.jpg" ALT="LOGO">
 </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="5%" 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>Qualifications</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">This opinion is subject to the following qualifications: </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="5%">&nbsp;</TD>
<TD WIDTH="5%" 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">We do not give any opinion to any laws other than the laws of Spain in force as of the present date.
Accordingly, this opinion is confined to Spanish Law only as currently in force and as construed in Spain. </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="5%">&nbsp;</TD>
<TD WIDTH="5%" 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">Our opinion is subject to the effect of any applicable bankruptcy, temporary receivership, insolvency,
reorganization, moratorium or any process affecting creditors&acute; rights generally, as well as to any principles of public policy (&#147;<I>orden p&uacute;blico&#148;</I>). </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:10%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">It should be noted that according to sections 12.3 (related to the non- application of foreign laws contrary to public policy)
and 12.4 of the Spanish Civil Code (whereby fraud of law will be considered when a conflict of law rule is used for the purpose of avoiding the application of a mandatory Spanish law) and related legislation, the laws other than those of Spain would
not be applied by Spanish courts if submission to such laws is deemed to have been made in order to avoid the application of mandatory Spanish laws, or to be contrary to public policy. </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="5%">&nbsp;</TD>
<TD WIDTH="5%" 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">The term &#147;<I>enforceable</I>&#148; means that the obligations assumed by the relevant party under the
Agreements, the Public Deed and the Preferred Securities are of a type that the Spanish courts would enforce and it does not mean that those obligations will be necessarily enforced in all circumstances in accordance with their 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="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Spanish law does not allow leaving the validity and performance of contractual obligations at the discretion
of one of the contracting parties. Therefore, a Spanish court may not uphold or enforce terms and conditions in the Agreements and the Public Deed giving discretionary authority to one of the parties. </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="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">A Spanish court might not enforce any provision of the Agreements, the Public Deed and/or the Preferred
Securities which requires any party thereto to pay any amounts on the grounds that such provision is a penalty within the meaning of Articles 1152 et seq. of the Spanish Civil Code, as the court could consider said amounts evidently excessive as a
pre-estimate of damages, in case of partial or non-regular compliance of the debtor. In this event, the Court may reduce the amount of damages, pursuant to Article 1154 of the Spanish Civil Code. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 10 - </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" ALIGN="center">


<IMG SRC="g494378g73h68.jpg" ALT="LOGO">
 </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="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(vi)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Enforcement may be limited by the general principle of good faith; Spanish courts may not grant enforcement in
the event that they deem that a right has not been exercised in good faith or that it has been exercised in abuse of right (&#147;<I>abuso de derecho</I>&#148;). Likewise and pursuant to article 6.4 of the Spanish Civil Code, acts carried out in
accordance with the terms of a legal provision whenever said acts seek a result which is forbidden by or contrary to law, shall be deemed to have been executed in circumvention of law (&#147;<I>fraude de ley</I>&#148;) and the provisions whose
application was intended to be avoided shall apply. </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="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(vii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Pursuant to the general principles of Spanish Civil Procedural Law (<I>Ley de Enjuiciamiento Civil</I>), the
rules of evidence in any judiciary proceeding cannot be modified by agreement of the parties, and consequently, any provision of the Agreements, the Public Deed and/or the Preferred Securities by which determinations made by the parties are to be
deemed conclusive in the absence of error would not necessarily be upheld by a Spanish court. </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="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(viii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Spanish courts have exclusive jurisdiction, <I>inter alia</I>, with respect to matters relating to the
incorporation, validity, nullity and dissolution of companies or legal entities domiciled in the Spanish territory, and to any decisions and resolutions of their corporate bodies, as well as with respect to the validity or nullity of any recordings
with a Spanish register, and the recognition and enforcement in Spain of any judgment or arbitration award obtained in a foreign country. </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="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ix)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Claims may be or become subject to defenses of set-off or counter-claim. </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="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(x)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">A waiver of all defenses to any proceedings may not be enforceable. </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="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(xi)</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 admissibility as evidence before Spanish courts and authorities of any document that is not in the Spanish
language requires its translation into Spanish. An official translation, made by a recognized Spanish official translator, may be required. </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="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(xii)</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 ability of terminating an agreement is subject to judiciary review and the Spanish courts may provide for
a different remedy for the non-defaulting party. </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="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(xiii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Under the Insolvency Law, the declaration of Insolvency of a debtor does not by itself affect the
effectiveness of contracts with reciprocal outstanding obligations. Any outstanding obligations arising from said contracts, which the insolvency judge does not terminate, shall be paid from the insolvency estate (&#147;<I>masa activa</I>&#148;).
</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="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(xiv)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Contract provisions that grant a party the right to terminate a contract in the event of insolvency are void.
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 11 - </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" ALIGN="center">


<IMG SRC="g494378g73h68.jpg" ALT="LOGO">
 </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="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(xv)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Enforcement of clauses providing for specific performance of an obligation may be replaced by courts with a
monetary compensation. </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="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(xvi)</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 fact that the powers of the Trustee to act on behalf of the holders result from the Indenture may cause
certain delays in the process of enforcement of the Preferred Securities before the Spanish Courts. The Kingdom of Spain has not ratified the 1985 Hague Convention regarding trusts and their recognition as legal institutions and, therefore, there is
a risk that (i)&nbsp;the Trustee may have to be assigned all of the rights of the holders in order to claim in Spain the entirety of the amounts due on their behalf or (ii)&nbsp;the Spanish Court may consider the powers of attorney of the Trustee
under the trust instrument are not sufficiently evidenced to the Court and may require additional evidence of the empowerment, such as a sworn translation of the Indenture or other documents related to the granting of powers under New York Law,
which may result in a delay of the enforcement process. </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="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(xvii)</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 legal opinion is made according to the general Spanish tax legislation applicable in the Spanish
territory, regardless of the eventual application of tax treaties. In this sense, it must be taken into account that this opinion could be affected if any of the territorial tax regimes or any of the special tax regimes existing in Spain is
applicable. </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="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(xviii)</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 legal opinion analyses the general tax regime applicable to non-Spanish-resident holders. This regime
could be affected by the application to those holders of the treaties for the avoidance of the double taxation or other treaties including tax clauses. </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="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(xix)</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 legal opinion does not include the taxation for the Preferred Securities deriving from the issue,
acquisition, ownership and disposition of the Preferred Securities. In addition, it does not analyze the issues regarding the general tax obligations of the Issuer that are different than the questions required for this opinion and the hypothetical
liabilities that could arise if those obligations are not fulfilled. </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="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(xx)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Some of the legal concepts are described in English terms and not in their original terms. Such concepts may
not be exactly similar to the concepts described in English terms. This opinion may, therefore, only be relied upon the express condition that any issues of interpretation of Spanish legal concepts arising thereunder will be governed by Spanish law.
</P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">This opinion is being furnished by us, as Spanish counsel to the Issuer, to you as a supporting document
in connection with the above referenced Registration Statement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 12 - </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" ALIGN="center">


<IMG SRC="g494378g73h68.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">We hereby consent to the filing of this opinion as an exhibit to the Registration Statement
and to the references to us under the caption &#147;Validity of the Securities&#148; contained in the Prospectus Supplement and in the Prospectus included in the Registration Statement. By so consenting, we do not admit that we are in the category
of persons whose consent is required under Section&nbsp;7 of the Securities Act of 1933. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yours faithfully, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ J&amp;A Garrigues S.L.P. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 13 - </P>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>6
<FILENAME>d494378dex81.htm
<DESCRIPTION>EX-8.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-8.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 8.1 </B></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" ALIGN="center">


<TR>
<TD WIDTH="22%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="49%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="16%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="9%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD COLSPAN="3" VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>New York</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Northern&nbsp;California</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Washington DC</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>S&atilde;o Paulo</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>London</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Paris</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Madrid</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Tokyo</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Beijing</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>Hong&nbsp;Kong</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em" ALIGN="center">


<IMG SRC="g494378g29i29.jpg" ALT="LOGO">
</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Davis Polk&nbsp;&amp; Wardwell LLP</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">450 Lexington Avenue</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">New York, NY 10017</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">212&nbsp;450&nbsp;4000&nbsp;tel</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">212&nbsp;701&nbsp;5800&nbsp;fax</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="3" VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">November&nbsp;16, 2017 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Banco Bilbao Vizcaya Argentaria, S.A. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Calle Azul, 4 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">28050 Madrid </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Spain </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Ladies and Gentlemen: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Banco Bilbao Vizcaya
Argentaria, S.A., a <I>sociedad an&oacute;nima</I> organized under the laws of the Kingdom of Spain (the <B>&#147;Company</B>&#148;), has filed with the Securities and Exchange Commission a Prospectus Supplement (the &#147;<B>Prospectus
Supplement</B>&#148;) pursuant to Rule 424(b)(2) under the United States Securities Act of 1933, as amended (the &#147;<B>Securities Act</B>&#148;). The Prospectus Supplement relates to the Company&#146;s Registration Statement on Form F-3 (File
No.&nbsp;333-212729) (the &#147;<B>Registration Statement</B>&#148;) and has been filed in connection with the Company&#146;s offering of the non-step-up non-cumulative contingent convertible preferred tier 1 securities (the &#147;<B>Preferred
Securities</B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">We have examined such matters of fact and law as we have deemed necessary or advisable for the purpose of
rendering our opinion. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">We hereby confirm that our opinion as to the material U.S. federal income tax consequences of an investment in
Preferred Securities to U.S. Holders is set forth in full under the captions &#147;Material U.S. Federal Income Tax Considerations&#148; in the Prospectus Supplement and &#147;U.S. Tax Considerations&#148; in the Form F-3 insofar as it relates to
contingent convertible preferred securities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">We are members of the Bar of the State of New York, and we express no opinion as to the laws
of any jurisdiction other than the laws of the State of New York and the federal laws of the United States. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">We hereby consent to the use
of our name under the caption &#147;Material U.S. Federal Income Tax Considerations&#148; included in the Prospectus Supplement and to the filing, as an exhibit to the Registration Statement, of this letter. In giving such consent we do not admit
that we are in the category of persons whose consent is required under Section&nbsp;7 of the Securities Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Very truly yours, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">/s/ Davis Polk&nbsp;&amp; Wardwell LLP </P>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>g494378g1110235233439.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g494378g1110235233439.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  L *T# 2(  A$! Q$!_\0
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MD3AU/N#D5]-Z/J,>K:/:7\1^6>(/]#W'YU\P=J]-\$>+1IG@36(97'FV(+P
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I^>ZV_#_BC5/#JW"Z?*JK.5+AESR,_P"->EC*'M:=ENC@PU7V<]=C_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>g494378g29i29.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g494378g29i29.jpg
M_]C_X0OW17AI9@  34T *@    @ !P$2  ,    !  $   $:  4    !
M8@$;  4    !    :@$H  ,    !  (   $Q  (    >    <@$R  (    4
M    D(=I  0    !    I    -  #J8    G$  .I@   "<0061O8F4@4&AO
M=&]S:&]P($-3-B H5VEN9&]W<RD ,C Q-SHQ,3HQ-2 P-SHT,CHP-0   Z !
M  ,    !  $  * "  0    !    G* #  0    !    '@         & 0,
M P    $ !@   1H !0    $   $> 1L !0    $   $F 2@  P    $  @
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M 0,1 ?_=  0 "O_$ 3\   $% 0$! 0$!          ,  0($!08'" D*"P$
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M "??_%?_V?_M%#I0:&]T;W-H;W @,RXP #A"24T$)0      $
M           X0DE-!#H      2T    0     0      "W!R:6YT3W5T<'5T
M    !@    EH87)D4')O;V9B;V]L 0    !0<W138F]O; $     26YT965N
M=6T     26YT90    !#;')M    #W!R:6YT4VEX=&5E;D)I=&)O;VP
M"W!R:6YT97).86UE5$585    !P 7 !< %, 3@!' $8 0@!5 "T 30!7 %,
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M;V]L      !#<FY#8F]O;       0VYT0V)O;VP      $QB;'-B;V]L
M  !.9W1V8F]O;       16UL1&)O;VP      $EN=')B;V]L      !"8VMG
M3V)J8P    $       !21T)#     P    !29" @9&]U8D!OX
M $=R;B!D;W5B0&_@            0FP@(&1O=6) ;^            !"<F14
M56YT1B-2;'0               !";&0@56YT1B-2;'0               !2
M<VQT56YT1B-0>&Q 6             IV96-T;W)$871A8F]O; $     4&=0
M<V5N=6T     4&=0<P    !09U!#     $QE9G15;G1&(U)L=
M     %1O<"!5;G1&(U)L=                %-C;"!5;G1&(U!R8T!9
M        $&-R;W!7:&5N4')I;G1I;F=B;V]L      YC<F]P4F5C=$)O='1O
M;6QO;F<         #&-R;W!296-T3&5F=&QO;F<         #6-R;W!296-T
M4FEG:'1L;VYG          MC<F]P4F5C=%1O<&QO;F<      #A"24T#[0
M    $ !@     0 " &     !  (X0DE-!"8       X             /X
M #A"24T$#0      !    '@X0DE-!!D       0    >.$))30/S       )
M           ! #A"24TG$       "@ !          (X0DE- _4      $@
M+V9F  $ ;&9F  8       $ +V9F  $ H9F:  8       $ ,@    $ 6@
M  8       $ -0    $ +0    8       $X0DE- _@      '   /______
M______________________\#Z     #_____________________________
M ^@     _____________________________P/H     /______________
M______________\#Z   .$))300        "  $X0DE-! (       0
M.$))300P       " 0$X0DE-!"T       8  0    (X0DE-! @      !
M   !   "0    D      .$))300>       $     #A"24T$&@     #20
M  8              !X   "<    "@!5 &X = !I '0 ; !E &0 +0 Q
M 0                         !              "<    '@
M           !                         !     !        ;G5L;
M  (    &8F]U;F1S3V)J8P    $       !28W0Q    !     !4;W @;&]N
M9P          3&5F=&QO;F<          $)T;VUL;VYG    '@    !29VAT
M;&]N9P   )P    &<VQI8V5S5FQ,<P    %/8FIC     0      !7-L:6-E
M    $@    =S;&EC94E$;&]N9P         '9W)O=7!)1&QO;F<
M!F]R:6=I;F5N=6T    ,15-L:6-E3W)I9VEN    #6%U=&]'96YE<F%T960
M    5'EP965N=6T    *15-L:6-E5'EP90    !);6<@    !F)O=6YD<T]B
M:F,    !        4F-T,0    0     5&]P(&QO;F<          $QE9G1L
M;VYG          !"=&]M;&]N9P   !X     4F=H=&QO;F<   "<     W5R
M;%1%6%0    !        ;G5L;%1%6%0    !        37-G951%6%0    !
M       &86QT5&%G5$585     $       YC96QL5&5X=$ES2%1-3&)O;VP!
M    "&-E;&Q497AT5$585     $       EH;W)Z06QI9VYE;G5M    #T53
M;&EC94AO<GI!;&EG;@    =D969A=6QT    "79E<G1!;&EG;F5N=6T    /
M15-L:6-E5F5R=$%L:6=N    !V1E9F%U;'0    +8F=#;VQO<E1Y<&5E;G5M
M    $453;&EC94)'0V]L;W)4>7!E     $YO;F4    )=&]P3W5T<V5T;&]N
M9P         *;&5F=$]U='-E=&QO;F<         #&)O='1O;4]U='-E=&QO
M;F<         "W)I9VAT3W5T<V5T;&]N9P      .$))300H       ,
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M/TCJVM]B9CF+R\((OY>$?]ZNRPTP\<HGA/JXCO\ XSO8WU"^K&/:+1BFTMU
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M &( 90 @ %  : !O '0 ;P!S &@ ;P!P "  0P!3 #8    ! #A"24T$!@
M    !P (  $  0$ _^$-UFAT=' Z+R]N<RYA9&]B92YC;VTO>&%P+S$N,"\
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MU@ !     -,M2% @(
M                    $6-P<G0   %0    ,V1E<V,   &$    ;'=T<'0
M  'P    %&)K<'0   ($    %')865H   (8    %&=865H   (L    %&)8
M65H   )     %&1M;F0   )4    <&1M9&0   +$    B'9U960   -,
MAG9I97<   /4    )&QU;6D   /X    %&UE87,   0,    )'1E8V@   0P
M    #')44D,   0\   (#&=44D,   0\   (#&)44D,   0\   (#'1E>'0
M    0V]P>7)I9VAT("AC*2 Q.3DX($AE=VQE='0M4&%C:V%R9"!#;VUP86YY
M  !D97-C         !)S4D="($E%0S8Q.38V+3(N,0              $G-2
M1T(@245#-C$Y-C8M,BXQ
M                          !865H@        \U$  0    $6S%A96B
M                    6%E:(        &^B   X]0   Y!865H@
M8ID  +>%   8VEA96B         DH   #X0  +;/9&5S8P         6245#
M(&AT=' Z+R]W=W<N:65C+F-H               6245#(&AT=' Z+R]W=W<N
M:65C+F-H
M         &1E<V,         +DE%0R V,3DV-BTR+C$@1&5F875L="!21T(@
M8V]L;W5R('-P86-E("T@<U)'0@              +DE%0R V,3DV-BTR+C$@
M1&5F875L="!21T(@8V]L;W5R('-P86-E("T@<U)'0@
M          !D97-C         "Q2969E<F5N8V4@5FEE=VEN9R!#;VYD:71I
M;VX@:6X@245#-C$Y-C8M,BXQ               L4F5F97)E;F-E(%9I97=I
M;F<@0V]N9&ET:6]N(&EN($E%0S8Q.38V+3(N,0
M            =FEE=P      $Z3^ !1?+@ 0SQ0  ^W,  03"P #7)X    !
M6%E:(       3 E6 %    !7'^=M96%S          $
M       "CP    )S:6<@     $-25"!C=7)V        !      %  H #P 4
M !D '@ C "@ +0 R #< .P!  $4 2@!/ %0 60!> &, : !M '( =P!\ ($
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M]NXK9,5N%GI[+3&7+FR69HLS1(8 ?<3#UT?])9G?,TM%VK+Y4"9-E3E5=E$
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M7$ (*2 !]QB?($!\&7W)VKB60XJ^/V2>]363IJ&/ J$"Q_\ D 23X@!X)W\
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M?^U#49]9RIESOO8=[II<* 6RL)/H"Z05?SB8?W3\-?;QD_\ SDYG/^.F-/\
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MU__2F7=/5[AYLFW6SMARYR;Y.QSDZ;SEDB4R)C]AK)D:QQM*M[VS/5YZKL[
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K_P"W[_W^WY_3T\OQZFV*\H\3PCXCZ?"/_'560?A#F/<X^8>L/,/^$=?_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>g494378g44s48.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g494378g44s48.jpg
M_]C_X0N417AI9@  34T *@    @ !P$2  ,    !  $   $:  4    !
M8@$;  4    !    :@$H  ,    !  (   $Q  (    >    <@$R  (    4
M    D(=I  0    !    I    -  #J8    G$  .I@   "<0061O8F4@4&AO
M=&]S:&]P($-3-B H5VEN9&]W<RD ,C Q-SHQ,3HQ-2 P-SHT-#HU-@   Z !
M  ,    !  $  * "  0    !    K* #  0    !    '0         & 0,
M P    $ !@   1H !0    $   $> 1L !0    $   $F 2@  P    $  @
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M 0,1 ?_=  0 "O_$ 3\   $% 0$! 0$!          ,  0($!08'" D*"P$
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MIR,0Y-1L99/NRA'Z)WTK/T>_\]6OK?T[ZP]3ZKTVS!Z<+*.D9+<KU7WUL]:
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M    # !0 '( ;P!O &8 ( !3 &4 = !U '        IP<F]O9E-E='5P
M 0    !";'1N96YU;0    QB=6EL=&EN4')O;V8    )<')O;V9#35E+ #A"
M24T$.P     "+0   !     !       2<')I;G1/=71P=71/<'1I;VYS
M%P    !#<'1N8F]O;       0VQB<F)O;VP      %)G<TUB;V]L      !#
M<FY#8F]O;       0VYT0V)O;VP      $QB;'-B;V]L      !.9W1V8F]O
M;       16UL1&)O;VP      $EN=')B;V]L      !"8VMG3V)J8P    $
M      !21T)#     P    !29" @9&]U8D!OX            $=R;B!D;W5B
M0&_@            0FP@(&1O=6) ;^            !"<F1456YT1B-2;'0
M              !";&0@56YT1B-2;'0               !2<VQT56YT1B-0
M>&Q 6             IV96-T;W)$871A8F]O; $     4&=0<V5N=6T
M4&=0<P    !09U!#     $QE9G15;G1&(U)L=                %1O<"!5
M;G1&(U)L=                %-C;"!5;G1&(U!R8T!9            $&-R
M;W!7:&5N4')I;G1I;F=B;V]L      YC<F]P4F5C=$)O='1O;6QO;F<
M    #&-R;W!296-T3&5F=&QO;F<         #6-R;W!296-T4FEG:'1L;VYG
M          MC<F]P4F5C=%1O<&QO;F<      #A"24T#[0      $ !@
M 0 " &     !  (X0DE-!"8       X             /X   #A"24T$#0
M    !    '@X0DE-!!D       0    >.$))30/S       )           !
M #A"24TG$       "@ !          (X0DE- _4      $@ +V9F  $ ;&9F
M  8       $ +V9F  $ H9F:  8       $ ,@    $ 6@    8       $
M-0    $ +0    8       $X0DE- _@      '   /__________________
M__________\#Z     #_____________________________ ^@     ____
M_________________________P/H     /__________________________
M__\#Z   .$))300        "  $X0DE-! (       0     .$))300P
M   " 0$X0DE-!"T       8  0    (X0DE-! @      !     !   "0
M D      .$))300>       $     #A"24T$&@     #20    8
M     !T   "L    "@!5 &X = !I '0 ; !E &0 +0 Q     0
M               !              "L    '0                     !
M                         !     !        ;G5L;     (    &8F]U
M;F1S3V)J8P    $       !28W0Q    !     !4;W @;&]N9P
M3&5F=&QO;F<          $)T;VUL;VYG    '0    !29VAT;&]N9P   *P
M   &<VQI8V5S5FQ,<P    %/8FIC     0      !7-L:6-E    $@    =S
M;&EC94E$;&]N9P         '9W)O=7!)1&QO;F<         !F]R:6=I;F5N
M=6T    ,15-L:6-E3W)I9VEN    #6%U=&]'96YE<F%T960     5'EP965N
M=6T    *15-L:6-E5'EP90    !);6<@    !F)O=6YD<T]B:F,    !
M    4F-T,0    0     5&]P(&QO;F<          $QE9G1L;VYG
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M;&5F=$]U='-E=&QO;F<         #&)O='1O;4]U='-E=&QO;F<
M"W)I9VAT3W5T<V5T;&]N9P      .$))300H       ,     C_P
M.$))3004       $    !3A"24T$#      *>@    $   "@    &P   >
M #*@   *7@ 8  '_V/_M  Q!9&]B95]#30 !_^X #D%D;V)E &2      ?_;
M (0 # @(" D(# D)#!$+"@L1%0\,# \5&!,3%1,3&!$,# P,# P1# P,# P,
M# P,# P,# P,# P,# P,# P,# P,# $-"PL-#@T0#@X0% X.#A04#@X.#A01
M# P,# P1$0P,# P,#!$,# P,# P,# P,# P,# P,# P,# P,# P,# P,_\
M$0@ &P"@ P$B  (1 0,1 ?_=  0 "O_$ 3\   $% 0$! 0$!          ,
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M+UBKI;.D&[[47'%O&16UKF5ACLBQ[7-WU.K]3^;_ ,(JG^+'_P 1/3_^N?\
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M &@ ;P!T &\ <P!H &\ <    !, 00!D &\ 8@!E "  4 !H &\ = !O ',
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M   ,2$QI;F\"$   ;6YT<E)'0B!865H@!\X  @ )  8 ,0  86-S<$U31E0
M    245#('-21T(               $  /;6  $     TRU(4" @
M                                                       18W!R
M=    5     S9&5S8P   80   !L=W1P=    ?     48FMP=    @0    4
M<EA96@   A@    49UA96@   BP    48EA96@   D     49&UN9    E0
M  !P9&UD9    L0   "(=G5E9    TP   "&=FEE=P   ]0    D;'5M:0
M _@    4;65A<P  ! P    D=&5C:   !#     ,<E120P  !#P   @,9U12
M0P  !#P   @,8E120P  !#P   @,=&5X=     !#;W!Y<FEG:'0@*&,I(#$Y
M.3@@2&5W;&5T="U086-K87)D($-O;7!A;GD  &1E<V,         $G-21T(@
M245#-C$Y-C8M,BXQ               2<U)'0B!)14,V,3DV-BTR+C$
M
M %A96B        #S40 !     1;,6%E:(                     !865H@
M        ;Z(  #CU   #D%A96B        !BF0  MX4  !C:6%E:(
M "2@   /A   ML]D97-C         !9)14,@:'1T<#HO+W=W=RYI96,N8V@
M             !9)14,@:'1T<#HO+W=W=RYI96,N8V@
M                                            9&5S8P         N
M245#(#8Q.38V+3(N,2!$969A=6QT(%)'0B!C;VQO=7(@<W!A8V4@+2!S4D="
M               N245#(#8Q.38V+3(N,2!$969A=6QT(%)'0B!C;VQO=7(@
M<W!A8V4@+2!S4D="                             &1E<V,
M+%)E9F5R96YC92!6:65W:6YG($-O;F1I=&EO;B!I;B!)14,V,3DV-BTR+C$
M             "Q2969E<F5N8V4@5FEE=VEN9R!#;VYD:71I;VX@:6X@245#
M-C$Y-C8M,BXQ                                  !V:65W       3
MI/X %%\N !#/%  #[<P !!,+  -<G@    %865H@      !,"58 4    %<?
MYVUE87,          0                        */     G-I9R
M0U)4(&-U<G8        $      4 "@ / !0 &0 > ", *  M #( -P [ $
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M?!Y37]K)\9/"%-!K.KB3R6-KG<PQ,,L*4_TXQ'8P3C/?&64-+0'071PR_/\
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1#!P8,'!@P<&#!P8,'!@Q_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>10
<FILENAME>g494378g73h68.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g494378g73h68.jpg
M_]C_X05517AI9@  34T *@    @ !P$2  ,    !  $   $:  4    !
M8@$;  4    !    :@$H  ,    !  (   $Q  (    >    <@$R  (    4
M    D(=I  0    !    I    -  #J8    G$  .I@   "<0061O8F4@4&AO
M=&]S:&]P($-3-B H5VEN9&]W<RD ,C Q-SHQ,3HQ-2 P-SHT-SHQ-0   Z !
M  ,    !  $  * "  0    !    (Z #  0    !    )0         & 0,
M P    $ !@   1H !0    $   $> 1L !0    $   $F 2@  P    $  @
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M 0,1 ?_=  0  __$ 3\   $% 0$! 0$!          ,  0($!08'" D*"P$
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MA22.R(?,?V_._522^54D&1__V?_M#9A0:&]T;W-H;W @,RXP #A"24T$)0
M    $                      X0DE-!#H      2T    0     0
M"W!R:6YT3W5T<'5T    !@    EH87)D4')O;V9B;V]L 0    !0<W138F]O
M; $     26YT965N=6T     26YT90    !#;')M    #W!R:6YT4VEX=&5E
M;D)I=&)O;VP     "W!R:6YT97).86UE5$585    !P 7 !< %, 3@!' $8
M0@!5 "T 30!7 %, +0!& %  ,0 P %P 4P!. $< 1@!8 $, -P U $$
M  ]P<FEN=%!R;V]F4V5T=7!/8FIC    # !0 '( ;P!O &8 ( !3 &4 = !U
M '        IP<F]O9E-E='5P     0    !";'1N96YU;0    QB=6EL=&EN
M4')O;V8    )<')O;V9#35E+ #A"24T$.P     "+0   !     !       2
M<')I;G1/=71P=71/<'1I;VYS    %P    !#<'1N8F]O;       0VQB<F)O
M;VP      %)G<TUB;V]L      !#<FY#8F]O;       0VYT0V)O;VP
M $QB;'-B;V]L      !.9W1V8F]O;       16UL1&)O;VP      $EN=')B
M;V]L      !"8VMG3V)J8P    $       !21T)#     P    !29" @9&]U
M8D!OX            $=R;B!D;W5B0&_@            0FP@(&1O=6) ;^
M          !"<F1456YT1B-2;'0               !";&0@56YT1B-2;'0
M              !2<VQT56YT1B-0>&Q 6             IV96-T;W)$871A
M8F]O; $     4&=0<V5N=6T     4&=0<P    !09U!#     $QE9G15;G1&
M(U)L=                %1O<"!5;G1&(U)L=                %-C;"!5
M;G1&(U!R8T!9            $&-R;W!7:&5N4')I;G1I;F=B;V]L      YC
M<F]P4F5C=$)O='1O;6QO;F<         #&-R;W!296-T3&5F=&QO;F<
M    #6-R;W!296-T4FEG:'1L;VYG          MC<F]P4F5C=%1O<&QO;F<
M     #A"24T#[0      $ !@     0 " &     !  (X0DE-!"8       X
M            /X   #A"24T$#0      !    '@X0DE-!!D       0    >
M.$))30/S       )           ! #A"24TG$       "@ !          (X
M0DE- _4      $@ +V9F  $ ;&9F  8       $ +V9F  $ H9F:  8
M  $ ,@    $ 6@    8       $ -0    $ +0    8       $X0DE- _@
M     '   /____________________________\#Z     #_____________
M________________ ^@     _____________________________P/H
M /____________________________\#Z   .$))300        "  $X0DE-
M! (       0     .$))300P       " 0$X0DE-!"T       8  0    (X
M0DE-! @      !     !   "0    D      .$))300>       $     #A"
M24T$&@     #20    8              "4    C    "@!5 &X = !I '0
M; !E &0 +0 Q     0                         !               C
M    )0                     !                         !     !
M        ;G5L;     (    &8F]U;F1S3V)J8P    $       !28W0Q
M!     !4;W @;&]N9P          3&5F=&QO;F<          $)T;VUL;VYG
M    )0    !29VAT;&]N9P   ",    &<VQI8V5S5FQ,<P    %/8FIC
M 0      !7-L:6-E    $@    =S;&EC94E$;&]N9P         '9W)O=7!)
M1&QO;F<         !F]R:6=I;F5N=6T    ,15-L:6-E3W)I9VEN    #6%U
M=&]'96YE<F%T960     5'EP965N=6T    *15-L:6-E5'EP90    !);6<@
M    !F)O=6YD<T]B:F,    !        4F-T,0    0     5&]P(&QO;F<
M         $QE9G1L;VYG          !"=&]M;&]N9P   "4     4F=H=&QO
M;F<    C     W5R;%1%6%0    !        ;G5L;%1%6%0    !
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M300H       ,     C_P        .$))3004       $    !SA"24T$#
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M 3\   $% 0$! 0$!          ,  0($!08'" D*"P$  04! 0$! 0$
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M &\ = !O ', : !O '     3 $$ 9 !O &( 90 @ %  : !O '0 ;P!S &@
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M(" @(" @/#]X<&%C:V5T(&5N9#TB=R(_/O_B#%A)0T-?4%)/1DE,10 ! 0
M#$A,:6YO A   &UN=')21T(@6%E:( ?.  ( "0 & #$  &%C<W!-4T94
M $E%0R!S4D="               !  #VU@ !     -,M2% @(
M                                                    $6-P<G0
M  %0    ,V1E<V,   &$    ;'=T<'0   'P    %&)K<'0   ($    %')8
M65H   (8    %&=865H   (L    %&)865H   )     %&1M;F0   )4
M<&1M9&0   +$    B'9U960   -,    AG9I97<   /4    )&QU;6D   /X
M    %&UE87,   0,    )'1E8V@   0P    #')44D,   0\   (#&=44D,
M  0\   (#&)44D,   0\   (#'1E>'0     0V]P>7)I9VAT("AC*2 Q.3DX
M($AE=VQE='0M4&%C:V%R9"!#;VUP86YY  !D97-C         !)S4D="($E%
M0S8Q.38V+3(N,0              $G-21T(@245#-C$Y-C8M,BXQ
M                                                          !8
M65H@        \U$  0    $6S%A96B                      6%E:(
M     &^B   X]0   Y!865H@        8ID  +>%   8VEA96B         D
MH   #X0  +;/9&5S8P         6245#(&AT=' Z+R]W=W<N:65C+F-H
M           6245#(&AT=' Z+R]W=W<N:65C+F-H
M                                         &1E<V,         +DE%
M0R V,3DV-BTR+C$@1&5F875L="!21T(@8V]L;W5R('-P86-E("T@<U)'0@
M            +DE%0R V,3DV-BTR+C$@1&5F875L="!21T(@8V]L;W5R('-P
M86-E("T@<U)'0@                            !D97-C         "Q2
M969E<F5N8V4@5FEE=VEN9R!#;VYD:71I;VX@:6X@245#-C$Y-C8M,BXQ
M           L4F5F97)E;F-E(%9I97=I;F<@0V]N9&ET:6]N(&EN($E%0S8Q
M.38V+3(N,0                                  =FEE=P      $Z3^
M !1?+@ 0SQ0  ^W,  03"P #7)X    !6%E:(       3 E6 %    !7'^=M
M96%S          $                        "CP    )S:6<@     $-2
M5"!C=7)V        !      %  H #P 4 !D '@ C "@ +0 R #< .P!  $4
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M P,# P,# __  !$( "4 (P,!$0 "$0$#$0'_W0 $  7_Q "<  $! 0$
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MMU0/7\HXXF""*3IA8:Q($;/U& +%'EY!!,[)TF)3%.!A,0HLU/)"?$%8>!'
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<O+O)]/\ *E\ORQ@7BG/$OM*N+WEM1.T5FUO_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>11
<FILENAME>g494378img2.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g494378img2.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@ )@%# P$1  (1 0,1 ?_$ ((  0 " @(# 0$
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MT##H618L=2A?;6^M;:<1* =&VG'C6ZM*4_&N@^,?\HDC^#'B;W0?[O\ D?\
MF[ZGLPW7^''S\_*-WOU/1ZSL',W[QUG#H=G_ &O'H?FT'U(,G<>ES O<J)[O
M,2M-<=,&3=&96 =R9C,M&.+KG:#;21$06-\PV\U$<L:5W62C6YN$4]Z%B(0Q
M\FV@Q5$L6,W4.UL"<>:6=JMB_ K9RNCB)T[(K&1.%93UFN6F+)*4.$Q,?UUT
M-U*<\ML!O(*.Z34MAM%JK8SA' +#IY+N=/,#=LK=;:'<'KQNH(TB;G,QOEO*
MA%>;[,P!Q82T193#0!]+.A37-63#SN.IAXM>*7-$U5"CI),6"!W5L%"J'=2M
M;:TKH+'= T#0- T#0- T#0- T#0- T%8<!OO*-1S*7HS.S:G9#PG'<5/<OD>
M[@HF:L<,V-LE55[,U6AZ)8;56\9/K2XJ)43J*T*]$Q64G .CVT1!Q3A4PI5)
MZ"SS0- T#0- T#0- T#0- T#0-!ATB1^SY8C]]19(2("Y6#);.<\?OAN&3!T
MH77V>\D0\W7,B#FDTR242P*JBJ0X%XA<8(:RT2M;+[;J4NH',MY 2&H@(;7;
MY*Q-06VCIB B)P8@PH9!(1R0"<FD@Q3(@Q@2PJ2+6!TN$OOOK2WC=6M>-=!H
M_(O$S'++=LD&7DI$K8F1FIPXID!I/2B@>; PXIA/-T%4D (\725B\N<2BPP%
M38(_9Q@;;PNA?^.@VI'L>,^*F>C,%A)%4%I-X(<!&2.\%14M(@&#0YT0$,ZL
MGE%1$"[09OK;;>-=0.VM+;>%M*6T#-- T$1%' O$16G(/)A1A!M&I^!,T' E
MN]0<MKV+@][47:I)99L7+!RS;O6*=HN2K.BFWB?C4"N@@#NU'7EFFSS^T]C
MJ7F)-R&&:Q#+*3TD.B@VL2<4A%<HMO=POI0#NJGAR;+R8E5;[1:8E]J@M '3
MAZZT @3%-T"0WM#X*]A[L\*A>[O;_P#;.[!WP-V/Y5>8N;NX.S]3U7.'-7^I
M=]\.V]N_;\>L_-H+,]!H4E\M'@4]^YO!SY<.Y92Y^Y=Y2\(^X^TN/QD[^[D_
MVMV3M_>W,'3_ .Y[5VK]KUN@I/V"VBG,L?+=$;TL+$QQ*5+8Q?)H\7,V'BU7
M2H[>:BPWJY<2K5Y-?;?;+KZYN .%R-LN*HDBIPV3;X1N@/8S),<P'8JT#0-
MT#0- T#0- T#0- T#04SX/![7MLY!5Q,&R$$D>M\_P!$FV1*;A5(JHM^(8?S
M$U:OS&A!P1S[XC=;WSW=6JUVOM?#\O:M!<QH&@:!H&@:!H&@:!H&@:!H&@:!
MH&@:!H&@:#6T;>$75O;PC\/.K\1'9XC>'W+O\U^UA\[<Z\O_ )O$#MG5]Y=N
.._P!0Z70Z[_+H-DZ#_]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
