<SEC-DOCUMENT>0001193125-19-238652.txt : 20190905
<SEC-HEADER>0001193125-19-238652.hdr.sgml : 20190905
<ACCEPTANCE-DATETIME>20190905134657
ACCESSION NUMBER:		0001193125-19-238652
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		12
CONFORMED PERIOD OF REPORT:	20190905
FILED AS OF DATE:		20190905
DATE AS OF CHANGE:		20190905

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
		STATE OF INCORPORATION:			U3
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10110
		FILM NUMBER:		191076820

	BUSINESS ADDRESS:	
		STREET 1:		CIUDAD BBVA C/. SAUCEDA, 28.
		STREET 2:		EDIFICIO AFRICA
		CITY:			MADRID
		STATE:			U3
		ZIP:			28050
		BUSINESS PHONE:		011 34 91 537 8172

	MAIL ADDRESS:	
		STREET 1:		CIUDAD BBVA C/. SAUCEDA, 28.
		STREET 2:		EDIFICIO AFRICA
		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>d759573d6k.htm
<DESCRIPTION>6-K
<TEXT>
<HTML><HEAD>
<TITLE>6-K</TITLE>
</HEAD>
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<Center><DIV STYLE="width:8.5in" align="left">
 <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 September, 2019 </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="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Jaime S&aacute;enz de Tejada Pulido </B></P>
<P STYLE="margin-top:0pt; 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:10pt; font-family:Times New Roman" ALIGN="center"><B>Telephone number +34 91 537 7000 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Name, Telephone, <FONT STYLE="white-space:nowrap">E-mail</FONT> and /or Facsimile Number and Address of Company Contact Person) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Indicate by check mark whether the registrant files or will file annual reports under cover of Form
<FONT STYLE="white-space:nowrap">20-F</FONT> or Form <FONT STYLE="white-space:nowrap">40-F:</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Form
<FONT STYLE="white-space:nowrap">20-F&nbsp;&nbsp;&#9746;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form</FONT> <FONT STYLE="white-space:nowrap">40-F&nbsp;&nbsp;&#9744;</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">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; font-size:10pt; font-family:Times New Roman" ALIGN="center">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>
</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <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>Explanatory Note </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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
Series 9 <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 Registration Statement on <FONT STYLE="white-space:nowrap">Form&nbsp;F-3</FONT> <FONT
STYLE="white-space:nowrap">(No.&nbsp;333-232333)</FONT> filed with the Securities and Exchange Commission and into the related prospectus supplement filed with the Securities and Exchange Commission on August&nbsp;30, 2019. </P>
<P STYLE="margin-top:24pt; 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">


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<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="93%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center">Exhibit</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; 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"><A HREF="d759573dex11.htm">Pricing Agreement dated August&nbsp;28, 2019 </A></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"><A HREF="d759573dex48.htm">Second 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 September&nbsp;5, 2019 </A></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;4.9</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d759573dex48.htm">Form of Security Certificate representing the Securities (included in Exhibit 4.8) </A></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"><A HREF="d759573dex51.htm">Opinion of Davis Polk&nbsp;&amp; Wardwell LLP, special United States counsel to the Issuer, as to the legality of the Securities being registered </A></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"><A HREF="d759573dex52.htm">Opinion of J&amp;A Garrigues, S.L.P., Spanish counsel to the Issuer, as to the legality of the Securities being registered </A></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"><A HREF="d759573dex81.htm">Opinion of Davis Polk&nbsp;&amp; Wardwell LLP regarding certain U.S. federal income tax matters </A></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 <A HREF="d759573dex51.htm">Exhibit 5.1</A> and <A HREF="d759573dex81.htm">Exhibit 8.1</A>)</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"><A HREF="d759573dex52.htm">Consent of J&amp;A Garrigues, S.L.P. (included in Exhibit 5.2) </A></TD></TR>
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 <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" ALIGN="justify">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD WIDTH="87%"></TD></TR>


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<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 Peralta</P></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">Name:</P></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">Antonio Borraz Peralta</P></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">Title:</P></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">Authorized Representative</P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Date: September&nbsp;5, 2019 </P>
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<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>d759573dex11.htm
<DESCRIPTION>EX-1.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-1.1</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <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">August&nbsp;28, 2019 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Barclays
Capital Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">745 7th Avenue, 5th Floor </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">New York, New York 10019 </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">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">BofA Securities, Inc. </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; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Goldman Sachs&nbsp;&amp; Co. LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">200 West Street </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">New York, New
York 10282 </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">Morgan
Stanley&nbsp;&amp; Co. LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">1585 Broadway </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; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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 series 9 <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>

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 <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 reasonable 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, (i)&nbsp;the liquidation preference of Preferred Securities set forth opposite the name of
each such Underwriter in Schedule I hereto and (ii)&nbsp;a pro rata portion of the liquidation preference of any Preferred Securities set forth opposite the name of BBVA Securities Inc. in Schedule I hereto which have not been purchased by
purchasers procured by BBVA Securities Inc. 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>

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<TD VALIGN="top" COLSPAN="5"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Very truly yours,</P></TD></TR>
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<TD VALIGN="top" COLSPAN="5"> <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>
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<TD VALIGN="top" COLSPAN="3"> <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>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Antonio Borraz</P></TD></TR>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Head of ALM</P></TD></TR>
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<TD VALIGN="top" COLSPAN="5"> <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>
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<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">BARCLAYS CAPITAL INC.</P></TD></TR>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="justify">/s/ Radhika P. Gupte</P></TD></TR>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Radhika P. Gupte</P></TD></TR>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Managing Director</P></TD></TR>
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<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">BBVA SECURITIES INC.</P></TD></TR>
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<TD VALIGN="top" COLSPAN="3"> <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 Brodt</P></TD></TR>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">James Brodt</P></TD></TR>
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<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">BOFA SECURITIES, INC.</P></TD></TR>
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<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">GOLDMAN SACHS&nbsp;&amp; CO. LLC</P></TD></TR>
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<TD VALIGN="top" COLSPAN="3"> <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>
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<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">MORGAN STANLEY&nbsp;&amp; CO. LLC</P></TD></TR>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Executive Director</P></TD></TR>
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 <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>
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<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; display:table-cell; 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<BR>Preference of<BR>Preferred<BR>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">Barclays Capital 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">BBVA Securities 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">BofA 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">Goldman Sachs&nbsp;&amp; Co. 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 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">Morgan Stanley&nbsp;&amp; Co. 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="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:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&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 STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">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>

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 <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:4%; 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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Series 9 <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:4%; 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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">100.000% plus accrued distributions, if any, from September&nbsp;5, 2019 </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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">99.250% </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:4%; 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:4%; 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:4%; 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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">4:45 pm
New York time August&nbsp;28, 2019 </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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">11:00 am New York time September&nbsp;5, 2019 </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:4%; 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:4%; 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>

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 <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:4%; 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:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Barclays Capital Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">745
Seventh Avenue </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">New York, NY 10019 </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:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Facsimile: (646) <FONT STYLE="white-space:nowrap">834-8133</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Attention: Syndicate Registration </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:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Facsimile: (212) <FONT STYLE="white-space:nowrap">258-2216</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Attention: Legal Department </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">BofA Securities, Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">50
Rockefeller Plaza </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">NY1-050-12-01</FONT></FONT></FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">New York, New York 10020 </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:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Facsimile: (646) <FONT STYLE="white-space:nowrap">855-5958</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Attention: High Grade Transaction Management/Legal </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Goldman Sachs&nbsp;&amp; Co. LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">200 West Street </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">New York, New
York 10282 </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:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Attention: Registration Department </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, 3rd Floor </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:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Facsimile: (212) <FONT STYLE="white-space:nowrap">834-6081</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Attention: Investment Grade Syndicate Desk </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Morgan Stanley&nbsp;&amp; Co. LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">1585 Broadway </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:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Attention: Investment Banking </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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Euronext Dublin, Global Exchange Market </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>

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 <P STYLE="margin-top:0pt; 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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">None. </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: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 investors in any jurisdiction. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Canada </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; 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. Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if the 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:4%; 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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">European Economic Area </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Prohibition of sales to EEA retail investors&#151;The Preferred Securities shall not be offered, sold or otherwise made
available to any retail investor in the EEA. A &#147;retail investor&#148; means a person who is one (or more) of: (i)&nbsp;a retail client as defined in point (11)&nbsp;of Article 4(1) of MiFID II; or (ii)&nbsp;a customer within the meaning of
Directive 2002/92/EC, where that customer would not qualify as a professional client as defined in point (10)&nbsp;of Article 4(1) of MiFID II. Consequently, no key information document (&#147;KID&#148;) required by the PRIIPs Regulation for
offering or selling the Preferred Securities or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the Preferred Securities or otherwise making them available to any retail investor in
the EEA may be unlawful under the PRIIPs Regulation. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Prohibition on Marketing and Sales to Retail Investors&#151;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 </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>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">
laws, regulations or guidance with respect to the offer or sale of securities such as the Preferred Securities to retail investors (as defined above). Each of the Underwriters has represented and
agreed that offers of the Preferred Securities in the EEA shall only be directed specifically at or made to professional clients as defined in point (10)&nbsp;of Article 4(1) of MiFID II. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">In particular, in June 2015, the United Kingdom Financial Conduct Authority published the Product Intervention (Contingent
Convertible Instruments and Mutual Society Shares) Instrument 2015, which took effect from October&nbsp;1, 2015 (the &#147;PI Instrument&#148;). In addition, (i)&nbsp;on January&nbsp;1, 2018, the PRIIPs Regulation became directly applicable in all
EEA member states and (ii)&nbsp;MiFID II was required to be implemented in EEA member states by January&nbsp;3, 2018, and was implemented in Spain through Royal <FONT STYLE="white-space:nowrap">Decree-Law</FONT> 14/2018 of September&nbsp;28 and
Royal Decree 1464/2018 of December 21. Together the PI Instrument, the PRIIPs Regulation and MiFID II are referred to as the &#147;Regulations&#148;. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Regulations set out various obligations in relation to (i)&nbsp;the manufacture and distribution of financial instruments
and (ii)&nbsp;the offering, sale and distribution of packaged retail and insurance-based investment products and certain contingent write-down or convertible securities such as the Preferred Securities. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Each of the Company and the Underwriters are required to comply with some or all of the Regulations. By purchasing, or making
or accepting an offer to purchase, any Preferred Securities (or a beneficial interest in the Preferred Securities) from the Company and/or any Underwriters, each prospective investor will be deemed to represent, warrant, acknowledge, consent,
accept, agree with and undertake to the Company 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="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">it is not a retail client (as defined in MiFID II); </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="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">whether or not it is subject to the Regulations, 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="13%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">sell or offer the Preferred Securities (or any beneficial interests therein) to any retail clients (as
defined in MiFID II); 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="5%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">communicate (including the distribution of the prospectus supplement, the accompanying prospectus and any
related free writing prospectus) or approve any 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 a retail client (in each case within the meaning of MiFID II). </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">In selling or offering the Preferred Securities or making or approving communications relating to the Preferred Securities, it
may not rely on the limited exemptions set out in the PI Instrument; and </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="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">it will at all times comply with all applicable laws, regulations and regulatory guidance (whether inside or
outside the EEA) relating to the promotion, offering, distribution and/or sale of the Preferred Securities (or any beneficial interests therein), including (without limitation) MiFID II and any other
</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 II-4 </P>

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<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&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">
applicable laws, regulations and regulatory guidance relating to determining the appropriateness and/or suitability of an investment in the Preferred Securities (or any beneficial interests
therein) by investors in any relevant jurisdiction. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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 interests therein) from the Company 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:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Each prospective investor
further acknowledges 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="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">the identified target market for the Preferred Securities (for the purposes of the product governance
obligations in MiFID II) is eligible counterparties and professional clients only; </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="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">the target market assessment indicates that the Preferred Securities are incompatible with the knowledge,
experience, needs, characteristic and objectives of clients which are retail clients (as defined in MiFID II) and accordingly the Preferred Securities shall not be offered or sold to any retail clients; 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="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">no key information document (KID) under the PRIIPs Regulation has been prepared and therefore offering or
selling the Preferred Securities or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Each potential investor in the Preferred Securities should inform itself of, and comply with, any applicable laws, regulations
or regulatory guidance with respect to any resale of the Preferred Securities (or any beneficial interests therein), including the Regulations. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left: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 interests therein) from the Company 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:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Hong Kong </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Preferred Securities have not been offered or sold and will 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
</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>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">
Securities has been or will be issued or has been or will 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:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Japan </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; 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, have not been offered or sold and 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, for the account or benefit of, 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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Singapore </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The prospectus supplement and the accompanying prospectus have not been and will not be 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: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>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; 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:4%; 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:4%; 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 securities or securities-based derivatives contracts (each as defined in Section&nbsp;2(1) of the SFA) of that corporation, or the
beneficiaries&#146; rights and interest (howsoever described) in 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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;to an Institutional Investor, an Accredited Investor, a 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:4%; 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:4%; 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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Spain </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; 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 the Company or any of its Spanish affiliates or any other legal entity acting on behalf of the Company). 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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Switzerland </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; 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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">United Kingdom </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; 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: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>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; 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:4%; 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:6pt; margin-bottom:0pt; margin-left:4%; 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:4%; 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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;Underwriter Information&#148; shall mean the statements set forth in (i)&nbsp;the first sentence of 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:4%; 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:4%; 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:4%; 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: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-8 </P>

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 <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 investors in any jurisdiction. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><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">Prohibition of sales to EEA retail investors&#151;The Preferred Securities shall not be offered, sold or otherwise made
available to any retail investor in the EEA. A &#147;retail investor&#148; means a person who is one (or more) of: (i)&nbsp;a retail client as defined in point (11)&nbsp;of Article 4(1) of MiFID II; or (ii)&nbsp;a customer within the meaning of
Directive 2002/92/EC, where that customer would not qualify as a professional client as defined in point (10)&nbsp;of Article 4(1) of MiFID II. Consequently, no key information document (&#147;KID&#148;) required by the PRIIPs Regulation for
offering or selling the Preferred Securities or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the Preferred Securities or otherwise making them available to any retail investor in
the EEA may be unlawful under the PRIIPs Regulation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Prohibition on Marketing and Sales to Retail Investors&#151;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 such as the Preferred Securities to retail investors (as defined above). Each of the Underwriters has represented and agreed that offers of the Preferred Securities in the EEA shall only be directed specifically at or
made to professional clients as defined in point (10)&nbsp;of Article 4(1) of MiFID II. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">In particular, in June 2015, the
United Kingdom Financial Conduct Authority published the Product Intervention (Contingent Convertible Instruments and Mutual Society Shares) Instrument 2015, which took effect from October&nbsp;1, 2015 (the &#147;PI Instrument&#148;). In addition,
(i)&nbsp;on January&nbsp;1, 2018, the PRIIPs Regulation became directly applicable in all EEA member states and (ii)&nbsp;MiFID II was required to be implemented in EEA member states by January&nbsp;3, 2018, and was implemented in Spain through
Royal <FONT STYLE="white-space:nowrap">Decree-Law</FONT> 14/2018 of September&nbsp;28 and Royal Decree 1464/2018 of December 21. Together the PI Instrument, the PRIIPs Regulation and MiFID II are referred to as the &#147;Regulations&#148;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Regulations set out various obligations in relation to (i)&nbsp;the manufacture and distribution of financial instruments
and (ii)&nbsp;the offering, sale and distribution of packaged retail and insurance-based investment products and certain contingent write-down or convertible securities such as the Preferred Securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Each of the Company and the Underwriters are required to comply with some or all of the Regulations. By purchasing, or making
or accepting an offer to purchase, any Preferred Securities (or a beneficial interest in the Preferred Securities) from the Company and/or any Underwriters, each prospective investor will be deemed to represent, warrant, acknowledge, consent,
accept, agree with and undertake to the Company 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="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">it is not a retail client (as defined in MiFID II); </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 III-1 </P>

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<Center><DIV STYLE="width:8.5in" align="left">

<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="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">whether or not it is subject to the Regulations, 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="13%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">sell or offer the Preferred Securities (or any beneficial interests therein) to any retail clients (as
defined in MiFID II); 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="5%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">communicate (including the distribution of the prospectus supplement, the accompanying prospectus and any
related free writing prospectus) or approve any 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 a retail client (in each case within the meaning of MiFID II). </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">In selling or offering the Preferred Securities or making or approving communications relating to the Preferred Securities, it
may not rely on the limited exemptions set out in the PI Instrument; and </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="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">it will at all times comply with all applicable laws, regulations and regulatory guidance (whether inside or
outside the EEA) relating to the promotion, offering, distribution and/or sale of the Preferred Securities (or any beneficial interests therein), including (without limitation) MiFID II and any other applicable laws, regulations and regulatory
guidance relating to determining the appropriateness and/or suitability of an investment in the Preferred Securities (or any beneficial interests 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 interests therein) from the Company 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:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Each prospective investor further acknowledges 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="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">the identified target market for the Preferred Securities (for the purposes of the product governance
obligations in MiFID II) is eligible counterparties and professional clients only; </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="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">the target market assessment indicates that the Preferred Securities are incompatible with the knowledge,
experience, needs, characteristic and objectives of clients which are retail clients (as defined in MiFID II) and accordingly the Preferred Securities shall not be offered or sold to any retail clients; 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="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">no key information document (KID) under the PRIIPs Regulation has been prepared and therefore offering or
selling the Preferred Securities or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs. </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 interests therein) from the Company 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>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><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">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:12pt; margin-bottom:0pt; text-indent:4%; 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:12pt; margin-bottom:0pt; text-indent:4%; 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:18pt; 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:4%; 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 the Company or any of its Spanish affiliates or any other legal entity acting on behalf of the
Company). 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 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>

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 <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="g759573g0830154724732.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:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>$1,000,000,000 SERIES 9 <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 August&nbsp;27, 2019 (the &#147;Preliminary Prospectus Supplement&#148;) and the accompanying prospectus dated June&nbsp;25, 2019 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="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="top"><B>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">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="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">$1,000,000,000 series 9 <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 as issuer 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 Preferred Security Registrar, as amended and supplemented by a Second Supplemental Contingent Convertible Preferred Securities Indenture expected to be dated
September&nbsp;5, 2019 (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="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">A3 (stable) (Moody&#146;s) / <FONT STYLE="white-space:nowrap">A-</FONT> (negative) (S&amp;P) / A (negative)
(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="top"> <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="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">August&nbsp;28, 2019</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="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">September&nbsp;5, 2019 (T + 5)</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="top"> <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>
<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>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 4.274 (closing price on August&nbsp;28, 2019) in the Relevant Stock Exchange</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>Legal Format</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></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>

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<TD WIDTH="22%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="77%"></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">1.1085</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">The &#147;Conversion Price&#148; shall be in respect of a Conversion Notice Date, 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:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;Floor Price&#148; means $4.16. The Floor Price is
subject to adjustment as described in the Prospectus.</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;Prevailing Rate&#148; means, in respect of any currencies on any day, the spot rate of exchange between the relevant currencies
prevailing as at 12:00 noon (London time) on that date as appearing on or derived from Reuters page ECB37 or, if not available, from any other Reference Page or, if such a rate cannot be determined at such time, the rate prevailing as at 12:00 noon
(London time) on the immediately preceding day on which such rate can be so determined or, if such rate cannot be so determined by reference to the Reference Page, the rate determined in such other manner as an Independent Financial Adviser in good
faith shall prescribe.</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;Reference Market
Price&#148; means, in respect of a Common Share at a particular date, the arithmetic mean of the Closing Price per Common Share on each of the five consecutive dealing days on which such Closing Price is available ending on the dealing day
immediately preceding such date, rounding the resulting figure to the nearest cent (with 0.5 cents being rounded upwards).</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;Reference Page&#148; means the relevant page or any successor page on Bloomberg or Reuters or any successor service or such other
information service provider that displays the relevant information.</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;Relevant Stock Exchange&#148; means the Spanish Stock Exchanges or if at the relevant time the Common Shares are not at that time listed
and admitted to trading on the Spanish Stock Exchanges, the principal stock exchange or securities market on which the Common Shares are then listed, admitted to trading or quoted or accepted for dealing.</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="bottom"> <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">Barclays Capital Inc.</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">BBVA Securities Inc.**</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>

</DIV></Center>


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<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="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">BofA Securities, Inc.</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Goldman Sachs&nbsp;&amp; Co. LLC</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:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Morgan
Stanley&nbsp;&amp; Co. LLC</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 6.500% per annum paid quarterly; and (ii)&nbsp;in respect of each Reset Period, at the rate per annum equal to the aggregate of 5.192% (the &#147;Initial Margin&#148;) and the <FONT
STYLE="white-space:nowrap">5-year</FONT> UST 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; provided that any Distribution Rate shall not be less than zero..</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>
<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 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">1.750% due July&nbsp;31, 2024</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">1.361%&nbsp;/ 101-27</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">6.500% quarterly / 6.553% 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="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">519.2 bps</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">0.750%</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 to 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">99.250%</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">$992,500,000</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>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">March&nbsp;5, 2025 (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 AG6</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">US05946KAG67</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 March&nbsp;5,
June&nbsp;5, September&nbsp;5 and December&nbsp;5 in each year (each a &#147;Distribution Payment Date&#148;), commencing on December&nbsp;5, 2019.</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">In relation to each Reset Date, 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> UST</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, an interest rate expressed as a percentage
determined by the Calculation Agent to be the per annum rate equal to the yield to maturity for U.S. Treasury securities with a maturity of five years as published in the most recent
H.15.</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>

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<TD WIDTH="22%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="77%"></TD></TR>
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<TD HEIGHT="8" 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;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;H.15&#148; means the daily statistical release designated as such, or any successor publication, published by the
Board of Governors of the United States Federal Reserve System that establishes yield on actively traded U.S. Treasury securities under the caption &#147;Treasury constant maturities&#148;, and &#147;most recent H.15&#148; means, in respect of any
Reset Period, the H.15 which includes a yield to maturity for U.S. Treasury securities with a maturity of five years published closest in time but prior to the 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>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 STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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, and (with respect to the latter) the below summary, 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> <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">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 BBVA&#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></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 and/or Article 16 of the SSM</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>

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<TD WIDTH="77%"></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">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 &#147;Distributions Discretionary&#148; 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 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 applicable to BBVA and/or the Group).</P></TD></TR>
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<TD HEIGHT="24" 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;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Definitions</B></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"></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">&#147;Additional Tier 1 Instrument&#148; means any of BBVA&#146;s contractually subordinated obligations constituting an
Additional Tier 1 instrument (<I>instrumento de capital de nivel 1 adicional</I>) in accordance with Applicable Banking Regulations.</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"></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">&#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, the SRM Regulation 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></TD></TR>
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<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"></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">&#147;CRD IV&#148; means any or any combination of the CRD Directive, the CRR, and any CRD Implementing
Measures.</P></TD></TR>
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<TD HEIGHT="8" 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;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;CRD 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, as amended, replaced or supplemented from time to time (including as amended by Directive (EU) 2019/878 of the European
Parliament and of the European Council of May&nbsp;20, 2019).</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>

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<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;CRD Implementing Measures&#148; means any regulatory rules implementing or developing the CRD 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, as amended, replaced or supplemented 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">&#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, replaced or supplemented from time to time (including as amended by Regulation (EU) 2019/876 of the European Parliament and of the
Council of May&nbsp;20, 2019). &#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:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;Regulator&#148; means the European
Central Bank, the Bank of Spain or the Relevant Spanish Resolution Authority, as applicable, or such other or successor authority having primary bank supervisory authority, in each case, with respect to prudential matters or the exercise of
resolution powers in relation to BBVA and/or the Group 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">&#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 (including as amended by Regulation (EU) 2019/877 of the European Parliament and of the Council of May 20).</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;SSM Regulation&#148; means Council Regulation (EU) No.&nbsp;1024/2013 of October&nbsp;15, conferring specific tasks on the European
Central Bank concerning policies relating to the prudential supervision of credit institutions, as amended, replaced or supplemented from time to time.</P></TD></TR>
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<TD VALIGN="top"><B>Agreement to Distributions&nbsp;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</P></TD></TR></TABLE>
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<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">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 &#147;Restrictions on Distributions&#148;
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, including any instrument ranking junior to the Preferred Securities (including,
without limitation, any CET1 Capital issued by BBVA or any member of 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> <P STYLE="font-size:18pt; 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"><B>Definitions</B></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;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, respectively, ranks <I>pari passu</I> with the Preferred Securities upon the insolvency of the Bank.</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></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>

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<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 or other default 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>
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<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 Article 92.2 of the Spanish Insolvency Law and Additional Provision 14.3 of Law 11/2015 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 Preferred Securities constitute an Additional Tier 1 Instrument issued by BBVA, 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.(a) 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) <I>pari passu</I> 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</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>

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<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">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:18pt; 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"><B>Definitions</B></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 Capital&#148; means Additional Tier 1 capital (<I>capital de nivel 1 adicional</I>) as provided under 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: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>
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<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 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>
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<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 (each as defined
below).</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>

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<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 &#147;Trigger Event&#148; 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 a 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 a Trigger Event occurs, the Preferred Securities will be converted in whole and not in part. For the purposes of determining whether a 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
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 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">BBVA may
not give a notice of redemption with respect to the Preferred Securities if a Trigger Event has occurred. 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.</P> <P STYLE="font-size:18pt; 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"><B>Definitions</B></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;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>

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<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;Conversion Settlement Date&#148; means the date on which the relevant Common Shares are to be delivered to the Conversion Shares
Depository following Conversion, which shall be as soon as practicable and in any event not later than one month following (or such other period as Applicable Banking Regulations may require) the relevant Conversion Notice Date. &#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>
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<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 consolidated text of
the Corporate Enterprises Act (<I>Ley de Sociedades de Capital</I>), approved by the Royal Legislative Decree 1/2010, of July&nbsp;2, as amended, replaced or supplemented from time to time (the &#147;Spanish Companies Act&#148;), 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:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Except if BBVA has given a redemption notice prior to or at
the same time as 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 set out under &#147;Restrictions on Distributions&#148;, an
amount equal to the accrued and unpaid Distributions for the then-current Distribution Period up to (but excluding) such Conversion Settlement Date.</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>

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<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">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 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;). In the case of any
Preferred Securities represented by a Global Preferred 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.</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 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 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:1pt; 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 shall be disregarded for all purposes and shall be of no force and effect with respect to the Preferred
Securities and there shall be no conversion of the Preferred Securities 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></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>

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<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">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 or any further Capital Reduction.</P></TD></TR>
<TR STYLE="font-size:1pt">
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<TD VALIGN="top"><B>Upon Conversion</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">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 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 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="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 Event 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 or (ii)&nbsp;any accrued and unpaid Distributions 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 (except as noted in the Indenture with respect to certain Spanish stamp and similar taxes).</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 any Capital Reduction, 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 described under &#147;Capital Reduction&#148; above) shall have no claim against BBVA
in respect of any Liquidation Preference (and premium, if any) of such Preferred Securities, and the Preferred Securities (other than Preferred Securities in respect of which holders
have</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>

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<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">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 (except as noted in the Indenture with respect to certain Spanish stamp and similar taxes). However, nothing in this paragraph shall affect BBVA&#146;s obligation upon any Capital
Reduction Conversion to pay to the holders (other than holders of Preferred Securities in respect of which such holders have elected not to convert such Preferred Securities as described under &#147;&#151;<I>Capital Reduction</I>&#148; above), where
not cancelled or deemed cancelled pursuant to, or otherwise subject to the limitations on payment as described under &#147;&#151;<I>Distributions Discretionary</I>&#148; and &#147;<I>&#151;Restrictions on Distributions</I>&#148; above, an amount
equal to the accrued and unpaid Distributions for the then-current Distribution Period up to (but excluding) the 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:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">On 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. Except as indicated in the Indenture, receipt of the relevant Common Shares by the Conversion Shares Depository shall discharge BBVA&#146;s obligations in
respect of the Preferred Securities to be converted.</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 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></TD></TR>
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<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</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>

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<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">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, a Conversion Event, no amount shall be due and payable to the holders of the
Preferred Securities (other than any accrued and unpaid Distributions to be paid upon a Capital Reduction Conversion (where not cancelled or deemed cancelled pursuant to, or otherwise subject to the limitations on payment set out above) and except
as noted in the Indenture with respect to certain Spanish stamp and similar taxes payable by BBVA in respect of the issue and delivery of the Common Shares), and BBVA&#146;s liability to pay any amounts (including the Liquidation Preference (and
premium, if any) of, or any Distribution in respect of the Preferred Securities (other than any accrued and unpaid Distributions to be paid upon a Capital Reduction Conversion (where not cancelled or deemed cancelled pursuant to, or otherwise
subject to the limitations on payment set out above) and except as noted in the Indenture with respect to certain Spanish stamp and similar taxes payable by BBVA in respect of the issue and delivery of the Common Shares)) 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;agreed that following a Conversion Event, the
Relevant Spanish Resolution Authority may exercise its Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power with respect to the Preferred Securities or any Common Shares that may be received following a Conversion, which exercise may result
in any of the consequences described below, the cancellation of the Conversion and/or the implementation of material changes to the Conversion terms, (iv)&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 (v)&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-15 </P>

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<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-16 </P>

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<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">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</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>

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<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">Preferred Securities, BBVA or the Relevant Spanish Resolution Authority (as the case may be) shall provide a 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:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">By its acquisition of any Preferred Security, 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="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 Indenture provides that the
foregoing agreement and acknowledgment regarding the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power is governed by Spanish law and that any <FONT STYLE="white-space:nowrap">Bail-in</FONT> Dispute is subject to the exclusive
jurisdiction of the Spanish courts.</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
March&nbsp;5, 2025 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 pursuant to, or otherwise subject to the limitations on payment set out above, 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 ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">If, on or after the Closing Date, there is a Tax Event, the Preferred Securities may be redeemed, in whole but not in
part,</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>

</DIV></Center>


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<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">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:0pt; 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 (except as provided in the Prospectus), 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 (i)&nbsp;BBVA would not be entitled to claim a deduction in computing BBVA&#146;s taxation liabilities in Spain (except as provided in
the Prospectus), 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> <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">If, in accordance with the Indenture, BBVA&#146;s obligations under the Preferred Securities were to be assumed by another person, references
to Spain in the definition of &#147;Tax Event&#148; shall be deemed to refer to the successor entity&#146;s jurisdiction of incorporation or tax residence.</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 ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">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. 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 ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">BBVA or any member of the Group or any other legal entity acting on behalf of BBVA 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. Such Preferred Securities purchased must be surrendered to the Paying Agent and/or the relevant registrar for 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-19 </P>

</DIV></Center>


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<TD HEIGHT="8" 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;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">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>Substitution / Modification</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 a Capital Event or a Tax Event, as applicable, occurs and is continuing, BBVA may, except if a Trigger Event occurs or
shall have occurred, and except if a Capital Reduction occurs or shall have occurred (other than in respect of Preferred Securities with respect to which a duly completed Election Notice has been received during the Election Period), substitute all
(but not less than all) of the Preferred Securities or modify the terms of all (but not less than all) of the Preferred Securities, without any requirement for the consent or approval of the holders or beneficial owners of the Preferred Securities,
so that such Preferred Securities are substituted for, or their terms are modified to, become again, or remain Qualifying Preferred Securities, subject to (i)&nbsp;having given not less than 30 nor more than 90 days&#146; notice to holders and to
the trustee (which notice shall be irrevocable and shall specify the date for substitution or, as applicable, modification), (ii) the prior consent of the Regulator, if required pursuant to Applicable Banking Regulations, and (iii)&nbsp;any
variation in the terms of the Preferred Securities resulting from such modification or, if the Preferred Securities are substituted, any difference between the terms of the Preferred Securities and those of the Qualifying Preferred Securities for
which the Preferred Securities are substituted, not being materially prejudicial to the interests of the holders 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>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 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</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>

</DIV></Center>


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<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">Preferred Securities receiving such amounts as they would have received in respect of such Distributions had no such
withholding or deduction been required.</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">This provision
is subject to certain important exceptions as described in the Prospectus. The payment of any Additional Amounts in respect of the Preferred Securities pursuant to the Indenture is also subject to the same conditions and limitations as the payment
of any Distribution, including the conditions and limitations described under &#147;Distributions Discretionary&#148; above.</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. BBVA may, from time to time, without
the consent of the holders of the Preferred Securities, issue additional Preferred Securities (&#147;Additional Preferred Securities&#148;) 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 the initial 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 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></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>

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<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:18pt; 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>
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<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 Global Preferred Securities registered in the name of a nominee
for, and deposited with a custodian for, DTC. You</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-22 </P>

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<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">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 Global Exchange Market of Euronext Dublin 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 (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 BBVA of the Indenture, the authorization, issuance
and execution by BBVA of the Preferred Securities and provisions relating to the subordination and waiver of right of <FONT STYLE="white-space:nowrap">set-off</FONT> of the Preferred Securities, and the agreement and acknowledgment with respect to
the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power, 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>Submission to Jurisdiction</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">Except as provided in the immediately succeeding paragraph, BBVA will submit (for the purposes of any suit or proceeding
arising out of or relating to the Preferred Securities or the Indenture) to the jurisdiction of any U.S. Federal or State court in the Borough of Manhattan, The City of New York, New York, in which any such suit or proceeding is so instituted, and
will waive, to the extent it may effectively do so, any objection BBVA may have now or hereafter to the laying of the venue of any such suit or proceeding.</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 anything to the contrary in the Prospectus or in the Indenture, the Spanish courts shall have exclusive jurisdiction in respect
of any suit or proceeding arising out of or relating to the Preferred Securities or the Indenture arising out of, relating to or in connection with the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant
Spanish Resolution Authority (a <FONT STYLE="white-space:nowrap">&#147;Bail-in</FONT> Dispute&#148;) and accordingly each of BBVA, the trustee and each holder and beneficial owner of any Preferred Securities and each agent will submit, to the extent
it may effectively do so, to the exclusive jurisdiction 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-23 </P>

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<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="77%"></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">the Spanish courts in relation to any <FONT STYLE="white-space:nowrap">Bail-in</FONT> Dispute. Each of BBVA, the trustee,
each holder and beneficial owner of any Preferred Securities and each agent will further irrevocably waive, to the extent it may effectively do so, any objection to the Spanish courts on the grounds that they are an inconvenient or inappropriate
forum in respect of any <FONT STYLE="white-space:nowrap">Bail-in</FONT> Dispute.</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 investors in any jurisdiction. The offer and sale of the Securities are subject to limitation as set out in the Prospectus. The Preferred
Securities shall not be sold to retail clients in the EEA.</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 acquired by any such Spanish tax resident (other than BBVA or any of its Spanish affiliates or any other legal entity acting on behalf of 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>Conflicts of Interest</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 Securities Inc., which is participating in this offering as a Joint Bookrunner, is a wholly-owned subsidiary of BBVA.
The offering is being conducted pursuant to FINRA Rule 5121.</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 Contingent Convertible Preferred Security
Registrar) through its London Branch, will act as trustee, Paying and Conversion Agent, Calculation Agent, Principal Paying Agent and Contingent Convertible Preferred 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 STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify"><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>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>**</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify"><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: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-24 </P>

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 <P STYLE="margin-top:0pt; 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 Barclays Capital Inc.,
by calling <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">+1-888-603-5847,</FONT></FONT></FONT> 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 BBVA, 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 BofA Securities, Inc. 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> from Goldman Sachs&nbsp;&amp; Co. LLC by calling
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">+1-866-471-2526,</FONT></FONT></FONT> from J.P. Morgan Securities LLC by calling <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">+1-212-834-4533,</FONT></FONT></FONT> and from Morgan Stanley&nbsp;&amp; Co. LLC, by calling
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">+1-866-718-1649.</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-25 </P>

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 <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" ALIGN="justify">Final
Term Sheet dated August&nbsp;28, 2019 </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>

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 <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">August&nbsp;28, 2019 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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
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;) 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 series 9 <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 September&nbsp;5,
2019 (the &#147;Second Supplemental Indenture&#148;) (the Base Indenture, as supplemented, with respect to the Preferred Securities, by the Second 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>

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 <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&#148; means Directive 2014/59/EU of the European Parliament and the Council of the European Union of May&nbsp;15
establishing the framework for the recovery and resolution of credit institutions and investment firms, as amended, replaced or supplemented from time to time (including as amended by Directive 2019/879 of the European Parliament and the Council of
May&nbsp;20, 2019) or such other directive as may come into effect in place thereof, as implemented into Spanish law by Law 11/2015 (as defined herein) and RD 1012/2015 (as defined herein), and including any other relevant implementing or developing
regulatory provisions; </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 Spanish 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:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; 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 Spanish Royal Decree
1012/2015 of November&nbsp;6, by virtue of which Law 11/2015 is developed and Spanish 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;333-232333),</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:12pt; 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, RD 1012/2015 and the SRM Regulation, the Bank of Spain and the Spanish Securities Market Commission (CNMV) or
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, cancellation 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 the BRRD,
including, but not limited to (a)&nbsp;Law 11/2015, (b) RD 1012/2015, and (c)&nbsp;the SRM Regulation; 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; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; 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 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 a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No.&nbsp;1093/2010,
as amended, replaced or supplemented from time to time (including as amended by Regulation 2019/877 of the European Parliament and the Council of May&nbsp;20, 2019); 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
</P>
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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 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:9%; 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:9%; 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: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>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; 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 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:9%; 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 Appendix B 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; 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:9%; 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 </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>

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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 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:9%; 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:9%; 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:9%; 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:9%; 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 </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>

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<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:6pt; margin-bottom:0pt; margin-left:9%; 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:9%; 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:9%; 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:9%; 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:9%; 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: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>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; 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:9%; 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 executed,
authenticated, issued, delivered and paid for pursuant to a Pricing Agreement and the Indenture, 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 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:9%; 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:9%; 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:9%; 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:9%; 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: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>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; 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:9%; 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 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:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(w)&nbsp;&nbsp;&nbsp;&nbsp;Except as described in or contemplated by the Prospectus, 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 would 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:9%; 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
</P>
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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:9%; 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:6pt; margin-bottom:0pt; margin-left:9%; 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:9%; 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:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(bb)&nbsp;&nbsp;&nbsp;&nbsp;Except as set forth in or contemplated by 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:9%; 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 June&nbsp;30, 2019; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; 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>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; 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:9%; 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:6pt; margin-bottom:0pt; margin-left:9%; 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 the prudential requirements for credit institutions and investment firms and
amending Regulation (EU) No.&nbsp;648/2012, as amended, replaced or supplemented from time to time (including as amended by Regulation (EU) No.&nbsp;876/2019 of the European Parliament and of the Council of May&nbsp;20, 2019) (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>
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 <P STYLE="margin-top:0pt; 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:9%; 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 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, </P>
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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:9%; 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 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:9%; 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:9%; 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>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; 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, 2019 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:9%; 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:6pt; margin-bottom:0pt; margin-left:9%; 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:9%; 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 Euronext Dublin Global Exchange Market, 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:9%; 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:9%; 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 Second Supplemental Indenture) with respect to the Preferred Securities; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; 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 </P>
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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:9%; 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 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:9%; 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 in 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:9%; 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>
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 <P STYLE="margin-top:0pt; 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:9%; 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 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:9%; 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:9%; 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:9%; 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>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; 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:9%; 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 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 long-term senior 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 long-term senior debt securities; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; 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 </P>
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(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:9%; 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 copies of the Prospectus on the Business Day next succeeding the date of the applicable Pricing Agreement; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; 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:9%; 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 accuracy 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:6pt; margin-bottom:0pt; margin-left:9%; 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>22 and 23 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,
</P>
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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:9%; 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) 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:9%; 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
</P>
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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 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>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; 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 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 </P>
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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:9%; 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 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:9%; 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>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; 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;10 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:12pt; 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, 22 and 23 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 the applicable Pricing Agreement. Any such statements, requests, notices or
agreements shall take effect upon receipt 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">23 </P>

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 <P STYLE="margin-top:0pt; 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 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
</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>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">
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 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 the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority and acknowledges, accepts, consents to and agrees to be bound by: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;the exercise and effects 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 may be imposed with or without any prior notice and (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="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">the reduction of all, or a portion, of such BRRD Liability or outstanding amounts due thereon;
</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">25 </P>

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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">the conversion of all, or a portion, of such BRRD Liability or outstanding amounts due thereon into shares,
other securities or other obligations of the Company or another person, and the issue to or conferral on such Underwriter of any such shares, securities or obligations, including by means of an amendment, modification or variation of the terms of
any BRRD Liability; </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="5%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">the cancellation of such BRRD Liability or outstanding amounts due thereon; 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="5%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">the amendment or alteration of any interest or distribution payable, if applicable, on such BRRD Liability
or outstanding amounts due thereon, and the maturity or the dates on which any payments on such BRRD Liability or outstanding amounts 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:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;the variation of the terms of such BRRD Liability or outstanding amounts due thereon
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:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">23.&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event that any Underwriter that is a Covered Entity becomes
subject to a proceeding under a U.S. Special Resolution Regime, the transfer from such Underwriter of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective
under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States. </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="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">In the event that any Underwriter that is a Covered Entity or a BHC Act Affiliate of such Underwriter
becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Underwriter are permitted to be exercised to no greater extent than such Default Rights could be exercised
under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">For purposes of this Section&nbsp;23, the following terms shall have the following meaning: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>BHC Act Affiliate</B>&#148; has the meaning assigned to the term &#147;affiliate&#148; in, and shall be interpreted in accordance
with, 12 U.S.C. &#167; 1841(k). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Covered Entity</B>&#148; means any of the following: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">a &#147;covered entity&#148; as that term is defined in, and interpreted in accordance with, 12 C.F.R.
&#167; 252.82(b); </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">26 </P>

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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">a &#147;covered bank&#148; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167;
47.3(b); 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="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">a &#147;covered FSI&#148; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167;
382.2(b). </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Default Right</B>&#148; has the meaning assigned to that term in, and shall be interpreted in
accordance with, 12 C.F.R. &#167;&#167; 252.81, 47.2 or 382.1, as applicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>&#147;U.S. Special Resolution Regime</B>&#148; means
each of (i)&nbsp;the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii)&nbsp;Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated 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">27 </P>

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 <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="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(c)-1 </P>

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 <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">Schedule 8(d)-1 </P>

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 <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">Schedule 8(e)-1 </P>

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 <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">September&nbsp;5, 2019 </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 August&nbsp;28, 2019 (the
&#147;Underwriting Agreement&#148;) incorporated by reference in the Pricing Agreement dated August&nbsp;28, 2019 (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 STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">attached hereto as <B>Exhibit A</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">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">the representations and warranties of the Company in the Underwriting Agreement are accurate 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">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">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">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">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">(v)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">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 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
long-term senior 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 long-term senior debt 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">Schedule 8(j)-1 </P>

</DIV></Center>


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


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; 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>

</DIV></Center>


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


<Center><DIV STYLE="width:8.5in" align="left">
 <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="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"> <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:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">I,
[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], Company and Board Secretary of the Company, do hereby certify that the signature set forth opposite his name is the true and
genuine signature of [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">IN WITNESS WHEREOF, I have hereunto signed my name 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="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"> <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>

</DIV></Center>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.8
<SEQUENCE>3
<FILENAME>d759573dex48.htm
<DESCRIPTION>EX-4.8
<TEXT>
<HTML><HEAD>
<TITLE>EX-4.8</TITLE>
</HEAD>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 4.8 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:3.00pt solid #000000">&nbsp;</P> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&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:24pt; 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:24pt; 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:12pt; 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:24pt; 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 Preferred Security Registrar </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SECOND 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 September&nbsp;5, 2019 </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:24pt; 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:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:4.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:4.00pt solid #000000">&nbsp;</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
</DIV></Center>


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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <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:6pt;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="21%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="75%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><B>P<SMALL>AGE</SMALL></B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center"><B>A<SMALL>RTICLE</SMALL> 1</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><B>D<SMALL>EFINITIONS</SMALL></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><B>2</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">Section&nbsp;1.01.</P></TD>
<TD VALIGN="bottom">&nbsp;&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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.02.</P></TD>
<TD VALIGN="bottom">&nbsp;&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">3</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">Section&nbsp;1.03.</P></TD>
<TD VALIGN="bottom">&nbsp;&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">3</TD>
<TD NOWRAP VALIGN="bottom">&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="bottom" COLSPAN="3" ALIGN="center"><B>A<SMALL>RTICLE</SMALL> 2</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>T<SMALL>HE</SMALL> P<SMALL>REFERRED</SMALL> S<SMALL>ECURITIES</SMALL></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><B>4</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">Section&nbsp;2.01.</P></TD>
<TD VALIGN="bottom">&nbsp;&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">4</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">Section&nbsp;2.02.</P></TD>
<TD VALIGN="bottom">&nbsp;&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">5</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">Section&nbsp;2.03.</P></TD>
<TD VALIGN="bottom">&nbsp;&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">6</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">Section&nbsp;2.04.</P></TD>
<TD VALIGN="bottom">&nbsp;&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">25</TD>
<TD NOWRAP VALIGN="bottom">&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="bottom" COLSPAN="3" ALIGN="center"><B>A<SMALL>RTICLE</SMALL> 3</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><B>M<SMALL>ISCELLANEOUS</SMALL></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><B>25</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">Section&nbsp;3.01.</P></TD>
<TD VALIGN="bottom">&nbsp;&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">25</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">Section&nbsp;3.02.</P></TD>
<TD VALIGN="bottom">&nbsp;&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">25</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">Section&nbsp;3.03.</P></TD>
<TD VALIGN="bottom">&nbsp;&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">26</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">Section&nbsp;3.04.</P></TD>
<TD VALIGN="bottom">&nbsp;&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">26</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">This SECOND SUPPLEMENTAL INDENTURE (&#147;<B>Second Supplemental
Indenture</B>&#148;), dated as of September&nbsp;5, 2019, 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 240 Greenwich 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 Preferred Security Registrar</B>&#148;, which term includes any successor Contingent Convertible Preferred Security Registrar). </P>
<P STYLE="margin-top:12pt; 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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">WHEREAS, the Company hereto desires to issue a new series of Contingent Convertible Preferred Securities to be known as the
$1,000,000,000 Series 9 <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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">WHEREAS, the parties hereto desire to establish that the Preferred Securities
shall be issued in the form of one or more Global Securities substantially in the form of Exhibit A to this Second 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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">WHEREAS, this Second 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 the provisions of this Second Supplemental Indenture, the terms of this Second
Supplemental Indenture shall control and prevail, but only with respect to the Preferred Securities. The Contingent Convertible Preferred Securities Indenture, as amended and supplemented by, and together with, this Second Supplemental Indenture are
hereinafter referred to as the &#147;<B>Indenture</B>&#148;; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">WHEREAS, the Company has requested and does hereby
request that the Trustee execute and deliver this Second Supplemental Indenture, and whereas all actions required by the Company to be taken in order to make this Second 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 Second Supplemental Indenture have been duly authorized in all respects, </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">NOW, THEREFORE, the Company and the Trustee mutually covenant and agree as
follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:1%; font-size:12pt; font-family:Times New Roman" ALIGN="center">ARTICLE 1 </P>
<P STYLE="margin-top:6pt; 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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;1.01.&nbsp;&nbsp;&nbsp;&nbsp;<I>Definition of Terms</I>. For all purposes of this Second Supplemental Indenture,
except as otherwise expressly provided or unless the context otherwise requires: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(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:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;a term defined anywhere in this Second Supplemental Indenture has the same meaning throughout; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(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:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(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:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(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 Second Supplemental Indenture, refer to this Second Supplemental Indenture as a whole and not to any
particular Article, Section or other subdivision of this Second Supplemental Indenture; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(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 Second Supplemental Indenture; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(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 Second 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:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(h)&nbsp;&nbsp;&nbsp;&nbsp;for purposes of this Second 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:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;the following terms shall have
the following meanings whenever used herein and shall apply to the Preferred Securities: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B><FONT
STYLE="white-space:nowrap">5-year</FONT> UST</B>&#148; means, in relation to a Reset Date and the Reset Period commencing on that Reset Date, an interest rate expressed as a percentage determined by the Calculation Agent to be the per annum rate
equal to the yield to maturity for U.S. Treasury securities with a maturity of five years as published in the most recent H.15; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Accrual Date</B>&#148; means the date from which Distributions began to accrue. Distributions begin to accrue on the
first day of a Distribution Period, which is either a Distribution Payment Date or, in the case of the first Distribution Period, the date of issuance; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Closing Date</B>&#148; means September&nbsp;5, 2019, being the date of the initial issue of the Preferred Securities;
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Company</B>&#148; means the Person named as the &#147;Company&#148;
in the first paragraph of this Second 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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Distribution Payment Date</B>&#148; means, with respect to the Preferred Securities, each of March&nbsp;5,
June&nbsp;5, September&nbsp;5 and December&nbsp;5 in each year, commencing on December&nbsp;5, 2019; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>First Reset
Date</B>&#148;<B> </B>means March&nbsp;5, 2025; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Floor Price</B>&#148; means $4.16, subject to adjustment in
accordance with Section&nbsp;4.05 of the Contingent Convertible Preferred Securities Indenture; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>H.15</B>&#148;
means the daily statistical release designated as such, or any successor publication, published by the Board of Governors of the United States Federal Reserve System that establishes yield on actively traded U.S. Treasury securities under the
caption &#147;Treasury constant maturities&#148;, and &#147;<B>most recent H.15</B>&#148; means, in respect of any Reset Period, the H.15 which includes a yield to maturity for U.S. Treasury securities with a maturity of five years published closest
in time but prior to the Reset Determination Date; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Initial Margin</B>&#148; means
5.192% per annum; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Payment 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; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Reset Date</B>&#148;<B> </B>means the First Reset Date and every fifth anniversary thereafter; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#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; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;1.02.&nbsp;&nbsp;&nbsp;&nbsp;<I>Separability Clause</I>. In case
any provision in this Second 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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;1.03.&nbsp;&nbsp;&nbsp;&nbsp;<I>Benefits of Supplemental Indenture</I>. Nothing in this Second 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>

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<P STYLE="margin-top:6pt; 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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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. Definitive Preferred Securities shall not be issued except as provided in and subject to the provisions of the Contingent Convertible Preferred Securities Indenture. The Global Preferred Securities shall be registered in the name of
the Depositary&#146;s nominee (initially Cede&nbsp;&amp; Co.) and executed and delivered in substantially the form attached hereto as Exhibit A. The terms and provisions of the Global Preferred Securities are hereby incorporated herein by reference
and made a part hereof as if set forth herein in full, except that insofar as the terms and provisions of the Global Preferred Securities may conflict with the provisions set forth herein, the provisions set forth herein (as they may be amended from
time to time) shall control and prevail with respect to the terms and provisions of the Global Preferred Securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(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>Series 9 <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
with the terms provided herein (including Section&nbsp;1.01(i) hereof) and in the Contingent Convertible Preferred Securities Indenture (as amended hereby) (referred to herein as the &#147;<B>Preferred Securities</B>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(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:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(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 Second 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:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(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:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(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. The Preferred Securities shall not be redeemable except as provided in Article 12 of the Contingent Convertible Preferred
Securities Indenture (as amended hereby). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(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:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(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:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(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 3.07, 3.08, 3.09, 3.10, 6.02, Articles 4 and 12 and Section&nbsp;14.01
thereof, in each case, where applicable, as amended hereby). The Place of Payment of the Preferred Securities shall be as specified in the Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;The Company shall undertake reasonable efforts to list the Preferred Securities on the Global
Exchange Market of Euronext Dublin 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
</P>
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Preferred Securities remain outstanding. Notwithstanding the above, if listing on the Global Exchange Market of Euronext Dublin 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:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(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:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(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 Preferred 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 Preferred Security Registrar without prior notice to the Holders. 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:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(l)&nbsp;&nbsp;&nbsp;&nbsp;Additional Amounts will be payable in respect of the Preferred Securities as provided in
Section&nbsp;11.04 of the Contingent Convertible Preferred Securities Indenture (as amended hereby). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;2.02.&nbsp;&nbsp;&nbsp;&nbsp;<I>Distributions</I>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;The Preferred Securities accrue Distributions at the following rate (the &#147;<B>Distribution
Rate</B>&#148;): </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(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 6.500% per annum; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(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> UST 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, provided that any Distribution Rate shall not be less than zero. As of the date of this Second
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> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g759573g10l55.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Subject as provided in the Indenture (including Sections 3.08 (as amended hereby) 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:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(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 Company by applying the Distribution Rate to the Liquidation Preference in respect of each Preferred Security, multiplying the product by (i)&nbsp;the actual number of days in the period
from (and including) the applicable Accrual Date to (but excluding) the date on which Distributions fall due divided by (ii)&nbsp;the actual number of days from (and including) the applicable 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: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>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(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 or as otherwise provided in Section&nbsp;2.02(b) or (d). 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 that 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:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(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:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;If the Company does not pay a Distribution or part thereof in accordance with this
Section&nbsp;2.02, 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 also such portion of such Distribution, and accordingly such portion of the
Distribution shall also not be due and payable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(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 after each Reset Determination Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;2.03.&nbsp;&nbsp;&nbsp;&nbsp;<I>Amended Provisions of Contingent Convertible Preferred Securities Indenture</I>.
(a)&nbsp;The definitions of &#147;Amounts Due&#148;, &#147;Applicable Banking Regulations&#148;, &#147;BRRD&#148;, &#147;Conversion Settlement Date&#148;, &#147;Conversion Shares Depository&#148;, &#147;CRD IV&#148;, &#147;CRD IV Directive&#148;,
&#147;CRD IV Implementing Measures&#148;, &#147;CRR&#148;, &#147;Delivery Notice&#148;, &#147;Maximum Distributable Amount&#148;, &#147;Outstanding&#148;, &#147;Parity Securities&#148;, &#147;Regulator&#148;, &#147;Relevant Spanish Resolution
Authority&#148;, &#147;Shareholders&#148;, &#147;Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power&#148;, &#147;Spanish Companies Act&#148;, &#147;SRM Regulation&#148;, &#147;SSM Regulation&#148; and &#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 Preferred Securities only and shall not apply to the Preferred Securities and shall, with respect to the Preferred Securities only,
be replaced, respectively, by the following definitions: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;&#147;<B>Amounts Due</B>&#148; with respect to the
Contingent Convertible Preferred Securities of a series means the Liquidation Preference, together with any accrued but unpaid Distributions, if not cancelled or deemed cancelled, and Additional Amounts, if any, due on the Contingent Convertible
Preferred Securities of such series. References to such amounts will include amounts that have become due and payable, but which have not been paid, prior to the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the
Relevant Spanish Resolution Authority. References to such amounts will also include monies held in trust by the Company, any Paying Agent or the Trustee for the payment of the amounts referred to above, but which have not been paid prior to 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:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;&#147;<B>Applicable Banking Regulations</B>&#148; means at any time the laws, regulations, requirements, guidelines and
policies relating to capital adequacy, resolution and/or solvency then applicable to the Company and/or the Group including, without limitation to the generality of the foregoing, CRD IV, the BRRD, the SRM Regulation and those laws, regulations,
requirements, guidelines and policies relating 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">6 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">
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 the Company and/or the Group).&#148; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;&#147;<B>BRRD</B>&#148; means Directive
2014/59/EU of the European Parliament and the Council of the European Union of May&nbsp;15 establishing the framework for the recovery and resolution of credit institutions and investment firms, as amended, replaced or supplemented from time to time
(including as amended by Directive (EU) 2019/879 of the European Parliament and of the European Council of May&nbsp;20, 2019), as implemented into Spanish law by Law 11/2015 (as defined herein) and RD 1012/2015 (as defined herein), and including any
other relevant implementing or developing regulatory provisions.&#148; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;&#147;<B>Conversion Settlement Date</B>&#148;
means the date on which the relevant Common Shares are delivered to the Conversion Shares Depository following Conversion, which shall be as soon as practicable and in any event not later than one month following (or such other period as Applicable
Banking Regulations may require) the relevant Conversion Notice Date.&#148; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;&#147;<B>Conversion Shares
Depository</B>&#148; means, when used with respect to the Contingent Convertible Preferred Securities of any series, a reputable financial institution, trust company or similar entity (which may be the Company or another member of the Group or a
third party) to be appointed by the Company on or prior to any date when a function ascribed to the Conversion Shares Depository is required to be performed, to perform such functions and to hold Common Shares in Iberclear or any of its
participating entities (<I>entidades participantes</I>) in a designated trust or custody account for the benefit of the Holders of the Contingent Convertible Preferred Securities of such series and otherwise on terms consistent with the terms of the
Contingent Convertible Preferred Securities of such series and the Contingent Convertible Preferred Securities Indenture.&#148; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;&#147;<B>CRD IV</B>&#148; means any or any combination of the CRD Directive, the CRR, and any CRD Implementing
Measures.&#148; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;&#147;<B>CRD Directive</B>&#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, as amended, replaced or supplemented from time to time (including as amended by Directive (EU)
2019/878 of the European Parliament and of the European Council of May&nbsp;20, 2019).&#148; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;&#147;<B>CRD
Implementing Measures</B>&#148; means any regulatory rules implementing or developing the CRD 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 the Company (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, as amended, replaced or supplemented from time to
time.&#148; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;&#147;<B>CRR</B>&#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, replaced or supplemented from time to time (including as amended by Regulation (EU)
2019/876 of the European Parliament and of the Council of May&nbsp;20, 2019).&#148; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;&#147;<B>Delivery
Notice</B>&#148; means a notice to be provided by the relevant Holder which contains the relevant account and related details for the delivery of any Common Shares (or ADSs) and such other information as is set forth in Section&nbsp;4.08(c), and
which is required to be delivered in connection with a Conversion of the Contingent Convertible Preferred Securities and the delivery of the Common Shares (or ADSs).&#148; </P> <P STYLE="font-size:6pt; 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">7 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;&#147;<B>Maximum Distributable Amount</B>&#148; means, at any time,
any maximum distributable amount required to be calculated at such time in accordance with Applicable Banking Regulations.&#148; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;&#147;<B>Outstanding</B>&#148; means, when used with respect to Contingent Convertible Preferred Securities or any series
of Contingent Convertible Preferred Securities (except as otherwise specified pursuant to Section&nbsp;3.01), as of the date of determination, all Contingent Convertible Preferred Securities or all Contingent Convertible Preferred Securities of such
series, as the case may be, theretofore authenticated and delivered under this Contingent Convertible Preferred Securities Indenture, except: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;Contingent Convertible Preferred Securities theretofore cancelled by the Trustee or
delivered to the Trustee for cancellation or in respect of which all Amounts Due have been redeemed, cancelled or converted into other securities pursuant to the exercise of any Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;Contingent Convertible Preferred Securities in respect of which the Trustee
acknowledges satisfaction and discharge of this Contingent Convertible Preferred Securities Indenture pursuant to Article 5; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;Contingent Convertible Preferred Securities for which the Redemption Price has
been deposited pursuant to Section&nbsp;12.04 (except as set forth in Section&nbsp;12.04(d)(ii)) or in exchange for or in lieu of which other Contingent Convertible Preferred Securities have been authenticated and delivered pursuant to this
Contingent Convertible Preferred Securities Indenture, other than any such Contingent Convertible Preferred Securities in respect of which there shall have been presented to the Trustee proof satisfactory to it that such Contingent Convertible
Preferred Securities are held by a protected purchaser in whose hands such Contingent Convertible Preferred Securities are valid obligations of the Company; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><U>provided, however</U>, that in determining whether the Holders of the requisite Liquidation Preference of the Outstanding
Contingent Convertible Preferred Securities of any series have given any request, demand, authorization, direction, notice, consent or waiver hereunder, (i)&nbsp;the Liquidation Preference of a Contingent Convertible Preferred Security denominated
in a Foreign Currency shall be the U.S. dollar equivalent, determined based on the Prevailing Rate on the date of original issuance of such Contingent Convertible Preferred Security, of the Liquidation Preference of such Contingent Convertible
Preferred Security; and (ii)&nbsp;Contingent Convertible Preferred Securities beneficially owned by the Company or any other obligor upon the Contingent Convertible Preferred Securities or any Affiliate of the Company or of such other obligor, shall
be disregarded and deemed not to be Outstanding except that, in determining whether the Trustee shall be protected in making any such determination or relying upon any such request, demand, authorization, direction, notice, consent or waiver, only
Contingent Convertible Preferred Securities which a Responsible Officer of the Trustee actually knows to be so beneficially owned shall be so disregarded; provided, further, however, that Contingent Convertible Preferred Securities so beneficially
owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee&#146;s right so to act with respect to such Contingent Convertible Preferred Securities and that the
pledgee is not the Company or any other obligor upon the Contingent Convertible Preferred Securities or any Affiliate of the Company or of such other obligor.&#148; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;&#147;<B>Parity Securities</B>&#148; means any instrument issued or guaranteed by the Company (including the guarantee
thereof), which instrument or guarantee, respectively, ranks <I>pari passu</I> with the Contingent Convertible Preferred Securities upon the insolvency of the Company.&#148; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;&#147;<B>Regulator</B>&#148; means the European Central Bank, the Bank of Spain or the Relevant Spanish Resolution
Authority, as applicable, or such other or successor authority having primary bank supervisory authority, in each case, with respect to prudential matters or the exercise of resolution powers in relation to the Company and/or the Group from time to
time.&#148; </P> <P STYLE="font-size:6pt; 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">8 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;&#147;<B>Relevant Spanish Resolution Authority</B>&#148; means the
Spanish Fund for Orderly Bank Restructuring (<I>Fondo de Restructuraci&oacute;n Ordenada Bancaria</I>), the European Single Resolution Mechanism, the Bank of Spain, the CNMV or any other entity with the authority to exercise the Spanish <FONT
STYLE="white-space:nowrap">Bail-in</FONT> Power in relation to the Company and/or the Group from time to time.&#148; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;&#147;<B>Shareholders</B>&#148; means the holders of Common Shares, meaning the persons in whose names the relevant
Common Shares are from time to time registered in the central registry of the Spanish clearance and settlement system managed by Iberclear or, as the case may be, the accounting book of the relevant participating entity (<I>entidad participante</I>)
in Iberclear (or, in the case of a joint holding, the first such named holder).&#148; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;&#147;<B>Spanish <FONT
STYLE="white-space:nowrap">Bail-in</FONT> Power</B>&#148; means any write-down, conversion, transfer, modification, cancellation or suspension power existing from time to time under: (a)&nbsp;any law, regulation, rule or requirement applicable from
time to time in the Kingdom of Spain, relating to the transposition or development of the BRRD, including, but not limited to (i)&nbsp;Law 11/2015, (ii) RD 1012/2015 and (iii)&nbsp;the SRM Regulation; or (b)&nbsp;any other law, regulation, rule or
requirement applicable from time to time in the Kingdom of Spain pursuant to which (i)&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 (ii)&nbsp;any right in a contract governing such obligations may be deemed to have been
exercised.&#148; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;&#147;<B>Spanish Companies Act</B>&#148; means the consolidated text of the Corporate Enterprises
Act (<I>Ley de Sociedades de Capital</I>), approved by the Royal Legislative Decree 1/2010, of July&nbsp;2, as amended, replaced or supplemented from time to time.&#148; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;&#147;<B>SRM Regulation</B>&#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 (including as amended by Regulation (EU) 2019/877 of the European Parliament and of the Council of May 20).&#148; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;&#147;<B>SSM Regulation</B>&#148; means Council Regulation (EU) No.&nbsp;1024/2013 of October&nbsp;15, conferring
specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions, as amended, replaced or supplemented from time to time.&#148; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#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 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:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;Section 1.01 of the Contingent Convertible Preferred Securities Indenture shall be amended with
respect to the Preferred Securities only by adding the following new definition of &#147;Qualifying Preferred Securities&#148; immediately following the definition of &#147;Principal Paying Agent&#148;, as set forth 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">9 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;&#147;<B>Qualifying Preferred Securities</B>&#148; means, with respect
to a series of Contingent Convertible Preferred Securities which is subject to any substitution or modification pursuant to Section&nbsp;3.20, at any time, any securities issued by the Company that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a) contain terms which comply with the then-current requirements to be included in, or count towards, the
Group&#146;s and the Company&#146;s Tier 1 Capital; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b) have the same or higher ranking as is applicable
to such series of Contingent Convertible Preferred Securities on the issue date of such series of Contingent Convertible Preferred Securities under Section&nbsp;13.01; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c) have the same denomination and aggregate outstanding Liquidation Preference, the same terms for the
determination of any applicable Distributions, the same redemption rights and the same dates for payment of Distributions as such series of Contingent Convertible Preferred Securities immediately prior to any substitution or modification pursuant to
Section&nbsp;3.20; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d) preserve any existing rights under such series of Contingent Convertible Preferred
Securities to any accrued Distribution which has not been paid in respect of the period from and including the Distribution Payment Date last preceding the date of any substitution or modification pursuant to Section&nbsp;3.20 (where not cancelled
or deemed cancelled pursuant to, or otherwise subject to the limitations on payment set out in, Section&nbsp;3.08 and 3.09); and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(e) are listed or admitted to trading on any stock exchange as selected by the Company, provided that such
series of Contingent Convertible Preferred Securities were listed or admitted to trading on a stock exchange immediately prior to the relevant substitution or modification pursuant to Section&nbsp;3.20.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c)&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:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#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
Sections 13.01(a), 13.02 and 14.01 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:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;The last sentence of Section&nbsp;1.15 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 wording: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;Except as provided in the immediately succeeding paragraph, the Company hereby submits (for the purposes of any suit or
proceeding arising out of or relating to the Contingent Convertible Preferred Securities or the Indenture) to the jurisdiction of any U.S. Federal or State court in the Borough of Manhattan, The City of New York, New York, in which any such suit or
proceeding is so instituted, and waives, to the extent it may effectively do so, any objection it may have now or hereafter to the laying of the venue of any such suit or proceeding. </P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Notwithstanding anything to the contrary in the Contingent Convertible
Preferred Securities or this Contingent Convertible Preferred Securities Indenture, the Spanish courts shall have exclusive jurisdiction in respect of any suit or proceeding arising out of or relating to the Contingent Convertible Preferred
Securities or this Contingent Convertible Preferred Securities Indenture arising out of, relating to or in connection with the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority
(a &#147;<B><FONT STYLE="white-space:nowrap">Bail-in</FONT> Dispute</B>&#148;) and accordingly each of the Company, the Trustee, each Holder and beneficial owner of any Contingent Convertible Preferred Securities and each agent (as defined herein)
submits, to the extent it may effectively do so, to the exclusive jurisdiction of the Spanish courts in relation to any <FONT STYLE="white-space:nowrap">Bail-in</FONT> Dispute. Each of the Company, the Trustee, each Holder and beneficial owner of
any Securities and each agent further irrevocably waives, to the extent it may effectively do so, any objection to the Spanish courts on the grounds that they are an inconvenient or inappropriate forum in respect of any <FONT
STYLE="white-space:nowrap">Bail-in</FONT> Dispute.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;Section 3.08(c) 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:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;(c) No such election to cancel the payment of any Distribution (or any part thereof) pursuant to this
Section&nbsp;3.08 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 Section&nbsp;3.09 will constitute an Enforcement Event or other default under the
terms of any series of Contingent Convertible Preferred Securities or the Contingent Convertible Preferred Securities 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 (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 Contingent Convertible Preferred Securities of such series (including, without limitation, any CET1 Capital of the Company or any member of the Group) or in respect of any Parity Security or other
Security, except to the extent Applicable Banking Regulations otherwise provide.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;Section
3.10(a)(ii) 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:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;(ii) a cancellation or deemed cancellation of any Distribution (in whole or in
part) in accordance with the terms of this Contingent Convertible Preferred Securities Indenture and the Contingent Convertible Preferred Securities shall not constitute an Enforcement Event or other default under the terms of the Contingent
Convertible Preferred Securities or this Contingent Convertible Preferred Securities 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, including any instrument
ranking junior to the Contingent Convertible Preferred Securities of such series (including, without limitation, any CET1 Capital of the Company or any member of the Group), or in respect of any Parity Security or other Security, except to the
extent Applicable Banking Regulations otherwise provide.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(g)&nbsp;&nbsp;&nbsp;&nbsp;Section 3.11 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:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;Section&nbsp;3.11. <I>Notice of Distribution Cancellation</I>. If practicable, the Company will provide
notice of any cancellation or deemed cancellation of Distributions on any particular series of Contingent Convertible Preferred Securities (in each case, in whole or in part) to the Holders of the Contingent Convertible Preferred Securities of such
series through the relevant Depositary (or, if the Contingent </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>

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Convertible Preferred Securities are held in definitive form, to the Holders of the Contingent Convertible 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 or other default with respect to such series of Contingent Convertible Preferred Securities, or give the
Holders or beneficial owners of the Contingent Convertible Preferred Securities of such series any rights as a result of such failure.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(h)&nbsp;&nbsp;&nbsp;&nbsp;Section 3.17 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:<B> </B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;Section&nbsp;3.17. <I>Correction of Minor Defects in or Amendment of Contingent Convertible Preferred Securities</I>. If,
after issuance of any Contingent Convertible Preferred Security (including any Global Security), </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;the Company shall become aware of any ambiguity, defect or inconsistency in any term
of a Contingent Convertible Preferred Security or Global Security, as the case may be, or, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;the Company and the Trustee agree to amend such Contingent Convertible Preferred
Security as contemplated by, and subject to, Section&nbsp;3.20 or Section&nbsp;10.01, as the case may be, and subject to Section&nbsp;10.03, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">the parties hereto shall provide for the execution, authentication, delivery and dating of one or more replacement Contingent
Convertible Preferred Securities or Global Securities, as the case may be, pursuant to Section&nbsp;3.03 hereto, <U>provided, however</U>, that any changes or amendments made in such Contingent Convertible Preferred Securities or Global Securities
pursuant to Section&nbsp;3.17(i) are not materially adverse to Holders of such Contingent Convertible Preferred Securities.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;Section 3.19(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:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;(b) if any offer is to be made to all (or as nearly as may be practicable all) Shareholders (or all (or as nearly as may
be practicable all) such Shareholders other than the offeror and/or any associates of the offeror) to acquire all or a majority of the issued Common Shares, or if a scheme is proposed with regard to such acquisition (other than a Newco Scheme), give
notice of such offer or scheme to the Holders at the same time as any notice thereof is sent to the Shareholders (or as soon as practicable thereafter) that details concerning such offer or scheme may be obtained from the specified offices of the
Paying and Conversion Agent or, if the Company is designated as the Paying and Conversion Agent, from the specified offices or the website of the Company and, where such an offer or scheme has been recommended by the Board of Directors, or where
such an offer has become or been declared unconditional in all respects or such scheme has become effective, use all commercially reasonable endeavors to procure that a like offer or scheme is extended to the holders of any Common Shares issued
during the period of the offer or scheme arising out of any Conversion and/or to Holders;&#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>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(j)&nbsp;&nbsp;&nbsp;&nbsp;Article 3 of the Contingent Convertible Preferred
Securities Indenture shall be amended, with respect to the Preferred Securities only, by adding the following new Section&nbsp;3.20 thereto, as set forth below: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;Section&nbsp;3.20. <I>Substitution and Modification</I>. (a)&nbsp;Notwithstanding any other provision in this Contingent
Convertible Preferred Securities Indenture (including Article 10 hereof), by its acquisition of the Contingent Convertible Preferred Securities of any series, each Holder and beneficial owner acknowledges, accepts, consents to and agrees that if a
Capital Event or a Tax Event, as applicable, occurs and is continuing, the Company may, except if a Trigger Event occurs or shall have occurred, and except if a Capital Reduction occurs or shall have occurred (other than in respect of Contingent
Convertible Preferred Securities with respect to which a duly completed Election Notice has been received during the Election Period), substitute all (but not less than all) of the Contingent Convertible Preferred Securities of any series or modify
the terms of all (but not less than all) of the Contingent Convertible Preferred Securities of such series, without any requirement for the consent or approval of the Holders or beneficial owners of the Contingent Convertible Preferred Securities of
such series, so that such Contingent Convertible Preferred Securities are substituted for, or their terms are modified to, become again, or remain Qualifying Preferred Securities, subject to: (i)&nbsp;having given not less than 30 nor more than 90
days&#146; notice to the Holders of such series in accordance with Section&nbsp;1.06 and to the Trustee (which notice shall be irrevocable and shall specify the date for substitution or, as applicable, modification), (ii) the prior consent of the
Regulator, if required pursuant to Applicable Banking Regulations, and (iii)&nbsp;any variation in the terms of the Contingent Convertible Preferred Securities resulting from such modification or, if the Contingent Convertible Preferred Securities
are substituted, any difference between the terms of such Contingent Convertible Preferred Securities and those of the Qualifying Preferred Securities for which such Contingent Convertible Preferred Securities are substituted, not being materially
prejudicial to the interests of the Holders of such Contingent Convertible Preferred Securities. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">For the purposes of the
immediately preceding paragraph, in the case of a modification of the terms and conditions of the Contingent Convertible Preferred Securities of a series, any variation in the ranking of the relevant Contingent Convertible Preferred Securities as
set out in Section&nbsp;13.01 resulting from any such modification or, in the case of a substitution of the Contingent Convertible Preferred Securities, any difference between the ranking of such Contingent Convertible Preferred Securities as set
out in Section&nbsp;13.01 and that of the Qualifying Preferred Securities for which such Contingent Convertible Preferred Securities are substituted, shall be deemed not to be prejudicial to the interests of the Holders of such Contingent
Convertible Preferred Securities where the ranking of the Contingent Convertible Preferred Securities or, if the Contingent Convertible Preferred Securities are substituted, of the Qualifying Preferred Securities for which such Contingent
Convertible Preferred Securities are substituted, following such substitution or modification, as the case may be, is at least the same ranking as was applicable to such Contingent Convertible Preferred Securities under Section&nbsp;13.01 on the
issue date of such Contingent Convertible Preferred Securities. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b) For the purposes of Section&nbsp;3.20(a), the notice
to be delivered by the Company shall specify the relevant details of the manner in which the relevant substitution or modification shall take effect and where the Holders of such series of Contingent Convertible Preferred Securities can inspect or
obtain copies of the new terms and conditions of the Contingent Convertible Preferred Securities of such series or, if such Contingent Convertible Preferred Securities are substituted, of the Qualifying Preferred Securities for which such Contingent
Convertible Preferred Securities are substituted. Such substitution or modification will be effected without any cost or charge to such Holders. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">If the Contingent Convertible Preferred Securities of a series are substituted in accordance with this Section&nbsp;3.20,
Distributions on the Contingent Convertible Preferred Securities of such series shall cease to accrue from (and including) the date of substitution 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">13 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c) By its acquisition of any Contingent Convertible Preferred Security of
any series, each Holder and beneficial owner acknowledges, accepts, consents to and agrees to be bound by any substitution of or modification to the Contingent Convertible Preferred Securities of such series as set forth in this Section&nbsp;3.20
and to grant to the Company and the Trustee full power and authority to take any action and/or to execute and deliver any document in the name and/or on behalf of such Holder or beneficial owner, as the case may be, which is necessary or convenient
to complete the substitution or modification of the terms of the Contingent Convertible Preferred Securities of such series, as applicable, pursuant to this Section&nbsp;3.20. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Each Holder and beneficial owner of the Contingent Convertible Preferred Securities of any series, by virtue of its acquisition
of the Contingent Convertible Preferred Securities of any series or any beneficial interest therein, to the extent permitted by the Trust Indenture Act, waives any and all claims, in law and/or in equity, against the Trustee and/or the Company for,
agrees not to initiate a suit against the Trustee or the Company in respect of, and agrees that neither the Trustee nor the Company shall be liable for, any action that the Trustee or the Company takes, or abstains from taking, in either case in
connection with the substitution or modification of the terms of the Contingent Convertible Preferred Securities upon the occurrence of a Capital Event or a Tax Event.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(k)&nbsp;&nbsp;&nbsp;&nbsp;Section 4.01(c) 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:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;(c) A Trigger Event will not constitute an Enforcement Event or other default under the terms of any series of Contingent
Convertible Preferred Securities or the Contingent Convertible Preferred Securities Indenture 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.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(l)&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:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#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 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 any 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>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(m)&nbsp;&nbsp;&nbsp;&nbsp;The last 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:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;Any Contingent Convertible 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 in accordance with Section&nbsp;4.02 shall remain Outstanding and, notwithstanding any of the above, may be the subject of Conversion on the
occurrence of a Trigger Event pursuant to Section&nbsp;4.01 or any further Capital Reduction.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(n)&nbsp;&nbsp;&nbsp;&nbsp;Section 4.02(c) 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:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;(c) A Capital Reduction will not constitute an Enforcement Event or other default under the terms of any series of
Contingent Convertible Preferred Securities or the Contingent Convertible Preferred Securities Indenture 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.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(o)&nbsp;&nbsp;&nbsp;&nbsp;Section 4.03(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:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;(b)&nbsp;&nbsp;&nbsp;&nbsp;Upon any Trigger Event of any series of Contingent Convertible Preferred Securities, Holders
(and beneficial owners) of any Contingent Convertible Preferred Securities shall have no claim against the Company in respect of (i)&nbsp;any Liquidation Preference (and premium, if any) of such series of Contingent Convertible Preferred Securities
or (ii)&nbsp;any accrued and unpaid Distributions in respect of Contingent Convertible Preferred Securities of such series, and the Contingent Convertible Preferred Securities of such series shall cease to represent any right other than the right to
receive Common Shares from or on behalf of the Conversion Shares Depository (except as noted under Section&nbsp;4.08(g) with respect to certain stamp and similar taxes).&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(p)&nbsp;&nbsp;&nbsp;&nbsp;Section 4.03(c) 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:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;(c) Upon any Capital Reduction of any series of Contingent Convertible Preferred Securities, Holders (and beneficial
owners) of any Contingent Convertible Preferred Securities, other than Holders of Contingent Convertible Preferred Securities in respect of which such Holders have elected not to convert such Contingent Convertible Preferred Securities in accordance
with Section&nbsp;4.02(b), shall have no claim against the Company in respect of any Liquidation Preference (and premium, if any) of such series of Contingent Convertible Preferred Securities, and the Contingent Convertible Preferred Securities of
such series, other than Contingent Convertible Preferred Securities in respect of which Holders have elected not to convert such Contingent Convertible Preferred Securities in accordance with Section&nbsp;4.02(b), shall cease to represent any right
other than the right to receive Common Shares from or on behalf of the Conversion Shares Depository (except as noted under Section&nbsp;4.08(g) with respect to certain stamp and similar taxes). Nothing in this Section&nbsp;4.03(c) shall affect the
Company&#146;s obligation upon any Capital Reduction Conversion to pay to the Holders, as applicable, 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), an amount equal to the accrued and unpaid Distributions for the then-current Distribution Period up to (but excluding) the Conversion Settlement Date.&#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">15 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(q)&nbsp;&nbsp;&nbsp;&nbsp;Section 4.03(d) 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:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;(d) On the Conversion Settlement Date, the Company shall deliver to the Conversion Shares Depository such number of
Common Shares (subject as provided in Section&nbsp;4.03(a) 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 Contingent Convertible Preferred Securities of such series outstanding on the Trigger Event Notice Date, and (ii)&nbsp;in respect of a Capital Reduction Conversion, of the aggregate Liquidation Preference of Contingent Convertible
Preferred Securities of such series Outstanding on the Capital Reduction Notice Date, other than Contingent Convertible Preferred Securities in respect of which such Holders have elected not to convert such Contingent Convertible Preferred
Securities in accordance with Section&nbsp;4.02(b).&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(r)&nbsp;&nbsp;&nbsp;&nbsp;Section 4.03(e) 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:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;(e) The obligation of the Company to issue and deliver Common Shares to a Holder of Contingent
Convertible Preferred Securities of any series 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 Contingent Convertible Preferred Securities converted, other than, in the case of a Capital Reduction, as provided under Section&nbsp;4.02(a) 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 in
Section&nbsp;3.08 and Section&nbsp;3.09) except as provided in Section&nbsp;4.02(b), and except as noted under Section&nbsp;4.08(g) with respect to certain stamp and similar taxes.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(s)&nbsp;&nbsp;&nbsp;&nbsp;The first paragraph of Section&nbsp;4.03(f) 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:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;(f) Except as set forth in the immediately succeeding 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 (except as noted under Section&nbsp;4.08(g) with respect to certain stamp and similar taxes).
After such delivery by the Company of the relevant Common Shares to the Conversion Shares Depository, Holders of any series of Contingent Convertible Preferred Securities so converted shall have recourse to the Conversion Shares Depository only and
exclusively for the purposes of delivery to them of such Common Shares, in the circumstances described in Section&nbsp;4.08.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(t)&nbsp;&nbsp;&nbsp;&nbsp;Prong (iii) of Section 4.06(c) 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:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;(iii) in the case of a Capital Reduction Notice, the Election Period, the procedures Holders must follow with respect to
timely submission of Election Notices and the form of Election Notice;&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(u)&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:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;Section&nbsp;4.07. <I>Agreement and Waiver with Respect to Conversion</I>. 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
</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>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">
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, a Conversion Event, no amount shall be due and payable to the Holders of the
Contingent Convertible Preferred Securities (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 except as noted under Section&nbsp;4.08(g) with respect to certain stamp and similar taxes), and the
Company&#146;s liability to pay any amounts (including the Liquidation Preference (and premium, if any) of, or any Distribution in respect of the Contingent Convertible Preferred Securities (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 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;agreed that following a Conversion Event, the Relevant Spanish Resolution Authority may exercise its Spanish <FONT
STYLE="white-space:nowrap">Bail-in</FONT> Power with respect to such series of Contingent Convertible Preferred Securities and/or any Common Shares that such Holder or beneficial owner may have received following a Conversion, which exercise may
result in any of the consequences described in Section&nbsp;14.01(a), the cancellation of the Conversion and/or the implementation of material changes to the Conversion terms, (iv)&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 (v)&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:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(v)&nbsp;&nbsp;&nbsp;&nbsp;Section 4.09 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:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;Section&nbsp;4.09. <I>Failure to Deliver a Delivery Notice.</I> (a)&nbsp;If a duly completed Delivery Notice and the
relevant Contingent Convertible Preferred Securities are not received by the Paying and Conversion Agent as provided in the Contingent Convertible Preferred Securities Indenture on or before the Notice <FONT STYLE="white-space:nowrap">Cut-off</FONT>
Date, then within ten Business Days following the Conversion Settlement Date, all Common Shares held by the Conversion Shares Depository in respect of which the applicable Contingent Convertible Preferred Securities and a duly completed Delivery
Notice have not been received on or before the Notice <FONT STYLE="white-space:nowrap">Cut-off</FONT> Date as aforesaid will be sold by or on behalf of a person (which may be the Company or another member of the Group or a third party) appointed by
the Company in its sole and absolute discretion (the &#147;<B>Selling Agent</B>&#148;) as soon as reasonably practicable. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b) 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 sale and allotment of any Common Shares pursuant to
Section&nbsp;4.09(a), 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 </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>

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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 pro rata 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 Selling Agent will be deemed to be acting on behalf of Holders whose Contingent Convertible Preferred Securities and a duly completed Delivery Notice were not received on or
before the Notice <FONT STYLE="white-space:nowrap">Cut-off</FONT> Date for the purposes set out above and to that effect Holders and beneficial owners of the Contingent Convertible Preferred Securities by virtue of their acquisition of the
Contingent Convertible Preferred Securities<B> </B>will be deemed to be accepting and giving express instructions to the Selling Agent to do so in accordance with these conditions. 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&nbsp;4.09 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 Contingent Convertible 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 Contingent
Convertible Preferred Securities on a timely basis or at all. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c) If the applicable Contingent Convertible Preferred
Securities and Delivery Notice are not received by 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 tenth Business Day after the
Conversion Settlement Date, or if any Common Shares are not sold by the Selling Agent in accordance with this Section&nbsp;4.09, 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 Contingent Convertible Preferred Securities are so delivered. However, any Holder or beneficial owner (or custodian, broker, nominee or other representative thereof) of such Contingent Convertible 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).&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(w)&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:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#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="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(x)&nbsp;&nbsp;&nbsp;&nbsp;Section 6.02(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:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;(b) If, upon the occurrence of a Liquidation Event, a Conversion Event has occurred or occurs but the relevant conversion
of the Contingent Convertible Preferred Securities of such series into Common Shares pursuant to Article 4 is still to take place at such time, Holders of the Contingent Convertible Preferred Securities of such series will be entitled to receive
(i)&nbsp;out of the relevant assets of the Company a monetary amount equal to that which Holders of such Contingent Convertible Preferred Securities of such series would have received on any distribution of the assets of the Company if such
conversion had taken place immediately prior to such Liquidation Event or (ii)&nbsp;such amounts as may be otherwise provided in accordance with applicable law at such time.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(y)&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:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#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:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a) 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:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b) 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:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c) 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:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d) 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:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(z)&nbsp;&nbsp;&nbsp;&nbsp;The second paragraph of Section&nbsp;9.02 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
paragraph: </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>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;The successor corporation will also be entitled to redeem the
Contingent Convertible Preferred Securities in the circumstances described in, and in accordance with, Section&nbsp;12.09, and to substitute or modify the terms of the Contingent Convertible Preferred Securities in the circumstances described in,
and in accordance with, Section&nbsp;3.20, except that if such successor corporation is not incorporated or tax resident in the Kingdom of Spain (i)&nbsp;references to Spain or the Kingdom of Spain in the definition of &#147;Tax Event&#148; shall be
deemed to refer to the successor corporation&#146;s 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 or lease permitted by Section&nbsp;9.01.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(aa)&nbsp;&nbsp;&nbsp;&nbsp;The last paragraph of Section&nbsp;9.03 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 paragraph: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;The successor entity will also be entitled to redeem the Contingent Convertible Preferred Securities in the circumstances
described in, and in accordance with, Section&nbsp;12.09, and to substitute or modify the terms of the Contingent Convertible Preferred Securities in the circumstances described in, and in accordance with, Section&nbsp;3.20, except that if such
successor entity is not incorporated or tax resident in the Kingdom of Spain (i)&nbsp;references to Spain or the Kingdom of Spain in the definition of &#147;Tax Event&#148; shall be deemed to refer to the successor entity&#146;s 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 such assumption.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(bb)&nbsp;&nbsp;&nbsp;&nbsp;Section 10.01(o) and Section&nbsp;10.01(p) 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 provisions: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;(o) with respect to any Contingent Convertible Preferred Security (including a Global Security) issued on or after the
date hereof, to amend any such Contingent Convertible Preferred Security to conform to the description of the terms of such Contingent Convertible Preferred Security in the prospectus, prospectus supplement, product supplement, pricing supplement or
any other similar offering document related to the offering of such Contingent Convertible Preferred Security; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(p) to
delete, amend or supplement any provision contained herein or in any supplemental indenture as a result of, and to the extent necessary to effect, the substitution or modification of any series of Contingent Convertible Preferred Securities pursuant
to Section&nbsp;3.20; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(q) to change or modify any provision of the Contingent Convertible Preferred Securities
Indenture or of any supplemental indenture as necessary to ensure that the Contingent Convertible Preferred Securities of any series shall be convertible into ordinary shares of Newco in the event of a Newco Scheme.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(cc)&nbsp;&nbsp;&nbsp;&nbsp;Section 10.02(d) and the remainder of the first paragraph of Section&nbsp;10.02 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: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>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;(d) change in any manner adverse to the interests of the Holders of
any Contingent Convertible Preferred Securities the subordination provisions of the Contingent Convertible Preferred Securities or the terms and conditions of the obligations of the Company in respect of the due and punctual payment of any amounts
due and payable on the Contingent Convertible Preferred Securities, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">except in each of (a), (b), (c) and (d)&nbsp;with
respect to any modification or amendment of the Contingent Convertible Preferred Securities Indenture, any supplemental indenture or any Contingent Convertible Preferred Security pursuant to a supplemental indenture which is entered into as a result
of, and to the extent required by, the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority, Applicable Banking Regulations or the substitution or modification of any series of
Contingent Convertible Preferred Securities pursuant to Section&nbsp;3.20, as the case may be (in which cases neither the consent nor the affirmative vote of any Holder of an Outstanding Contingent Convertible Preferred Security affected shall be
required).&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(dd)&nbsp;&nbsp;&nbsp;&nbsp;Section 11.04(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:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;(b) The Company shall not be required to pay any Additional Amounts in relation to any payment in respect of any
Contingent Convertible Preferred Security: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i) to, or to a third party on behalf of, a Holder if the Holder or the
beneficial owner of Contingent Convertible Preferred Securities of any series is liable for such Taxes in respect of such Contingent Convertible Preferred Security by reason of his having some connection with Spain other than the mere holding of
such Contingent Convertible Preferred Security; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ii) to, or to a third party on behalf of, a Holder if the Holder or
the beneficial owner in respect of whose Contingent Convertible Preferred Securities of any series the Company has not received such information as may be necessary to comply with any certification, identification or other requirements concerning
the nationality, residence, identity or connection with the taxing jurisdiction of such Holder or beneficial owner, if such claim or compliance is required by statute, regulation or administrative practice of the Kingdom of Spain as a condition to
relief or exemption from such taxes; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(iii) to, or to a third party on behalf of, individuals resident for tax purposes
in the Kingdom of Spain; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(iv) to, or to a third party on behalf of, a Spanish-resident legal entity subject to Spanish
corporation tax if the Spanish tax authorities determine that the Contingent Convertible Preferred Securities of any series do not comply with exemption requirements specified in the Reply to a Consultation of the Directorate General for Taxation
(<I>Direcci&oacute;n General de Tributos</I>) dated July&nbsp;27, 2004, and require a withholding to be made; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(v) where
the withholding or deduction is required pursuant to an agreement described in Section&nbsp;1471(b) of the Code or otherwise imposed pursuant to Sections 1471 through 1474 of the Code (&#147;<B>FATCA</B>&#148;), any regulations or agreements
thereunder, any official interpretations thereof, any intergovernmental agreements with respect thereto (including the intergovernmental agreement between the United States and Spain on the implementation of FATCA), or any law implementing an
intergovernmental agreement or any regulations or official interpretations relating thereto.&#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">21 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ee)&nbsp;&nbsp;&nbsp;&nbsp;Section 11.04(c) 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%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;(c) In addition, Additional Amounts will not be payable with respect to any Taxes that are imposed in
respect of any combination of the items listed in (b)(i) through (b)(v) set forth above.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ff)&nbsp;&nbsp;&nbsp;&nbsp;The second paragraph of Section&nbsp;11.04(d) of the Contingent Convertible Preferred Securities
Indenture shall be deleted in its entirety with respect to the Preferred Securities only and shall not apply to the Preferred Securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(gg)&nbsp;&nbsp;&nbsp;&nbsp;Section 11.04 of the Contingent Convertible Preferred Securities Indenture shall be amended, with
respect to the Preferred Securities only, by adding the following new Section&nbsp;11.04(e) thereto, as set forth below: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;(e) The payment of any Additional Amounts in respect of the Contingent Convertible Preferred Securities
of any series pursuant to this Contingent Convertible Preferred Securities Indenture or any supplemental indenture is also subject to the same conditions and limitations as for the payment of any Distribution, including the conditions and
limitations set forth in Section&nbsp;3.08.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(hh)&nbsp;&nbsp;&nbsp;&nbsp;Section 12.02 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:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;Section&nbsp;12.02. <I>Election to Redeem; Notice to Trustee.</I> The election of the Company to redeem any Contingent
Convertible Preferred Securities shall be evidenced by a Board Resolution or approved by a person authorized to make such election pursuant to a Board Resolution. Unless otherwise provided as contemplated by Section&nbsp;3.01 with respect to any
series of Contingent Convertible Preferred Securities, the Company shall, at least 30 calendar days prior, but not more than 90 calendar days prior to the Redemption Date fixed by the Company (unless a shorter notice shall be satisfactory to the
Trustee), notify the Trustee of such Redemption Date and of the Liquidation Preference of Contingent Convertible Preferred Securities of such series to be redeemed (which shall not be less than all).&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;The first paragraph of Section&nbsp;12.04(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:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;(a) The decision to redeem the Contingent Convertible Preferred Securities of a series must be irrevocably notified by
the Company to Holders of the Contingent Convertible Preferred Securities of such series upon not less than 30 nor more than 90 calendar days&#146; notice prior to the relevant Redemption Date (unless a shorter period is specified in the Contingent
Convertible Preferred Securities to be redeemed)&nbsp;(i) 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 any
applicable stock exchange or other relevant authority and (ii)&nbsp;in the manner and to the extent required by Section&nbsp;1.06 (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).&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(jj)&nbsp;&nbsp;&nbsp;&nbsp;Section 12.04(f) 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: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>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;(f) The Company may not give a notice of redemption pursuant to this
Section&nbsp;12.04 with respect to the Contingent Convertible Preferred Securities of a series if a Trigger Event has occurred with respect to such series. If any notice of redemption of any series of Contingent Convertible Preferred Securities has
been given pursuant to this Section&nbsp;12.04 and a Trigger Event with respect to such series 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 Contingent Convertible Preferred Securities on such Redemption Date and, instead, the Trigger Conversion of the Contingent Convertible Preferred Securities shall take place as provided under Article 4.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(kk)&nbsp;&nbsp;&nbsp;&nbsp;Section 12.04(g) 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:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;(g) If a Capital Reduction Notice has been given with respect to the Contingent Convertible Preferred Securities of a
series, the Company may not give a notice of redemption pursuant to this Section&nbsp;12.04 with respect to such series until the end of the Election Period. If a redemption notice is given by the Company after the end of the Election Period, unless
otherwise provided as contemplated by Section&nbsp;3.01 with respect to the relevant series of Contingent Convertible Preferred Securities, the Company may redeem all (but not part) of the aggregate Liquidation Preference of Contingent Convertible
Preferred Securities of such series which remains outstanding following the Capital Reduction Conversion. If any notice of redemption of any series of Contingent Convertible Preferred Securities has been given pursuant to this Section&nbsp;12.04 and
a Capital Reduction with respect to such series occurs prior to the Redemption Date, such Capital Reduction shall be disregarded for all purposes and shall be of no force and effect with respect to such series of Contingent Convertible Preferred
Securities and there shall be no conversion of such series of Contingent Convertible Preferred Securities pursuant to Section&nbsp;4.02 and, instead, the redemption of the relevant Contingent Convertible Preferred Securities shall take place as
provided under this Article 12. Accordingly, the provisions of Section&nbsp;4.02 shall not apply to such series of Contingent Convertible Preferred Securities with respect to any such Capital Reduction and Holders and beneficial owners of such
series of Contingent Convertible Preferred Securities shall be deemed to have irrevocably waived their rights under Article 418 of the Spanish Companies Act.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ll)&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:<B> </B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;Section&nbsp;12.08. <I>Optional Redemption. </I>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 March&nbsp;5, 2025. 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 March&nbsp;5, 2025 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:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(mm)&nbsp;&nbsp;&nbsp;&nbsp;Section 12.11(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:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;(a) Unless otherwise provided as contemplated by Section&nbsp;3.01 with respect to the Contingent Convertible Preferred
Securities of any series, the Company or any member of the Group or any other legal entity acting on behalf of the Company may purchase or otherwise acquire any of the Outstanding Contingent Convertible Preferred Securities of any series at any
price in the open market or otherwise, in accordance with Articles 77 and 78 of CRR, Article 29 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">23 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">
Commission Delegated Regulation (EU) No 241/2014 and/or any other Applicable Banking Regulations in force at the relevant time.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(nn)&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:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;(a) 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 Article 92.2 of the Spanish Insolvency Law and Additional Provision 14.3 of Law 11/2015 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 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="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%">
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<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">i.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">junior to: </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(A) 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:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(B) 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.(a) 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="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="5%" VALIGN="top" ALIGN="left">ii.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify"><I>pari passu</I> with: </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(A) 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:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(B) 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:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(C) any other Parity Securities (whether so ranking by law or their terms), to the extent permitted by law;
and </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="5%" VALIGN="top" ALIGN="left">iii.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">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></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The obligations of the Company under the Contingent Convertible Preferred Securities of
any series 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: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>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(oo)&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:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;(a) 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, 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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;2.04.&nbsp;&nbsp;&nbsp;&nbsp;<I>Prohibition on Acquisition of Preferred Securities 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 or any of its Spanish affiliates or any other legal entity acting on behalf of 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:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">ARTICLE 3 </P>
<P STYLE="margin-top:6pt; 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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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 Second Supplemental Indenture, is in all respects ratified and confirmed, and the Contingent Convertible Preferred Securities Indenture and this Second Supplemental Indenture shall, in respect of any
Preferred Securities, be read, taken and construed as one and the same instrument. This Second 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 Second Supplemental Indenture, the terms and conditions of this Second Supplemental
Indenture shall control and prevail with respect to the Preferred Securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;3.02.&nbsp;&nbsp;&nbsp;&nbsp;<I>Governing Law. </I>This Second 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
</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>

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case, performed in said state, except that the authorization and execution by the Company of this Second Supplemental Indenture, the authorization, issuance and execution by the Company of the
Preferred Securities and Sections 13.01(a) (as amended hereby), 13.02 and 14.01 (as amended hereby) 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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;3.03.&nbsp;&nbsp;&nbsp;&nbsp;<I>Counterparts. </I>This Second 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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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 Second Supplemental Indenture or of the Preferred Securities, except that the Trustee represents and warrants that
it is duly authorized to execute and deliver this Second Supplemental Indenture, authenticate the Preferred Securities and perform its obligations hereunder, and that this Second Supplemental Indenture is in a form satisfactory to the Trustee.
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">26 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">IN WITNESS WHEREOF, the parties hereto have caused this Second 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">
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; 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>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-bottom:1pt; margin-top:0pt; border-bottom:1px solid #000000; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">/s/ Antonio Joaquin Borraz Peralta</P></TD></TR>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Name:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Antonio Joaquin Borraz Peralta </P></TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Authorized Representative</P></TD></TR>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">THE BANK OF NEW YORK MELLON, AS TRUSTEE, PAYING AND CONVERSION AGENT, CALCULATION AGENT
AND PRINCIPAL PAYING AGENT </P></TD></TR>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="justify">/s/ Marilyn Chau</P></TD></TR>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Name:</P></TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Marilyn Chau</P></TD></TR>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Title:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Authorized Signatory, Vice President</P></TD></TR>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">THE BANK OF NEW YORK MELLON, AS CONTINGENT CONVERTIBLE PREFERRED SECURITY REGISTRAR
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="justify">/s/ Marilyn Chau</P></TD></TR>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Name:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Marilyn Chau</P></TD></TR>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Title:</P></TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Authorized Signatory, Vice President</P></TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>[Signature Page to Second Supplemental Indenture] </I></P>
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 <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:24pt; 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:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">THE RIGHTS OF THE HOLDER OF THIS SECURITY ARE, TO THE EXTENT AND IN THE
MANNER SET FORTH IN SECTION 13.01(a) OF THE INDENTURE HEREINAFTER REFERRED TO (AS AMENDED BY THE SECOND SUPPLEMENTAL 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(a) (AS AMENDED BY THE SECOND SUPPLEMENTAL INDENTURE), 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(a) OF THE INDENTURE (AS AMENDED BY THE SECOND SUPPLEMENTAL 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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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 OR ANY OF ITS SPANISH AFFILIATES OR ANY OTHER LEGAL ENTITY ACTING ON BEHALF OF 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:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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 Second Supplemental Indenture, dated as of September&nbsp;5, 2019 (the &#147;<B>Second Supplemental
Indenture</B>&#148;). The Contingent Convertible Preferred Securities Indenture, as amended and supplemented by, and together with, the Second Supplemental Indenture are hereinafter referred to as the &#147;<B>Indenture</B>&#148;. Capitalized terms
used herein but not otherwise defined shall have the meanings ascribed to them in the Second Supplemental Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; 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 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 </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">A-1 </P>

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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:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">BANCO BILBAO VIZCAYA ARGENTARIA, S.A. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">$1,000,000,000 Series 9 <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Non-Step-Up</FONT></FONT> <FONT
STYLE="white-space:nowrap">Non-Cumulative</FONT> Contingent Convertible Perpetual Preferred Tier 1 Securities </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="97%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">No.[&#149;] </P></TD>
<TD> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">$[&#149;] </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">CUSIP NO. 05946K AG6 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">ISIN NO.
US05946KAG67 </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>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 $[&#149;], 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:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Preferred Securities accrue Distributions: (a)&nbsp;in respect of the period from (and including)
the Closing Date to (but excluding) March&nbsp;5, 2025 (the &#147;<B>First Reset Date</B>&#148;) at the rate of 6.500% per annum; and (b)&nbsp;in respect of each Reset Period, at the rate per annum equal to the aggregate of 5.192% per annum (the
&#147;<B>Initial Margin</B>&#148;) and the <FONT STYLE="white-space:nowrap">5-year</FONT> UST 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, provided that any Distribution Rate shall not be less than zero. Subject as provided in the Indenture (including Sections 3.08 (as amended by the
Second Supplemental Indenture) and 3.09 of the Contingent Convertible Preferred Securities Indenture), such Distributions will be payable quarterly in arrears on each of March&nbsp;5, June&nbsp;5, September&nbsp;5 and December&nbsp;5 of each year
(each, a &#147;<B>Distribution Payment Date</B>&#148;). The first date on which Distributions may be paid will be December&nbsp;5, 2019. </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 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 Company 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 applicable 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: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">A-2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The &#147;<B><FONT STYLE="white-space:nowrap">5-year</FONT> UST</B>&#148;
means, in relation to a Reset Date and the Reset Period commencing on that Reset Date, an interest rate expressed as a percentage determined by the Calculation Agent to be the per annum rate equal to the yield to maturity for U.S. Treasury
securities with a maturity of five years as published in the most recent H.15. &#147;<B>H.15</B>&#148; means the daily statistical release designated as such, or any successor publication, published by the Board of Governors of the United States
Federal Reserve System that establishes yield on actively traded U.S. Treasury securities under the caption &#147;Treasury constant maturities&#148;, and &#147;<B>most recent H.15</B>&#148; means, in respect of any Reset Period, the H.15 which
includes a yield to maturity for U.S. Treasury securities with a maturity of five years published closest in time but prior to the Reset Determination Date. &#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. &#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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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, by its acquisition of any Preferred Security, each Holder and beneficial owner 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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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
Enforcement Event or other default under the terms of the Preferred Securities or the Contingent Convertible Preferred Securities 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 (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 any member of 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: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">A-3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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 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 applicable to the Company and/or the Group). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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, including any instrument ranking junior to the Preferred Securities (including, without limitation, any
CET1 Capital of the Company or any member of 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 (in each case, where
applicable, as amended by the Second Supplemental 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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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 Sections 13.01(a) (as amended by the Second Supplemental Indenture), 13.02 and 14.01 (as
amended by the Second Supplemental Indenture) 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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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">A-4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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:18pt; 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>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Date: [&#149;], 2019&nbsp;&nbsp;&nbsp;&nbsp; </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; 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>
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<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" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; margin-left:1.00em; text-indent:-1.00em; 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">
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Name:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">[&#149;]</P></TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Title:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Authorized Representative</P></TD></TR>
</TABLE></DIV>
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 <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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Date: [&#149;], 2019 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">THE BANK OF NEW YORK MELLON, <BR>as Trustee </P></TD></TR>
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<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" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; margin-left:1.00em; text-indent:-1.00em; 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"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Name:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">[&#149;]</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Title:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Authorized Signatory </P></TD></TR>
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 <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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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 amended and supplemented by the Second Supplemental Indenture, dated as of September&nbsp;5, 2019 (the &#147;<B>Second Supplemental Indenture</B>&#148;). The
Contingent Convertible Preferred Securities Indenture, as amended and supplemented by, and together with, the Second Supplemental Indenture are hereinafter referred to as the &#147;<B>Indenture</B>&#148;. Capitalized terms used herein but not
otherwise defined shall have the meanings ascribed to them in the Second Supplemental Indenture, and reference is hereby made to the Indenture, the terms and provisions of which are hereby incorporated herein by reference, for a complete statement
of the terms and provisions of the Preferred Securities and 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 and
provisions 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 the
Indenture (as it may be amended from time to time) shall control for purposes of this Preferred Security. To the extent the Indenture is amended or supplemented from time to time in respect of the Preferred Securities, any such amendment or
supplement shall be deemed to amend and supplement the corresponding provisions of the Preferred Securities to the extent set forth therein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><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 (or, following any of the transactions or an assumption of obligations referred to in &#147;<I>Company May
Consolidate, Etc., Only on Certain Terms. Assumption</I>&#148;, the successor Person&#146;s jurisdiction of incorporation or tax residence) 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 (as amended by the Second Supplemental 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 (as amended by the Second Supplemental
Indenture) and subject to the exceptions set forth therein. The payment of any Additional Amounts in respect of the Preferred Securities pursuant to the Indenture is also subject to the same conditions and limitations as for the payment of any
Distribution, including the conditions and limitations described under &#147;<I>Distributions Discretionary</I>&#148;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><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 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>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><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 March&nbsp;5, 2025 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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><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 (or, following any of the transactions or an assumption of obligations referred to in &#147;<I>Company May Consolidate, Etc., Only on Certain Terms. Assumption</I>&#148;, the successor Person&#146;s jurisdiction of incorporation or
tax residence), 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>Company May Consolidate, Etc., Only on
Certain Terms. Assumption</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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><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:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><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 90 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 or other relevant authority 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 </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">A-9 </P>

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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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Any notice of redemption will state: (i)&nbsp;the Redemption Date; (ii)&nbsp;the Redemption Price; (iii)&nbsp;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; (iv)&nbsp;the place or places where the Preferred Securities are to be surrendered for payment of the Redemption Price; and (v)&nbsp;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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Company may not give a notice of redemption with respect to the Preferred Securities if a Trigger Event has
occurred with respect to the Preferred Securities. A &#147;<B>Trigger Event</B>&#148; shall occur if, at any time, as determined by us, our CET1 ratio or the CET1 ratio of the Company or the Group is less than 5.125%. 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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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 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 shall be disregarded for all purposes and shall be of no force and effect 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. A &#147;<B>Capital Reduction</B>&#148; shall occur upon the adoption, in accordance with Article 418.3 of the consolidated text of the Corporate Enterprises Act (<I>Ley de Sociedades de Capital</I>),
approved by the Royal Legislative Decree 1/2010, of July&nbsp;2, as amended, replaced or supplemented from time to time, by a general shareholders&#146; meeting of the Company 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 the capital of the Company. A resolution of capital reduction for the redemption of any Common
Shares previously repurchased by the Company will not be considered a Capital Reduction for the purposes of the Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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 (as amended by the Second
Supplemental Indenture)) will be due and payable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><I>Conversion upon Trigger Event</I>. If a 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 a Trigger Event occurs, the Preferred Securities will be converted in whole and not in part. For the purposes </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">A-10 </P>

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of determining whether a 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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">A Trigger Event will 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 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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><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 &#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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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 received during the Election Period shall be converted into Common Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">A Capital Reduction will 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 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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><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">A-11 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Upon any Trigger Event, 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 or (ii)&nbsp;any accrued and unpaid Distributions 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 (except as noted in the seventh paragraph under &#147;<I>Settlement Procedures</I>&#148; with
respect to certain Spanish stamp and similar taxes payable by the Company in respect of the issue and delivery of the Common Shares). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Upon any Capital Reduction, 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, 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 (except as noted in the seventh paragraph
under &#147;<I>Settlement Procedures</I>&#148; with respect to certain Spanish stamp and similar taxes payable by the Company in respect of the issue and delivery of the Common Shares). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">On 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&#148;.</I>
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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;, and except as noted in the seventh paragraph under &#147;<I>Settlement Procedures</I>&#148; with respect to certain Spanish stamp and similar taxes payable by the
Company in respect of the issue and delivery of the Common Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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 (except as noted in the seventh
paragraph under &#147;<I>Settlement Procedures</I>&#148; with respect to certain Spanish stamp and similar taxes payable by the Company in respect of the issue and delivery of the Common Shares). 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 and exclusively for the purposes of 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:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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 </P>
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limitations on payment set out herein) except as provided in the second paragraph under &#147;<I>Conversion Upon Capital Reduction&#148;.</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><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 or other relevant authority 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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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 or other relevant authority 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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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 (as amended by the Second Supplemental Indenture). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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&#148;.</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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
</P>
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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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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 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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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 </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">A-14 </P>

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and void and the Company shall be entitled to 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 (as amended by the Second Supplemental 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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">A Holder of the Preferred Securities or Selling Agent (as defined in Section&nbsp;4.09 of the Contingent Convertible Preferred
Securities Indenture (as amended by the Second Supplemental 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 (as amended by the Second Supplemental
Indenture)) 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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Common Shares issued on Conversion will be fully paid and will in all respects rank <I>pari passu</I> 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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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 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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><I>Failure to Deliver a Delivery
Notice</I>. If a duly completed Delivery Notice and the relevant Preferred Securities are not received by the Paying and Conversion Agent as provided in the Indenture on or before the Notice <FONT STYLE="white-space:nowrap">Cut-off</FONT> Date, then
within ten Business Days following the Conversion Settlement Date, all Common Shares held by the Conversion Shares Depository in respect of which 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">A-15 </P>

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Contingent Convertible Preferred Securities and a duly completed Delivery Notice have not been received on or before the Notice <FONT STYLE="white-space:nowrap">Cut-off</FONT> Date as aforesaid
will be sold by or on behalf of a person (which may be the Company or another member of the Group or a third party) appointed by the Company in its sole and absolute discretion (the &#147;<B>Selling Agent</B>&#148;) as soon as reasonably
practicable. </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 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 sale and allotment 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 pro rata 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Selling Agent will be deemed to be acting on behalf of the relevant Holders of the Preferred Securities in respect of
which the applicable Contingent Convertible Preferred Securities and a duly completed Delivery Notice were not received on or before the Notice <FONT STYLE="white-space:nowrap">Cut-off</FONT> Date for the purposes set out above and to that effect
Holders and beneficial owners of the Preferred Securities by virtue of their acquisition of the Preferred Securities will be deemed to be accepting and giving express instructions to the Selling Agent to do so in accordance with these conditions.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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 provision 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:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">If the applicable Preferred Securities and Delivery Notice are not received by 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 tenth 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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><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, a Conversion Event, no amount shall be due and payable 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">A-16 </P>

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the Holders of the Preferred Securities (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 except as noted in the seventh paragraph under
&#147;<I>Settlement Procedures</I>&#148; with respect to certain Spanish stamp and similar taxes payable by the Company in respect of the issue and delivery of the Common Shares), and the Company&#146;s liability to pay any amounts (including the
Liquidation Preference (and premium, if any) of, or any Distribution in respect of the Preferred Securities (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 except as noted in the seventh paragraph
under &#147;<I>Settlement Procedures</I>&#148; with respect to certain Spanish stamp and similar taxes payable by the Company in respect of the issue and delivery of the Common Shares)), 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;agreed that following a Conversion Event, the Relevant Spanish Resolution
Authority may exercise its Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power with respect to the Preferred Securities and/or any Common Shares that such Holder or beneficial owner may have received following a Conversion, which exercise
may result in any of the consequences described in the first paragraph under &#147;<I>Agreement and Acknowledgment with Respect to the Exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power</I>&#148;, the cancellation of the
Conversion and/or the implementation of material changes to the Conversion terms, (iv)&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 (v)&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> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><I>Substitution and Modification</I>. Notwithstanding any other provision in this Preferred Security or the
Indenture (including Article 10 of the Contingent Convertible Preferred Securities Indenture (as amended by the Second Supplemental Indenture)), by its acquisition of the Preferred Securities, each Holder and beneficial owner acknowledges, accepts,
consents to and agrees that if a Capital Event or a Tax Event, as applicable, occurs and is continuing, the Company may, except if a Trigger Event occurs or shall have occurred, and except if a Capital Reduction occurs or shall have occurred (other
than Preferred Securities with respect to which a duly completed Election Notice has been received during the Election Period), substitute all (but not less than all) of the Preferred Securities or modify the terms of all (but not less than all) of
the Preferred Securities, without any requirement for the consent or approval of the Holders or beneficial owners of the Preferred Securities, so that such Contingent Convertible Preferred Securities are substituted for, or their terms are modified
to, become again, or remain Qualifying Preferred Securities, subject to: (i)&nbsp;having given not less than 30 nor more than 90<B> </B>days&#146; notice to the Holders in accordance with Section&nbsp;1.06 of the Contingent Convertible Preferred
Securities Indenture and to the Trustee (which notice shall be irrevocable and shall specify the date for substitution or, as applicable, modification), (ii) the prior consent of the Regulator, if required pursuant to Applicable Banking Regulations,
and (iii)&nbsp;any variation in the terms of the Preferred Securities resulting from such modification or, if the Preferred Securities are substituted, any difference between the terms of the Preferred Securities and those of the Qualifying
Preferred Securities for which the Preferred Securities are substituted, not being materially prejudicial to the interests of the Holders of the Preferred Securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">For the purposes of this section &#147;<I>Substitution and Modification&#148;,</I> the notice to be delivered by the Company
shall specify the relevant details of the manner in which the relevant substitution or modification shall take effect and where the Holders of Preferred Securities can inspect or obtain copies of the new terms and conditions of the Preferred
Securities or, if the Preferred Securities are substituted, of the Qualifying Preferred Securities for which the Preferred Securities are substituted. Such substitution or modification will be effected without any cost or charge to such Holders.
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">By its acquisition of any Preferred Security, each Holder and beneficial
owner acknowledges, accepts, consents to and agrees to be bound by any substitution of or modification to the Preferred Securities and to grant to the Company and the Trustee full power and authority to take any action and/or to execute and deliver
any document in the name and/or on behalf of such Holder or beneficial owner, as the case may be, which is necessary or convenient to complete the substitution or modification of the terms of the Preferred Securities, as applicable, pursuant to this
section &#147;<I>Substitution and Modification&#148;.</I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Qualifying Preferred Securities</B>&#148; are, with
respect to Preferred Securities subject to any substitution and modification pursuant to this section &#147;<I>Substitution and Modification</I>&#148;, at any time, any securities issued by the Company that: (a)&nbsp;contain terms which comply with
the then-current requirements to be included in, or count towards, the Group&#146;s and the Company&#146;s Tier 1 Capital; (b)&nbsp;have the same or higher ranking as is applicable to the Preferred Securities on the Closing Date; (c)&nbsp;have the
same denomination and aggregate outstanding Liquidation Preference, the same terms for the determination of any applicable Distributions, the same redemption rights and the same dates for payment of Distributions as the Preferred Securities
immediately prior to any substitution or modification pursuant to this provision; (d)&nbsp;preserve any existing rights under the Preferred Securities to any accrued Distribution which has not been paid in respect of the period from and including
the Distribution Payment Date last preceding the date of any substitution or modification (where not cancelled or deemed cancelled pursuant to, or otherwise subject to the limitations on payment set out herein); and (e)&nbsp;are listed or admitted
to trading on any stock exchange as selected by the Company, provided that the Preferred Securities were listed or admitted to trading on a stock exchange immediately prior to the relevant substitution or modification. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">If, upon the occurrence of a Liquidation Event, a Conversion Event has occurred or occurs but the relevant conversion of the
Preferred Securities into Common Shares is still to take place at such time, Holders of the Preferred Securities will be entitled to receive (i)&nbsp;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 or (ii)&nbsp;such amounts as may be otherwise provided in accordance with
applicable law at such time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">After payment of the relevant entitlement in respect of a Preferred Security as described in
this provision, 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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><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 </P>
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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 (as amended by the Second Supplemental Indenture). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><I>No Other Remedies and Other Terms</I>. Other than the limited remedies specified in Article 6 of the Contingent Convertible
Preferred Securities Indenture (as amended by the Second Supplemental 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 (as amended by the Second Supplemental 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 (as amended by the Second Supplemental Indenture). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Notwithstanding the limitations on remedies specified in this Preferred Security and in Article 6 of the Contingent
Convertible Preferred Securities Indenture (as amended by the Second Supplemental Indenture), (i) 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 (as amended by the Second Supplemental Indenture). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(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:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><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 </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">A-19 </P>

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Article 10 of the Contingent Convertible Preferred Securities Indenture (as amended by the Second Supplemental 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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><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 Article 92.2 of the Spanish Insolvency Law and Additional Provision 14.3 of Law
11/2015 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 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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;junior to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(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:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(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.(a) 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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;<I>pari passu </I>with: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(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:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(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:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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 </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">A-20 </P>

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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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><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 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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><I>Company May Consolidate, Etc., Only on Certain Terms</I>. <I>Assumption</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 (as amended by the Second Supplemental Indenture). As
indicated therein, the condition set forth in Section&nbsp;9.01(d) (as amended by the Second Supplemental Indenture) 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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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 Preferred Securities, subject to the
conditions set forth in Section&nbsp;9.03 of the Contingent Convertible Preferred Securities Indenture (as amended by the Second Supplemental Indenture). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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 </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">A-21 </P>

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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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">In the
event of any merger, consolidation, amalgamation, conveyance, transfer, lease or assumption permitted as provided above under this section &#147;<I>Company May Consolidate, Etc., Only on Certain Terms. Assumption</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 pursuant to Section&nbsp;11.04 of the Contingent Convertible Preferred Securities Indenture (as amended by the Second Supplemental 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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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; and to substitute or modify the terms of the Preferred
Securities in the circumstances described in, and in accordance with, the section &#147;<I> &#151;Substitution and Modification of the Preferred Securities</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 such
merger, consolidation, amalgamation, conveyance, transfer, lease or assumption permitted under this section &#147;<I>Company May Consolidate, Etc., Only on Certain Terms. Assumption</I>&#148;<I>.</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><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 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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">By its acquisition of the Preferred Securities, each Holder and beneficial owner 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
</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">A-22 </P>

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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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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
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="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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:4%; 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, 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:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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 (as amended by the Second
Supplemental Indenture)) will be due and payable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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: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">A-23 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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">* * * </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><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 Sections 13.01(a) (as amended by the Second Supplemental Indenture), 13.02 and 14.01 (as amended by the Second Supplemental Indenture) of the Contingent Convertible Preferred
Securities Indenture and the first two paragraphs under &#147;</B><B><I>Subordination&#148;</I></B><B>, the provisions under &#147;</B><B><I>Waiver of Right of <FONT STYLE="white-space:nowrap">Set-Off</FONT></I></B><B>&#148; and the provisions under
&#147;</B><B><I>Agreement and Acknowledgment with Respect to the Exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power</I></B><B>&#148; of this Preferred Security 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">A-24 </P>

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 <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:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>New York</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>Northern&nbsp;California</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>Washington DC</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>S&atilde;o Paulo</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>London</B></P></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"><B>Paris</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>Madrid</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>Tokyo</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>Beijing</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>Hong&nbsp;Kong</B></P></TD></TR>
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<IMG SRC="g759573g0830222226807.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Davis Polk&nbsp;&amp; Wardwell <SMALL>LLP</SMALL> 91 768 9600 tel </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Paseo de la Castellana, 41 &nbsp;&nbsp;&nbsp;&nbsp;91 768 9700 fax </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">28046 Madrid </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">September&nbsp;5,
2019 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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" ALIGN="justify">Ladies and Gentlemen: </P>
<P STYLE="margin-top:12pt; 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
&#147;<B>Company</B>&#148;), filed with the Securities and Exchange Commission a Registration Statement on Form <FONT STYLE="white-space:nowrap">F-3</FONT> (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-232333)</FONT> (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 the
Company&#146;s $1,000,000,000 series 9 <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;). 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 the
Company 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 preferred security registrar, as modified and
supplemented by the Second Supplemental Indenture dated as of September&nbsp;5, 2019 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
August&nbsp;28, 2019 (together with the Underwriting Agreement, the &#147;<B>Pricing Agreement</B>&#148;) among the Company and the several underwriters named therein (the &#147;<B>Underwriters</B>&#148;). </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 the
Company that we reviewed were and are accurate and (vi)&nbsp;all representations made by the Company as to matters of fact in the documents that we reviewed were and are accurate. </P>
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<TD VALIGN="top"> <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>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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 2
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<TD VALIGN="top" ALIGN="right">September 5, 2019</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="justify">Based upon the foregoing, and subject to the additional assumptions and qualifications set
forth below, we advise you that, in our opinion, assuming 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 expressed to be governed by Spanish law, as to which we express no opinion) will constitute valid and binding obligations of the Company, 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">In connection with the
opinion expressed above, we have assumed that the Company 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 or regulation or any judgment, injunction, order or decree or any agreement or other instrument binding upon such party. </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 enforce the exclusivity of the jurisdiction of the Spanish courts or waivers of holders and owners of Securities provided for in the Indenture
and the Securities for the purposes described therein 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 note that the choice of law provisions of the Indenture and the Securities, as applicable, are expressed to select Spanish law as the
governing law for certain matters related to the Indenture and the Securities, including the authorization and execution of the Indenture, the authorization, issuance and execution of the Securities, provisions relating to the subordination and
waiver of right of <FONT STYLE="white-space:nowrap">set-off</FONT> of the Securities and certain provisions of the Indenture and the Securities related to the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power (as such term is defined
therein). We also note that the submission to jurisdiction provisions of the Indenture and the Securities, as applicable, are expressed to provide that the Spanish courts shall have exclusive jurisdiction in respect of any suit or proceeding arising
out of or relating to the Securities or the Indenture arising out of, relating to or in connection with the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority (as such terms are
defined therein). </P>
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<TD VALIGN="top"> <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>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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 3
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<TD VALIGN="top" ALIGN="right">September 5, 2019</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="justify">We also express no opinion with respect to Section&nbsp;3.20 of the Base Indenture (as
amended by Section&nbsp;2.03(h) of the Supplemental Indenture), the Section entitled &#147;<I>Substitution and Modification</I>&#148; of the Securities or any provision of the Indenture or the Securities relating to the Spanish <FONT
STYLE="white-space:nowrap">Bail-in</FONT> 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 the Company, 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 the Company, to be filed as an
exhibit to a report on Form <FONT STYLE="white-space:nowrap">6-K</FONT> to be filed by the Company 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 <FONT STYLE="white-space:nowrap">6-K</FONT> to be filed by
the Company on the date hereof and its incorporation by reference into the Registration Statement and further consent to the reference to our name under the captions &#147;Material U.S. Federal Income Tax Considerations&#148; and &#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.<SUP
STYLE="font-size:85%; vertical-align:top"> </SUP> </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; font-size:10pt; font-family:Times New Roman" ALIGN="justify">/s/ Davis Polk&nbsp;&amp; Wardwell LLP </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 5.2 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">September&nbsp;5, 2019 </P>
<P STYLE="margin-top:12pt; 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:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Re: Banco Bilbao
Vizcaya Argentaria, S.A. issue of <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><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">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 August&nbsp;28, 2019 (the &#147;<B>Underwriting Agreement</B>&#148;) entered into among the Issuer and Barclays Capital Inc., BBVA Securities Inc., BofA Securities, Inc.,
Goldman Sachs&nbsp;&amp; Co. LLC, J.P. Morgan Securities LLC and Morgan Stanley&nbsp;&amp; Co. LLC (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">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 Second Supplemental Indenture dated September&nbsp;5, 2019 (the &#147;<B>Second Supplemental Indenture</B>&#148; and together
with the Base Indenture (as amended and supplemented by the Second Supplemental Indenture), the &#147;<B>Indenture</B>&#148;), following the granting of the public deed of issuance by the Issuer on August&nbsp;29, 2019 in front of the Public Notary
of Madrid, Mr.&nbsp;Rodrigo Tena Arregui, with number 1,525 of his official records (the &#147;<B>Public Deed</B>&#148;) and its registration with the Commercial Registry of Vizcaya (Bizkaia) on September 3, 2019 with record number 3,985 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>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Background </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">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="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a copy of the Agreements; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">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="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a copy of the executed 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%">
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">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="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a copy of the <FONT STYLE="white-space:nowrap">by-laws</FONT> of the Issuer (the &#147;<B><FONT
STYLE="white-space:nowrap">By-Laws</FONT></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="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">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 June 25, 2019; </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="5%" VALIGN="top" ALIGN="left">7.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">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="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">8.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a copy of the report prepared by PKF ATTEST Servicios Empresariales, S.L. dated July&nbsp;18, 2019 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="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">9.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a copy of the registration statement on Form <FONT STYLE="white-space:nowrap">F-3</FONT> (File <FONT
STYLE="white-space:nowrap">No.&nbsp;333-232333)</FONT> as filed with the U.S. Securities and Exchange Commission (the &#147;<B>Commission</B>&#148;) on June&nbsp;25, 2019 (the &#147;<B>Registration Statement</B>&#148;) and the related prospectus
(including the documents incorporated by reference therein) dated June&nbsp;25, 2019 (hereinafter referred to as the &#147;<B>Base Prospectus</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="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">10.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a copy of the Preliminary Prospectus Supplement filed with the Commission on August&nbsp;27, 2019 relating to
the Preferred Securities (the &#147;<B>Preliminary 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="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">11.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a copy of the free writing prospectus set forth in Appendix B to the Pricing Agreement (the &#147;<B>Pricing
Term Sheet</B>&#148; and together with the Registration Statement, including the Base Prospectus, and the Preliminary Prospectus Supplement, the &#147;<B>Disclosure Package</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="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">12.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a copy of the final Prospectus Supplement filed with the Commission on August&nbsp;30, 2019 (the
&#147;<B>Prospectus Supplement</B>&#148; and, together with the Base Prospectus, the &#147;<B>Prospectus</B>&#148;); </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>

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<IMG SRC="g759573se2.jpg" ALT="LOGO">
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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">13.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">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 <FONT STYLE="white-space:nowrap">BI-17(A),</FONT> 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="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">14.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">an <FONT STYLE="white-space:nowrap">on-line</FONT> excerpt (<I>nota simple telem&aacute;tica</I>) of the data
of the Issuer issued by the Commercial Registry of Vizcaya as of September&nbsp;5, 2019; 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="5%" VALIGN="top" ALIGN="left">15.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">search result dated September&nbsp;5, 2019 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="4%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Assumptions underlying the opinion </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">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="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">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, or publicly available in, 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="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">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="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">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="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">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="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">e)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">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="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>

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<IMG SRC="g759573se2.jpg" ALT="LOGO">
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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">f)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">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="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">g)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the absence of fraud and the presence of good faith on the part 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="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">h)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">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="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">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="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">j)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">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); 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="5%" VALIGN="top" ALIGN="left">k)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">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. </P></TD></TR></TABLE>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>3.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Scope of the opinion </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">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="4%" VALIGN="top" ALIGN="left"><B>4.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><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="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">A.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">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 </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>

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<TD WIDTH="9%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
obligations established thereunder and to issue the Common Shares (as such term is defined in the Prospectus Supplement) upon conversion of said Preferred Securities, as the case maybe.
</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="5%" VALIGN="top" ALIGN="left">B.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">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 Shares upon conversion of said Preferred Securities, as the case may be. </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="5%" VALIGN="top" ALIGN="left">C.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">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="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">D.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">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="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">E.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">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 by the Issuer of the other transactions contemplated by 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="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">F.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">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 Shares is executed and registered within
</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>

</DIV></Center>


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


<Center><DIV STYLE="width:8.5in" align="left">

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


<IMG SRC="g759573se2.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&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="9%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
the Mercantile Registry (<I>Registro Mercantil</I>), will be duly authorized, fully paid, <FONT STYLE="white-space:nowrap">non-assessable</FONT> 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. </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="5%" VALIGN="top" ALIGN="left">G.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">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="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">H.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">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="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">I.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">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="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">any provision of the <FONT STYLE="white-space:nowrap">By-Laws;</FONT> </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="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">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="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">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="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">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="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">J.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The issued and outstanding share capital of the Issuer has been duly and validly authorized, has been issued
and fully <FONT STYLE="white-space:nowrap">paid-in</FONT> and is not subject to any call for the payment of further capital and is <FONT STYLE="white-space:nowrap">non-assessable.</FONT> </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="5%" VALIGN="top" ALIGN="left">K.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Preferred Securities have been duly authorized and validly issued, are fully
<FONT STYLE="white-space:nowrap">paid-in</FONT> and <FONT STYLE="white-space:nowrap">non-assessable;</FONT> 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 <FONT STYLE="white-space:nowrap">pre-emptive</FONT> 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>

</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">

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


<IMG SRC="g759573se2.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&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="5%" VALIGN="top" ALIGN="left">L.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">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="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">M.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">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 or other parties, in the manner contemplated by the Prospectus and the Agreements, or the
resale and delivery of such Preferred Securities by the Underwriters in the manner contemplated by 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="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">N.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Insofar as matters of Spanish law are concerned, the Registration Statement, the Disclosure Package and 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="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">O.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">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="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">P.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The provisions contained in Section&nbsp;13.01(a) of the Base Indenture and Section&nbsp;2.03 (h) of the
Supplemental Indenture (which amends Section&nbsp;13.01 (a) 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:9%; font-size:10pt; font-family:Times New Roman">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>

</DIV></Center>


<p Style='page-break-before:always'>
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<Center><DIV STYLE="width:8.5in" align="left">

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


<IMG SRC="g759573se2.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">
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 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) 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="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">Q.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">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="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">R.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">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 June&nbsp;17, 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="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">S.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">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 <FONT STYLE="white-space:nowrap">non-exclusive</FONT> jurisdiction of the state and federal courts in the Borough of Manhattan, The City of New York, New York (each a &#147;<B>New York Court</B>&#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="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">T.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">A judgment duly obtained by a New York Court 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 <FONT STYLE="white-space:nowrap">re-examination</FONT> of the matters thereby adjudicated. The judicial courts of Spain will
recognize and enforce, without <FONT STYLE="white-space:nowrap">re-examination</FONT> of the merits of the case, as a valid judgment, any final judgment obtained against the Issuer in respect of the Agreements and the Preferred Securities, subject
to full compliance with the requirements set forth in the international </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>

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treaties that may be applicable from time to time and, as the case may be, to Law 29/2015, on international cooperation in civil matters (&#147;<B>Law 29/2015</B>&#148;). 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 requirements under Law 29/2015 must be met. </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="5%" VALIGN="top" ALIGN="left">U.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">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="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">V.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">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="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>5.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Qualifications </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">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="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">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="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">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:9%; font-size:10pt; font-family:Times New Roman">It should be noted that according to Sections 12.3 (related to the <FONT STYLE="white-space:nowrap">non-</FONT> 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="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>

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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The term &#147;enforceable&#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="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">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, the Preferred Securities 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="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">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 <FONT
STYLE="white-space:nowrap">pre-estimate</FONT> of damages, in case of partial or <FONT STYLE="white-space:nowrap">non-regular</FONT> 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="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="5%" VALIGN="top" ALIGN="left">(vi)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">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="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(vii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">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="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(viii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">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 </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>

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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. </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="5%" VALIGN="top" ALIGN="left">(ix)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Claims may be or become subject to defenses of <FONT STYLE="white-space:nowrap">set-off</FONT> 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="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(x)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">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="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(xi)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">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="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(xii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The ability of terminating an agreement is subject to judiciary review and the Spanish courts may provide for a
different remedy for the <FONT STYLE="white-space:nowrap">non-defaulting</FONT> 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="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(xiii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">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="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(xiv)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">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="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="5%" VALIGN="top" ALIGN="left">(xv)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">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="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(xvi)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">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="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>

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<IMG SRC="g759573se2.jpg" ALT="LOGO">
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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(xvii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">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="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(xviii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">This legal opinion analyzes the general tax regime applicable to
<FONT STYLE="white-space:nowrap">non-Spanish-resident</FONT> 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="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(xix)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">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="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(xx)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">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:4%; font-size:10pt; font-family:Times New Roman">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:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">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:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yours faithfully, </P>
<P STYLE="margin-top:12pt; 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">- 12 - </P>

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<HTML><HEAD>
<TITLE>EX-8.1</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <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">


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<TD WIDTH="70%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="16%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="12%"></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 STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>New York</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>Northern California</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>Washington DC</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>S&atilde;o Paulo</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>London</B></P></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"><B>Paris</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>Madrid</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>Tokyo</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>Beijing</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>Hong
Kong</B></P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="justify">


<IMG SRC="g759573g0903003849589.jpg" ALT="LOGO">
 </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">


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<TD WIDTH="20%"></TD>

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<TD WIDTH="79%"></TD></TR>


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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Davis Polk&nbsp;&amp; Wardwell <SMALL>LLP</SMALL></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">450 Lexington Avenue</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">New York, NY
10017</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">212 450 4000 tel</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">212 701 5800 fax</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">September&nbsp;5, 2019 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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" ALIGN="justify">Dear Ladies and Gentlemen: </P>
<P STYLE="margin-top:12pt; 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 <FONT STYLE="white-space:nowrap">F-3</FONT> (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-232333)</FONT> (the
&#147;<B>Registration Statement</B>&#148;) and has been filed in connection with the Company&#146;s offering of the series 9 <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 preferred tier 1 securities (the &#147;<B>Preferred Securities</B>&#148;).<B> </B> </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 caption &#147;U.S. Tax Considerations&#148; in the Registration Statement, 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="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">


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<TD VALIGN="top"> <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"></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">/s/ Davis Polk&nbsp;&amp; Wardwell LLP</P></TD></TR>
</TABLE>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
