<SEC-DOCUMENT>0001193125-19-232502.txt : 20190828
<SEC-HEADER>0001193125-19-232502.hdr.sgml : 20190828
<ACCEPTANCE-DATETIME>20190828164002
ACCESSION NUMBER:		0001193125-19-232502
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20190828
DATE AS OF CHANGE:		20190828

SUBJECT COMPANY:	

	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:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-232333
		FILM NUMBER:		191062425

	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

FILED BY:		

	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:		FWP

	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>FWP
<SEQUENCE>1
<FILENAME>d749261dfwp.htm
<DESCRIPTION>FWP
<TEXT>
<HTML><HEAD>
<TITLE>FWP</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"><B>Free Writing Prospectus dated August&nbsp;28, 2019 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(to Prospectus dated June&nbsp;25, 2019 and </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Preliminary Prospectus Supplement dated August&nbsp;27, 2019) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Filed pursuant to Rule 433 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Registration Statement <FONT STYLE="white-space:nowrap">No.&nbsp;333-232333</FONT> </B></P>
<P STYLE="margin-top:24pt; 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="g749261g0829010226268.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BANCO BILBAO VIZCAYA ARGENTARIA, S.A. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>$1,000,000,000 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"><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">


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<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">Banco Bilbao Vizcaya Argentaria, S.A. (&#147;BBVA&#148;)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<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">$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">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">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">A3 (stable) (Moody&#146;s) / <FONT STYLE="white-space:nowrap">A-</FONT> (negative) (S&amp;P) / A (negative) (Fitch)</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">Ba2 (Moody&#146;s) / BB (Fitch)</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">August&nbsp;28, 2019</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">September&nbsp;5, 2019 (T + 5)</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">U.S.&nbsp;Dollar</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">The Preferred Securities are perpetual securities and have no stated maturity.</TD></TR></TABLE>
</DIV></Center>


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<TD VALIGN="top"><B>Issuer Ordinary Shares Price</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">EUR 4.274 (closing price on August&nbsp;28, 2019) in the Relevant Stock Exchange</TD></TR>
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<TD VALIGN="top"><B>Legal Format</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">SEC-Registered</FONT></TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B>EUR / USD Exchange Rate</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">1.1085</TD></TR>
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<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">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">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#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">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#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">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#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">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#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">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">&#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>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Business Day Convention / Day<BR>Count Fraction</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Following unadjusted / 30/360 (ISDA)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<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">Barclays Capital Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BBVA Securities
Inc.**</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BofA Securities, Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Goldman Sachs&nbsp;&amp; Co.
LLC</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">J.P. Morgan Securities LLC</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Morgan Stanley&nbsp;&amp; Co.
LLC</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="top"><B>Distribution Rates</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">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.</TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B>Price to Public</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">100.000%</TD></TR>
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<TD VALIGN="top"><B>Issue Size</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">$1,000,000,000</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">1.750% due July&nbsp;31, 2024</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">1.361%&nbsp;/ <FONT STYLE="white-space:nowrap">101-27</FONT></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">6.500% quarterly / 6.553% semi-annual</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><BR>Spread to US Treasury</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">519.2 bps</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">0.750%</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">99.250%</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<BR>the Issuer</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">$992,500,000</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">March&nbsp;5, 2025 (the &#147;First Reset Date&#148;) and every fifth anniversary thereafter</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">05946K AG6</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">US05946KAG67</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">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.</TD></TR>
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<TD VALIGN="top"><B>Reset Determination Date</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">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.</TD></TR>
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<TD VALIGN="top"><B><FONT STYLE="white-space:nowrap">5-year</FONT> UST</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">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.</TD></TR></TABLE>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#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.</TD></TR>
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<TD VALIGN="top"><B>Regular Record Date</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">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.</TD></TR>
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<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">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 &#147;Restrictions on Distributions&#148; 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">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">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>
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<TD VALIGN="top"><B>Restrictions on Distributions</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">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 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).</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"><B>Definitions</B></P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#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> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#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> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;CRD IV&#148; means any or any combination of the CRD Directive, the
CRR, and any CRD Implementing Measures.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#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> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#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">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#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).</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#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">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Group&#148; means BBVA and its consolidated subsidiaries.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">&#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></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">&#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">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">&#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<BR>Cancellation</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">By acquiring Preferred Securities, holders and holders of a beneficial interest in the Preferred Securities acknowledge and agree that
(i)&nbsp;Distributions are payable solely at BBVA&#146;s discretion, and no amount of Distribution shall become or remain due and payable in respect of the relevant Distribution Period to the extent that it has been cancelled or deemed cancelled by
BBVA and/or as a result of the limitations on payment described under &#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:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Definitions</B></P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#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">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">&#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></TD></TR></TABLE>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#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.</TD></TR>
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<TD VALIGN="top"><B>Notice of Distribution Cancellation</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">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.</TD></TR>
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<TD VALIGN="top"><B>Subordination</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">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 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">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">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></TD></TR></TABLE>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Definitions</B></P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#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">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">&#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">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.</TD></TR>
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<TD VALIGN="top"><B>Conversion</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">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).</TD></TR>
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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">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">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">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></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">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">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Definitions</B></P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#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> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#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">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#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.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">&#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">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 </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>de Sociedades de Capital</I>), approved by the Royal Legislative Decree</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">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>
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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">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">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">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>
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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">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">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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 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;Capital Reduction&#148; above), where not cancelled or deemed cancelled pursuant to,
or otherwise subject to the limitations on payment as described under &#147;Distributions Discretionary&#148; and &#147;Restrictions on Distributions&#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">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">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></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">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">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">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">The Preferred Securities are not convertible into Common Shares at the option of holders of Preferred Securities at any time and are not redeemable in cash as a result of a Conversion Event. Notwithstanding any other provision
described in the Prospectus or in the Indenture, by its acquisition of any Preferred Security, each holder and beneficial owner shall be deemed to have (i)&nbsp;agreed to all the terms and conditions of the Preferred Securities, including, without
limitation, those related to (x)&nbsp;Conversion following a Trigger Event or Capital Reduction, as the case may be, and (y)&nbsp;the appointment of the Conversion Shares Depository, the issuance of the Common Shares to the Conversion Shares
Depository, and acknowledged that such events in (x)&nbsp;and (y) may occur without any further action on the part of the holders or beneficial owners of the Preferred Securities or the trustee, (ii)&nbsp;agreed that effective upon, and following, 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.</TD></TR>
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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">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">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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 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">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">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</P></TD></TR>
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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">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">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Upon the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power
by the Relevant Spanish Resolution Authority with respect to the Preferred Securities, 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">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">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>
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<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">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">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">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>
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<TD VALIGN="top"><B>Redemption Due to a Tax Event</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If, on or after the Closing Date, there is a Tax Event, the Preferred Securities may be redeemed, in whole but not in part, at BBVA&#146;s
option at any time at the Redemption Price, in accordance with Articles 77 and 78 of CRR, Article 29 of the Commission Delegated Regulation (EU) No 241/2014 and/or any other Applicable Banking Regulations then in force.</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">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>
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<TD VALIGN="top"><B>Redemption Due to a Capital Event</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If, on or after the Closing Date, there is a Capital Event, the Preferred Securities may be redeemed, in whole but not in part, at
BBVA&#146;s option at any time at the Redemption Price, in accordance with Articles 77 and 78 of CRR, Article 29 of the Commission Delegated Regulation (EU) No 241/2014 and/or any other Applicable Banking Regulations then in force.</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">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>
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<TD VALIGN="top"><B>Repurchases of the Preferred Securities and Other Securities</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">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.</TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">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.</TD></TR>
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<TD VALIGN="top"><B>Substitution / Modification</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">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.</TD></TR>
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<TD VALIGN="top"><B>Payment of Additional Amounts</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">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 will result in
holders of Preferred Securities receiving such amounts as they would have received in respect of such Distributions had no such withholding or deduction been required.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">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>
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<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">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">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Preferred
Securities do not grant the holders of the Preferred Securities <FONT STYLE="white-space:nowrap">pre-emption</FONT> rights in respect of any possible future issues of Parity Securities or any other securities by BBVA or any of BBVA&#146;s
subsidiaries.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">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>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Enforcement Events and Remedies</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">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></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

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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>

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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="64%"></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"><I>No other remedies</I></P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">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>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Form, Book-Entry Issuance, Settlement and Clearance</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">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 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.</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">$200,000 per Preferred Security</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">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.</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">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.</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">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.</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TR>

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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">


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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="64%"></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">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 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.</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">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.</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">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.</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">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.</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">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.</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">BBVA intends to use the net proceeds of the offering for general corporate purposes.</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="left"><B>Any ratings obtained will reflect only the views of the respective rating agency and should not be
considered a recommendation to buy, sell or hold the Preferred Securities. The ratings assigned by the rating agencies are subject to revision or withdrawal at any time by such rating agencies in their sole discretion. Each rating should be
evaluated independently of any other rating. </B></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>**</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><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"><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>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><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>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
