<SEC-DOCUMENT>0001193125-24-066634.txt : 20240313
<SEC-HEADER>0001193125-24-066634.hdr.sgml : 20240313
<ACCEPTANCE-DATETIME>20240313124627
ACCESSION NUMBER:		0001193125-24-066634
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20240313
FILED AS OF DATE:		20240313
DATE AS OF CHANGE:		20240313

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
		CENTRAL INDEX KEY:			0000842180
		STANDARD INDUSTRIAL CLASSIFICATION:	COMMERCIAL BANKS, NEC [6029]
		ORGANIZATION NAME:           	02 Finance
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			U3
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10110
		FILM NUMBER:		24745253

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BANCO BILBAO VIZCAYA ARGENTARIA S A
		DATE OF NAME CHANGE:	20000505

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BANCO BILBAO VIZCAYA S A
		DATE OF NAME CHANGE:	19991103
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>d754296d6k.htm
<DESCRIPTION>6-K
<TEXT>
<HTML><HEAD>
<TITLE>6-K</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">6-K</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>REPORT OF
FOREIGN ISSUER </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PURSUANT TO RULE <FONT STYLE="white-space:nowrap">13a-16</FONT> OR <FONT STYLE="white-space:nowrap">15d-16</FONT>
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>UNDER THE SECURITIES EXCHANGE ACT OF 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the month of March, 2024 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Commission file number: <FONT STYLE="white-space:nowrap">1-10110</FONT> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:22pt; font-family:Times New Roman" ALIGN="center"><B>BANCO BILBAO VIZCAYA ARGENTARIA, S.A. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of Registrant as specified in its charter) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:22pt; font-family:Times New Roman" ALIGN="center"><B>BANK BILBAO VIZCAYA ARGENTARIA, S.A. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Translation of Registrant&#146;s name into English) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Calle Azul, 4
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>28050 Madrid </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Spain </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of
principal executive offices) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Indicate by check mark whether the registrant files or will file annual reports under cover of Form
<FONT STYLE="white-space:nowrap">20-F</FONT> or Form <FONT STYLE="white-space:nowrap">40-F:</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Form
<FONT STYLE="white-space:nowrap">20-F&#8194;&#9746;&#8195;&#8195;&#8195;Form</FONT> <FONT STYLE="white-space:nowrap">40-F&#8194;&#9744;</FONT> </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BANCO BILBAO VIZCAYA ARGENTARIA, S.A. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Explanatory Note </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Report on Form <FONT
STYLE="white-space:nowrap">6-K</FONT> contains, as exhibits, certain documents listed below relating to the issuance and sale by Banco Bilbao Vizcaya Argentaria, S.A. (the &#147;<B>Issuer</B>&#148;) of $1,000,000,000 aggregate principal amount of
its 5.381% Senior Preferred Fixed Rate Notes due 2029 (the &#147;<B>2029 Notes</B>&#148;) and $1,000,000,000 aggregate principal amount of its Senior <FONT STYLE="white-space:nowrap">Non-Preferred</FONT> Callable <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">Fixed-to-Fixed</FONT></FONT> Rate Notes due 2035 (the &#147;<B>2035 Notes</B>&#148; and together with the 2029 Notes, the &#147;<B>Notes</B>&#148;). This Report on Form <FONT STYLE="white-space:nowrap">6-K</FONT> and the
Exhibits hereto are hereby incorporated by reference into the Registration Statement on <FONT STYLE="white-space:nowrap">Form&nbsp;F-3</FONT> <FONT STYLE="white-space:nowrap">(No.&nbsp;333-266391)</FONT> filed with the Securities and Exchange
Commission and into the related prospectus supplement filed with the Securities and Exchange Commission on March&nbsp;6, 2024. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit
Index </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="93%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Exhibit</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Description of Exhibit</P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&#8199;1.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d754296dex11.htm">Pricing Agreement dated March&nbsp;5, 2024 </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&#8199;4.15</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d754296dex415.htm">Third Supplemental Indenture for the 2029 Notes dated as of March&nbsp;
13, 2024 between the Issuer, as Issuer, and The Bank of New York Mellon, acting (except with respect to its role as Security Registrar) through its London Branch, as Trustee, Paying Agent, Transfer Agent and Security Registrar </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&#8199;4.16</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d754296dex416.htm">Third Supplemental Indenture for the 2035 Notes dated as of March&nbsp;
13, 2024 between the Issuer, as Issuer, and The Bank of New York Mellon, acting (except with respect to its role as Security Registrar) through its London Branch, as Trustee, Paying Agent, Transfer Agent, Calculation Agent and Security Registrar
</A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&#8199;4.17</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Forms of Security Certificates representing the Notes (included in Exhibits <A HREF="d754296dex415.htm">4.15</A> and <A HREF="d754296dex416.htm">4.16</A>)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&#8199;5.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d754296dex51.htm">Opinion of Davis Polk&nbsp;&amp; Wardwell LLP, special United States counsel to the Issuer, as to the legality of the Notes being registered </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&#8199;5.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d754296dex52.htm">Opinion of J&amp;A Garrigues, S.L.P., Spanish counsel to the Issuer, as to the legality of the Notes being registered </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>23.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d754296dex51.htm">Consent of Davis Polk&nbsp;&amp; Wardwell LLP (included in Exhibit 5.1) </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>23.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d754296dex52.htm">Consent of J&amp;A Garrigues, S.L.P. (included in Exhibit 5.2) </A></TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3">BANCO BILBAO VIZCAYA ARGENTARIA, S.A.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Ignacio Echevarr&iacute;a Soriano</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Ignacio Echevarr&iacute;a Soriano</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Authorized Representative</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date: March&nbsp;13, 2024 </P>
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<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>d754296dex11.htm
<DESCRIPTION>EX-1.1
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<HTML><HEAD>
<TITLE>EX-1.1</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B></B><B><I>Exhibit 1.1</I></B><B> </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Pricing Agreement </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">March&nbsp;5, 2024 </P> <P STYLE="margin-top:12pt; 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">1345 Avenue of the Americas </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York 10105 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States of America </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BofA Securities, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">One Bryant Park </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York 10036 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States of America </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">J.P. Morgan Securities LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">383 Madison Avenue </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York 10179 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States of America </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mizuho Securities USA LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1271 &amp; 1251 Avenue of the Americas </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York 10020
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States of America </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Morgan Stanley&nbsp;&amp; Co. LLC
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1585 Broadway, 29th Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York 10036 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States of America </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">RBC Capital Markets, LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">200 Vesey Street, 8th Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York 10281 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States of America </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Wells Fargo Securities, LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">550 S Tryon Street, 5th Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Charlotte, North Carolina 28202
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States of America </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As
Representatives of the several </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Underwriters named in Schedule I hereto, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Banco Bilbao Vizcaya
Argentaria, S.A. (the &#147;Company&#148;), a <I>sociedad an&oacute;nima</I> incorporated under the laws of the Kingdom of Spain (&#147;Spain&#148;), proposes, subject to the terms and conditions stated herein and in the Underwriting Agreement, a
copy of which is attached hereto (the &#147;Underwriting Agreement&#148;), to issue and sell to the underwriters named in Schedule I hereto (the &#147;Underwriters&#148;) (other than BBVA Securities Inc.) the 5.381% Senior Preferred Fixed Rate Notes
due 2029 and the Senior <FONT STYLE="white-space:nowrap">Non-Preferred</FONT> Callable <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Fixed-to-Fixed</FONT></FONT> Rate Notes due 2035 specified in Schedule II hereto (together, the
&#147;Designated Securities&#148;). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each of the provisions of the Underwriting Agreement is incorporated herein by reference in
its entirety, and shall be deemed to be a part of this Agreement to the same extent as if such provisions had been set forth in full herein; and each of the representations and warranties set forth therein shall be deemed to have been made at and as
of the Applicable Time (as set forth in Schedule II hereto), except that each representation and warranty which refers to the Prospectus in Section&nbsp;2 of the Underwriting Agreement shall be deemed to be a representation or warranty as of the
date of the Prospectus (as defined in the Underwriting Agreement), and also a representation and warranty as of the Applicable Time in relation to the Prospectus as amended or supplemented relating to the Designated Securities which are the subject
of this Pricing Agreement. Each reference to the Underwriters purchasing Designated Securities in the Underwriting Agreement so incorporated by reference shall be deemed, with respect to BBVA Securities Inc., to instead provide for procuring
eligible purchasers on a reasonable best efforts basis. Each reference to the Company issuing and selling Designated Securities to the Underwriters shall be deemed to refer to the Underwriters other than BBVA Securities Inc. Each reference to the
Representatives or to the Underwriters in the provisions of the Underwriting Agreement so incorporated by reference shall be deemed to refer to you. Unless otherwise defined herein, terms defined in the Underwriting Agreement are used herein as
therein defined. The Representatives designated to act on behalf of each of the Underwriters pursuant to Section&nbsp;13 of the Underwriting Agreement and their addresses are set forth in Schedule II hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A supplement to the Prospectus relating to the Designated Securities, in the form heretofore delivered to you (the &#147;Prospectus
Supplement&#148;), is now proposed to be filed with the Commission. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to the terms and conditions set forth herein and in the
Underwriting Agreement incorporated herein by reference, the Company agrees that it will issue and sell to each of the Underwriters (other than BBVA Securities Inc.), and each of the Underwriters (other than BBVA Securities Inc.) agrees, severally
and not jointly, to purchase from the Company, at the time and place and at the purchase price to the Underwriters set forth in Schedule II hereto, (i)&nbsp;the principal amount of each series of Designated Securities set forth opposite the name of
each such Underwriter in Schedule I hereto and (ii)&nbsp;a pro rata portion of the principal amount of each series of Designated Securities set forth opposite the name of BBVA Securities Inc. in Schedule I hereto which have not been purchased by
purchasers procured by BBVA Securities Inc. BBVA Securities Inc. hereby covenants and agrees to use its reasonable best efforts to procure eligible purchasers for the principal amount of each series of Designated Securities set forth opposite its
name in Schedule I hereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the foregoing is in accordance with your understanding, please sign and return to us one counterpart
hereof, and upon acceptance hereof by you this letter and such acceptance hereof, including the provisions of the Underwriting Agreement incorporated herein by reference, shall constitute a binding agreement between the several Underwriters on the
one hand and the Company on the other. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">It is understood that your acceptance of this letter on behalf of each of the Underwriters
is or will be pursuant to the authority set forth in an Agreement among Underwriters. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[<I>signature pages follow</I>] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

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


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">BANCO BILBAO VIZCAYA ARGENTARIA, S.A.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Ignacio Echevarr&iacute;a</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Ignacio Echevarr&iacute;a</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:&#8194;&#8201;BBVA Head of Wholesale Funding&nbsp;&amp; Capital Operations</TD></TR>
</TABLE></DIV>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


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

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


<TR>

<TD WIDTH="13%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Accepted as of the date hereof:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">BBVA SECURITIES INC.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Scott D. Whitney</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Scott D. Whitney</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Managing Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">BOFA SECURITIES, INC.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Jon Klein</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Jon Klein</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Managing Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">J.P. MORGAN SECURITIES LLC</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Robert Bottamedi</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Robert Bottamedi</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Executive Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">MIZUHO SECURITIES USA LLC</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Robert Fahrbach</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Robert Fahrbach</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Managing Director</TD></TR>
</TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


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

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


<TR>

<TD WIDTH="13%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">MORGAN STANLEY&nbsp;&amp; CO. LLC</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Howard Brocklehurst</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Howard Brocklehurst</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Managing Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">RBC CAPITAL MARKETS, LLC</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Scott G. Primrose</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Scott G. Primrose</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Authorized Signatory</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">WELLS FARGO SECURITIES, LLC</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Carolyn Hurley</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Carolyn Hurley</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Managing Director</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On behalf of each of the Underwriters </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE I </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="52%"></TD>

<TD VALIGN="bottom" WIDTH="13%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="13%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Underwriter</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Principal Amount of 5.381%<BR>Senior&nbsp;Preferred&nbsp;Fixed&nbsp;Rate&nbsp;Notes<BR>due 2029 to be Purchased</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Principal Amount of
Senior</B><br><B><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Non-Preferred&nbsp;Callable&nbsp;Fixed-to-Fixed</FONT></FONT></FONT><BR>Rate Notes due 2035 to be Purchased</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">BBVA Securities Inc.*</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">143,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">143,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">BofA Securities, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">143,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">143,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">J.P. Morgan Securities LLC</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">142,800,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">142,800,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Mizuho Securities USA LLC</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">142,800,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">142,800,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Morgan Stanley &amp; Co. LLC</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">142,800,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">142,800,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">RBC Capital Markets, LLC</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">142,800,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">142,800,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Wells Fargo Securities, LLC</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">142,800,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">142,800,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,000,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,000,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</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></B>BBVA Securities Inc. has agreed to use its reasonable best efforts to procure purchasers for the
principal amount of each series of Designated Securities set forth opposite its name above. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Schedule I -1 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE II </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Issuer: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Banco Bilbao Vizcaya Argentaria,
S.A. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Titles of Designated Securities: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">5.381% Senior Preferred Fixed Rate Notes due 2029 (the &#147;Senior Preferred Notes&#148;) </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Senior <FONT STYLE="white-space:nowrap">Non-Preferred</FONT> Callable
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Fixed-to-Fixed</FONT></FONT> Rate Notes due 2035 (the &#147;Senior <FONT STYLE="white-space:nowrap">Non-Preferred</FONT> Notes&#148;) </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Specific Terms of Designated Securities: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">See Appendix A for a copy of the Final Term Sheet relating to the Designated Securities </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Price to Public: </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="40%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="51%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&#8195;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Senior Preferred Notes:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">100%&nbsp;plus&nbsp;accrued interest, if any, from March&nbsp;13, 2024</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Senior <FONT STYLE="white-space:nowrap">Non-Preferred</FONT> Notes:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">100% plus accrued interest, if any, from March&nbsp;13, 2024</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Purchase Price by Underwriters: </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="88%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="40%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="51%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&#8195;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Senior Preferred Notes:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">99.75%</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Senior <FONT STYLE="white-space:nowrap">Non-Preferred</FONT> Notes:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">99.65%</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Principal Amount: </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="40%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="51%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&#8195;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Senior Preferred Notes:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$1,000,000,000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Senior <FONT STYLE="white-space:nowrap">Non-Preferred</FONT> Notes:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$1,000,000,000</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Minimum Initial Purchase Amount: </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="40%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="51%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&#8195;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Senior Preferred Notes:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$200,000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Senior <FONT STYLE="white-space:nowrap">Non-Preferred</FONT> Notes:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$200,000</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Denominations: </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="40%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="51%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&#8195;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Senior Preferred Notes:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">A&nbsp;minimum of $200,000 with increments of $200,000 thereafter</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Senior <FONT STYLE="white-space:nowrap">Non-Preferred</FONT> Notes:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">A minimum of $200,000 with increments of $200,000 thereafter</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Schedule II -1 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Specified Funds for Payment of Purchase Price: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Federal <FONT STYLE="white-space:nowrap">(same-day)</FONT> funds </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Applicable Time: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">5:15 p.m. New York time
March&nbsp;5, 2024 </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Time of Delivery: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">11:00 a.m. New York time March&nbsp;13, 2024 </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Closing Location for Delivery of Designated Securities: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">New York, New York </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Additional Closing
Conditions: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">N/A </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Additional
Opinions: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Spanish counsel for the Underwriters shall furnish to the Representatives such written opinion or opinions as are specified
in Section&nbsp;8(b) of the Underwriting Agreement </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Names and Addresses of Underwriters, Including the Representatives: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BBVA Securities Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1345 Avenue of the Americas </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York 10105 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States of America </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Facsimile: (212) <FONT STYLE="white-space:nowrap">258-2216</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: Legal Department </P> <P STYLE="margin-top:12pt; 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">114 W 47th St., <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">NY8-114-07-01</FONT></FONT></FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York 10036 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States of America </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Facsimile: (646) <FONT STYLE="white-space:nowrap">855-5958</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: High Grade Transaction Management/Legal </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">J.P. Morgan
Securities LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">383 Madison Avenue, 3rd Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New
York 10179 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States of America </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Facsimile: (212) <FONT
STYLE="white-space:nowrap">834-6081</FONT> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: Investment Grade Syndicate Desk </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mizuho Securities USA LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1271 Avenue of the Americas </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York 10020 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: Debt Capital Markets </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Telephone: (866) <FONT STYLE="white-space:nowrap">271-7403</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: Debt Capital Markets </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Schedule II -2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Morgan Stanley&nbsp;&amp; Co. LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1585 Broadway, 29th Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York 10036 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tel: +1 (212) <FONT STYLE="white-space:nowrap">761-6691</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fax: +1 (212) <FONT STYLE="white-space:nowrap">507-8999</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: Investment Banking Division </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">RBC Capital Markets, LLC
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Brookfield Place </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">200 Vesey Street, 8th Floor </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York 10281 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Telephone: (212) <FONT
STYLE="white-space:nowrap">618-7706</FONT> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Email: TMGUS@rbccm.com </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: DCM Transaction Management/Scott Primrose </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Wells
Fargo Securities, LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">550 South Tryon Street, 5th Floor </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Charlotte, North Carolina 28202 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Email:
tmgcapitalmarkets@wellsfargo.com </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: Transaction Management </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Listing: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">New York Stock Exchange </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Payment of Expenses by the Company and by the Underwriters: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Each Underwriter shall pay severally on a pro rata basis the cost of the comfort letters provided by Ernst&nbsp;&amp; Young, S.L. and KPMG
Auditores, S.L., dated as of the Applicable Time and as of the Time of Delivery. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Selling Restrictions: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Designated Securities are complex financial instruments and are not a suitable or appropriate investment for all investors. In particular,
the Designated Securities shall not be sold to retail investors in any jurisdiction, including the United States. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the United States,
the Designated Securities are intended to be sold only to institutional investors. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Schedule II -3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Prohibition of Sales to European Economic Area (the &#147;EEA&#148;) Retail Investors
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Designated Securities may not be offered, sold or otherwise made available to any retail investor in the EEA. For the purposes
of this provision, the expression &#147;retail investor&#148; means a person who is one (or more) of the following: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a retail client as defined in point (11)&nbsp;of Article 4(1) of Directive 2014/65/EU, as amended
(&#147;<B>MiFID II</B>&#148;); </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a customer within the meaning of Directive (EU) 2016/97, as amended (the &#147;<B>Insurance Distribution
Directive</B>&#148;), where that customer would not qualify as a professional client as defined in point (10)&nbsp;of Article 4(1) of MiFID II; or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">not a qualified investor as defined in the Prospectus Regulation. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For the purposes of this provision, an &#147;offer&#148; includes the communication in any form and by any means of sufficient information on
the terms of the offer and the Designated Securities to be offered so as to enable an investor to decide to purchase or subscribe for the Designated Securities. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Restrictions on Acquisition of Designated Securities by Spanish Residents </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Designated Securities shall not be offered, distributed or sold in Spain in the primary market. However, the Designated Securities may be
sold to Spanish resident investors in circumstances that satisfy the requirements set forth in the ruling 1500/2004 of the Directorate General for Taxation (<I>Direcci&oacute;n General de Tributos</I>) of July&nbsp;27, 2004. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding this, the Designated Securities shall not be offered, sold or otherwise made available at any time to any retail investor (as
defined above) in Spain and any sales of the Designated Securities in Spain according to the previous paragraph shall be made only to professional clients (<I>clientes profesionales</I>) as defined in Article 194 of the Spanish Securities Markets
and Investment Services Act (<I>Ley 6/2023, de 17 de marzo, de los Mercados de Valores y de los Servicios de Inversi&oacute;n</I>) (the &#147;<B>LMV</B>&#148;) or eligible counterparties (<I>contrapartes elegibles</I>) as defined in Article 196 of
the LMV and as further limited by the second paragraph of Article 192 of the LMV. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">No publicity of any kind as to the Designated
Securities shall be made in Spain. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Prohibition of Sales to United Kingdom Retail Investors </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Designated Securities may not be offered, sold or otherwise made available to any UK retail investor in the United Kingdom. For the
purposes of this provision, the expression &#147;<B>UK retail investor</B>&#148; means a person who is one (or more) of the following: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a retail client, as defined in point (8)&nbsp;of Article 2 of Regulation (EU) No 2017/565 as it forms part of
domestic law in the United Kingdom; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a customer within the meaning of the provisions of the United Kingdom&#146;s Financial Services and Markets Act
2000, as amended (the &#147;<B>FSMA</B>&#148;) and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97, where that customer would not qualify as a professional client, as defined in point (8)&nbsp;of Article 2(1) of UK
MiFIR; or </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Schedule II -4 </P>

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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">not a qualified investor as defined in Article 2 of Regulation (EU) 2017/1129 as it forms part of domestic law
in the United Kingdom. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For the purposes of this provision, an &#147;offer&#148; includes the communication in any form
and by any means of sufficient information on the terms of the offer and the Designated Securities to be offered so as to enable an investor to decide to purchase or subscribe for the Designated Securities. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Other Regulatory Restrictions in the United Kingdom </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any invitation or inducement to engage in investment activity (within the meaning of Section&nbsp;21 of the FSMA) in connection with the issue
or sale of the Designated Securities may only be communicated or caused to be communicated in circumstances in which Section&nbsp;21(1) of the FSMA would not, if the Company was not an &#147;authorised person&#148;, apply to the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All applicable provisions of the FSMA must be complied with in respect to anything done by any person in relation to the Designated Securities
in, from or otherwise involving the United Kingdom. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Japan </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Designated Securities have not been and will not be registered under the Financial Instruments and Exchange Law of Japan (Law No.&nbsp;25
of 1948, as amended) (the &#147;<B>FIEL</B>&#148;) on the ground that the solicitation for subscription of the Designated Securities falls within the definition of &#147;solicitation to qualified institutional investors&#148; as defined un Article
2, paragraph 3, item 2 (I) of the FIEL. Such solicitation shall be subject to the condition that qualified institutional investors (as defined under the FIEL, &#147;<B>QII</B>&#148;) who acquired the Designated Securities shall enter into an
agreement which provides that it shall not transfer such interests to anyone other than another QII. Accordingly, the Designated Securities have not been and will not be offered or sold, directly or indirectly, in Japan or to, or for the account or
benefit of, any resident of Japan (which term as used herein means any person resident in Japan, including any corporation or other entity organized under the laws of Japan), or to, or for the account or benefit of, others for <FONT
STYLE="white-space:nowrap">re-offering</FONT> or resale, directly or indirectly, in Japan or to, or for the account or benefit of, any resident of Japan, except for private placement pursuant to an exemption from the registration requirements of,
and otherwise in compliance with, the FIEL and any other applicable laws, regulations and ministerial guidelines of Japan. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Singapore </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
prospectus supplement and the accompanying prospectus have not been and will not be registered as a prospectus under the Securities and Futures Act 2001 (the &#147;<B>SFA</B>&#148;) by the Monetary Authority of Singapore, and the offer of the
Designated Securities in Singapore is made primarily pursuant to the exemptions under Sections 274 and 275 of the SFA. Accordingly, the prospectus supplement and the accompanying prospectus and any other document or material in connection with the
offer or sale, or invitation for subscription or purchase, of the Designated Securities may not be circulated or distributed, nor may the Designated Securities be offered or sold, or made the subject of an invitation for subscription
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Schedule II -5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
or purchase, whether directly or indirectly, to any person in Singapore other than (i)&nbsp;to an institutional investor as defined in Section&nbsp;4A of the SFA (an &#147;<B>Institutional
Investor</B>&#148;) pursuant to Section&nbsp;274 of the SFA, (ii)&nbsp;to an accredited investor as defined in Section&nbsp;4A of the SFA (an &#147;<B>Accredited Investor</B>&#148;) or other relevant person as defined in Section&nbsp;275(2) of the
SFA (a &#147;<B>Relevant Person</B>&#148;) and pursuant to Section&nbsp;275(1) of the SFA, or to any person pursuant to an offer referred to in Section&nbsp;275(1A) of the SFA, and in accordance with the conditions specified in Section&nbsp;275 of
the SFA and (where applicable) Regulation 3 of the Securities and Futures (Classes of Investors) Regulations 2018, or (iii)&nbsp;otherwise pursuant to, and in accordance with, the conditions of any other applicable exemption or provision of the SFA.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">It is a condition of the offer that where the Designated Securities are subscribed for or acquired pursuant to an offer made in reliance
on Section&nbsp;275 of the SFA by a Relevant Person which is: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) a corporation (which is not an Accredited Investor),
the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an Accredited Investor; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) a trust (where the trustee is not an Accredited Investor), the sole purpose of which is to hold investments and each
beneficiary of the trust is an individual who is an Accredited Investor, then </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">the securities and securities-based derivatives contracts
(each as defined in Section&nbsp;2(1) of the SFA) of that corporation and the beneficiaries&#146; rights and interest (howsoever described) in that trust shall not be transferred within six months after that corporation or that trust has subscribed
for or acquired the Designated Securities except: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) to an Institutional Investor, an Accredited Investor, a Relevant
Person, or which arises from an offer referred to in Section&nbsp;275(1A) of the SFA (in the case of that corporation) or Section&nbsp;276(4)(c)(ii) of the SFA (in the case of that trust); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) where no consideration is or will be given for the transfer; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) where the transfer is by operation of law; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) as specified in Section&nbsp;276(7) of the SFA; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) as specified in Regulation 37A of the Securities and Futures (Offers of Investments) (Securities and Securities-based
Derivatives Contracts) Regulations 2018. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Notification under Section</U><U></U><U>&nbsp;309B(1)(c) of the Securities and Futures Act
2001</U> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with Section&nbsp;309B of the SFA and the Securities and Futures (Capital Markets Products) Regulations 2018 of
Singapore (the &#147;<B>CMP Regulations 2018</B>&#148;), the Company has determined the classification of the Designated Securities to be capital markets products other than prescribed capital markets products (as defined in the CMP Regulations
2018) and Specified Investment Products (as defined in MAS Notice <FONT STYLE="white-space:nowrap">SFA&nbsp;04-N12:</FONT> Notice on the Sale of Investment Products and MAS Notice <FONT STYLE="white-space:nowrap">FAA-N16:</FONT> Notice on
Recommendations on Investment Products). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Schedule II -6 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Hong Kong </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Designated Securities have not been offered or sold and will not be offered or sold in Hong Kong by means of any document, other than
(i)&nbsp;to &#147;professional investors&#148; as defined in the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) (the &#147;<B>SFO</B>&#148;) and any rules made thereunder, or (ii)&nbsp;in other circumstances which do not result
in the document being a &#147;prospectus&#148; as defined in the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32 of the Laws of Hong Kong) (&#147;<B>C(WUMP)O</B>&#148;) or which do not constitute an offer to the public within
the meaning of the C(WUMP)O; and no advertisement, invitation or document relating to the Designated Securities has been issued or has been in the possession of any person for the purpose of issue or will be issued or will be in the possession of
any person (in each case whether in Hong Kong or elsewhere), which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other
than with respect to Designated Securities which are or are intended to be disposed of only to persons outside Hong Kong or only to &#147;professional investors&#148; in Hong Kong as defined in the SFO and any rules made thereunder. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Taiwan </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
Designated Securities have not been and will not be registered or filed with, or approved by, the Financial Supervisory Commission of Taiwan and/or other regulatory authority or agency of Taiwan pursuant to relevant securities laws and regulations
of Taiwan and may not be issued, offered or sold within Taiwan through a public offering or in circumstances which constitute an offer within the meaning of the Securities and Exchange Act of Taiwan or relevant laws and regulations that requires a
registration, filing or approval of the Financial Supervisory Commission of Taiwan and/or other regulatory authority or agency of Taiwan. No person or entity in Taiwan has been authorized to offer or sell the Designated Securities in Taiwan. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Republic of Italy </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The offering of the Designated Securities has not been registered with the <I>Commissione Nazionale per le Societ&agrave; e la Borsa</I>
(&#147;<B>CONSOB</B>&#148;) pursuant to Italian securities legislation and, accordingly, no Designated Securities may be offered, sold or delivered, nor may copies of the prospectus supplement or of any other document relating to the Designated
Securities be distributed in the Republic of Italy, except: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">to qualified investors (<I>investitori qualificati</I>) as defined in Article 2 of the Prospectus Regulation
and Article 100 of Legislative Decree No.&nbsp;58 of February&nbsp;24, 1998, as amended from time to time (the &#147;<B>Financial Services Act</B>&#148;); or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">in any other circumstances which are exempted from the rules on public offerings pursuant to Article 1 of the
Prospectus Regulation and any other applicable Italian laws and regulations. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Schedule II -7 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Any offer, sale or delivery of the Designated Securities or distribution of copies of the
prospectus supplement or any other document relating to the Designated Securities in the Republic of Italy under paragraph (i)&nbsp;or (ii) above must: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">be made by an investment firm, bank or financial intermediary permitted to conduct such activities in the
Republic of Italy in accordance with the Financial Services Act, CONSOB Regulation No.&nbsp;20307 of February&nbsp;15, 2018 (as amended from time to time) and Legislative Decree No.&nbsp;385 of September&nbsp;1, 1993, as amended from time to time
(the &#147;<B>Banking Act</B>&#148;), and any other applicable laws or regulations; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(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">comply with Article 129 of the Banking Act and the implementing guidelines of the Bank of Italy, as amended
from time to time, pursuant to which the Bank of Italy may request information on the offering or issue of securities in Italy or by Italian persons outside of Italy; and be made in compliance with any other applicable laws and regulations or
requirement imposed by CONSOB, the Bank of Italy and/or any other competent authority. </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Canada </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Designated Securities may be sold in Canada only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited
investors, as defined in National Instrument <FONT STYLE="white-space:nowrap">45-106</FONT> Prospectus Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined in National Instrument <FONT
STYLE="white-space:nowrap">31-103</FONT> Registration Requirements, Exemptions and Ongoing Registrant Obligations. Any resale of the Designated Securities must be made in accordance with an exemption from, or in a transaction not subject to, the
prospectus requirements of applicable securities laws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Securities legislation in certain provinces or territories of Canada may provide a
purchaser with remedies for rescission or damages if the prospectus supplement (including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit
prescribed by the securities legislation of the purchaser&#146;s province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser&#146;s province or territory for particulars of these
rights or consult with a legal adviser. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to section 3A.3 of National Instrument <FONT STYLE="white-space:nowrap">33-105</FONT>
Underwriting Conflicts (&#147;<B>NI <FONT STYLE="white-space:nowrap">33-105</FONT></B>&#148;), the underwriters are not required to comply with the disclosure requirements of NI <FONT STYLE="white-space:nowrap">33-105</FONT> regarding underwriter
conflicts of interest in connection with this offering. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Switzerland </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The offering of the Designated Securities in Switzerland is exempt from requirement to prepare and publish a prospectus under the Swiss
Financial Services Act (&#147;<B>FinSA</B>&#148;) because the Designated Securities have a minimum denomination of CHF 100,000 (or equivalent in another currency) or more and the Designated Securities will not be admitted to trading on any trading
venue (exchange or multilateral trading facility) in Switzerland. The pricing term sheet, the prospectus supplement and the accompanying prospectus do not constitute a prospectus pursuant to the FinSA, and no such prospectus has been or will be
prepared for or in connection with the offering of the Designated Securities. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Schedule II -8 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Other Jurisdictions outside the United States </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">No action may be taken in any jurisdiction that would permit a public offering of the Designated Securities or the possession, circulation or
distribution of the prospectus supplement in any jurisdiction where action for that purpose is required. Accordingly, the Designated Securities may not be offered or sold, directly or indirectly, and neither the prospectus supplement nor any other
offering material or advertisements in connection with the Designated Securities may be distributed or published in or from any country or jurisdiction, except under circumstances that will result in compliance with any applicable rules and
regulations of any such country or jurisdiction. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Other Terms: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;Underwriter Information&#148; shall mean the statements set forth in (i)&nbsp;the last paragraph of the cover page regarding delivery of
the Designated Securities, (ii)&nbsp;the names of the Underwriters, (iii)&nbsp;the paragraph in &#147;Underwriting (Conflicts of Interest)&#148; related to short sales and purchases in the open market, and (iv)&nbsp;the paragraph in
&#147;Underwriting (Conflicts of Interest)&#148; related to settlement, in each case in the Pricing Prospectus and the Prospectus. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Jurisdictions Specified Pursuant to Section&nbsp;5(b) of the Underwriting Agreement: None. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Jurisdictions Specified Pursuant to Section&nbsp;5(d) of the Underwriting Agreement: United States. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Schedule II -9 </P>

</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Appendix A </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FINAL TERM SHEET </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">PRICING
TERM SHEET </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="g754296g0310115810282.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">U.S. $1,000,000,000 5.381% SENIOR PREFERRED FIXED RATE NOTES DUE 2029 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(the &#147;2029 Notes&#148;) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">U.S.
$1,000,000,000 SENIOR <FONT STYLE="white-space:nowrap">NON-PREFERRED</FONT> CALLABLE <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">FIXED-TO-FIXED</FONT></FONT> RATE NOTES DUE 2035 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(the &#147;2035 Notes&#148;) </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 2029 Notes and the 2035 Notes (collectively, the &#147;Notes&#148;) described below and should only be read together with the preliminary prospectus supplement dated March&nbsp;5, 2024 (the &#147;Preliminary
Prospectus Supplement&#148;) and the accompanying prospectus dated July&nbsp;29, 2022 relating to these notes (the &#147;Prospectus&#148;). Terms and expressions used but not defined herein shall have the same meanings as defined in the Preliminary
Prospectus Supplement or Prospectus, as applicable. </I></P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>2029 Notes and 2035 Notes </U></B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="71%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Issuer:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Banco Bilbao Vizcaya Argentaria, S.A.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Expected Issue Ratings: *</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></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">Issuer Ratings: *</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></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">Principal Amount:</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">U.S. $1,000,000,000 (2029 Notes)</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">U.S. $1,000,000,000 (2035 Notes)</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">Form of Issuance:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">SEC Registered</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Pricing Date:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">March&nbsp;5, 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">Issue Date / Settlement Date: **</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">March&nbsp;13, 2024 (T+6)</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">2035 Notes Reset Date:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">March&nbsp;13, 2034</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">Stated Maturity Date:</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">March&nbsp;13, 2029 (the 2029 Notes)</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">March&nbsp;13, 2035 (the 2035 Notes)</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">CUSIP / ISIN:</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">05946K AQ4 / US05946KAQ40 (the 2029 Notes)</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">05946K AR2 / US05946KAR23 (the 2035 Notes)</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">Benchmark Treasury:</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">4.250% due February&nbsp;28, 2029 (the 2029 Notes)</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">4.000% due February&nbsp;15, 2034 (the 2035 Notes)</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">Benchmark Treasury Yield:</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">4.131% (the 2029 Notes)</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">4.133% (the 2035 Notes)</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">Spread to Benchmark Treasury:</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">UST+ 125 bps (the 2029 Notes)</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">UST+ 190 bps (the 2035 Notes)</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Appendix A-1 </P>

</DIV></Center>


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<TD WIDTH="71%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">Re-offer</FONT> Yield:</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">5.381% (the 2029 Notes)</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">6.033% (the 2035 Notes)</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">Coupon:</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 2029 Notes will bear interest, from (and including) the Issue Date to (but excluding) March&nbsp;13, 2029 or any date of earlier
redemption, at a fixed rate of 5.381% per annum.</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 2035 Notes will bear interest
(i)&nbsp;from (and including) the Issue Date to (but excluding) the 2035 Notes Reset Date (March 13, 2034) or any date of earlier redemption at a fixed rate of 6.033% per annum and (ii)&nbsp;thereafter, from (and including) the 2035 Notes Reset Date
to (but excluding) March&nbsp;13, 2035 or any date of earlier redemption, at a fixed rate per annum equal to the <FONT STYLE="white-space:nowrap">1-year</FONT> UST, as determined by the Calculation Agent, plus 190 basis points, such sum being
converted to a semi-annual rate in accordance with market convention (rounded to the fifth decimal place, with 0.000005 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; margin-left:4.00em; text-indent:-1.50em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">&#149;&#8195;&#8202;&#147;1-year</FONT> UST&#148; means 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 one year, as published in the most recent H.15.</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.50em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8202;&#147;H.15&#148; means the
daily statistical release designated as such and published by the Board of Governors of the United States Federal Reserve System under the caption &#147;Treasury constant maturities&#148;, or any successor or replacement publication as reasonably
determined by the Issuer and notified to the Calculation Agent, that establishes yield on actively traded U.S. Treasury securities, and &#147;most recent H.15&#148; means the H.15 that includes a yield to maturity for U.S. Treasury securities with a
maturity of one year published closest in time (but prior to) the Reset Determination Date.</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:4.00em; text-indent:-1.50em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8202;&#147;Reset Determination Date&#148; means the second Business Day immediately preceding the 2035
Notes Reset Date.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Interest Payment Dates:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Semi-annually in arrears on March&nbsp;13 and September&nbsp;13 of each year, commencing on September&nbsp;13, 2024 up to (and including) the stated maturity date or any date of earlier redemption of the relevant series of
Notes.</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">Price to Public:</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">100% of the principal amount (the 2029 Notes)</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">100% of the principal amount (the 2035 Notes)</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">Underwriting Discount:</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">0.25% (the 2029 Notes)</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">0.35% (the 2035 Notes)</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"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Aggregate Proceeds to Issuer</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">(Before
Expenses):</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">U.S. $1,994,000,000</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">Day Count Fraction / Business Day Convention:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">30/360 (following business day, unadjusted)</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">Business Days:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">New York City, London and Madrid</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">Minimum Denominations / Multiples:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Minimum denominations of U.S.$200,000 and multiples of U.S.$200,000 in excess thereof</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">Expected Listing:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">New York Stock Exchange</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Appendix A-2 </P>

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<TD WIDTH="71%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Trustee, Paying Agent, Transfer Agent, Calculation Agent (for the 2035 Notes) and Security Registrar:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Bank of New York Mellon, acting (except with respect to its role as Security Registrar) through its London Branch</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">Redemption Provisions:</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">Tax call: All or part at 100% of principal and accrued but unpaid interest</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">Eligible Liabilities Event call: All (but not less than all) at 100% of principal and
accrued but unpaid interest</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">Optional early redemption (Issuer call) for the 2035
Notes: All (but not less than all) of the 2035 Notes at 100% of principal and accrued but unpaid interest on the 2035 Notes Reset 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"><FONT STYLE="white-space:nowrap">Clean-up</FONT> call: In whole but not in part at 100% of principal and accrued but unpaid interest if Notes of a series
representing, in the aggregate, 75% or more of the aggregate principal amount of such series of Notes (including any Notes of such series issued after the Issue Date and any Notes of such series which have been cancelled by the Trustee in accordance
with the relevant indenture) have been purchased by or on behalf of BBVA or any member of the BBVA Group</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">Purchases of the Notes:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Issuer or any member of the Group or any other legal entity acting on behalf of the Issuer may purchase or otherwise acquire any of the outstanding Notes of a series at any price in the open market or otherwise, subject to such
purchase being in compliance with Applicable Banking Regulations then in force, and subject to the prior consent of the Regulator if required pursuant to such regulations. Upon their acquisition, such Notes may be held, resold or, at the option of
the Issuer, surrendered to the Trustee for cancellation (subject to such holding, resale or cancellation being in compliance with Applicable Banking Regulations). Any such purchased Notes will cease to be deemed &#147;outstanding&#148; under the
relevant indenture (i)&nbsp;for so long as such purchased Notes are held by the Issuer or any member of the Group or any other legal entity acting on behalf of the Issuer or (ii)&nbsp;if such purchased Notes have been surrendered to the Trustee for
cancellation.</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">Governing Law:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">New York law, except that the authorization and execution by the Issuer of the indentures, the authorization, issuance and execution by the Issuer of the Notes of each series and certain provisions related to the status and ranking
of the Notes of each series, the waiver of the right of <FONT STYLE="white-space:nowrap">set-off</FONT> and the agreement by holders with respect to the exercise and effects 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. See &#147;<I>Certain Terms of the Notes&#151;Governing Law</I>&#148; in the Preliminary Prospectus Supplement.</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">Submission to Jurisdiction:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Any U.S. federal or state court in the Borough of Manhattan, the City of New York, New York, except that the Spanish courts have exclusive jurisdiction in respect of a <FONT STYLE="white-space:nowrap">Bail-in</FONT> Dispute. See
&#147;<I>Certain Terms of the Notes&#151;Submission to Jurisdiction</I>&#148; in the Preliminary Prospectus Supplement.</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">U.S. Federal Tax Considerations:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">See the section of the Prospectus entitled &#147;<I>U.S. Federal Tax Considerations</I>&#148; for a discussion of the material U.S. federal income tax consequences of the ownership and disposition of the Notes to the U.S. holders
described therein.</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Appendix A-3 </P>

</DIV></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">


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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="71%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Spanish Tax Considerations:</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">Exemption from Spanish withholding tax applies subject to compliance with certain Spanish tax requirements, including the timely provision by
the Paying Agent of a duly executed and completed payment statement (the &#147;Payment Statement&#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">If the Paying Agent fails to deliver a duly executed and completed Payment Statement on a timely basis, in respect of an Interest Payment Date or in connection
with a redemption of the Notes of a series, then the related payment will be subject to Spanish withholding tax, currently at the rate of 19%. If this occurs, the Issuer will not pay Additional Amounts and holders will have to apply directly to the
Spanish tax authorities for any refund to which they may be entitled. See <I>&#147;Certain Terms of the Notes&#151;Maintenance of Tax Procedures&#148; and &#147;Spanish Tax Considerations&#148; </I>in the Preliminary Prospectus
Supplement.</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">Substitution and Modification and Agreement with Respect Thereto:</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 an Eligible Liabilities Event occurs with respect to the Notes of a series, including as a result of any change in law or regulation or
the application or official interpretation thereof, the Issuer may, under certain circumstances and without the consent or approval of the holders or beneficial owners of such Notes, substitute all (but not less than all) of such Notes or modify the
terms of all (but not less than all) of such Notes, so that such Notes are substituted by, or their terms are modified to, become again, or remain, Qualifying Securities.</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 Note or any beneficial interest therein, each holder and beneficial owner of such Note (i)&nbsp;acknowledges, accepts, consents to
and agrees to be bound by the substitution of or modification to the terms of the Notes as set forth above and to grant to the Issuer and the Trustee full power and authority to take any action and/or to execute and deliver any document in the name
and/or on behalf of such holder or beneficial owner, as the case may be, which is necessary or convenient to complete the substitution of or modification to the terms of the Notes, as applicable; and (ii)&nbsp;to the extent permitted by the Trust
Indenture Act, waives any and all claims, in law and/or in equity, against the Trustee and/or the Issuer for, agrees not to initiate a suit against the Trustee and/or the Issuer in respect of, and agrees that neither the Trustee nor the Issuer shall
be liable for, any action that the Trustee or the Issuer takes, or abstains from taking, in either case in connection with the substitution of or modification to the terms of the Notes upon the occurrence of an Eligible Liabilities Event.</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">See &#147;<I>Certain Terms of the Notes&#151;Substitution and Modification</I>&#148; in
the Preliminary Prospectus Supplement.</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">Agreement and Acknowledgment with Respect to Exercise of Spanish <FONT STYLE="white-space:nowrap">Bail-In</FONT> Power:</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 its acquisition of any Notes, each holder (including, for these purposes, each holder of a beneficial interest in such Notes)
acknowledges, accepts, consents to and agrees to be bound by (i)&nbsp;the exercise and effects of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority and (ii)&nbsp;the variation of the terms
of the Notes of any series, or the rights of the holders thereunder or under the relevant Indenture, as deemed necessary by the Relevant Spanish Resolution Authority, to give effect to the exercise of the Spanish
<FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority.</P> <P STYLE="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">No repayment or payment of Amounts Due on the Notes will 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">See &#147;<I>Certain Terms of the Notes&#151;Agreement and Acknowledgment with Respect
to the Exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power</I>&#148; in the Preliminary Prospectus Supplement.</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Appendix A-4 </P>

</DIV></Center>


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<TD WIDTH="71%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Status and Ranking:</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 payment obligations of the Issuer under the 2029 Notes on account of principal shall be direct, unconditional, unsubordinated and
unsecured obligations of the Issuer and, upon the insolvency (<I>concurso de acreedores</I>) of the Issuer, in accordance with and to the extent permitted by the Insolvency Law and other applicable laws relating to or affecting the enforcement of
creditors&#146; rights in Spain (including, without limitation, Additional Provision 14 of Law 11/2015), but subject to any other ranking that may apply as a result of any mandatory provision of law (or otherwise), the payment obligations of the
Issuer under the Senior Preferred Notes with respect to claims for principal (which claims will constitute ordinary claims) will rank: (i)&nbsp;junior to any (a)&nbsp;privileged claims (<I>cr</I><I>&eacute;</I><I>ditos privilegiados</I>) (which
shall include, among other claims, any claims in respect of deposits for the purposes of Additional Provision 14.1 of Law 11/2015), and (b)&nbsp;claims against the insolvency estate (<I>cr</I><I>&eacute;</I><I>ditos contra la masa</I>); (ii) <I>pari
passu</I> without any preference or priority among themselves and with all other Senior Preferred Obligations; and (iii)&nbsp;senior to (a)&nbsp;any Senior <FONT STYLE="white-space:nowrap">Non-Preferred</FONT> Obligations, and (b)&nbsp;all
subordinated obligations of, or claims against, the Issuer (<I>cr</I><I>&eacute;</I><I>ditos subordinados</I>), present and future, such that any relevant claim on account of principal in respect of the Senior Preferred Notes will be satisfied, as
appropriate, only to the extent that all claims ranking senior to it have first been satisfied in full, and then <I>pro rata</I> with any claims ranking<I> pari passu </I>with it, in each case as provided herein.</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 payment obligations of the Issuer under the 2035 Notes on account of principal shall
be direct, unconditional, unsubordinated and unsecured obligations of the Issuer and, upon the insolvency (<I>concurso de acreedores</I>) of the Issuer, in accordance with and to the extent permitted by the Insolvency Law and other applicable laws
relating to or affecting the enforcement of creditors&#146; rights in Spain (including, without limitation, Additional Provision 14 of Law 11/2015), but subject to any other ranking that may apply as a result of any mandatory provision of law (or
otherwise), the payment obligations of the Issuer under the 2035 Notes with respect to claims for principal (which claims will constitute ordinary claims) will rank: (i)&nbsp;junior to any (a)&nbsp;privileged claims (<I>cr&eacute;ditos
privilegiados</I>) (which shall include, among other claims, any claims in respect of deposits for the purposes of Additional Provision 14.1 of Law 11/2015), (b) claims against the insolvency estate (<I>cr&eacute;ditos contra la masa</I>), and
(c)&nbsp;Senior Preferred Obligations; (ii)<I>&nbsp;pari passu</I> without any preference or priority among themselves and with all other Senior <FONT STYLE="white-space:nowrap">Non-Preferred</FONT> Obligations; and (iii)&nbsp;senior to all
subordinated obligations of, or claims against, the Issuer (<I>cr&eacute;ditos subordinados</I>), present and future, such that any relevant claim on account of principal in respect of the 2035 Notes will be satisfied, as appropriate, only to the
extent that all claims ranking senior to it have first been satisfied in full, and then pro rata with any claims ranking pari passu with it, in each case as provided herein.</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">See &#147;<I>Certain Terms of the Notes&#151;Status and Ranking of the Notes</I>&#148; in the Preliminary Prospectus Supplement.</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">Event of Default:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Except as set forth under &#147;<I>Certain Terms of the Notes&#151;Events of Default</I>&#148; in the Preliminary Prospectus Supplement, &#147;Event of Default&#148;, wherever used with respect to the Notes of a series, means that
an order shall have been made by any competent court commencing insolvency proceedings (<I>procedimiento concursal</I>) against the Issuer or an order of any competent court or administrative agency shall have been made or a resolution shall have
been passed by the Issuer for the dissolution or winding up of the Issuer. There are no other Events of Default under the Notes.</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">Use of Proceeds:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">General corporate purposes</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Appendix A-5 </P>

</DIV></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">


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<TD WIDTH="71%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Target Market:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">MiFID II and UK MiFIR - professionals / ECPs-only / No EEA or UK PRIIPs KID / UK FCA PI restriction &#150; Manufacturer target market (MiFID II and UK MiFIR product governance) is eligible counterparties and professional clients
only (all distribution channels). No EEA or UK PRIIPs key information document (KID) has been prepared as not available to retail investors in the EEA or in the United Kingdom. No sales to retail clients (as defined in MiFID II and COBS 3.4) in the
EEA or in the United Kingdom. The Notes are incompatible with the knowledge, experience, needs, characteristics and objectives of clients which are retail clients.</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">Joint Bookrunners:</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 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">J.P. Morgan Securities LLC</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mizuho Securities USA LLC</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Morgan Stanley&nbsp;&amp; Co. LLC</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">RBC Capital Markets, LLC</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Wells Fargo Securities, LLC</P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Any 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 Notes of any series. 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. </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">**</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Pursuant to 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 Notes of any series before the second business day prior to the delivery of
the Notes will be required to specify alternative settlement arrangements to prevent a failed settlement. Such purchasers should consult their own advisors. </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">***</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">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. See &#147;Underwriting (Conflicts of Interest)&#148; in the Preliminary Prospectus Supplement. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Issuer has filed a registration statement (including the Prospectus) with the U.S. Securities and Exchange Commission (SEC) for this offering. Before you
invest, you should read the Preliminary Prospectus Supplement and the Prospectus in that registration statement, and other documents the Issuer has filed with the SEC for more complete information about the Issuer and this offering. You may get
these documents for free by searching the SEC online database (EDGAR<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP>) at www.sec.gov. Alternatively, you may obtain a copy of the Prospectus and Preliminary Prospectus Supplement from BBVA
Securities Inc. by calling toll-free <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">+1-800-422-8692,</FONT></FONT></FONT> BofA Securities, Inc. by calling toll-free
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">+1-800-294-1322,</FONT></FONT></FONT> J.P. Morgan Securities LLC by calling toll-free
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">+1-212-834-4533,</FONT></FONT></FONT> Mizuho Securities USA LLC by calling toll-free
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">+1-866-271-7403,</FONT></FONT></FONT> Morgan Stanley&nbsp;&amp; Co. LLC by calling toll-free <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">+1-866-718-1649,</FONT></FONT></FONT> RBC Capital Markets, LLC by calling toll-free
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">+1-866-375-6829</FONT></FONT></FONT> and Wells Fargo Securities, LLC by calling toll-free <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">+1-800-645-3751.</FONT></FONT></FONT> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Appendix A-6 </P>

</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Appendix B </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Issuer Free Writing Prospectus: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Final Term Sheet dated
March&nbsp;5, 2024 related to Banco Bilbao Vizcaya Argentaria, S.A. 5.381% Senior Preferred Fixed Rate Notes due 2029 and Senior <FONT STYLE="white-space:nowrap">Non-Preferred</FONT> Callable <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">Fixed-to-Fixed</FONT></FONT> Rate Notes due 2035 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Appendix B-1 </P>

</DIV></Center>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Banco Bilbao Vizcaya Argentaria, S.A. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>$1,000,000,000 aggregate principal amount of 5.381% Senior Preferred Fixed Rate Notes due 2029 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>$1,000,000,000 aggregate principal amount of Senior <FONT STYLE="white-space:nowrap">Non-Preferred</FONT> Callable <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Fixed-to-Fixed</FONT></FONT> Rate Notes due 2035 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I><U>Underwriting
Agreement </U></I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">March&nbsp;5, 2024 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To
the Representatives named from time to time in the </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">applicable Pricing Agreement hereinafter described. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">From time to time Banco
Bilbao Vizcaya Argentaria, S.A. (the &#147;Company&#148;), a <I>sociedad an&oacute;nima</I> incorporated under the laws of the Kingdom of Spain (&#147;Spain&#148;), proposes to enter into one or more Pricing Agreements (each a &#147;Pricing
Agreement&#148;) in the form of Annex I hereto, with such additions and deletions as the parties thereto may determine and, subject to the terms and conditions stated herein and therein, the Company proposes to issue and sell to the several firms
named in Schedule I to the applicable Pricing Agreement (such firms constituting the &#147;Underwriters&#148; with respect to such Pricing Agreement and the securities specified therein) $1,000,000,000 aggregate principal amount of 5.381% Senior
Preferred Fixed Rate Notes due 2029 (the &#147;Senior Preferred Notes&#148;) and $1,000,000,000 aggregate principal amount of Senior <FONT STYLE="white-space:nowrap">Non-Preferred</FONT> Callable <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">Fixed-to-Fixed</FONT></FONT> Rate Notes due 2035 (the &#147;Senior <FONT STYLE="white-space:nowrap">Non-Preferred</FONT> Notes&#148; and, together with the Senior Preferred Notes, the &#147;Designated Securities&#148;)
specified in Schedule II to such Pricing Agreement. Each Indenture (as defined below) will provide for the provision by The Bank of New York Mellon, acting through its London Branch, as the initial paying agent in respect of the relevant series of
Designated Securities (in such capacity, the &#147;Paying Agent&#148;), of a duly executed and completed payment statement in connection with each payment of income (as such term is defined in the Pricing Prospectus (as defined herein)) under such
Designated Securities, and set forth certain procedures agreed by the Company and the Paying Agent in order to facilitate such process, along with a form of the payment statement to be used by the Paying Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The terms and rights of each series of Designated Securities shall be as specified in the Pricing Agreement relating thereto and in or
pursuant to (A)&nbsp;with respect to the Senior Preferred Notes, the indenture with respect to senior debt securities dated as of July&nbsp;28, 2016 (the &#147;Senior Preferred Notes Base Indenture&#148;), as amended and supplemented, with respect
to the Senior Preferred Notes, by the third supplemental indenture to be dated as of or around March&nbsp;13, 2024, pursuant to which the Senior Preferred Notes will be issued (the &#147;Senior Preferred Notes Supplemental Indenture&#148; ) (the
Senior Preferred Notes Base Indenture, as so amended and supplemented by the Senior Preferred Notes Supplemental Indenture, the &#147;Senior Preferred Notes Indenture&#148;) between the Company and The Bank of New York Mellon (in its capacity as
trustee, the &#147;Trustee&#148;), and (B)&nbsp;with respect to the Senior <FONT STYLE="white-space:nowrap">Non-Preferred</FONT> Notes, the indenture with respect to senior <FONT STYLE="white-space:nowrap">non-preferred</FONT> debt securities dated
June&nbsp;25, 2019 (the &#147;Senior <FONT STYLE="white-space:nowrap">Non-Preferred</FONT> Notes Base Indenture&#148;), as amended and supplemented, with respect to the Senior <FONT STYLE="white-space:nowrap">Non-Preferred</FONT> Notes, by the third
supplemental indenture to be dated as of or around March&nbsp;13, 2024, pursuant to which the Senior <FONT STYLE="white-space:nowrap">Non-Preferred</FONT> Notes will </P>
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be issued (the &#147;Senior <FONT STYLE="white-space:nowrap">Non-Preferred</FONT> Notes Supplemental Indenture&#148;) (the Senior <FONT STYLE="white-space:nowrap">Non-Preferred</FONT> Notes Base
Indenture, as so amended and supplemented by the Senior <FONT STYLE="white-space:nowrap">Non-Preferred</FONT> Notes Supplemental Indenture, the &#147;Senior <FONT STYLE="white-space:nowrap">Non-Preferred</FONT> Notes Indenture&#148;) between the
Company and the Trustee. The Senior Preferred Notes Indenture and the Senior <FONT STYLE="white-space:nowrap">Non-Preferred</FONT> Notes Indenture are referred to together as the &#147;Indentures.&#148; In addition, the Pricing Agreement may
contain, if appropriate, the terms and the conditions upon which each series of Designated Securities are to be offered or sold outside the United States and any provisions relating thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In this Agreement and in the applicable Pricing Agreement, the following terms shall, unless the context otherwise requires, have the meanings
specified as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Act&#148; means the United States Securities Act of 1933, as amended; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Applicable Time&#148; means the applicable time specified in the applicable Pricing Agreement; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Base Prospectus&#148; means the prospectus included in the Registration Statement relating to, among other things, the Designated
Securities, in the form in which it has most recently been filed with the Commission on or prior to the date of the applicable Pricing Agreement; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;BRRD&#148; means Directive 2014/59/EU of the European Parliament and of the Council of May&nbsp;15, 2014 establishing a framework for
the recovery and resolution of credit institutions and investment firms or such other directive as may come into effect in place thereof, as implemented into Spanish law by Law 11/2015 (as defined herein) and RD 1012/2015 (as defined herein), as
amended, replaced or supplemented from time to time (including as amended by Directive 2019/879/EU of the European Parliament and of the Council of May&nbsp;20, 2019), and including any other relevant implementing or developing regulatory
provisions; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;BRRD Liability&#148; means any liability, commitment, duty, responsibility, amount payable or contingency or other
obligation arising from, or related to, this Agreement or the applicable Pricing Agreement which may be subject to the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power (as defined below) by the Relevant Spanish
Resolution Authority (as defined below); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Commission&#148; means the United States Securities and Exchange Commission; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Effective Time&#148; with respect to the Registration Statement means such date and time as of which any part of the Registration
Statement filed prior to the execution and delivery of the applicable Pricing Agreement was declared effective by the Commission or has become effective upon filing pursuant to Rule 430B(f)(2) or Rule 462(c) under the Act; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Exchange Act&#148; means the United States Securities Exchange Act of 1934, as amended; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Final Term Sheet&#148; means the final term sheet containing a description of each series of Designated Securities, prepared and filed
pursuant to Section&nbsp;5(a) hereof, and set forth as an appendix to the applicable Pricing Agreement; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Law 11/2015&#148; means
Spanish Law 11/2015 of June&nbsp;18, on the Recovery and Resolution of Credit Institutions and Investment Firms (<I>Ley 11/2015 de 18 de junio, de </I><I>recuperaci&oacute;n y resoluci&oacute;n de entidades de cr&eacute;dito y empresas de servicios
de inversi&oacute;n</I>), as amended, replaced or supplemented from time to time; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Pricing Prospectus&#148; means the Base Prospectus, as amended and supplemented
immediately prior to the Applicable Time, including any document incorporated by reference therein and any prospectus supplement deemed to be a part thereof, provided that, for purposes of this definition, information contained in a form of
prospectus that is deemed retroactively to be part of the Registration Statement pursuant to Rule 430B under the Act shall be considered to be included in the Pricing Prospectus as of the actual time that form of prospectus is filed with the
Commission pursuant to Rule 424(b) under the Act; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Prospectus&#148; means the Base Prospectus as proposed to be supplemented by the
Prospectus Supplement; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Prospectus Supplement&#148; means the prospectus supplement relating to the Designated Securities to be
filed pursuant to Rule 424 under the Act; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;RD 1012/2015&#148; means Spanish Royal Decree 1012/2015 of November&nbsp;6, by virtue of
which Law 11/2015 is developed and Royal Decree 2606/1996 of December&nbsp;20 on credit entities&#146; deposit guarantee fund is amended, as amended, replaced or supplemented from time to time; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Registration Statement&#148; means the registration statement on Form <FONT STYLE="white-space:nowrap">F-3</FONT> (File <FONT
STYLE="white-space:nowrap">No.&nbsp;333-266391),</FONT> including the Prospectus, relating to the Designated Securities filed with the Commission, as amended to the date of the applicable Pricing Agreement; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Relevant Spanish Resolution Authority&#148; means the Spanish Fund for Orderly Bank Restructuring (<I>Fondo de Reestructuraci&oacute;n
Ordenada Bancaria</I>), the European Single Resolution Board, the Bank of Spain, the Spanish National Securities Market Commission (CNMV) or any other entity with the authority to exercise the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT>
Power (as defined herein) from time to time; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Significant Subsidiaries&#148; shall mean BBVA&#146;s &#147;Significant
Subsidiaries&#148;, as such term is defined in Rule <FONT STYLE="white-space:nowrap">1-02</FONT> of Regulation <FONT STYLE="white-space:nowrap">S-X;</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power&#148; means any write-down, conversion, transfer, modification,
cancellation or suspension power existing from time to time under: (i)&nbsp;any law, regulation, rule or requirement applicable from time to time in Spain, relating to the transposition or development of the BRRD, including, but not limited to
(a)&nbsp;Law 11/2015, (b) RD 1012/2015, and (c)&nbsp;the SRM Regulation; or (ii)&nbsp;any other law, regulation, rule or requirement applicable from time to time in Spain pursuant to which (a)&nbsp;obligations or liabilities of banks, investment
firms or other financial institutions or their affiliates can be reduced, cancelled, modified, transferred or converted into shares, other securities, or other obligations of such persons or any other person (or suspended for a temporary period or
permanently) or (b)&nbsp;any right in a contract governing such obligations may be deemed to have been exercised; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#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 a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No.&nbsp;1093/2010, as amended, replaced or supplemented from time to time; and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Underwriter Information&#148; shall have the meaning set forth in the applicable
Pricing Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any reference herein to the Registration Statement or the Prospectus shall be deemed to refer to and include the
documents which were filed under the Act or the Exchange Act on or before the date and time of the applicable Pricing Agreement, and incorporated by reference in the Registration Statement and the Prospectus, excluding any documents or portions of
such documents which are deemed under the rules and regulations of the Commission under the Act not to be incorporated by reference, and, in the case of the Registration Statement, including any prospectus supplement filed with the Commission and
deemed by virtue of Rule 430B under the Act to be part of the Registration Statement. Any reference herein to the terms &#147;amend&#148;, &#147;amendment&#148; or &#147;supplement&#148; with respect to the Registration Statement or the Prospectus
shall be deemed to refer to and include the filing of any document under the Exchange Act deemed to be incorporated therein by reference after the date of the applicable Pricing Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. Particular sales of Designated Securities of any series may be made from time to time by the Company to the Underwriters of such Designated
Securities, for whom the firms designated as representatives of the Underwriters of such Designated Securities in the Pricing Agreement relating thereto will act as representatives (the &#147;Representatives&#148;). The term
&#147;Representatives&#148; also refers to a single firm acting as sole representative of the Underwriters and to an Underwriter or Underwriters who act without any firm being designated as its or their representatives. This Agreement shall not be
construed as an obligation of the Company to sell any of the Designated Securities or as an obligation of any of the Underwriters to purchase the Designated Securities except as set forth in a Pricing Agreement, it being understood that the
obligation of the Company to issue and sell any of the Designated Securities and the obligation of any of the Underwriters to purchase any of the Designated Securities shall be evidenced by the applicable Pricing Agreement with respect to the
Designated Securities specified therein. Each Pricing Agreement shall specify the aggregate principal amount and interest rate of such Designated Securities, the initial public offering price of such Designated Securities, the purchase price to the
Underwriters of such Designated Securities, the names of the Underwriters of such Designated Securities, the names of the Representatives of such Underwriters, the principal amount of such Designated Securities to be purchased, or for which eligible
purchasers are to be procured, by each Underwriter and the underwriting discount and/or commission, if any, payable to the Underwriters with respect thereto and shall set forth the date, time and manner of delivery of such Designated Securities and
payment therefor. The applicable Pricing Agreement shall also specify (to the extent not set forth in the Registration Statement and Prospectus with respect thereto) the terms of such Designated Securities. A Pricing Agreement shall be in the form
of an executed writing (which may be in counterparts), and may be evidenced in accordance with Section&nbsp;25 hereof.<B> </B>The obligations of the Underwriters under this Agreement and each Pricing Agreement shall be several and not joint, unless
otherwise specified therein with respect to BBVA Securities Inc. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. The Company represents and warrants to, and agrees with, each of the
Underwriters that: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Company meets the requirements for the use of Form <FONT STYLE="white-space:nowrap">F-3,</FONT>
and the Registration Statement, including the Prospectus, has been filed with the Commission in accordance with applicable regulations of the Commission under the Act, and has been declared or has become effective under the Act; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) No stop order suspending the effectiveness of the Registration Statement
(as amended or supplemented) has been issued and no proceeding for that purpose has been initiated or threatened, and no order preventing or suspending the use of the Prospectus or any &#147;issuer free writing prospectus&#148; as defined in Rule
433 under the Act relating to the Designated Securities (an &#147;Issuer Free Writing Prospectus&#148;) has been issued by the Commission; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) At the Effective Time, the Registration Statement and the Prospectus conformed, and any amendments thereof and supplements
thereto relating to the Designated Securities will conform, in all material respects to the requirements of the Act, the Exchange Act and the rules and regulations of the Commission thereunder; and neither the Registration Statement at the Effective
Time nor the Prospectus as of the date thereof and, as amended or supplemented, at the Time of Delivery (as defined below) of the Designated Securities, included or will include any untrue statement of a material fact or omitted or will omit to
state any material fact required to be stated therein or necessary to make the statements therein, in the case of the Registration Statement, not misleading, or in the case of the Prospectus, in light of the circumstances in which they were made,
not misleading; provided, however, that this representation and warranty shall not apply to (i)&nbsp;any statements or omissions made in reliance upon and in conformity with information furnished in writing to the Company by or on behalf of any
Underwriter of Designated Securities by the Representatives expressly for use in such documents, it being understood and agreed that the only such information furnished by or on behalf of any Underwriter consists of the Underwriter Information and
(ii)&nbsp;any statements or omissions made in that part of the Registration Statement that constitutes the Statement of Eligibility under the Trust Indenture Act of 1939, as amended, of the Trustee; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) The Pricing Prospectus, as supplemented by the Final Term Sheet together with any other Issuer Free Writing Prospectus
listed in an appendix to the applicable Pricing Agreement and any other &#147;free writing prospectus&#148;, as defined in Rule 405 under the Act, that the parties hereto shall hereafter expressly agree in writing to treat as part of the pricing
disclosure package (collectively, the &#147;Pricing Disclosure Package&#148;), as of the Applicable Time, did not include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein,
in the light of the circumstances under which they were made, not misleading; each Issuer Free Writing Prospectus listed in an appendix to the applicable Pricing Agreement does not conflict with the information contained in the Registration
Statement, the Prospectus Supplement or the Prospectus; and each Issuer Free Writing Prospectus and any road show presentation, including any Bloomberg road show presentation, made by or on behalf of the Company, in each case listed in an appendix
to the applicable Pricing Agreement, taken together with the Pricing Disclosure Package as of the Applicable Time, did not include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading; provided, however, that this representation and warranty shall not apply to any statements or omissions made in reliance upon and in conformity with information
furnished in writing to the Company by or on behalf of any Underwriter of Designated Securities by the Representatives expressly for use in such documents or the Pricing Disclosure Package, it being understood and agreed that the only such
information furnished by or on behalf of any Underwriter consists of the Underwriter Information; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) Each document incorporated by reference in the Pricing Prospectus or the
Prospectus, when it became effective or was filed with the Commission, as the case may be, complied in all material respects with the Act or the Exchange Act, as applicable, and the rules and regulations of the Commission thereunder, and none of
such documents contained any untrue statement of any material fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not
misleading; any further documents so filed and incorporated by reference in the Pricing Prospectus or the Prospectus or any further amendment or supplement thereto, when such documents become effective or are filed with the Commission, as the case
may be, will conform in all material respects to the requirements of the Act or the Exchange Act, as applicable, and the rules and regulations of the Commission thereunder and will not contain any untrue statement of any material fact or omit to
state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that (i)&nbsp;no such documents were filed with the
Commission following the Commission&#146;s close of business on the business day immediately prior to the date of the applicable Pricing Agreement and prior to the execution of the applicable Pricing Agreement, except as set forth on a schedule to
the applicable Pricing Agreement; and (ii)&nbsp;this representation and warranty shall not apply to any statements or omissions made in reliance upon and in conformity with information furnished in writing to the Company by or on behalf of any
Underwriter of Designated Securities by the Representatives expressly for use in such documents; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) Each Indenture will
provide for the provision by the Paying Agent of a duly executed and completed payment statement in connection with each payment of income (as such term is defined in the Pricing Prospectus) under the relevant series of Designated Securities, and
set forth certain procedures agreed by the Company and the Paying Agent in order to facilitate such process, along with a form of the payment statement to be used by the Paying Agent; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) The Company and each of the Significant Subsidiaries has been duly incorporated and is validly existing and in good
standing under the laws of the jurisdiction of its incorporation, with power and authority (corporate and other) to own, lease, license and operate its properties and conduct its business as described in the Registration Statement and the Pricing
Prospectus; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) Neither the Company nor any of the Significant Subsidiaries is in violation of its respective charter or <FONT
STYLE="white-space:nowrap">by-laws</FONT> or in default (or with the giving of notice or lapse of time would be in default) under any existing obligation, agreement, covenant or condition contained in any indenture, loan agreement, mortgage, lease
or other agreement or instrument to which any of them is a party or by which any of them is bound or to which any of the properties of any of them is subject, except such defaults that would not, individually or in the aggregate, result in a
material adverse effect on the condition (financial or otherwise), results of operations, business, properties or prospects of the Company and the Company&#146;s subsidiaries, taken as a whole (&#147;Material Adverse Effect&#148;); </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) The issue and sale of each series of Designated Securities and the
execution and delivery by the Company of, and the performance by the Company of its obligations under, as applicable, all of the provisions of such Designated Securities and the Pricing Agreement (including the provisions of this Agreement), and
compliance with the terms and provisions thereof, will not (i)&nbsp;result in a breach or violation of any of the terms and provisions of the charter or <FONT STYLE="white-space:nowrap">by-laws</FONT> (or similar constitutive documents) of the
Company, or (ii)&nbsp;result in a breach of any of the terms or provisions of, or constitute a default under, or result in the imposition of any lien, charge or encumbrance upon any property or assets of the Company pursuant to (a)&nbsp;the charter
or <FONT STYLE="white-space:nowrap">by-laws</FONT> (or similar constitutive documents) of the Company, (b)&nbsp;any statute, rule, regulation or order of any governmental agency or body or any court, domestic or foreign, having jurisdiction over the
Company or any of its properties, or (c)&nbsp;any agreement or instrument to which the Company is a party or by which the Company is bound or to which any of the properties of the Company is subject, except (in the case of (ii)&nbsp;above only) as
would not have a Material Adverse Effect; and the Company has full power and authority (corporate and other) to authorize, issue and sell such Designated Securities and perform its obligations thereunder, in each case as contemplated by the Pricing
Agreement (including the provisions of this Agreement), and the Company has taken all necessary corporate actions to authorize, issue and sell such Designated Securities and to perform its obligations thereunder; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) Except as disclosed in the Pricing Disclosure Package, since the end of the period covered by the latest financial
statements included in the Pricing Disclosure Package (i)&nbsp;there has been no change, nor any development or event involving a prospective change, in the condition (financial or otherwise), results of operations, business, properties or prospects
of the Company and the Company&#146;s subsidiaries, taken as a whole, that has resulted, or is likely to result, in a Material Adverse Effect and (ii)&nbsp;there has been no change in the capital stock, short-term indebtedness, long-term
indebtedness, net current assets or net assets of the Company and the Company&#146;s subsidiaries, taken as a whole, that has resulted, or is likely to result, in a Material Adverse Effect; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k) The issued and outstanding share capital of the Company has been duly authorized and validly issued and is fully paid and <FONT
STYLE="white-space:nowrap">non-assessable</FONT> (i.e., will not subject any holder thereof to further calls or to personal liability to the Company or any of its creditors by reason only of being such holder); none of the outstanding shares of the
Company was issued in violation of <FONT STYLE="white-space:nowrap">pre-emptive</FONT> or other similar rights; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(l) The
Company has implemented and uses procedures that it reasonably believes are required by applicable regulations, including procedures required by the Bank of Spain and the European Central Bank, to monitor, review, calculate, assess and maintain the
sufficiency of its consolidated subsidiaries&#146; reserves in light of all the circumstances; the Company calculates, reviews, assesses and estimates its regulated consolidated subsidiaries&#146; regulatory capital requirements, and the Company
reasonably believes that its methodology in relation to its risk-based capital position and requirements is, in light of all the circumstances, fair and in accordance with applicable regulations in all material respects; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(m) This Agreement has been duly authorized, executed and delivered by the Company; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(n) The applicable Pricing Agreement (including the provisions of this
Agreement) has been duly authorized, executed and delivered by the Company; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(o) All material consents, approvals,
authorizations, orders, registrations, clearances and qualifications of or with any court or governmental agency or body or any stock exchange authorities having jurisdiction over the Company required for the issue and sale of the Designated
Securities and the performance by the Company of its obligations thereunder and for the execution and delivery by the Company of the applicable Pricing Agreement to be duly and validly authorized, have been obtained or made and are in full force and
effect; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(p) Each series of Designated Securities has been duly authorized, and, when executed, authenticated, issued,
delivered and paid for pursuant to a Pricing Agreement and the relevant Indenture, such Designated Securities will have been duly executed, authenticated, issued and delivered by the Company in accordance with Spanish law, will be fully paid and <FONT
STYLE="white-space:nowrap">non-assessable</FONT> and will constitute valid and binding obligations of the Company enforceable against the Company in accordance with their terms, subject, as to enforcement, to bankruptcy, insolvency, fraudulent
transfer, reorganization, moratorium and other laws of general applicability relating to or affecting creditors&#146; rights, to general equity principles and to any exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power; and
no holder thereof will be subject to personal liability by reason only of being such a holder; each series of Designated Securities will not be subject to the <FONT STYLE="white-space:nowrap">pre-emptive</FONT> rights of any shareholder of the
Company and will be consistent with the description thereof contained in the Prospectus and the applicable Prospectus Supplement, and such descriptions will conform to the rights set forth in the instruments defining the same; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(q)&#8201;Except as provided in the Pricing Prospectus: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the payment obligations of the Company under the Senior Preferred Notes on account of principal shall be
direct, unconditional, unsubordinated and unsecured obligations of the Company and, upon the insolvency (<I>concurso de acreedores</I>) of the Company, in accordance with and to the extent permitted by the Insolvency Law (as such term is defined in
the Pricing Prospectus) and other applicable laws relating to or affecting the enforcement of creditors&#146; rights in Spain (including, without limitation, Additional Provision 14 of Law 11/2015), but subject to any other ranking that may apply as
a result of any mandatory provision of law (or otherwise), the payment obligations of the Company under the Senior Preferred Notes with respect to claims for principal (which claims will constitute ordinary claims (as such term is defined in the
Pricing Prospectus)) will rank: (i)&nbsp;junior to any (a)&nbsp;privileged claims (<I>cr</I><I>&eacute;</I><I>ditos privilegiados</I>) (which shall include, among other claims, any claims in respect of deposits for the purposes of Additional
Provision 14.1 of Law 11/2015), and (b)&nbsp;claims against the insolvency estate (<I>cr</I><I>&eacute;</I><I>ditos contra la masa</I>); (ii) <I>pari passu</I> without any preference or priority among themselves and with all other Senior Preferred
Obligations (as such term is defined in the Pricing Prospectus); and (iii)&nbsp;senior to any Senior <FONT STYLE="white-space:nowrap">Non-Preferred</FONT> Obligations (as such term is defined in the Pricing Prospectus), and (b)&nbsp;all subordinated
obligations of, or claims against, the Company (<I>cr</I><I>&eacute;</I><I>ditos subordinados</I>), present and future, such that any relevant claim on account of principal in respect of the Senior Preferred Notes will be satisfied, as appropriate,
only to the extent that all claims ranking senior to it have first been satisfied in full, and then pro rata with any claims ranking pari passu with it, in each case as provided above; and </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the payment obligations of the Company under the Senior <FONT STYLE="white-space:nowrap">Non-Preferred</FONT>
Notes on account of principal shall be direct, unconditional, unsubordinated and unsecured obligations of the Company and, upon the insolvency (<I>concurso de acreedores</I>) of the Company, in accordance with and to the extent permitted by the
Insolvency Law (as such term is defined in the Pricing Prospectus) and other applicable laws relating to or affecting the enforcement of creditors&#146; rights in Spain (including, without limitation, Additional Provision 14 of Law 11/2015), but
subject to any other ranking that may apply as a result of any mandatory provision of law (or otherwise), the payment obligations of the Company under the Senior <FONT STYLE="white-space:nowrap">Non-Preferred</FONT> Notes with respect to claims for
principal (which claims will constitute ordinary claims (as such term is defined in the Pricing Prospectus) will rank: (i)&nbsp;junior to any (a)&nbsp;privileged claims (<I>cr&eacute;ditos privilegiados</I>) (which shall include, among other claims,
any claims in respect of deposits for the purposes of Additional Provision 14.1 of Law 11/2015), (b) claims against the insolvency estate (<I>cr&eacute;ditos contra la masa</I>), and (c)&nbsp;Senior Preferred Obligations (as such term is defined in
the Pricing Prospectus); (ii) <I>pari passu</I> without any preference or priority among themselves and with all other Senior <FONT STYLE="white-space:nowrap">Non-Preferred</FONT> Obligations (as such term is defined in the Pricing Prospectus); and
(iii)&nbsp;senior to all subordinated obligations of, or claims against, the Company (<I>cr&eacute;ditos subordinados</I>), present and future, such that any relevant claim on account of principal in respect of the Senior <FONT
STYLE="white-space:nowrap">Non-Preferred</FONT> Notes will be satisfied, as appropriate, only to the extent that all claims ranking senior to it have first been satisfied in full, and then pro rata with any claims ranking <I>pari passu</I> with it,
in each case as provided above; </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(r) Neither the Company, nor any of its affiliates (as defined in Rule
405 under the Act), nor any person acting on its or their behalf (other than any Underwriter, as to which no representation is made) has taken or will take, directly or indirectly, any action designed to cause or to result in, or that has
constituted or which might reasonably be expected to cause or result in, the stabilization in violation of applicable laws or manipulation of the price of any security of the Company to facilitate the sale or resale of each series of Designated
Securities; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(s) The Company is not, and after giving effect to the offering and sale of each series of Designated
Securities and the application of the proceeds thereof as described in the Prospectus, will not be, required to register as an &#147;investment company&#148; as such term is defined in the U.S. Investment Company Act of 1940, as amended; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(t) Except as described in the Pricing Prospectus, no stamp or other
issuance or transfer taxes or duties or similar fees or charges are payable by or on behalf of the Underwriters to Spain or any political subdivision or taxing authority thereof or therein in connection with (i)&nbsp;the issuance, sale and delivery
by the Company of each series of Designated Securities to or for the respective accounts of the Underwriters or (ii)&nbsp;the sale and delivery by the Underwriters of such Designated Securities in accordance with the terms of this Agreement and in
the manner contemplated by the Pricing Prospectus and the Registration Statement; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(u) The statements set forth in the
Pricing Prospectus and the Registration Statement under the captions &#147;Certain Terms of the Notes&#148; and &#147;Description of the Notes of BBVA&#148; (as amended and supplemented by the statements set forth under the caption &#147;Certain
Terms of the Notes&#148; in the Prospectus Supplement), taken together, insofar as they purport to constitute a summary of the terms of each series of Designated Securities, and in the Prospectus Supplement under the captions &#147;Spanish Tax
Considerations&#148; and &#147;U.S. Federal Tax Considerations&#148;, insofar as they purport to describe the provisions of the laws referred to therein, in each case when read together with any Final Term Sheet and any other Issuer Free Writing
Prospectuses listed in an appendix to the applicable Pricing Agreement, are accurate and complete in all material respects; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) Except as described in or contemplated by the Pricing Disclosure Package, none of the Company, any of its Significant
Subsidiaries, nor, to the knowledge of the Company, any director, officer or employee of the Company or any of its Significant Subsidiaries, is aware of or has taken any action, directly or indirectly, that could reasonably lead to an action, suit
or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its Significant Subsidiaries in connection with a violation by any such person of any anti-corruption or anti-bribery
laws or regulations of any applicable jurisdiction including the UK Bribery Act 2010 and the U.S. Foreign Corrupt Practices Act, as amended, and the rules and regulations thereunder (the &#147;Anti-Corruption Laws&#148;) which would result in a fine
or other sanction which would be material for the Company or the Company and its Significant Subsidiaries, and the Company, each of the Significant Subsidiaries and, to the knowledge of the Company, their respective affiliates have conducted their
businesses in compliance in all material respects with the Anti-Corruption Laws (except for any <FONT STYLE="white-space:nowrap">non-compliance</FONT> which is not material in the context of the issue of the Designated Securities), and have
instituted and maintain policies and procedures designed to ensure compliance therewith in all material respects; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(w) The
Company and each of its Significant Subsidiaries maintain a system of controls and procedures reasonably designed to ensure that the operations of the Company and each of its Significant Subsidiaries are conducted, where applicable, in compliance in
all material respects with applicable financial recordkeeping and reporting requirements of the European Union, Spain, the United States and each State thereof and the United Mexican States, and applicable money laundering statutes and the rules and
regulations thereunder (collectively, the &#147;Money Laundering Laws&#148;), and no material action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its
Significant Subsidiaries with respect to the Money Laundering Laws is pending or, to the knowledge of the Company, threatened; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(x) None of the Company or any of its Significant Subsidiaries is currently
the subject of sanctions in a material amount administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury (&#147;OFAC&#148;) or any similar sanctions administered by the European Union, Spain or the United Mexican
States; and the Company will not directly or indirectly use the transaction proceeds so as to contravene any OFAC or any similar European, Spanish or Mexican regulations that may be applicable to them; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(y) The Company and its subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable
assurance that (i)&nbsp;transactions are executed in accordance with management&#146;s general or specific authorizations; (ii)&nbsp;transactions are recorded as necessary to permit preparation of financial statements in conformity with generally
accepted accounting principles and to maintain asset accountability; (iii)&nbsp;access to assets is permitted only in accordance with management&#146;s general or specific authorization; and (iv)&nbsp;the recorded accountability for assets is
compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences; and the Company&#146;s and its subsidiaries&#146; internal controls over financial reporting are effective and neither the
Company nor any of its subsidiaries is aware of any material weakness in its or their internal controls over financial reporting; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(z) The Company and its subsidiaries maintain &#147;disclosure controls and procedures&#148; (as such term is defined in Rule <FONT
STYLE="white-space:nowrap">13a-15(e)</FONT> under the Exchange Act); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(aa) Except as set forth in or contemplated by the
Pricing Disclosure Package, no litigation, prosecution, investigation, arbitration or administrative proceeding involving the Company, any of the Company&#146;s subsidiaries or any of its properties is pending, or, to the knowledge of the Company,
threatened, except to the extent that any such litigation, prosecution, investigation, arbitration or proceeding, if resolved unfavorably to the Company, any of the Company&#146;s subsidiaries or any of its respective properties, would not
reasonably be expected to result, individually or in the aggregate, in a Material Adverse Effect; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(bb) Except as set forth
in the Pricing Disclosure Package, there have been no material changes to the Company&#146;s consolidated capitalization and indebtedness since December&nbsp;31, 2023; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(cc) (1) Ernst&nbsp;&amp; Young, S.L. are independent public accountants in respect of the Company as required by the Act and
the applicable rules and regulations of the Commission; and (2)&nbsp;until March&nbsp;4, 2022 and during the periods covered by the financial statements on which KPMG Auditores, S.L. reported, KPMG Auditores, S.L. was an independent registered
public accounting firm in respect of the Company as required by the Act and the applicable rules and regulations of the Commission; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(dd) So long as certain conditions set forth in Law 10/2014 of June&nbsp;26, on organization, supervision and solvency of
credit institutions are met, and the procedures established in Royal Decree 1065/2007 of July&nbsp;27 are complied with, and provided there are no changes to current laws or regulations, any payments in respect of the Designated Securities made by
the Company shall be made with no withholding tax in Spain; and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ee) No event has occurred, nor has any action been taken, which would or
could reasonably result in the voluntary or involuntary liquidation, dissolution, <FONT STYLE="white-space:nowrap">winding-up</FONT> or insolvency of the Company pursuant to the terms of the Insolvency Law (as such term is defined in the Pricing
Prospectus). The Company is not subject to an early intervention or resolution process pursuant to the terms of Law 11/2015; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. Upon the
execution of the applicable Pricing Agreement and authorization by the Representatives of the release of each series of Designated Securities, the several Underwriters propose to offer such Designated Securities for sale upon the terms and
conditions set forth in the Prospectus as amended or supplemented. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. Each series of Designated Securities to be purchased, or for which
eligible purchasers are to be procured, by each Underwriter pursuant to the applicable Pricing Agreement, in the form specified in such Pricing Agreement, and in such authorized denominations and registered in such names as the Representatives may
request upon at least forty-eight hours&#146; prior notice to the Company, shall be delivered by or on behalf of the Company to the Representatives for the account of such Underwriter, against payment by such Underwriter or on its behalf of the
purchase price therefor by wire transfer of Federal (same day) funds to the account specified by the Company in the currency specified in such Pricing Agreement, all in the manner and at the place and time and date specified in such Pricing
Agreement or at such other place and time and date as the Representatives and the Company may agree upon in writing, such time and date being herein called the &#147;Time of Delivery&#148; for such Designated Securities. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. The Company covenants and agrees with each of the Underwriters: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) To prepare the Final Term Sheet in a form approved by the Representatives and to file such Final Term Sheet pursuant to
Rule 433(d) under the Act within the time required by such Rule, and to prepare the Prospectus as amended or supplemented in relation to the applicable Designated Securities in a form approved by the Representatives, which approvals shall not be
unreasonably withheld, and to file such Prospectus pursuant to Rule 424(b) under the Act no later than the Commission&#146;s close of business on the second business day following the execution and delivery of the applicable Pricing Agreement or, if
applicable, such earlier time as may be required by such Rule, and to take such steps as they deem necessary to ascertain promptly whether the Prospectus transmitted for filing under Rule 424(b) was received for filing by the Commission and, in the
event that it was not, to promptly file such Prospectus; to make no further amendment or any supplement to the Registration Statement or Prospectus as amended or supplemented after the date of the applicable Pricing Agreement and prior to the Time
of Delivery for each series of Designated Securities which shall be reasonably disapproved by the Representatives for such Designated Securities promptly after reasonable notice thereof; to advise the Representatives promptly of any such amendment
or supplement after such Time of Delivery and furnish the Representatives with copies thereof; to file promptly all reports required to be filed by Company with the Commission pursuant to Section&nbsp;13(a), 13(c) or 15(d) of the Exchange Act for so
long as the delivery of a prospectus (or, in lieu thereof, the notice referred to in Rule 173(a) under the Act) is required in connection with the offering or sale of such Designated Securities, and during such same period to advise the
Representatives, promptly after it receives notice thereof, (i)&nbsp;of the receipt of any comments from the Commission in respect of the Registration Statement or any prospectus relating to the Designated Securities, (ii)&nbsp;of the time when any
amendment to the Registration Statement has been filed or becomes effective or any supplement to the Prospectus or any amended </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
Prospectus has been filed with the Commission, (iii)&nbsp;of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or of any examination
pursuant to Section&nbsp;8(e) of the Act concerning the Registration Statement or of any order preventing or suspending the use of any prospectus relating to the Designated Securities, (iv)&nbsp;of the suspension of the qualification of either
series of Designated Securities for offering or sale in any jurisdiction, (v)&nbsp;of the initiation or threatening of any proceeding for any such purpose, or of any request by the Commission for the amending or supplementing of the Registration
Statement, the Prospectus or any document incorporated by reference therein or for additional information with respect thereto and of receipt (whether written or oral) by it (or by any of its officers or attorneys) of any comments or other
communication from the Commission relating to the Registration Statement, the Pricing Disclosure Package (and, notwithstanding any other provision of this Agreement, if any such request or communication is in writing, the Company shall promptly
furnish the Underwriters with a copy thereof) or any document incorporated by reference therein, and, in the event of the issuance of any such stop order or of any such order preventing or suspending the use of any prospectus relating to the
Designated Securities or suspending any such qualification, to promptly use its best efforts to obtain the withdrawal of such order, (vi)&nbsp;of the occurrence of any event that could reasonably be expected to cause the Company to withdraw, rescind
or terminate the offering of either series of Designated Securities or would permit the Company to exercise any right not to issue either series of Designated Securities other than as set forth in the Pricing Disclosure Package, (vii)&nbsp;of the
occurrence of any event, or the discovery of any fact, the occurrence or existence of which would require the making of any change in any of the Pricing Disclosure Package then being used or would cause any representation or warranty contained in
this Agreement to be untrue or inaccurate in any material respect or (viii)&nbsp;of any proposal or requirement to make, amend or supplement any of the Pricing Disclosure Package or of any other material information relating to the offering of
either series of Designated Securities or this Agreement that any Underwriter may from time to time reasonably request; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Promptly from time to time to take such action as the Representatives may reasonably request, after consultation with the
Company, to qualify each series of Designated Securities for offering and sale under the securities laws of such jurisdictions as the Representatives may reasonably request and as are specified in the applicable Pricing Agreement and to maintain
such qualification in effect for not less than one year from the date of the applicable Pricing Agreement; provided, however, that additional such jurisdictions may be reasonably requested by the Representatives, with the prior consent of the
Company, subsequent to the date thereof; and provided further that in connection therewith the Company shall not be required to qualify as a foreign corporation or to file a general consent to service of process in any jurisdiction; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) To furnish the Underwriters with copies of the Prospectus, as amended or supplemented, in such quantities as the
Representatives may reasonably request, and, if the delivery of a prospectus (or in lieu thereof, the notice referred to in Rule 173(a) under the Act) is required under the Act at any time in connection with the offering or sale of the Designated
Securities and if at such time any event shall have occurred as a result of which the Prospectus as then amended or supplemented would include any untrue statement of any material fact or omit to state any material
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>

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fact necessary in order to make the statements therein, in the light of the circumstances under which they were made when such Prospectus is delivered, not misleading, or, if for any other reason
it shall be necessary during such same period to amend or supplement the Prospectus or the Registration Statement or to file under the Exchange Act any document incorporated by reference in the Prospectus in order to comply with the Act or the
Exchange Act, to notify the Representatives and upon their request to file such document and to prepare and furnish, without charge, to each Underwriter and to any dealer in securities as many copies as the Representatives may from time to time
reasonably request of an amended Prospectus or a supplement to the Prospectus which will correct such statement or omission or effect such compliance; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) During the period beginning from the date of the applicable Pricing Agreement and continuing to and including the later of
(i)&nbsp;the completion of the sale of the Designated Securities by the Underwriters (as determined by the Representatives), but not more than 30 calendar days following the Time of Delivery, and (ii)&nbsp;the Time of Delivery for such Designated
Securities, not to offer, sell, contract to sell or otherwise dispose of, in the jurisdiction specified in the applicable Pricing Agreement, any U.S. dollar-denominated debt securities issued by the Company which mature more than one year (other
than the Designated Securities) after such Time of Delivery and which are substantially similar to such Designated Securities, without the prior written consent of the Representatives; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) To timely file or submit such reports pursuant to the Exchange Act as are necessary in order to make generally available to
its securityholders an earnings statement complying with Section&nbsp;11(a) of the Act and the rules and regulations of the Commission thereunder, covering a period of twelve months beginning after the effective date of the Registration Statement
(as defined in Rule 158(c) under the Act) as soon as is reasonably practicable after the termination of such twelve-month period; <I>provided however,</I> that the Company will be deemed to have satisfied this obligation by filing with, or
submitting to, the Commission a consolidated earnings statement complying with Section&nbsp;11(a) of the Act and the rules and regulations of the Commission thereunder for the year ended December&nbsp;31, 2024 as soon as is reasonably practicable
after the termination of such twelve-month period; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) To grant the public deed in respect of each series of Designated
Securities before the Time of Delivery and to file it for registration with the Vizcaya Mercantile Registry within a month since the date it is granted, and to use its commercially reasonable best efforts to ensure that such public deed is
registered; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) To use its best efforts to effect, promptly following the Time of Delivery, the authorization of each
series of Designated Securities for listing on the New York Stock Exchange, or any other stock exchange on which the Prospectus specifies that the Designated Securities may be listed, and to permit each series of Designated Securities to be
eligible, at the Time of Delivery, for clearance and settlement through the facilities of the Depository Trust Corporation (&#147;DTC&#148;), or any other clearance and settlement entity through which the Prospectus specifies that clearance and
settlement of each series of Designated Securities may be made; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) Without the prior written consent of the Representatives, none of the
Company, its affiliates or any person acting on its or their behalf (other than any Underwriter, as to which no representation is made) has given or will give to any prospective purchaser of either series of Designated Securities any written
information concerning the offering of such Designated Securities other than materials contained in the Pricing Disclosure Package, the Prospectus or any other offering materials distributed with the prior written consent of the Representatives; and
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) The Company will comply with (A)&nbsp;Section&nbsp;10.04 of the Senior Preferred Notes Base Indenture (as amended and
supplemented by the Senior Preferred Notes Supplemental Indenture) with respect to the Senior Preferred Notes and (B)&nbsp;Section&nbsp;10.04 of the Senior <FONT STYLE="white-space:nowrap">Non-Preferred</FONT> Notes Base Indenture (as amended and
supplemented by the Senior <FONT STYLE="white-space:nowrap">Non-Preferred</FONT> Notes Supplemental Indenture) with respect to the Senior <FONT STYLE="white-space:nowrap">Non-Preferred</FONT> Notes.<B> </B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The
Company represents and agrees that (i)&nbsp;without the prior written consent of the Underwriters, other than the Issuer Free Writing Prospectuses listed in an appendix to the applicable Pricing Agreement, it has not made and will not make any offer
relating to either series of Designated Securities that (A)&nbsp;would constitute an Issuer Free Writing Prospectus or (B)&nbsp;would otherwise constitute a &#147;free writing prospectus&#148;, as defined in Rule 405 under the Act, required to be
filed with the Commission or retained by the Company pursuant to Rule 433 under the Act, (ii)&nbsp;it has complied and will comply with the requirements of Rules 164 and 433 under the Act applicable to any Issuer Free Writing Prospectus, including
timely filing with the Commission or retention where required and legending and (iii)&nbsp;it will treat any such free writing prospectus consented to by the Underwriters as an Issuer Free Writing Prospectus. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Each Underwriter represents and agrees that, without the prior written consent of the Company and the other Underwriters,
it has not made and will not make any offer relating to either series of Designated Securities that (i)&nbsp;would constitute an Issuer Free Writing Prospectus, or (ii)&nbsp;would otherwise constitute a &#147;free writing prospectus&#148;, as
defined in Rule 405 under the Act, required to be filed with the Commission or retained by the Company pursuant to Rule 433 under the Act; provided, however, that the Company consents to the use by each Underwriter of a &#147;free writing
prospectus&#148; not required to be filed with the Commission or retained by the Company pursuant to Rule 433 under the Act that contains only (A)&nbsp;information describing the preliminary terms of each series of Designated Securities or their
offering which will not be inconsistent with the Final Term Sheet or the other Issuer Free Writing Prospectuses listed in an appendix to the applicable Pricing Agreement, (B)&nbsp;information that describes the final terms of each series of
Designated Securities or their offering and that is included in the Final Term Sheet or any other Issuer Free Writing Prospectuses listed in an appendix to the applicable Pricing Agreement and (C)&nbsp;information that is in any electronic road show
related to the Designated Securities and approved in writing as such by the Company. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Any such &#147;free writing
prospectus&#148;, as defined in Rule 405 under the Act, the use of which has been consented to by the Company and the Underwriters (including the Final Term Sheet) will be listed in an appendix to the applicable Pricing Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7. The Company covenants and agrees with the several Underwriters that the Company will pay
or cause to be paid all those costs, expenses and disbursements relating or incident to the offering, purchase, sale and delivery of each series of Designated Securities as are set forth in the applicable Pricing Agreement. Each Underwriter,
severally and not jointly, covenants and agrees with the Company that the Underwriters will pay or cause to be paid all those costs, expenses and disbursements relating or incident to the offering, purchase, sale and delivery of each series of
Designated Securities as are set forth in the applicable Pricing Agreement. All payments made in respect of this Agreement or the applicable Pricing Agreement may be made without withholding or deduction for or on account of any taxes, duties,
assessments or charges of whatever nature imposed or levied by or on behalf of Spain or any political <FONT STYLE="white-space:nowrap">sub-division</FONT> or authority thereof or therein, provided the recipient is (i)&nbsp;resident for tax purposes
in Spain; or (ii)&nbsp;resident for tax purposes in a country which has entered into a treaty for the avoidance of double taxation with Spain which provides for a full exemption from Spanish taxes on business profits (a &#147;Tax Treaty&#148;),
where the taxation of the services rendered under this Agreement and the applicable Pricing Agreement are limited to the country of tax residence of the recipient and timely submits to the Company a valid tax residence certificate duly issued by the
tax authorities of its respective country of tax residency evidencing its tax resident in that country for the purposes of the Tax Treaty (or the fulfilment of any other formality). Tax residence certificates shall be valid for one year from the
date of their issuance. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8. The obligations of the Underwriters of any Designated Securities under the applicable Pricing Agreement shall
be subject, in the discretion of the Representatives, to the condition, to be met by the Time of Delivery, that all representations and warranties of the Company in or incorporated by reference in the applicable Pricing Agreement are, at and as of
the Time of Delivery for such Designated Securities, true and correct, the condition that the Company shall have performed all of its obligations hereunder theretofore to be performed, and the following additional conditions: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Final Term Sheet, together with any other Issuer Free Writing Prospectuses listed in an appendix to the applicable
Pricing Agreement and any other &#147;free writing prospectus&#148;, as defined in Rule 405 under the Act, that the parties hereto shall hereafter expressly agree in writing to treat as part of the Pricing Disclosure Package shall have been filed
with the Commission within the applicable time period prescribed for such filing by Rule 433(d) under the Act and the Prospectus as amended or supplemented in relation to such Designated Securities shall have been filed with the Commission pursuant
to Rule 424(b) under the Act within the applicable time period prescribed for such filing by the rules and regulations under the Act and in accordance with Section&nbsp;5(a) hereof; no stop order suspending the effectiveness of the Registration
Statement or any part thereof or suspending the use of the Prospectus or any Issuer Free Writing Prospectus, shall have been issued and no proceeding for that purpose shall have been initiated or, to the knowledge of the Company, threatened by the
Commission; and all requests for additional information on the part of the Commission shall have been complied with; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)
U.S. counsel and, if so specified in the applicable Pricing Agreement, Spanish counsel for the Underwriters shall each have furnished to the Representatives such written opinion or opinions, dated the Time of Delivery for such Designated Securities,
with respect to the Pricing Agreement (including the provisions of this Agreement), the Designated Securities, the Pricing Disclosure Package, the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>

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Prospectus and the Registration Statement (as amended or supplemented at the Time of Delivery for such Designated Securities) and other related matters not exceeding the scope of those covered in
the opinions given pursuant to Sections 8(c) and 8(d), respectively, below as the Underwriters may reasonably require, and the Company shall have furnished to such counsel such documents as they request for the purpose of enabling them to pass on
such matters; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) U.S. counsel for the Company shall have furnished to the Representatives its written opinion, dated the
Time of Delivery for such Designated Securities, reasonably satisfactory to the Underwriters and substantially similar in form and substance to Schedule 8(c) attached hereto; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Spanish counsel for the Company shall have furnished to the Representatives their written opinion, dated the Time of
Delivery for such Designated Securities, reasonably satisfactory to the Underwriters and substantially similar in form and substance to Schedule 8(d) attached hereto; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) At the Applicable Time and at the Time of Delivery for such Designated Securities, each firm of independent accountants
that has certified financial statements of the Company included or incorporated by reference in the Registration Statement shall have furnished to the Underwriters and the directors of the Company a letter or letters, dated each such date, in form
and substance reasonably satisfactory to the Representatives, together with signed or reproduced copies of such letter for each of the other Underwriters, containing statements and information of the type ordinarily included in accountants&#146;
&#147;comfort letters&#148; to underwriters with respect to the financial statements and certain financial information contained in the Registration Statement and the Prospectus and substantially similar in form and substance to Schedule 8(e)
attached hereto; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) Except as contemplated in the Prospectus, as amended or supplemented, since the Applicable Time there
shall not have occurred (i)&nbsp;any change or decrease specified in the letter or letters referred to in Section&nbsp;8(e) or (ii)&nbsp;any change, or any development involving a prospective change, in or affecting the financial condition,
earnings, business, operations, prospects or properties of the Company and the Company&#146;s subsidiaries, taken as a whole, whether or not arising from transactions in the ordinary course of business, that, in any case referred to in paragraphs
(i)&nbsp;or (ii) above, the Representatives reasonably conclude, after consultation with the Company, impairs the investment quality of such Designated Securities so as to make it impracticable or inadvisable to proceed with the public offering or
the delivery of such Designated Securities as contemplated by the Prospectus, and from the Applicable Time to the Time of Delivery (as specified in the Pricing Agreement), no rating of the Company&#146;s long-term senior debt securities shall have
been lowered by Moody&#146;s, S&amp;P or Fitch, and other than public announcements made prior to the Applicable Time, none of Moody&#146;s, S&amp;P or Fitch shall have publicly announced that it has under surveillance or review with possible
negative implications any rating of the Company&#146;s long-term senior debt securities; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) After the Applicable Time
there shall not have occurred any of the following: (i)&nbsp;a suspension or material limitation in trading in any securities of the Company by the Spanish National Securities Market Commission (CNMV), the Commission, any Spanish Stock Exchange
(which term shall include the Madrid, </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
Barcelona, Valencia and Bilbao Stock Exchanges), the New York Stock Exchange or the London Stock Exchange; (ii)&nbsp;a suspension or material limitation of trading in securities generally on any
Spanish Stock Exchange, the New York Stock Exchange, the London Stock Exchange or in the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">over-the-counter</FONT></FONT> market, or any setting of minimum or maximum prices for trading
on such exchange; (iii)&nbsp;a general moratorium on all banking activities declared by any U.S. federal, New York, United Kingdom or Spanish authorities or a material disruption in clearance or settlement systems in the United States, the United
Kingdom or Spain; (iv)&nbsp;a change or development involving a prospective change in taxation in Spain affecting such Designated Securities or the imposition of exchange controls by the United States or Spain; (v)&nbsp;a material outbreak or
escalation of hostilities involving the United States or Spain or the declaration by the United States or Spain of a national emergency or war; or (vi)&nbsp;the occurrence of any material adverse change in the existing financial, political or
economic conditions in the United States or Spain, where the effect of any such event specified in (i)&nbsp;through (vi) above is in the reasonable judgment of the Representatives, after consultation with the Company, so material and adverse as to
make it impracticable or inadvisable to proceed with the public offering or the delivery of such Designated Securities on the terms and in the manner contemplated in the Prospectus as amended or supplemented relating to such Designated Securities;
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) The Company shall have complied with the provisions of Section&nbsp;5(c) hereof with respect to the furnishing of
copies of the Prospectus on the Business Day next succeeding the date of the applicable Pricing Agreement; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) At the Time
of Delivery, such Designated Securities shall have been approved for clearance and settlement through the facilities of DTC, or any other clearance and settlement entity through which the Prospectus specifies that clearance and settlement of such
Designated Securities may be made; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) The Company shall have furnished or caused to be furnished to the Representatives
at the Time of Delivery for such Designated Securities a certificate or certificates of an officer of the Company substantially similar in form and substance to Schedule 8(j) attached hereto, as to the accuracy of the representations and warranties
of the Company herein at and as of such Time of Delivery, as to the performance of the Company of all of its obligations hereunder to be performed at or prior to such Time of Delivery and as to the matters set forth in subsections (a)&nbsp;and (f)
of this Section; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k) If any condition specified in this Section&nbsp;8 shall not have been fulfilled when and as
required to be fulfilled, this Agreement may be terminated by the Representatives by notice to the Company at any time at or prior to the Time of Delivery, and such termination shall be without liability of any party to any other party except that
Sections 7, 9, 11, 14, 15, 16, 17, 19, 21, 22 and 23 hereof and any related provisions of the applicable Pricing Agreement shall survive any such termination and remain in full force and effect. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Company agrees to indemnify and hold harmless each Underwriter, its directors, officers and employees, and each person,
if any, who controls any Underwriter within the meaning of the Act or the Exchange Act against any losses, claims, damages or liabilities or expenses, joint or several, as incurred to which such Underwriter, director, officer, employee or
controlling person may become subject, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in any
preliminary prospectus, any preliminary prospectus supplement, the Registration Statement or the Prospectus, as amended or supplemented, the Pricing Prospectus, the Pricing Disclosure Package, any Issuer Free Writing Prospectus listed in an appendix
to the applicable Pricing Agreement, any &#147;issuer information&#148; filed or required to be filed pursuant to Rule 433(d) under the Act or any road show materials listed in an appendix to the applicable Pricing Agreement, in each case, relating
to the Designated Securities, or any amendment or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not
misleading, and will reimburse each Underwriter and each such director, officer, employee or controlling person for any and all expenses (including the fees and disbursements of counsel chosen by such Underwriter, subject to subsection
(c)&nbsp;below) as such expenses are incurred by such Underwriter in connection with investigating, defending, settling, compromising or paying any such loss, claim, damage, liability, expense or action; <I>provided</I>, <I>however</I>, that the
foregoing indemnity agreement shall not apply to any loss, claim, damage or liability to the extent, but only to the extent, arising out of or based upon any untrue statement or alleged untrue statement or omission or alleged omission made in any
preliminary prospectus, any preliminary prospectus supplement, the Registration Statement or the Prospectus, as amended or supplemented, the Pricing Prospectus, the Pricing Disclosure Package, any Issuer Free Writing Prospectus listed in an appendix
to the applicable Pricing Agreement or any road show materials listed in an appendix to the applicable Pricing Agreement, in each case, relating to the Designated Securities, or any such amendment or supplement, in reliance upon and in conformity
with written information furnished to the Company by any Underwriter of Designated Securities through the Representatives expressly for use therein, it being understood and agreed that the only such information furnished by or on behalf of any
Underwriter consists of the Underwriter Information. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Each Underwriter severally but not jointly agrees to indemnify
and hold harmless the Company and its directors, officers and employees, and each person, if any, who controls the Company within the meaning of the Act or the Exchange Act, against any loss, claim, damage, liability or expense, as incurred, to
which each such person may become subject under the Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any
material fact contained in any preliminary prospectus, any preliminary prospectus supplement, the Registration Statement or the Prospectus, as amended or supplemented, the Pricing Prospectus, the Pricing Disclosure Package or any Issuer Free Writing
Prospectus listed in an appendix to the applicable Pricing Agreement, in each case, relating to the Designated Securities, or any amendment or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein a
material fact required to be stated therein or necessary to make the statements therein not misleading, in each case to the extent, but only to the extent, arising out of or based upon any untrue statement or alleged untrue statement or omission or
alleged omission made in any preliminary prospectus, any preliminary prospectus supplement, the Registration Statement or the Prospectus, as amended or supplemented, the Pricing Prospectus, the </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
Pricing Disclosure Package, or any Issuer Free Writing Prospectus listed in an appendix to the applicable Pricing Agreement, in each case, relating to the Designated Securities, or any such
amendment or supplement, in reliance upon and in conformity with written information furnished to the Company by any Underwriter of Designated Securities through the Representatives expressly for use therein, it being understood and agreed that the
only such information furnished by or on behalf of any Underwriter consists of the Underwriter Information; and will reimburse the Company and each such director, officer, employee or controlling person for any and all expenses (including the fees
and disbursements of counsel chosen by the Company, subject to subsection (c)&nbsp;below) as such expenses are incurred by the Company in connection with investigating, defending, settling, compromising or paying any such loss, claim, damage,
liability, expense or action. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Promptly after receipt by an indemnified party under subsection (a)&nbsp;or (b) above of
notice of the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under such subsection, notify the indemnifying party in writing of the commencement thereof; but the
omission to so notify the indemnifying party shall not relieve it from any liability which it may have to any indemnified party otherwise than under such subsection. In case any such action shall be brought against any indemnified party and it shall
notify the indemnifying party of the commencement thereof, the indemnifying party shall, so far as permitted by any insurance policy of the indemnified party and subject to the indemnifying party agreeing to indemnify the indemnified party against
all judgments and other liabilities resulting from such action, be entitled to participate therein and, to the extent that it may elect, jointly with all other indemnifying parties similarly notified, by written notice delivered to the indemnified
party promptly after receiving the aforesaid notice from such indemnified party, to assume the defense thereof, with counsel satisfactory to such indemnified party; provided that, if the defendants in any such action include both the indemnified
party and the indemnifying party, and the indemnified party shall have reasonably concluded that a conflict may arise between the positions of the indemnifying party and the indemnified party in conducting the defense of any such action or that
there may be legal defenses available to it and/or other indemnified parties which are different from or additional to those available to the indemnifying party, the indemnified party or parties shall have the right to select separate counsel, to
assert such legal defenses and to otherwise participate in the defense of such action on behalf of such indemnified party or parties. Upon receipt of notice from the indemnifying party to such indemnified party of such indemnifying party&#146;s
election so to assume the defense of such action and approval by the indemnified party of counsel, the indemnifying party shall not be liable to such indemnified party under this Section&nbsp;9 for any legal or other expenses subsequently incurred
by such indemnified party in connection with the defense thereof unless (i)&nbsp;the indemnified party shall have employed separate counsel in connection with the assertion of legal defenses in accordance with the proviso to the next preceding
sentence (it being understood, however, that the indemnifying party shall not be liable for the expenses of more than one separate counsel (together with local counsel), approved by the representatives representing the indemnified parties who are
parties to such action), (ii) the indemnifying party shall not have employed counsel satisfactory to the indemnified party to represent the indemnified party within a reasonable time after notice of commencement of the action or (iii)&nbsp;the
indemnifying party has authorized </P>
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the employment of counsel for the indemnified party at the expense of the indemnifying party; and except that, if clause (i)&nbsp;or (iii) is applicable, such liability shall be only in respect
of the counsel referred to in such clause (i)&nbsp;or (iii). An indemnifying party will not, without the prior written consent of each indemnified party, settle or compromise or consent to the entry of any judgment with respect to any pending or
threatened claim, action, suit or proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified parties are actual or potential parties to such claim or action) unless such settlement,
compromise or consent (i)&nbsp;includes an unconditional release of the indemnified party from all liability arising out of such action or claim and (ii)&nbsp;does not include a statement as to or an admission of fault, culpability or a failure to
act, by or on behalf of any indemnified party. Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested that an indemnifying party reimburse the indemnified party for fees and expenses of counsel as
contemplated by this Section&nbsp;9, the indemnifying party shall be liable for any settlement of any proceeding effected without its written consent if (i)&nbsp;such settlement is entered into more than 30 days after receipt by the indemnifying
party of such request and (ii)&nbsp;the indemnifying party shall not have reimbursed the indemnified party in accordance with such request prior to the date of such settlement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) If the indemnification provided for in this Section&nbsp;9 is unavailable to or insufficient to hold harmless an
indemnified party under subsection (a)&nbsp;or (b) above in respect of any losses, claims, damages or liabilities (or actions in respect thereof) or expenses referred to therein, then each indemnifying party shall contribute to the amount paid or
payable by such indemnified party as a result of such losses, claims, damages or liabilities (or actions in respect thereof) in such proportion as is appropriate to reflect the relative benefits received by the Company on the one hand and the
Underwriters of the Designated Securities on the other from the offering of the Designated Securities to which such loss, claim, damage or liability (or action in respect thereof) relates. If, however, the allocation provided by the immediately
preceding sentence is not permitted by applicable law or if the indemnified party failed to give the notice required under subsection (c)&nbsp;above, then each indemnifying party shall contribute to such amount paid or payable by such indemnified
party in such proportion as is appropriate to reflect not only such relative benefits but also the relative fault of the Company on the one hand and the Underwriters of the Designated Securities on the other in connection with the statements or
omissions which resulted in such losses, claims, damages or liabilities (or actions in respect thereof) or expenses, as well as any other relevant equitable considerations. The relative benefits received by the Company on the one hand and such
Underwriters on the other shall be deemed to be in the same respective proportions as the total net proceeds from such offering (before deducting expenses) received by the Company bear to the total underwriting discounts and commissions received by
such Underwriters, in each case as set forth on the cover page of the Prospectus, as amended or supplemented. The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material
fact or the omission or alleged omission to state a material fact relates to information supplied by the Company on the one hand or such Underwriters on the other and the parties&#146; relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission. The Company and the Underwriters agree that it would not be just and equitable if contribution pursuant to this subsection (d)&nbsp;were determined by <I>pro rata</I>
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">21 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to
above in this subsection (d). The amount paid or payable by an indemnified party as a result of the losses, claims, damages or liabilities (or actions in respect thereof) referred to above in this subsection (d)&nbsp;shall be deemed to include any
legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this subsection (d), no Underwriter shall be required to contribute any
amount in excess of the amount by which the total price at which the Designated Securities underwritten by it and distributed to the public were offered to the public exceeds the amount of any damages which such Underwriter has otherwise been
required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section&nbsp;11(f) of the Act) shall be entitled to contribution from any
person who was not guilty of such fraudulent misrepresentation. The obligations of the Underwriters of Designated Securities in this subsection (d)&nbsp;to contribute are several in proportion to their respective underwriting obligations with
respect to such Designated Securities and not joint. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) The obligations of the Company under this Section&nbsp;9 shall be
in addition to any liability which the Company may otherwise have and shall extend, upon the same terms and conditions, to each officer, director or employee of each Underwriter and to each person, if any, who controls, is controlled by or is under
common control with any Underwriter within the meaning of the Act or the Exchange Act; and the several obligations of the Underwriters under this Section&nbsp;9 shall be in addition to any liability which the respective Underwriters may otherwise
have and shall extend, upon the same terms and conditions, to each officer, director or employee of the Company and to each person, if any, who controls, is controlled by or is under common control with the Company within the meaning of the Act or
the Exchange Act. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) If any Underwriter shall default in its obligation to purchase the Designated Securities of either series which it has
agreed to purchase under the applicable Pricing Agreement, the Representatives may in their discretion, after giving notice to and consulting with the Company, arrange for themselves or another party or other parties to purchase such Designated
Securities on the terms contained herein. If within <FONT STYLE="white-space:nowrap">thirty-six</FONT> hours after such default by any Underwriter the Representatives do not arrange for the purchase of such Designated Securities, then the Company
shall be entitled to a further period of <FONT STYLE="white-space:nowrap">thirty-six</FONT> hours within which to procure another party or other parties satisfactory to the Representatives to purchase such Designated Securities on such terms. In the
event that, within the respective prescribed period, the Representatives notify the Company that they have so arranged for the purchase of such Designated Securities, or the Company notifies the Representatives that it has so arranged for the
purchase of such Designated Securities, the Representatives or the Company shall have the right to postpone the Time of Delivery for such Designated Securities for a period of not more than seven days, in order to effect whatever changes may thereby
be made necessary in the Registration Statement or the Prospectus as amended or supplemented, or in any other documents or arrangements, and the Company agrees to file promptly any amendments or supplements to the Registration Statement or the
Prospectus which in the opinion of the Representatives may thereby be made necessary. The term &#147;Underwriter&#148; as used in this Agreement shall include any person substituted under this Section&nbsp;10 with like effect as if such person had
originally been a party to the applicable Pricing Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">22 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) If, after giving effect to any arrangements for the purchase of the
Designated Securities of a defaulting Underwriter or Underwriters by the Representatives or the Company as provided in subsection (a)&nbsp;above, the aggregate principal amount of such Designated Securities which remains unpurchased does not exceed <FONT
STYLE="white-space:nowrap">one-eleventh</FONT> of the aggregate principal amount of the Designated Securities, then the Company shall have the right to require each <FONT STYLE="white-space:nowrap">non-defaulting</FONT> Underwriter to purchase the
principal amount of Designated Securities which such Underwriter agreed to purchase under the applicable Pricing Agreement and, in addition, to require each <FONT STYLE="white-space:nowrap">non-defaulting</FONT> Underwriter to purchase its pro rata
share (based on the principal amount of Designated Securities which such Underwriter agreed to purchase under such Pricing Agreement) of the Designated Securities of such defaulting Underwriter or Underwriters for which such arrangements have not
been made; but nothing herein shall relieve a defaulting Underwriter from liability for its default. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) If, after giving
effect to any arrangements for the purchase of the Designated Securities of a defaulting Underwriter or Underwriters by the Representatives or the Company as provided in subsection (a)&nbsp;above, the aggregate principal amount of Designated
Securities which remains unpurchased exceeds <FONT STYLE="white-space:nowrap">one-eleventh</FONT> of the aggregate principal amount of such Designated Securities, as referred to in subsection (b)&nbsp;above, or if the Company shall not exercise the
right described in subsection (b)&nbsp;above to require <FONT STYLE="white-space:nowrap">non-defaulting</FONT> Underwriters to purchase such Designated Securities of a defaulting Underwriter or Underwriters, then the applicable Pricing Agreement
shall thereupon terminate, without liability on the part of any <FONT STYLE="white-space:nowrap">non-defaulting</FONT> Underwriter or the Company, except for the expenses to be borne by the Company on the one hand and the Underwriters on the other
hand, as provided in Section&nbsp;7 hereof and the indemnity and contribution agreements in Section&nbsp;9 hereof; but nothing herein shall relieve a defaulting Underwriter from liability for its default. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding the foregoing, BBVA Securities Inc. will not participate in the terms set out in Section&nbsp;10 since BBVA Securities Inc.
will not purchase any Designated Securities, but instead will procure eligible purchasers for the Designated Securities set forth opposite its name in Schedule I. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11. The respective indemnities, agreements, representations, warranties and other statements of the Company and the several Underwriters, as
set forth in this Agreement or made by or on behalf of them, respectively, pursuant to this Agreement, shall remain in full force and effect, regardless of any investigation (or any statement as to the results thereof) made by or on behalf of any
Underwriter or any controlling person of any Underwriter, the Company or any officer or director or controlling person of the Underwriters or the Company, and shall survive delivery of and payment for the Designated Securities sold hereunder and any
termination of this Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12. If any Pricing Agreement shall be terminated pursuant to Section&nbsp;10 hereof, the Company shall not
then be under any liability to any Underwriter with respect to the Designated Securities of any series covered by such Pricing Agreement except that Sections 7, 9, 11, 14, 15, 16, 17, 19, 21, 22 and 23 hereof and any related provisions of the
applicable Pricing Agreement shall survive any such termination and remain in full force and effect. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">23 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">13. In all dealings hereunder, the Representatives of the Underwriters of Designated
Securities shall act on behalf of each such Underwriter, and the parties hereto shall be entitled to act and rely upon any statement, request, notice or agreement on behalf of any Underwriter made or given by such Representatives jointly or by such
of the Representatives, if any, as may be designated for such purpose in the applicable Pricing Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All statements, requests,
notices and agreements hereunder shall be in writing, and if to the Underwriters shall be delivered or sent by mail or electronic transmission to the address of the Representatives as set forth in the applicable Pricing Agreement; and, if to the
Company, shall be delivered or sent by mail or electronic transmission to BBVA, Calle Azul 4, 28050 Madrid, Spain, Attention: Daniel Cubero <U>dangel.cubero@bbva.com</U>; provided, however, that any notice to an Underwriter pursuant to
Section&nbsp;9(c) hereof shall be delivered or sent by mail or electronic transmission to such Underwriter at its address set forth in the applicable Pricing Agreement. Any such statements, requests, notices or agreements shall take effect upon
receipt thereof. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">14. This Agreement and each Pricing Agreement shall be binding upon, and inure solely to the benefit of, the
Underwriters, the Company and, to the extent provided in Sections 9 and 11 hereof, the officers and directors of the Company and each person who controls the Company or any Underwriter, and their respective heirs, executors, administrators,
successors and assigns, and no other person shall acquire or have any right under or by virtue of this Agreement or any such Pricing Agreement. No purchaser of any Designated Securities from any Underwriter shall be deemed a successor or assign by
reason merely of such purchase. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">15. The Company waives to the fullest extent permitted by applicable law any claims it may have against
the Underwriters arising from an alleged breach of agency, fiduciary or similar duty to the Company in connection with the offering of each series of Designated Securities or the process leading thereto and acknowledges and agrees that each
Underwriter is acting solely in the capacity of an arm&#146;s length contractual counterparty to the Company with respect to the offering of each series of Designated Securities (including in connection with determining the terms of the offering
contemplated by this Agreement) and not as an agent or fiduciary to the Company or any other person. Additionally, each Underwriter is not advising the Company or any other person as to any legal, tax, investment, accounting or regulatory matters in
any jurisdiction. The Company shall consult with its own advisors concerning such matters and shall be responsible for making its own independent investigation and appraisal of such matters, and no Underwriter shall have any responsibility or
liability to the Company or any other person with respect to such matters. Any review by an Underwriter of the Company, the transactions contemplated by this Agreement or any other due diligence review by such Underwriter in connection with such
transactions will be performed solely for the benefit of such Underwriter and shall not be on behalf of the Company or any other person. This Agreement supersedes all prior agreements and understandings (whether written or oral) between the Company
and the Underwriters, or any of them, with respect to the subject matter hereof. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">24 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">16. The Company irrevocably agrees that any suit, action or proceeding against the Company
brought by Underwriters or by any person who controls the Underwriters, arising out of or based upon this Agreement, the Pricing Agreement or the transactions contemplated hereby may be instituted in any state or federal court in the Borough of
Manhattan, The City of New York, New York, and, to the extent permitted by law, irrevocably waives any objection which it may now or hereafter have to the laying of venue of any such suit, action or proceeding, and irrevocably submits to the
nonexclusive jurisdiction of such courts in any such suit, action or proceeding. The Company irrevocably appoints Banco Bilbao Vizcaya Argentaria, S.A., New York Branch, as its Authorized Agent (the &#147;Authorized Agent&#148;) upon whom process
may be served in any such suit, action or proceeding arising out of or based on this Agreement, the Pricing Agreement or the transactions contemplated hereby or thereby which may be instituted in any state or federal court in the Borough of
Manhattan, The City of New York, New York, by an Underwriter or by any person who controls an Underwriter, and the Company expressly consents to the jurisdiction of any such court in respect of any such suit, action or proceeding, and waives any
other requirements of or objections to personal jurisdiction with respect thereto. The Company represents and warrants that the Authorized Agent has agreed to act as said agent for service of process, and the Company agrees to take any and all
action, including the filing of any and all documents and instruments, that may be necessary to continue such appointment in full force and effect as aforesaid. Service of process upon the Authorized Agent and written notice of such service to the
Company shall be deemed, in every respect, effective service of process upon the Company. Notwithstanding the foregoing, any suit, action or proceeding based on this Agreement may be instituted by the Underwriters in any competent court in Spain.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">17. In accordance with the requirements of the USA Patriot Act (Title III of Pub. L. <FONT STYLE="white-space:nowrap">107-56</FONT>
(signed into law October&nbsp;26, 2001)), the Underwriters are required to obtain, verify and record information that identifies their respective clients, including the Company, which information may include the name and address of their respective
clients, as well as other information that will allow the Underwriters to properly identify their respective clients. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">18. In respect of
any judgment or order given or made for any amount due hereunder that is expressed and paid in a currency (the &#147;judgment currency&#148;) other than United States dollars, the Company will indemnify each Underwriter against any loss incurred by
such Underwriter as a result of any variation as between (i)&nbsp;the rate of exchange at which the United States dollar amount is converted into the judgment currency for the purpose of such judgment or order and (ii)&nbsp;the rate of exchange at
which an Underwriter is able to purchase United States dollars with the amount of judgment currency actually received by such Underwriter. The foregoing indemnity shall constitute a separate and independent obligation of the Company and shall
continue in full force and effect notwithstanding any such judgment or order as aforesaid. The term &#147;rate of exchange&#148; shall include any premiums and costs of exchange payable in connection with the purchase of or conversion into United
States dollars. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">19. Time shall be of the essence of each Pricing Agreement. As used herein, &#147;business day&#148; shall mean any day
when the Commission&#146;s office in Washington, D.C. is open for business. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">20. The invalidity or unenforceability of any section,
paragraph or provision of this Agreement shall not affect the validity or enforceability of any other section, paragraph or provision hereof. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">25 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">21. Except as may be otherwise provided in a Pricing Agreement, this Agreement and each
Pricing Agreement and any matters or controversies arising out of or related to any such agreement shall be governed by and construed in accordance with the laws of the State of New York. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">22. Notwithstanding and to the exclusion of any other term of this Agreement, any Pricing Agreement or any other agreements, arrangements, or
understandings between the Company and any or all of the Underwriters, each of the Company and each Underwriter acknowledges and accepts that a BRRD Liability arising under this Agreement may be subject to the exercise of the Spanish <FONT
STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority and acknowledges, accepts, consents to and agrees to be bound by: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) the exercise and effects of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish
Resolution Authority in relation to any BRRD Liability of the Company to such Underwriter, which may be imposed with or without any prior notice and (without limitation) may include and result in any of the following, or some combination thereof:
</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the reduction of all, or a portion, of such BRRD Liability or outstanding amounts due thereon;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the conversion of all, or a portion, of such BRRD Liability or outstanding amounts due thereon into shares,
other securities or other obligations of the Company or another person, and the issue to or conferral on such Underwriter of any such shares, securities or obligations, including by means of an amendment, modification or variation of the terms of
any BRRD Liability; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the cancellation of such BRRD Liability or outstanding amounts due thereon; and/or </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the amendment or alteration of any interest or distribution payable, if applicable, on such BRRD Liability or
outstanding amounts due thereon, and the maturity or the dates on which any payments on such BRRD Liability or outstanding amounts are due, including by suspending payment for a temporary period; and </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) the variation of the terms of such BRRD Liability or outstanding amounts due thereon, this Agreement and/or the relevant
Pricing Agreement, as deemed necessary by the Relevant Spanish Resolution Authority, to give effect to the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">23. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) In the event that any Underwriter that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution
Regime, the transfer from such Underwriter of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this
Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">26 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) In the event that any Underwriter that is a Covered Entity or a BHC Act
Affiliate of such Underwriter becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Underwriter are permitted to be exercised to no greater extent than such
Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For purposes of this Section&nbsp;23, the following terms shall have the following meaning: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;<B>BHC Act Affiliate</B>&#148; has the meaning assigned to the term &#147;affiliate&#148; in, and shall be interpreted in accordance with, 12 U.S.C.
&#167; 1841(k). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;<B>Covered Entity</B>&#148; means any of the following: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a &#147;covered entity&#148; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167;
252.82(b); </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a &#147;covered bank&#148; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167;
47.3(b); or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a &#147;covered FSI&#148; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167;
382.2(b). </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;<B>Default Right</B>&#148; has the meaning assigned to that term in, and shall be interpreted in accordance with, 12
C.F.R. &#167;&#167; 252.81, 47.2 or 382.1, as applicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>&#147;U.S. Special Resolution Regime</B>&#148; means each of (i)&nbsp;the Federal Deposit
Insurance Act and the regulations promulgated thereunder and (ii)&nbsp;Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">24. Each of the Underwriters agrees that a determination will be made in relation to each series of Designated Securities about whether, for
the purpose of the MiFID Product Governance rules under EU Delegated Directive 2017/593 (the &#147;MiFID Product Governance Rules&#148;) and/or the FCA Handbook Product Intervention and Product Governance Sourcebook (the &#147;UK MiFIR Product
Governance Rules&#148;), as applicable, any Underwriter subscribing for any Designated Securities is a manufacturer in respect of such Designated Securities, but that, otherwise, neither the Underwriters nor any of their respective affiliates will
be a manufacturer for the purpose of the MiFID Product Governance Rules and/or UK MiFIR Product Governance Rules, respectively. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">25. This
Agreement and any Pricing Agreement may be executed manually, by facsimile or by electronic signature in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts of this Agreement or a
Pricing Agreement, as the case may be, shall together constitute but one and the same instrument. The exchange of copies of this Agreement or any Pricing Agreement and of signature pages by facsimile, email or other electronic format (including,
without limitation, &#147;pdf,&#148; &#147;tif&#148; or &#147;jpg&#148;) transmission or other electronically-imaged signature (including, without limitation, DocuSign or AdobeSign) or transmission shall constitute effective execution and delivery
of such agreement as to the parties hereto or thereto, as the case may be, and may be used in lieu </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">27 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
of the original agreement for all purposes. Signatures of the parties hereto or thereto transmitted by facsimile, email or other electronic format (e.g., &#147;pdf,&#148; &#147;tif&#148; or
&#147;jpg&#148;) (including, without limitation, DocuSign or AdobeSign) shall be deemed to be their original signatures for all purposes. Unless otherwise provided herein, the words &#147;execute,&#148; &#147;execution,&#148; &#147;signed,&#148; and
&#147;signature&#148; and words of similar import used in or related to any document to be signed in connection with this Agreement, any Pricing Agreement or any of the transactions contemplated hereby or thereby (including amendments, waivers,
consents and other modifications) shall be deemed to include electronic signatures and the keeping of records in electronic form, each of which shall be of the same legal effect, validity and enforceability as a manually executed signature in ink or
the use of a paper-based recordkeeping system, as applicable, to the fullest extent as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and
Records Act, and any other similar state laws based on the Uniform Electronic Transactions Act. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">28 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Schedule 8(c) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Form of Opinion of U.S. Counsel </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>in connection with Section&nbsp;8(c) of the Underwriting Agreement </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Sch-8(c)-1 </B></P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Schedule 8(d) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Form of Opinion of Spanish Counsel </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>in connection with Section&nbsp;8(d) of the Underwriting Agreement </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Schedule 8(d)-1 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Schedule 8(e) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Forms of Auditors&#146; Comfort Letter </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>in connection with Section&nbsp;8(e) of the Underwriting Agreement </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Schedule 8(e)-1 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Schedule 8(j) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Form of Certificate </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>in
connection with Section&nbsp;8(j) of the Underwriting Agreement </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BANCO BILBAO VIZCAYA ARGENTARIA, S.A. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>OFFICER&#146;S CERTIFICATE PURSUANT TO SECTION 8(j) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>OF THE UNDERWRITING AGREEMENT </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>March 13, 2024 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
undersigned, [&#8195;&#8195;&#8195; ], does hereby certify, pursuant to Section&nbsp;8(j) of the underwriting agreement dated March&nbsp;5, 2024 (the &#147;Underwriting Agreement&#148;) incorporated by reference in the Pricing Agreement dated
March&nbsp;5, 2024 (the &#147;Pricing Agreement&#148;), between Banco Bilbao Vizcaya Argentaria, S.A., a <I>sociedad an&oacute;nima</I> incorporated under the laws of the Kingdom of Spain (the &#147;Company&#148;), on the one hand, and the
Underwriters named therein (the &#147;Underwriters&#148;), on the other hand, on behalf of the Company and to the best of [his] [her] knowledge, after reasonable investigation, that: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">attached hereto as <B>Exhibit A</B> are true, complete and correct specimens of the global certificates
representing each series of Designated Securities; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the representations and warranties of the Company in the Underwriting Agreement are accurate at and as of the
Time of Delivery; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the Company has performed all of its obligations under the Underwriting Agreement to be performed at or prior
to the Time of Delivery; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the Final Term Sheet has been filed with the Commission within the applicable time period prescribed for such
filing by Rule 433(d) under the Act and the Prospectus as amended or supplemented in relation to such Designated Securities has been filed with the Commission pursuant to Rule 424(b) under the Act within the applicable time period prescribed for
such filing by the rules and regulations under the Act and in accordance with Section&nbsp;5(a) of the Underwriting Agreement; no stop order suspending the effectiveness of the Registration Statement or any part thereof or suspending the use of the
Prospectus or any Issuer Free Writing Prospectus, has been issued and no proceeding for that purpose has been initiated or, to the knowledge of the Company, threatened by the Commission; and all requests for additional information on the part of the
Commission have been complied with; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">except as contemplated in the Prospectus, as amended or supplemented, since the Applicable Time there has not
occurred (i)&nbsp;any change or decrease specified in the letter or letters referred to in Section&nbsp;8(e) of the Underwriting Agreement or (ii)&nbsp;any change, or any development involving a prospective change, in or affecting the financial
condition, earnings, business, operations, prospects or properties of the Company, taken as a whole, whether or not arising from transactions in the ordinary course of business, and at or after the Applicable Time, no rating of the Company&#146;s
long-term senior debt securities has been lowered by Moody&#146;s, S&amp;P or Fitch, and other than public announcements made prior to the Applicable Time, none of Moody&#146;s, S&amp;P or Fitch has publicly announced that it has under surveillance
or review with possible negative implications any rating of the Company&#146;s long-term senior debt securities. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Schedule 8(j)-1 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Capitalized terms used but not defined herein shall have the meanings assigned to them in
the Underwriting Agreement and the Pricing Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Schedule 8(j)-2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, I have executed this certificate on behalf of the Company as of the date
first written above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD WIDTH="92%"></TD></TR>


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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&#8195;&#8195;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">I, [&#8195;&#8195; ], [&#8195;&#8195; ] of the Company, do hereby certify that the signature set forth
opposite his name is the true and genuine signature of [&#8195;&#8195;&#8195; ]. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, I have hereunto signed my name as of
the date first written above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&#8195;&#8195;&#8195;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD></TR>
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<TYPE>EX-4.15
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<DESCRIPTION>EX-4.15
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B></B><B><I>Exhibit 4.15</I></B><B> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">THIRD SUPPLEMENTAL INDENTURE </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>among </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">BANCO BILBAO
VIZCAYA ARGENTARIA, S.A., </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>as Issuer, </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">THE BANK OF NEW YORK MELLON, LONDON BRANCH, </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>as Trustee, Paying Agent and Transfer Agent </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">THE BANK OF NEW YORK MELLON, </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>as Security Registrar </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">March&nbsp;13, 2024 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">$1,000,000,000 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5.381% SENIOR
PREFERRED FIXED RATE NOTES DUE 2029 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
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<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" WIDTH="1%"></TD>
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<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD COLSPAN="3" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">P<SMALL>AGE</SMALL></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center">ARTICLE 1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center">D<SMALL>EFINITIONS</SMALL> <SMALL>AND</SMALL> O<SMALL>THER</SMALL> P<SMALL>ROVISIONS</SMALL> <SMALL>OF</SMALL> G<SMALL>ENERAL</SMALL> A<SMALL>PPLICATION</SMALL></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;1.01.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><I>Definitions</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;1.02.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><I>Conflict with Trust Indenture Act</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;1.03.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><I>Effect of Headings and Table of Contents</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;1.04.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><I>Successors and Assigns</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;1.05.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><I>Separability Clause</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;1.06.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><I>Benefits of Indenture</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;1.07.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><I>Governing Law</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;1.08.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><I>Submission to Jurisdiction</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;1.09.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><I>Execution in Counterparts</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;1.10.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><I>Recitals by the Issuer</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;1.11.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><I>Ratification and Incorporation of Original Indenture</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center">ARTICLE 2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center">A<SMALL>MENDED</SMALL> P<SMALL>ROVISIONS</SMALL> <SMALL>OF</SMALL> O<SMALL>RIGINAL</SMALL> I<SMALL>NDENTURE</SMALL></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;2.01.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><I>Amended Provisions of Original Indenture</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center">ARTICLE 3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center">SP S<SMALL>ECURITIES</SMALL></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;3.01.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><I>Creation of SP Securities</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">47</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;3.02.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><I>Limitation on Aggregate Principal Amount of SP Securities</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">47</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;3.03.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><I>Payment of Principal</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">47</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;3.04.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><I>Interest and Interest Rate</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">47</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;3.05.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><I>Denominations, Minimum Purchase Amount</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">48</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;3.06.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><I>Paying Agent</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">48</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;3.07.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><I>Security Certificates</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;3.08.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><I>Redemption and Purchase</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;3.09.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><I>Definitive Certificates and Authentication</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;3.10.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><I>Agreement with Respect to the Exercise of Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;3.11.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><I>Notices</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">53</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;3.12.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><I>Instructions by Electronic Means</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">53</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">EXHIBIT A</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><I>Form of Security Certificate Representing SP Securities</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-1</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">EXHIBIT B</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><I>Summary of Procedures to be Performed by the Issuer and the Paying Agent in Connection with Spanish Law 10/2014, of June&nbsp;26, as amended, and Royal Decree 1065/2007, of July&nbsp;27, as amended</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">B-1</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">i </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THIS THIRD SUPPLEMENTAL INDENTURE, dated as of March&nbsp;13, 2024 is among Banco Bilbao
Vizcaya Argentaria, S.A., a <I>sociedad an&oacute;nima</I> incorporated under the laws of the Kingdom of Spain (the &#147;<B>Issuer</B>&#148; or the &#147;<B>Company</B>&#148;), having its principal executive office located at Calle Azul 4, Madrid,
Spain, and The Bank of New York Mellon, a New York banking corporation duly organized and existing under the laws of the State of New York, having its principal corporate trust office located at 240 Greenwich Street, New York, New York 10286, United
States, and acting (except with respect to its role as Security Registrar) through its London Branch at 160 Queen Victoria Street, London EC4V 4LA, United Kingdom, as trustee (the &#147;<B>Trustee</B>&#148;, which term includes any successor
Trustee), paying agent (the &#147;<B>Paying Agent</B>&#148;, which term includes any successor Paying Agent), transfer agent (the &#147;<B>Transfer Agent</B>&#148;, which term includes any successor Transfer Agent) and Security Registrar (the
&#147;<B>Third Supplemental Indenture</B>&#148;). </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">WITNESSETH: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Company and the Trustee have executed and delivered a Senior Debt Securities Indenture, dated as of July&nbsp;28, 2016 (the
&#147;<B>Original Indenture</B>&#148;), to provide for the issuance of the Company&#146;s Securities (as such term is defined therein); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Company hereto desires to issue a new series of Securities to be known as the 5.381% Senior Preferred Fixed Rate Notes due 2029
(<I>Bonos Simples Preferentes Marzo <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">2024-SEC-9</FONT></FONT></I>) (the &#147;<B>SP Securities</B>&#148;); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the parties hereto desire to establish that the SP Securities shall be issued in the form of one or more Global Securities
substantially in the form of Exhibit A to this Third Supplemental Indenture pursuant to Sections 2.01 and 3.01 of the Original Indenture; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Section&nbsp;9.01(c) of the Original Indenture permits the Company and the Trustee to enter into a supplemental indenture to
establish the form or terms of Securities of any series as permitted under Sections 2.01 and 3.01 of the Original Indenture without the consent of Holders; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Section&nbsp;9.01(j) of the Original Indenture permits the Company and the Trustee to delete, amend or supplement any provision of
the Original Indenture, subject to certain conditions, without the consent of Holders; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, this Third Supplemental Indenture shall
amend and supplement the Original Indenture but only with respect to the SP Securities; to the extent the terms of the Original Indenture (as amended and supplemented by this Third Supplemental Indenture) are inconsistent with the provisions of this
Third Supplemental Indenture, the terms of this Third Supplemental Indenture shall control and prevail, but only with respect to the SP Securities. The Original Indenture, as amended and supplemented by, and together with, this Third Supplemental
Indenture are hereinafter referred to as the &#147;<B>Indenture</B>;&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, there are no Securities outstanding of any series
created prior to the execution of this Third Supplemental Indenture that are entitled to the benefit of the provisions set forth herein or that would be adversely affected by such provisions; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Company has requested and does hereby request that the Trustee execute and deliver this Third Supplemental Indenture, and whereas
all actions required by the Company to be taken in order to make this Third Supplemental Indenture a valid, binding and enforceable instrument in accordance with its terms, have been taken and performed, and the execution and delivery of this Third
Supplemental Indenture have been duly authorized in all respects, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, the Company and the Trustee mutually covenant and agree
as follows: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 1 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">D<SMALL>EFINITIONS</SMALL> <SMALL>AND</SMALL> O<SMALL>THER</SMALL> P<SMALL>ROVISIONS</SMALL> <SMALL>OF</SMALL> G<SMALL>ENERAL</SMALL>
A<SMALL>PPLICATION</SMALL> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.01. <I>Definitions.</I><I> </I>For all purposes of this Third Supplemental Indenture, except as
otherwise expressly provided or unless the context otherwise requires: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) the terms defined in this Article have the meanings assigned to
them in this Article and include the plural as well as the singular; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) all other terms used herein which are defined in the Trust
Indenture Act, either directly or by reference therein, have the meanings assigned to them therein; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) unless the context otherwise
requires, any reference to an &#147;<B>Article</B>&#148; or a &#147;<B>Section</B>&#148; means an Article or a Section, as the case may be, of this Third Supplemental Indenture; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) the words &#147;<B>herein</B>&#148;, &#147;<B>hereof</B>&#148;, &#147;<B>hereto</B>&#148;, and &#147;<B>hereunder</B>&#148; and other words
of similar import refer to this Third Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) the word &#147;<B>or</B>&#148; is always used inclusively (for example, the phrase &#147;A or B&#148; means &#147;A or B or both&#148;, not
&#147;either A or B but not both&#148;); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) the term &#147;<B>including</B>&#148; means &#147;including without limitation; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) all terms used but not defined in this Third Supplemental Indenture, which are defined in the Original Indenture (as amended and
supplemented hereby), shall have the meanings assigned to them in the Original Indenture (as amended and supplemented hereby); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h)
references herein to any act or statute or any provision of any act or statute shall be deemed also to refer to any statutory modification or <FONT STYLE="white-space:nowrap">re-enactment</FONT> thereof or any statutory instrument, order or
regulation made thereunder or under such modification or <FONT STYLE="white-space:nowrap">re-enactment;</FONT> and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) the following
terms used in this Third Supplemental Indenture shall have the following meanings: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Agent</B>&#148; means each of
the Paying Agent, Security Registrar and Transfer Agent. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Business Day</B>&#148; means any day, other than
Saturday or Sunday, that is neither a Legal Holiday nor a day on which banking institutions are authorized or required by law, regulation or executive order to close in the City of New York, London or Madrid. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Company</B>&#148; means the Person named as &#147;Company&#148; in the first paragraph of this Third Supplemental
Indenture until a successor Person shall have become such pursuant to the applicable provisions of the Indenture, and thereafter &#147;Company&#148; shall mean such successor Person, and any other obligor upon the SP Securities. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Depository</B>&#148; and &#147;<B>U.S. Depository</B>&#148; shall have the meanings ascribed to such terms in
Section&nbsp;1.01 of the Original Indenture (as amended and supplemented hereby). The Depository Trust Company (and its successors) is hereby designated as Depository and U.S. Depository with respect to the SP Securities. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Electronic Means</B>&#148; shall mean the following communications methods: email, facsimile transmission, secure
electronic transmission containing applicable authorization codes, passwords and/or authentication keys issued by the Trustee or an Agent, or another method or system specified by the Trustee or the relevant Agent as available for use in connection
with its services hereunder. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Interest Payment Date</B>&#148; has the meaning ascribed in
Section&nbsp;3.04(b). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Issue Date</B>&#148; means March&nbsp;13, 2024. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Issuer</B>&#148; means the Person named as &#147;Issuer&#148; in the first paragraph of this Third Supplemental
Indenture until a successor Person shall have become such pursuant to the applicable provisions of the Indenture, and thereafter &#147;Issuer&#148; shall mean such successor Person, and any other obligor upon the SP Securities. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Paying Agent</B>&#148; means the Person named as &#147;Paying Agent&#148; in the first paragraph of this Third
Supplemental Indenture. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Payment Statement</B>&#148; means the statement to be delivered to the Issuer by the
Paying Agent, substantially in the form set forth in Annex I to Exhibit B (attached hereto), pursuant to Section&nbsp;3.07. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Redemption Date</B>&#148; has the meaning ascribed in Section&nbsp;3.09. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Redemption Price</B>&#148; has the meaning ascribed in Section&nbsp;3.09. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Regular Record Date</B>&#148; means the 15th calendar day before the applicable Interest Payment Date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Stated Maturity Date</B>&#148; means March&nbsp;13, 2029. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Transfer Agent</B>&#148; means the Person named as &#147;Transfer Agent&#148; in the first paragraph of this Third
Supplemental Indenture. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Trustee</B>&#148; means the Person named as &#147;Trustee&#148; in the first paragraph of
this Third Supplemental Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.02. <I>Conflict with Trust Indenture Act.</I><I> </I>If any provision hereof limits,
qualifies or conflicts with a provision of the Trust Indenture Act that is required under such Act to be a part of and govern the Indenture, the provision of the Trust Indenture Act shall control. If any provision of this Third Supplemental
Indenture modifies or excludes any provision of the Trust Indenture Act that may be so modified or excluded, the provision of the Trust Indenture Act shall be deemed to apply to this Third Supplemental Indenture as so modified or to be excluded, as
the case may be. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.03. <I>Effect of Headings and Table of Contents.</I><I> </I>The Article and Section headings herein and
the Table of Contents are for convenience only and shall not affect the construction hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.04. <I>Successors and
Assigns.</I><I> </I>All covenants and agreements in this Third Supplemental Indenture made by the Issuer shall bind its successors and assigns, whether so expressed or not. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.05. <I>Separability Clause.</I><I> </I>In case any provision in this Third Supplemental Indenture or the SP Securities shall be
invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.06. <I>Benefits of Indenture.</I><I> </I>Nothing in the Indenture or the SP Securities, express or implied, shall give to any
Person, other than the parties hereto and their successors hereunder and the Holders of SP Securities, any benefit or any legal or equitable right, remedy or claim under the Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.07. <I>Governing Law.</I><I> </I>This Third Supplemental Indenture and the SP Securities (except as set forth herein and
therein) shall be governed by and construed in accordance with the laws of the State of New York applicable to agreements made or instruments entered into and, in each case, performed in said state, except that the authorization and execution by the
Company of this Third Supplemental Indenture, the authorization, issuance and execution by the Company of the SP Securities, Section&nbsp;3.11 hereof, the SP Securities to the extent set forth therein and the Original Indenture (as amended and
supplemented hereby) to the extent set forth therein<B><I> </I></B>shall be governed by and construed in accordance with the common laws of the Kingdom of Spain. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.08. <I>Submission to Jurisdiction.</I> Except as provided in the immediately
following two sentences, the Company hereby irrevocably submits to the <FONT STYLE="white-space:nowrap">non-exclusive</FONT> jurisdiction of any U.S. federal or state court in the Borough of Manhattan, The City of New York, New York in any suit or
proceeding arising out of or relating to the SP Securities or the Indenture, and irrevocably waives, to the extent it may effectively do so, any objection it may have now or hereafter to the laying of the venue of any such suit or proceeding.
Notwithstanding anything to the contrary in the SP Securities or the Indenture, the Spanish courts shall have exclusive jurisdiction in respect of any suit or proceeding arising out of or relating to the SP 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 &#147;<B><FONT STYLE="white-space:nowrap">Bail-in</FONT> Dispute</B>&#148;) and
accordingly each of the Company, the Trustee, each Holder and beneficial owner of any SP Securities and each Paying Agent, Transfer Agent, Authenticating Agent and Security Registrar submits, to the extent it may effectively do so, to the exclusive
jurisdiction of the Spanish courts in relation to any <FONT STYLE="white-space:nowrap">Bail-in</FONT> Dispute. Each of the Company, the Trustee, each Holder and beneficial owner of any SP Securities and each Paying Agent, Transfer Agent,
Authenticating Agent and Security Registrar further irrevocably waives, to the extent it may effectively do so, any objection to the Spanish courts on the grounds that they are an inconvenient or inappropriate forum in respect of any <FONT
STYLE="white-space:nowrap">Bail-in</FONT> Dispute. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.09. <I>Execution in Counterparts.</I><I> </I>This Third Supplemental
Indenture may be executed manually, by facsimile or by electronic signature in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same
instrument. The exchange of copies of this Third Supplemental Indenture and of signature pages by facsimile, email or other electronic format (including, without limitation, &#147;pdf,&#148; &#147;tif&#148; or &#147;jpg&#148;) transmission or other
electronically-imaged signature (including, without limitation, DocuSign or AdobeSign) or transmission shall constitute effective execution and delivery of this Third Supplemental Indenture as to the parties hereto and may be used <I>in lieu</I> of
the original Third Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile, email or other electronic format (e.g., &#147;pdf,&#148; &#147;tif&#148; or &#147;jpg&#148;) (including, without limitation,
DocuSign or AdobeSign) shall be deemed to be their original signatures for all purposes. Unless otherwise provided herein or in the SP Securities, the words &#147;execute,&#148; &#147;execution,&#148; &#147;signed,&#148; and &#147;signature&#148;
and words of similar import used in or related to any document to be signed in connection with this Third Supplemental Indenture, any SP Securities or any of the transactions contemplated hereby or thereby (including amendments, waivers, consents
and other modifications) shall be deemed to include electronic signatures and the keeping of records in electronic form, each of which shall be of the same legal effect, validity and enforceability as a manually executed signature in ink or the use
of a paper-based recordkeeping system, as applicable, to the fullest extent as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records
Act, and any other similar state laws based on the Uniform Electronic Transactions Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.10. <I>Recitals by the
Issuer.</I><I> </I>The recitals in this Third Supplemental Indenture are made by the Issuer only and not by the Trustee, and all of the provisions contained in the Original Indenture (as amended and supplemented hereby) in respect of the rights,
privileges, immunities, powers and duties of the Trustee shall be applicable in respect of the SP Securities and of this Third Supplemental Indenture as fully and with like effect as if set forth herein in full. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.11. <I>Ratification and Incorporation of Original Indenture.</I><I> </I>As amended and supplemented hereby with respect to the
SP Securities, the Original Indenture is in all respects ratified and confirmed, and the Original Indenture (as so amended and supplemented) and this Third Supplemental Indenture shall be read, taken and construed as one and the same instrument. In
the event of any conflict between the terms and conditions of the Original Indenture (as amended and supplemented hereby) and the terms and conditions of this Third Supplemental Indenture, the terms and conditions of this Third Supplemental
Indenture shall prevail. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 2 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A<SMALL>MENDED</SMALL> P<SMALL>ROVISIONS</SMALL> <SMALL>OF</SMALL> O<SMALL>RIGINAL</SMALL> I<SMALL>NDENTURE</SMALL> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.01. <I>Amended Provisions of Original Indenture</I>. (a)&nbsp;Article 1 of the Original Indenture shall be deleted in its
entirety with respect to the SP Securities only and shall not apply to the SP Securities and shall, with respect to the SP Securities only, be replaced by the following: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#147;<B>ARTICLE 1</B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">D<SMALL>EFINITIONS</SMALL> <SMALL>AND</SMALL> O<SMALL>THER</SMALL> P<SMALL>ROVISIONS</SMALL> <SMALL>OF</SMALL> G<SMALL>ENERAL</SMALL>
A<SMALL>PPLICATION</SMALL> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.01<I>. Definitions. </I>Except as otherwise expressly provided in or pursuant
to this Indenture or unless the context otherwise requires, for all purposes of this Indenture: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) the terms defined in
this Article have the meanings assigned to them in this Article, and include the plural as well as the singular; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) all
other terms used herein which are defined in the Trust Indenture Act, either directly or by reference therein, have the meanings assigned to them therein; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with International
Financial Reporting Standards as issued by the International Accounting Standards Board; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) the words
&#147;<B>herein</B>&#148;, &#147;<B>hereof</B>&#148;, &#147;<B>hereto</B>&#148; and &#147;<B>hereunder</B>&#148; and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision;
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) the word &#147;<B>or</B>&#148; is always used inclusively (for example, the phrase &#147;A or B&#148; means &#147;A or
B or both&#148;, not &#147;either A or B but not both&#148;); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) the term &#147;<B>including</B>&#148; means
&#147;including without limitation;&#148; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) any reference to an &#147;<B>Article</B>&#148; or a
&#147;<B>Section</B>&#148; refers to an Article or Section of this Indenture. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">References to any act or statute or any
provision of any act or statute shall be deemed also to refer to any statutory modification or <FONT STYLE="white-space:nowrap">re-enactment</FONT> thereof or any statutory instrument, order or regulation made in accordance therewith or under such
modification or <FONT STYLE="white-space:nowrap">re-enactment.</FONT> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Certain terms used principally in certain Articles
hereof are defined in those Articles. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Act</B>&#148;, when used with respect to any Holder, has the meaning
specified in Section&nbsp;1.04. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Additional Amounts</B>&#148; means any additional amounts which are payable under
Section&nbsp;10.04 by the Company in respect of certain taxes withheld from payments of interest to Holders. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Affiliate</B>&#148; of any specified Person means any other Person directly or indirectly controlling or controlled by
or under direct or indirect common control with such specified Person. For the purposes of this definition, &#147;control&#148;, when used with respect to any specified Person, means the power to direct the management and policies of such Person,
directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms &#147;controlling&#148; and &#147;controlled&#148; have meanings correlative to the foregoing. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Amounts Due</B>&#148;, with respect to the Securities of a series,
means the principal amount of or outstanding amount (if applicable), together with any accrued but unpaid interest, Additional Amounts and premium (if any) due on the Securities of such series. References to such amounts will include amounts that
have become due and payable, but which have not been paid, prior to the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power (as defined herein) by the Relevant Spanish Resolution Authority (as defined herein). References to
such amounts will also include amounts held in trust by the Company, any Paying Agent or the Trustee pursuant to Section&nbsp;10.03. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Applicable Banking Regulations</B>&#148; means, with respect to the Securities of a series, at any time the laws,
regulations, requirements, guidelines and policies relating to capital adequacy, resolution and/or solvency, including those applicable to Eligible Liabilities Amounts or any equivalent or successor principles, then applicable to the Company and/or
the Group including, without limitation to the generality of the foregoing, CRD V (as defined herein), the BRRD (as defined herein), the SRM Regulation (as defined herein) and those laws, regulations, requirements, guidelines and policies relating
to capital adequacy, resolution and/or solvency, including those applicable to Eligible Liabilities Amounts or any equivalent or successor principles, then applicable to the Company and/or the Group, in each case to the extent then in effect in the
Kingdom of Spain (whether or not such regulations, requirements, guidelines or policies have the force of law and whether or not they are applied generally or specifically to the Company and/or the Group). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Authenticating Agent</B>&#148; means, when used with respect to the Securities of any series, any Person authorized by
the Trustee pursuant to Section&nbsp;6.13 to act on behalf of the Trustee to authenticate Securities of such series. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Authorized Newspaper</B>&#148; means a newspaper, in an official language of the place of publication or in the
English language, customarily published on each day that is a Business Day in the place of publication, whether or not published on days that are Legal Holidays in the place of publication, and of general circulation in each place in connection with
which the term is used or in the financial community of each such place. Where successive publications are required to be made in Authorized Newspapers, the successive publications may be made in the same or in different newspapers in the same city
meeting the foregoing requirements and in each case on any day that is a Business Day in the place of publication. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Board of Directors</B>&#148; means either the board of directors of the Company or any committee or Person duly
authorized to act generally or in any particular respect for the Company hereunder. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Board Resolution</B>&#148;
means a copy of one or more resolutions certified by the Secretary or an Assistant Secretary or any Person duly authorized by the Company to have been duly adopted by the relevant Board of Directors or an authorized committee thereof and to be in
full force and effect on the date of such certification. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>BRRD</B>&#148; means Directive 2014/59/EU of the
European Parliament and of the Council of May&nbsp;15, 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms or such other directive as may come into effect in place thereof, as implemented into
Spanish law by Law 11/2015 (as defined herein) and RD 1012/2015 (as defined herein), as amended, replaced or supplemented from time to time and including any other relevant implementing or developing<B> </B>regulatory provisions. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>BRRD Liability</B>&#148; means any liability, commitment, duty, responsibility, amount payable or contingency or other
obligation arising from, or related to, this Indenture which may be subject to the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Business Day</B>&#148; means, except as may otherwise be provided in the form of Securities of any particular series
pursuant to the provisions of this Indenture, any day, other than Saturday or Sunday, that is neither a Legal Holiday nor a day on which banking institutions are authorized or required by law, regulation or executive order to close in the City of
New York, London or Madrid. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>CNMV</B>&#148; means the Spanish National Securities Market
Commission (<I>Comisi&oacute;n Nacional del Mercado de Valores</I>).<B> </B> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Commission</B>&#148; means the U.S.
Securities and Exchange Commission, as from time to time constituted, created under the Securities Exchange Act of 1934, as amended, or, if at any time after the execution of this Indenture such Commission is not existing and performing the duties
now assigned to it under the Trust Indenture Act, then the body performing such duties at such time. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Company</B>&#148; means the Person named as the &#147;Company&#148; in the first paragraph of this Indenture until a
successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter &#147;Company&#148; shall mean such successor Person, and any other obligor upon the Securities. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Company Request</B>&#148; and &#147;<B>Company Order</B>&#148; mean, respectively, a written request or order, as the
case may be, signed in the name of the Company by any member of the Board of Directors, the President, a Vice President, the Treasurer, an Assistant Treasurer, the Secretary, an Assistant Secretary or other representative of the Company, in each
case empowered to do so by a Board Resolution, and delivered to the Trustee or the Paying Agent, as the case may be. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Corporate Trust Office</B>&#148; means the corporate trust office of the Trustee at which, at any particular time, its
corporate trust business is principally administered, which, with respect to The Bank of New York Mellon, London Branch, is currently located at 160 Queen Victoria Street, London EC4V 4LA, United Kingdom, and the Indenture shall be administered
(except with respect to the role of Security Registrar) at such corporate trust office, or such other location as notified by the Trustee to the Company from time to time, or, if a different Trustee is appointed for a particular series of
Securities, the address set forth in the supplemental indenture naming the Trustee for that particular series of Securities. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Corporation</B>&#148; includes corporations, companies and, except for purposes of Article 8, associations and
business trusts. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>CRD V</B>&#148; means any or any combination of the CRD Directive (as defined below), the CRR
(as defined below) and any CRD Implementing Measures (as defined below). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>CRD Directive</B>&#148; means Directive
2013/36/EU of the European Parliament and of the Council of June&nbsp;26 on access to the activity of credit institutions and the prudential supervision of credit institutions, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and
2006/49/EC, as amended, replaced or supplemented from time to time. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>CRD Implementing Measures</B>&#148; means any
regulatory capital 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 (as defined below), the European Banking Authority or any other relevant authority, which are applicable to the Company (on a standalone basis) or the
Group (on a consolidated basis), including, without limitation, Law 10/2014 and any other regulation, circular or guidelines implementing or developing Law 10/2014. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>CRR</B>&#148; means Regulation (EU) No.&nbsp;575/2013 of the European Parliament and of the Council of June&nbsp;26,
on prudential requirements for credit institutions, as amended, replaced or supplemented from time to time. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Currency</B>&#148;, with respect to any payment, deposit or other transfer in respect of the principal of or any
premium or interest on or any Additional Amounts with respect to any Security, means Dollars, unless otherwise expressly provided. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Defaulted Interest</B>&#148; has the meaning specified in Section&nbsp;3.07. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Dollars</B>&#148; or &#147;<B>$</B>&#148; means a dollar or other
equivalent unit of legal tender for payment of public or private debts in the United States of America. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Early
Intervention</B>&#148; means, with respect to any Person, that any Relevant Spanish Resolution Authority or the European Central Bank shall have announced or determined that such Person has or shall become the subject of an &#147;early
intervention&#148; (<I>actuaci&oacute;n temprana</I>) as such term is defined in Law 11/2015 and in the SRM Regulation. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Eligible Liabilities Amount</B>&#148; means the amount of eligible liabilities of the Company or the Group for the
purposes of Article 45 of the BRRD or Applicable Banking Regulations or any other regulations applicable in the Kingdom of Spain from time to time. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Eligible Liabilities Event</B>&#148; means, with respect to the Securities of a series, a change (or any pending
change which the Regulator considers sufficiently certain) in Spanish law or Applicable Banking Regulations or any application or official interpretation thereof, on or after the issue date of such Securities, that results (or is likely to result)
in such Securities not meeting the eligibility criteria for their inclusion in the Eligible Liabilities Amount; <I>provided that </I>an Eligible Liabilities Event shall not occur where such ineligibility for inclusion of such Securities in the
Eligible Liabilities Amount is due to the remaining maturity of such Securities being less than any period prescribed by any applicable eligibility criteria under the Applicable Banking Regulations (or any other regulations applicable in the Kingdom
of Spain from time to time) which was effective on the issue date of such Securities. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Event of Default</B>&#148;
has the meaning specified in Section&nbsp;5.01. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Foreign Currency</B>&#148; means any currency, currency unit or
composite currency, including, without limitation, the euro, issued by the government of one or more countries other than the United States or by any confederation or association of such governments. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Global Security</B>&#148; means a Security evidencing all or part of the Securities of a series, bearing the legend
set forth in Section&nbsp;2.04 (or such legend as may be specified as contemplated in Section&nbsp;3.01 for such Securities), authenticated and delivered to or on behalf of the Holder and registered in the name of the Holder or its nominee. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Group</B>&#148; means the Company and its consolidated subsidiaries. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Holder</B>&#148; means a Person in whose name a Security is registered in the Security Register. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Indenture</B>&#148; means this instrument as it may from time to time be supplemented or amended by one or more
indentures supplemental hereto entered into pursuant to the applicable provisions hereof and, with respect to any Security, by the terms and provisions of such Security established pursuant to Section&nbsp;3.01 (as such terms and provisions may be
amended pursuant to the applicable provisions hereof). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Insolvency Law</B>&#148; means the restated text of the
Insolvency Law, as approved by Spanish Royal Legislative Decree 1/2020 of May&nbsp;5 (<I>Real Decreto Legislativo 1/2020, de 5 de mayo, por el que se aprueba el texto refundido de la Ley Concursal</I>), as amended, replaced or supplemented from time
to time. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Interest Payment Date</B>&#148;, with respect to any Security, means the Stated Maturity of an
installment of interest on such Security. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Law 10/2014</B>&#148; means Spanish Law 10/2014 of June&nbsp;26, on the
Organization, Supervision and Solvency of Credit Entities (<I>Ley 10/2014 de 26 de junio, de ordenaci&oacute;n, supervisi&oacute;n y solvencia de entidades de cr&eacute;dito</I>), as amended, replaced or supplemented from time to time, including as
amended by Spanish Royal <FONT STYLE="white-space:nowrap">Decree-Law</FONT> 7/2021 of April&nbsp;27 on the transposition of European Union directives in matters of credit institutions, among others. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Law 11/2015</B>&#148; means Spanish Law 11/2015 of June&nbsp;18, on
the Recovery and Resolution of Credit Institutions and Investment Firms (<I>Ley 11/2015 de 18 de junio, de recuperaci&oacute;n y resoluci&oacute;n de entidades de cr&eacute;dito y empresas de servicios de inversi&oacute;n</I>), as amended, replaced
or supplemented from time to time. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Legal Holiday</B>&#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 required to be open. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Maturity</B>&#148;, with respect to any Security, means the date on which the principal of such Security or an
installment of principal becomes due and payable as provided in or pursuant to this Indenture, whether at the Stated Maturity or by declaration of acceleration, notice of redemption or repurchase or otherwise, and includes the Redemption Date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Office</B>&#148; or &#147;<B>Agency</B>&#148;, with respect to any Securities, means an office or agency of the
Company maintained or designated in a Place of Payment for such Securities pursuant to Section&nbsp;10.02 or any other office or agency of the Company maintained or designated for such Securities pursuant to Section&nbsp;10.02 or, to the extent
designated or required by Section&nbsp;10.02 in lieu of such office or agency, the Corporate Trust Office of the Trustee. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Officer&#146;s Certificate</B>&#148; means a certificate signed by the Chairman or the Vice Chairman of the Board of
Directors, the Secretary or an Assistant Secretary of the Board of Directors, the President, a Vice President, the Treasurer, an Assistant Treasurer or any other Person duly authorized by the Company and that, if required by the Trust Indenture Act,
complies with the requirements of Section&nbsp;314(e) of the Trust Indenture Act. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Opinion of Counsel</B>&#148;
means a written opinion of counsel, who may be an employee of or counsel for the Company or other counsel who shall be reasonably acceptable to the Trustee, that, if required by the Trust Indenture Act, complies with the requirements of
Section&nbsp;314(e) of the Trust Indenture Act. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>ordinary claims</B>&#148; means the class of claims with respect
to unsecured, <FONT STYLE="white-space:nowrap">non-privileged</FONT> and unsubordinated obligations (<I>cr</I><I>&eacute;</I><I>ditos ordinarios</I>) of the Company which, upon the insolvency (<I>concurso de acreedores</I>) of the Company and
pursuant to the Insolvency Law and other applicable laws relating to or affecting the enforcement of creditors&#146; rights in the Kingdom of Spain, rank (i)&nbsp;junior to privileged claims (<I>cr</I><I>&eacute;</I><I>ditos privilegiados</I>)
(which shall include, among other claims, any claims in respect of deposits for the purposes of Additional Provision 14.1 of Law 11/2015 and any secured claims), and claims against the insolvency estate (<I>cr</I><I>&eacute;</I><I>ditos contra la
masa</I>) and (ii)&nbsp;senior to subordinated claims (<I>cr</I><I>&eacute;</I><I>ditos subordinados</I>). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Original Issue Discount Security</B>&#148; means a Security issued pursuant to this Indenture which provides for
declaration of an amount less than the principal face amount thereof to be due and payable upon acceleration pursuant to Section&nbsp;5.02. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Outstanding</B>&#148;, when used with respect to any Securities, means, as of the time of determination, all such
Securities theretofore authenticated and delivered under this Indenture, except: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) any such Security theretofore
cancelled by the Trustee or the Security Registrar or delivered to the Trustee or the Security Registrar for cancellation; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) any such Security for whose payment at the Maturity thereof money in the necessary amount has been theretofore deposited
pursuant hereto with the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of such Securities, <I>provided </I>that,
if such Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) any such Security which has been paid pursuant to Section&nbsp;3.06(c)
or in exchange for or in lieu of which other Securities have been authenticated and delivered pursuant to this Indenture, unless there shall have been presented to the Trustee proof satisfactory to it that such Security is held by a protected
purchaser in whose hands such Security is a valid obligation of the Company; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) any such Security subject to the
exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power which results in the redemption, cancellation, or the conversion into another security or other securities, of all Amounts Due on such Security or such Security otherwise
ceasing to be outstanding; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) any such Security purchased by the Company or any member of the Group or any other
legal entity acting on behalf of the Company pursuant to Section&nbsp;11.12 (A) for so long as such purchased Security is held by the Company or any member of the Group or any other legal entity acting on behalf of the Company pursuant to
Section&nbsp;11.12 or (B)&nbsp;if such purchased Security has been surrendered to the Trustee for cancellation; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>provided, however,
</I>that in determining whether the Holders of the requisite principal amount of Outstanding Securities of a series have given any request, demand, authorization, direction, notice, consent or waiver hereunder, (i)&nbsp;the principal amount of an
Original Issue Discount Security that may be counted in making such determination and that shall be deemed to be Outstanding for such purposes shall be equal to the amount of the principal thereof that pursuant to the terms of such Original Issue
Discount Security would be declared (or shall have been declared to be) due and payable upon a declaration of acceleration thereof pursuant to Section&nbsp;5.02 at the time of such determination, (ii)&nbsp;the principal amount of a Security
denominated in a Foreign Currency shall be the Dollar equivalent, determined on the date of original issuance of such Security, of the principal amount (or, in the case of an Original Issue Discount Security, the Dollar equivalent on the date of
original issuance of such Security of the amount determined in (i)&nbsp;above) of such Security, and (iii)&nbsp;Securities owned by the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor, shall
be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in making any such determination or relying upon any such request, demand, authorization, direction, notice, consent or waiver, only
Securities which a Responsible Officer of the Trustee knows to be so owned shall be so disregarded. Securities so owned which shall have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the
Trustee (A)&nbsp;the pledgee&#146;s right so to act with respect to such Securities and (B)&nbsp;that the pledgee is not the Company or any other obligor upon the Securities or an Affiliate of the Company or of such other obligor. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Paying Agent</B>&#148; means, when used with respect to the Securities of any series, any Person authorized by the
Company to pay the principal of, or any premium or interest on, or any Additional Amounts with respect to, the Securities of such series on behalf of the Company. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Payment Statement</B>&#148; means the statement to be delivered to the Company by the Paying Agent pursuant to the
terms of the relevant supplemental indenture. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Person</B>&#148; means any individual, Corporation, limited
liability company, partnership, joint venture, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Place of Payment</B>&#148;, with respect to any Security, means the place or places where the principal of, or any
premium or interest on, or any Additional Amounts with respect to, such Security are payable as provided in or pursuant to this Indenture. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Predecessor Security</B>&#148; of any particular Security means
every previous Security evidencing all or a portion of the same indebtedness as that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section&nbsp;3.06 in exchange for or
in lieu of a lost, destroyed, mutilated or stolen Security shall be deemed to evidence the same indebtedness as the lost, destroyed, mutilated or stolen Security. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Qualifying Securities</B>&#148; means, with respect to the Securities of a series which is subject to any substitution
or modification pursuant to Section&nbsp;8.04, at any time, any securities issued by the Company (including any Securities so modified so as to remain Qualifying Securities) that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) contain terms which comply with the then-current requirements for inclusion in the Eligible Liabilities Amount as provided
under Applicable Banking Regulations, as applicable; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) have the same denomination and aggregate outstanding principal
amount, the same currency in which payments shall be payable, the same rate of interest and terms for the determination of any applicable rate of interest, the same date of maturity and the same dates for payment of interest as such series of
Securities immediately prior to any substitution or modification pursuant to Section&nbsp;8.04; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) have the same or
higher ranking as is applicable to such series of Securities on the issue date of such series of Securities pursuant to Article&nbsp;13; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) preserve any existing rights under the Securities to any accrued interest which has not been paid in respect of the period
from (and including) the Interest Payment Date last preceding the date of any substitution or modification pursuant to Section&nbsp;8.04; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) are listed or admitted to trading on any stock exchange as selected by the Company, if such series of Securities were
listed or admitted to trading on a stock exchange immediately prior to the relevant substitution or modification pursuant to Section&nbsp;8.04. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>RD 1012/2015</B>&#148; means Spanish Royal Decree 1012/2015 of November&nbsp;6, by virtue of which Law 11/2015 is
developed and Royal Decree 2606/1996 of December&nbsp;20 on credit entities&#146; deposit guarantee fund is amended, as amended, replaced or supplemented from time to time. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Redemption Date</B>&#148;, with respect to any Security or portion thereof to be redeemed, means the date fixed for
such redemption by or pursuant to this Indenture. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Redemption Price</B>&#148;, with respect to any Security or
portion thereof to be redeemed, means the price at which it is to be redeemed as determined by or pursuant to this Indenture. Except as otherwise provided in the relevant Security, the Redemption Price of a Security to be redeemed means its
principal amount, together with accrued but unpaid interest, if any, thereon to but not including the Redemption Date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Regular Record Date</B>&#148; for the interest payable on any Security on any Interest Payment Date therefor means the
date, if any, specified in or pursuant to this Indenture as the &#147;Regular Record Date&#148;. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Regulator</B>&#148; means the European Central Bank, the Bank of Spain and/or the Relevant Spanish Resolution
Authority, as applicable, and/or such other or successor authority having primary bank supervisory authority, in each case, with respect to prudential or resolution matters in relation to the Company and/or the Group from time to time. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Relevant Date</B>&#148; has the meaning specified in Section&nbsp;10.04. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Relevant Spanish Resolution Authority</B>&#148; means the Spanish Fund for Orderly Bank Restructuring (<I>Fondo de
Reestructuraci</I><I>&oacute;</I><I>n Ordenada Bancaria</I>), the European Single Resolution Board, the Bank of Spain, the CNMV or any other entity with the authority to exercise the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power from
time to time. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Resolution</B>&#148; means, with respect to any Person, that any
Relevant Spanish Resolution Authority shall have announced or determined that such Person has or shall become the subject of a &#147;resolution&#148; (<I>resoluci&oacute;n</I>) as such term is defined in Law 11/2015 and the SRM Regulation. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Responsible Officer</B>&#148; means any officer of the Trustee in its Corporate Trust Office having direct
responsibility for the administration of this Indenture and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his knowledge of and familiarity with the particular subject.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Security</B>&#148; or &#147;<B>Securities</B>&#148; means any note or notes, bond or bonds, debenture or
debentures, or any other evidences of indebtedness, as the case may be, authenticated and delivered under this Indenture; <I>provided, however,</I> that, if at any time there is more than one Person acting as Trustee under this Indenture,
&#147;Securities&#148;, with respect to any such Person, shall mean Securities authenticated and delivered under this Indenture, exclusive, however, of Securities of any series as to which such Person is not Trustee. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Security Register</B>&#148; and &#147;<B>Security Registrar</B>&#148; have the respective meanings specified in
Section&nbsp;3.05. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Senior <FONT STYLE="white-space:nowrap">Non-Preferred</FONT> Obligations</B>&#148;
(<I>cr</I><I>&eacute;</I><I>ditos ordinarios no preferentes</I>) means the obligations of the Company with respect to all ordinary claims, present and future, which, upon the insolvency (<I>concurso de acreedores</I>) of the Company, are expressed
to rank within the ordinary claims but junior to Senior Preferred Obligations. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Senior Preferred
Obligations</B>&#148; means the obligations of the Company with respect to (i)&nbsp;the payment of principal under the Securities, and (ii)&nbsp;all other ordinary claims, present and future, other than Senior
<FONT STYLE="white-space:nowrap">Non-Preferred</FONT> Obligations.<B> </B> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Spanish
<FONT STYLE="white-space:nowrap">Bail-in</FONT> Power</B>&#148; means any write-down, conversion, transfer, modification, cancellation or suspension power existing from time to time under: (i)&nbsp;any law, regulation, rule or requirement applicable
from time to time in the Kingdom of Spain, relating to the transposition or development of the BRRD, including, but not limited to (a)&nbsp;Law 11/2015, (b) RD 1012/2015 and (c)&nbsp;the SRM Regulation; or (ii)&nbsp;any other law, regulation, rule
or requirement applicable from time to time in the Kingdom of Spain pursuant to which (a)&nbsp;obligations or liabilities of banks, investment firms or other financial institutions or their affiliates can be reduced, cancelled, modified, transferred
or converted into shares, other securities, or other obligations of such Persons or any other Person (or suspended for a temporary period or permanently) or (b)&nbsp;any right in a contract governing such obligations may be deemed to have been
exercised. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Special Record Date</B>&#148; for the payment of any Defaulted Interest on any Security means a date
fixed by the Trustee pursuant to Section&nbsp;3.07. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>SRM Regulation</B>&#148; means Regulation (EU)
No.&nbsp;806/2014 of the European Parliament and of the Council of July&nbsp;15 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution
Mechanism and a Single Resolution Fund and amending Regulation (EU) No.&nbsp;1093/2010, as amended, replaced or supplemented from time to time. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Stated Maturity</B>&#148; means, with respect to the principal of, or an installment of principal of or interest on,
or any Additional Amount with respect to, a Security, the date established by or pursuant to this Indenture as the fixed date on which the relevant amount is due and payable. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Subsidiary</B>&#148; means any entity over which the Company may have, directly or indirectly, control in accordance
with Article 42 of the Spanish Commercial Code (<I>C&oacute;digo de Comercio</I>) as approved by Royal Decree of August&nbsp;22, 1885, as amended, replaced or supplemented from time to time and/or Applicable Banking Regulations. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Trust Indenture Act</B>&#148; means the Trust Indenture Act of
1939, as amended, and any reference herein to the Trust Indenture Act or a particular provision thereof shall mean such Act or provision, as the case may be, as amended, replaced or supplemented from time to time by rules or regulations adopted by
the Commission under or in furtherance of the purposes of such Act or provision, as the case may be. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Trustee</B>&#148; means the Person named as the &#147;Trustee&#148; in the first paragraph of this instrument until a
successor trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter &#147;Trustee&#148; shall mean the Person who is then the Trustee hereunder, or, if a different Trustee is appointed for a particular
series of Securities, the Trustee named in the relevant indenture supplemental hereto as the Trustee for that particular series of Securities and if at any time there is more than one such Person, &#147;Trustee&#148; shall mean and include each such
Person; and &#147;Trustee&#148; as used with respect to the Securities of any series shall mean the Trustee with respect to the Securities of such series; provided that the Trustee shall not be the Company or any other obligor of the Securities or
any Affiliate of the Company or such other obligor. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>United States</B>&#148;, except as otherwise provided herein
or in any Security, means the United States of America (including the states thereof and the District of Columbia), and its possessions (including Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana
Islands). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>U.S. Depository</B>&#148; or &#147;<B>Depository</B>&#148; means, with respect to any Security issuable
or issued in the form of one or more Global Securities, the Person designated as U.S. Depository or Depository by the Company in or pursuant to this Indenture, which Person must be, to the extent required by applicable law or regulation, a clearing
agency registered under the Securities Exchange Act of 1934, as amended, and, if so provided with respect to any Security, any successor to such Person. If at any time there is more than one such Person, &#147;U.S. Depository&#148; or
&#147;Depository&#148; shall mean, with respect to any Securities, the qualifying entity which has been appointed with respect to such Securities. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Vice President</B>&#148; when used with respect to the Company or the Trustee, means any vice president or similar
officer, whether or not designated by a number or a word or words added before or after the title &#147;Vice President&#148;. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.02<I>. Compliance Certificates and Opinions. </I>Except as otherwise expressly provided in this Indenture, upon
any application or request by the Company to the Trustee to take any action under any provision of this Indenture, the Company shall furnish to the Trustee an Officer&#146;s Certificate stating that all conditions precedent, if any, provided for in
this Indenture relating to the proposed action have been complied with and an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent, if any, have been complied with, except that in the case of any such
application or request as to which the furnishing of such documents or any of them is specifically required by any provision of this Indenture relating to such particular application or request, no additional certificate or opinion need be
furnished.<B> </B> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.03<I>. Form of Documents Delivered to Trustee. </I>In any case where several matters are
required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one
document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. </P>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any certificate or opinion of an officer of the Company may be based,
insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, legal advisors, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with
respect to the matters upon which his certificate or opinion is based are erroneous. Any such certificate or opinion of, or representations by, legal advisors may be based, insofar as it relates to factual matters, upon a certificate or opinion of,
or representations by, an officer or officers of the Company stating that the information with respect to such factual matters is in the possession of the Company, unless such legal advisors know, or in the exercise of reasonable care should know,
that the certificate or opinion or representations with respect to such matters are erroneous. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Where any Person is
required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture or any Security, they may, but need not, be consolidated and form one instrument. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.04<I>. Acts of Holders; Meetings; Record Dates. </I>(a)&nbsp;Except as otherwise provided under this Indenture
or the Trust Indenture Act, any request, demand, authorization, direction, notice, consent, waiver or other action provided by or pursuant to this Indenture to be given or taken by Holders of Securities of a series may be embodied in and evidenced
by one or more written instruments of substantially similar tenor signed by such Holders in person or by an agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective when such instrument
or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Company. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein referred to as the &#147;<B>Act</B>&#148; of
the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section&nbsp;315 of the Trust Indenture
Act) conclusive in favor of the Trustee, the Company and any agent of the Trustee or the Company, if made in the manner provided in this Section. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a
witness of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution thereof. Where
such execution is by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of his authority. The fact and date of the execution of any such instrument or writing, or
the authority of the Person executing the same, may also be proved in any other manner which the Trustee deems sufficient. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) The Company may set any day as a record date for the purpose of determining the Holders of Outstanding Securities of a
series entitled to give, make or take any request, demand, authorization, direction, notice, consent, waiver or other action (including an Act) provided or permitted by this Indenture to be given, made or taken by Holders of Securities of such
series; provided that the Company may not set a record date for, and the provisions of this Section&nbsp;1.04(c) shall not apply with respect to, the giving or making of any notice, declaration, request or direction referred to in
Section&nbsp;1.04(d). If any record date is set pursuant to this Section&nbsp;1.04(c), the Holders of Outstanding Securities of the relevant series on such record date, and no other Holders, shall be entitled to take the relevant action, whether or
not such Holders remain Holders after such record date; provided that no such action shall be effective hereunder unless taken on or prior to the applicable Expiration Date (as defined below) by Holders of the requisite principal amount of
Outstanding Securities of such series on such record date. Nothing in this Section&nbsp;1.04(c) shall be construed to prevent the Company from setting a new record date for any action for which a record date has previously been set pursuant to this
Section&nbsp;1.04(c) (whereupon the record date previously set shall automatically and with no action by any Person be cancelled and of no effect), and nothing in this Section&nbsp;1.04(c) shall be construed to render ineffective any action taken by
Holders of the requisite principal amount of Outstanding Securities of the relevant series on the date such action is taken. Promptly after any record date is set pursuant to this Section&nbsp;1.04(c), the Company, at its own expense, shall cause
notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Trustee in writing and to each Holder of Securities of the relevant series in the manner set forth in Section&nbsp;1.06. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) The Trustee may set any day as a record date for the purpose of
determining the Holders of Outstanding Securities of any series entitled to join in the giving or making of: (i)&nbsp;any declaration of acceleration referred to in Section&nbsp;5.02; (ii) any request to institute proceedings referred to in
Section&nbsp;5.07(ii); or (iii)&nbsp;any direction referred to in Section&nbsp;5.12, in each case with respect to Securities of such series. If any record date is set pursuant to this Section&nbsp;1.04(d), the Holders of Outstanding Securities of
such series on such record date, and no other Holders, shall be entitled to join in such notice, declaration, request or direction, whether or not such Holders remain Holders after such record date; provided that no such action shall be effective
hereunder unless taken on or prior to the applicable Expiration Date by Holders of the requisite principal amount of Outstanding Securities of such series on such record date. Nothing in this Section&nbsp;1.04(d) shall be construed to prevent the
Trustee from setting a new record date for any action for which a record date has previously been set pursuant to this Section&nbsp;1.04(d) (whereupon the record date previously set shall automatically and with no action by any Person be cancelled
and of no effect), and nothing in this Section&nbsp;1.04(d) shall be construed to render ineffective any action taken by Holders of the requisite principal amount of Outstanding Securities of the relevant series on the date such action is taken.
Promptly after any record date is set pursuant to this Section&nbsp;1.04(d), the Trustee, at the expense of the Company, shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the
Company in writing and to each Holder of Securities of the relevant series in the manner set forth in Section&nbsp;1.06. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) With respect to any record date set pursuant to this Section with respect to the Securities of a series, the party or
parties hereto which set such record date may designate any day as the &#147;<B>Expiration Date</B>&#148; and from time to time may change the Expiration Date to any earlier or later day; provided that no such change shall be effective unless notice
of the proposed new Expiration Date is given to the other party or parties hereto in writing, and to each Holder of Securities of the relevant series in the manner set forth in Section&nbsp;1.06, on or prior to the existing Expiration Date.
Notwithstanding the foregoing, no Expiration Date shall be designated later than the 180th day after the applicable record date and, if an Expiration Date is not designated, with respect to any record date set pursuant to this Section, the party or
parties hereto which set such record date shall be deemed to have designated the 180th day after such record date as the Expiration Date with respect thereto. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) The ownership, principal amount and serial numbers of Securities held by any Person, and the date of the commencement and
the date of the termination of holding the same, shall be proved by the Security Register. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) Any request, demand,
authorization, direction, notice, consent, waiver or other Act of the Holder of any Security shall bind every future Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange
therefor or in lieu thereof in respect of anything done or suffered to be done by the Trustee, any Security Registrar, any Paying Agent or the Company in reliance thereon, whether or not notation of such request, demand, authorization, direction,
notice, consent, waiver or other Act is made upon such Security. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.05<I>. Notices, etc., to Trustee and
Company.</I> (a)&nbsp;Any request, demand, authorization, direction, notice, consent, waiver or record of an Act of Holders or other document provided or permitted by this Indenture to be made upon, given or furnished to, or filed with, the Trustee
by any Holder, or any request, demand, authorization, direction, notice, consent or waiver by the Company, shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing to or with the Trustee at its Corporate Trust
Office. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Any record of an Act of Holders or other document provided or permitted by this Indenture to be made upon,
given or furnished to, or filed with, the Company by the Trustee or any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to the Company
addressed to the attention of ALM&#151;Finance at Calle Azul 4, 28050 Madrid, Spain (<U>Alm.Internal.Control@bbva.com</U>), or at any other address previously furnished in writing to the Trustee by the Company. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.06<I>. Notice to Holders of Securities; Waiver. </I>(a)&nbsp;Except as otherwise expressly provided in or
pursuant to this Indenture, where this Indenture provides for notice to Holders of Securities of any event, such notice shall be sufficiently given to Holders of Securities if in writing and mailed, first-class postage prepaid, to each Holder of a
Security affected by such event, at its address as it appears in the Security Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. Notwithstanding the foregoing, any notice given
to the Holder of a Global Security shall be sufficiently given if such notice is given to such Holder through the Depository, in accordance with the Depository&#146;s applicable procedures from time to time. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Any notice which is given in the manner provided in this
Section&nbsp;1.06 shall be conclusively presumed to have been duly given or provided, whether or not such Holder actually receives the notice. Without limiting the generality of the foregoing, in any case where notice to Holders of Securities is
given by mail as provided by this Section&nbsp;1.06, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder of a Security shall affect the sufficiency of such notice with respect to other Holders of
Securities. In the case by reason of the suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification as shall be made with the approval of the Trustee shall
constitute a sufficient notification for every purpose hereunder. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Where this Indenture provides for notice in any
manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders of Securities shall be filed with the
Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.07<I>. Language of Notices.</I> Any request, demand, authorization, direction, notice, consent, election or
waiver required or permitted under this Indenture shall be in the English language, except that, if the Company so elects, any published notice may be in an official language of the country of publication. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.08<I>. Conflict with Trust Indenture Act. </I>If any provision hereof limits, qualifies or conflicts with a
provision of the Trust Indenture Act that is required under such Act to be a part of and govern this Indenture, the provision of the Trust Indenture Act shall control. If any provision hereof modifies or excludes any provision of the Trust Indenture
Act that may be so modified or excluded, the provision of the Trust Indenture Act shall be deemed to apply to this Indenture as so modified or to be excluded, as the case may be. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.09<I>. Effect of Headings and Table of Contents. </I>The Article and Section headings herein and the Table of
Contents are for convenience only and shall not affect the construction hereof. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.10<I>. Successors and
Assigns. </I>All covenants and agreements in this Indenture made by the Company shall bind its successors and assigns, whether so expressed or not. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.11<I>. Separability Clause.</I> In case any provision in this Indenture or any Security shall be invalid,
illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.12<I>. Benefits of Indenture.</I> Nothing in this Indenture or any Security, express or implied, shall give to
any Person (other than the parties hereto, any Security Registrar, any Paying Agent and their successors hereunder and the Holders of Securities), any benefit or any legal or equitable right, remedy or claim under this Indenture. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.13<I>. Governing Law. </I>This Indenture and the Securities (except as set forth herein and therein) shall be
governed by and construed in accordance with the laws of the State of New York applicable to agreements made or instruments entered into and, in each case, performed in said state, except that the authorization and execution by the Company of this
Indenture, the authorization, issuance and execution by the Company of the Securities, the Securities to the extent set forth therein and Section&nbsp;13.01, Section&nbsp;13.02 and Article 15<B> </B>hereof shall be governed by and construed in
accordance with the common laws of the Kingdom of Spain.<B> </B> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.14<I>. Legal Holidays.</I> In any case where any Interest
Payment Date, Stated Maturity or Maturity of any Security shall not be a Business Day, then (notwithstanding any other provision of this Indenture or any Security other than a provision in any Security that specifically states that such provision
shall apply in lieu hereof) payment need not be made at such Place of Payment on such date, but such payment may be made on the next succeeding day that is a Business Day with the same force and effect as if made on the Interest Payment Date or at
the Stated Maturity or Maturity, and no interest shall accrue on the amount payable on such date or at such time for the period from and after such Interest Payment Date, Stated Maturity or Maturity, as the case may be. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.15<I>. Counterparts. </I>This Indenture may be executed in several counterparts, each of which shall be an
original and all of which shall constitute but one and the same instrument. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.16<I>. Appointment of Agent for
Service; Submission to Jurisdiction.</I> (a)&nbsp;The Company hereby designates and appoints Banco Bilbao Vizcaya Argentaria, S.A., New York Branch, 1345 Avenue of the Americas, 45th Floor, New York, New York 10105 as its authorized agent (the
&#147;<B>Authorized Agent</B>&#148;)<B> </B>upon which process may be served in any suit or proceeding, other than a <FONT STYLE="white-space:nowrap">Bail-in</FONT> Dispute (as defined in Section&nbsp;1.16(c)), in any U.S. federal or state court in
the Borough of Manhattan, The City of New York arising out of or relating to the Securities or this Indenture, but for that purpose only, and agrees that service of process upon said Authorized Agent shall be deemed in every respect effective
service of process upon it in any such suit or proceeding in any U.S. federal or state court in the Borough of Manhattan, The City of New York, New York. Such appointment shall be irrevocable so long as any of the Securities remain Outstanding until
the appointment of a successor by the Company and such successor&#146;s acceptance of such appointment. Upon such acceptance, the Company shall notify the Trustee of the name and address of such successor. The Company further agrees to take any and
all action, including the execution and filing of any and all such documents and instruments, as may be necessary to continue such designation and appointment of said Authorized Agent in full force and effect so long as any of the Securities shall
be Outstanding. The Trustee shall not be obligated and shall have no responsibility with respect to any failure by the Company to take any such action. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Except as provided in Section&nbsp;1.16(c), the Company hereby irrevocably submits to the
<FONT STYLE="white-space:nowrap">non-exclusive</FONT> jurisdiction of any U.S. federal or state court in the Borough of Manhattan, The City of New York in any suit or proceeding arising out of or relating to the Securities or this Indenture, and
irrevocably waives, to the extent it may effectively do so, any objection it may have now or hereafter to the laying of the venue of any such suit or proceeding. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Notwithstanding anything to the contrary in the Securities or this Indenture, the Spanish courts shall have exclusive
jurisdiction in respect of any suit or proceeding arising out of or relating to the Securities or this Indenture arising out of, relating to or in connection with the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by
the Relevant Spanish Resolution Authority (a &#147;<B><FONT STYLE="white-space:nowrap">Bail-in</FONT> Dispute</B>&#148;) and accordingly each of the Company, the Trustee, each Holder and beneficial owner of any Securities and each Paying Agent,
transfer agent, Authenticating Agent and Security Registrar submits, to the extent it may effectively do so, to the exclusive jurisdiction of the Spanish courts in relation to any <FONT STYLE="white-space:nowrap">Bail-in</FONT> Dispute. Each of the
Company, the Trustee, each Holder and beneficial owner of any Securities and each Paying Agent, transfer agent, Authenticating Agent and Security Registrar further irrevocably waives, to the extent it may effectively do so, any objection to the
Spanish courts on the grounds that they are an inconvenient or inappropriate forum in respect of any <FONT STYLE="white-space:nowrap">Bail-in</FONT> Dispute. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.17<I>. Waiver of Jury Trial.</I> EACH OF THE PARTIES HERETO AND EACH HOLDER AND BENEFICIAL OWNER OF A SECURITY
BY ITS ACCEPTANCE THEREOF HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS INDENTURE OR THE SECURITIES OR ANY TRANSACTION RELATED HERETO OR THERETO TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW.&#148; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Section 2.02 of the Original Indenture shall be deleted with respect to the SP
Securities only and shall not apply to the SP Securities and shall, with respect to the SP Securities only, be replaced by the following: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Section&nbsp;2.02<I>. Form of Trustee</I><I>&#146;</I><I>s Certificate of Authentication.</I> Subject to
Section&nbsp;6.13, the Trustee&#146;s certificate of authentication shall be in substantially the following form: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">This is one of the
Securities of the series designated therein referred to in the within-mentioned Indenture. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Dated: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Authenticated in New York </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3">The Bank of New York Mellon, London Branch, as Trustee</TD></TR>
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<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&#8195;&#8195;&#8195;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Authorized Officer&#148;</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Section 2.04 of the Original Indenture shall be deleted with respect to the SP Securities only and
shall not apply to the SP Securities and shall, with respect to the SP Securities only, be replaced by the following: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Section&nbsp;2.04<I>. Forms of Legends for Global Securities.</I> Unless otherwise specified as contemplated by
Section&nbsp;3.01 for the Securities evidenced thereby, every Global Security authenticated and delivered hereunder which is deposited with The Depository Trust Company shall bear legends in substantially the following form: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR
A NOMINEE THEREOF. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN CERTIFICATED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TRUST COMPANY (THE &#147;DEPOSITORY&#148;) TO A NOMINEE OF THE
DEPOSITORY OR BY THE DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY. UNLESS THIS GLOBAL SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TO THE COMPANY OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE&nbsp;&amp; CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY (AND ANY PAYMENT IS MADE TO
CEDE&nbsp;&amp; CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE&nbsp;&amp; CO., HAS AN INTEREST HEREIN.&#148; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) The second paragraph of Section&nbsp;3.01 of the Original Indenture shall be
deleted with respect to the SP Securities only and shall not apply to the SP Securities and shall, with respect to the SP Securities only, be replaced by the following: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;With respect to any Securities to be authenticated and delivered hereunder, there shall be established or issued in or
pursuant to a Board Resolution or an Officer&#146;s Certificate, or established in one or more indentures supplemental hereto, prior to the issuance of any Securities of a series, the applicable terms of such Securities, which may include the
following:&#148; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) Section 3.01(h) of the Original Indenture shall be deleted with respect to the SP
Securities only and shall not apply to the SP Securities and shall, with respect to the SP Securities only, be replaced by the following:<B> </B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;(h) if in addition to or other than the Borough of Manhattan, The City of New York, the place or places where the
principal of, any premium and interest on or any Additional Amounts with respect to such Securities shall be payable, any of such Securities may be surrendered for registration of transfer, any of such Securities may be surrendered for exchange and
notices or demands to or upon the Company in respect of such Securities and this Indenture may be served; the extent to which, or the manner in which, any interest payment on a Global Security on an Interest Payment Date will be paid and the manner
in which any principal of or premium, if any, on any Global Security will be paid;&#148; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) Section 3.01(r) of the Original Indenture
shall be deleted with respect to the SP Securities only and shall not apply to the SP Securities and shall, with respect to the SP Securities only, be replaced by the following: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;(r) (reserved);&#148; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) Section 3.01(w) of the Original Indenture shall be deleted with respect to the SP Securities only and shall not apply to the SP Securities
and shall, with respect to the SP Securities only, be replaced by the following: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;(w) any other terms of such
Securities which the Company may establish;&#148; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) The last paragraph of Section&nbsp;3.01 of the Original Indenture shall be deleted
with respect to the SP Securities only and shall not apply to the SP Securities and shall, with respect to the SP Securities only, be replaced by the following: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;If any of the terms of the Securities of any series shall be established by action taken by or pursuant to a Board
Resolution, the Board Resolution shall be delivered to the Trustee at or prior to the delivery of the Company Order pursuant to Section&nbsp;3.03 for the authentication and delivery of such Securities.&#148; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) Section 3.03 of the Original Indenture shall be deleted with respect to the SP Securities only and shall not apply to the SP Securities and
shall, with respect to the SP Securities only, be replaced by the following: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Section&nbsp;3.03<I>. Execution,
Authentication, Delivery and Dating. </I>Securities shall be executed on behalf of the Company by one of the representatives of the Company entitled to do so by Board Resolution or by any member of the Board of Directors. The signature of any of
these authorized representatives on the Securities may be manual, facsimile or electronic. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">At any time and from time to
time after the execution and delivery of this Indenture, the Company may deliver Securities, executed by the Company, to the Trustee for authentication and, <I>provided </I>that the Board Resolution, Officer&#146;s Certificate or supplemental
indenture or indentures with respect to such Securities referred to in Section&nbsp;3.01 and a Company Order for the authentication and delivery of such Securities have been delivered to the Trustee, the Trustee in accordance with the Company Order
and subject to the provisions hereof and of such Securities shall authenticate and deliver such Securities. In authenticating such Securities, and accepting the additional responsibilities under this Indenture in relation to such Securities, the
Trustee shall be entitled to receive, and (subject to Sections 315(a) through 315(d) of the Trust Indenture Act) shall be fully protected in relying upon, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) an Opinion of Counsel to the effect that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) the form or forms and terms of such Securities, if any, have been established in conformity with the provisions of this
Indenture; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) all conditions precedent to the authentication and delivery of such Securities have been complied with and
that such Securities, when completed by appropriate insertion and executed and delivered by the Company to the Trustee for authentication pursuant to this Indenture and authenticated and delivered by the Trustee and issued by the Company in the
manner and subject to any conditions specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the Company, enforceable against the Company in accordance with their terms,
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">
subject to bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer or other similar laws affecting the enforcement of creditors&#146; rights generally, and subject to general
principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law) and will entitle the Holders thereof to the benefits of this Indenture; such Opinion of Counsel need express no opinion as to the availability of
equitable remedies; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) such Securities have been duly authorized, executed and delivered by the Company; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) this Indenture has been qualified under the Trust Indenture Act; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) an Officer&#146;s Certificate stating that, to the best knowledge of the Persons executing such certificate, no event which
is, or after notice or lapse of time would become, an Event of Default with respect to any of the Securities shall have occurred and be continuing. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">If all the Securities of any series are not to be issued at one time, it shall not be necessary to deliver an Opinion of
Counsel and an Officer&#146;s Certificate at the time of issuance of each Security, but such opinion and certificate, with appropriate modifications, shall be delivered at or before the time of issuance of the first Security of such series. After
any such first delivery, any separate request by the Company that the Trustee authenticate Securities of such series for original issue will be deemed to be a certification by the Company that all conditions precedent provided for in this Indenture
relating to authentication and delivery of such Securities continue to have been complied with. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Trustee shall not be
required to authenticate or to cause an Authenticating Agent to authenticate any Securities if the issue of such Securities pursuant to this Indenture will affect the Trustee&#146;s own rights, duties or immunities under the Securities and this
Indenture or otherwise be in a manner which is not reasonably acceptable to the Trustee or if the Trustee, being advised by counsel, determines that such action may not lawfully be taken. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each Security shall be dated the date of its authentication. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">No Security shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless there
appears on such Security a certificate of authentication substantially in the form provided for in Section&nbsp;2.02 or 6.13 executed by or on behalf of the Trustee by the manual, facsimile or electronic signature of one of its authorized officers
or by the Authenticating Agent. Such certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding the foregoing, if any Security shall have been authenticated and delivered hereunder but never issued and sold
by the Company, and the Company shall deliver such Security to the Trustee for cancellation as provided in Section&nbsp;3.09, for all purposes of this Indenture such Security shall be deemed never to have been authenticated and delivered hereunder
and shall never be entitled to the benefits of this Indenture.&#148; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) Section 3.05(h) of the Original Indenture shall be deleted with
respect to the SP Securities only and shall not apply to the SP Securities and shall, with respect to the SP Securities only, be replaced by the following:<B> </B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;(h) Except as otherwise provided in or pursuant to this Indenture, the Company shall not be required (i)&nbsp;to issue,
register the transfer of or exchange any Securities during a period beginning at the opening of business 15 days before the day of the selection for redemption of Securities of like tenor and the same series under Section&nbsp;11.03 and ending at
the close of business on the day of such selection, or (ii)&nbsp;to register the transfer of or exchange any Security so selected for redemption in whole or in part, except in the case of any Security to be redeemed in part, the portion thereof not
to be redeemed.&#148; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k) Section 3.06(e) of the Original Indenture shall be deleted with respect to the SP
Securities only and shall not apply to the SP Securities and shall, with respect to the SP Securities only, be replaced by the following:<B> </B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;(e) Every new Security issued pursuant to this Section in lieu of any mutilated, destroyed, lost or stolen Security,
shall constitute a separate obligation of the Company, whether or not the mutilated, destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and
proportionately with any and all other Securities of such series, if any, duly issued hereunder.&#148; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(l) The second paragraph of
Section&nbsp;3.07(a) of the Original Indenture shall be deleted with respect to the SP Securities only and shall not apply to the SP Securities and shall, with respect to the SP Securities only, be replaced by the following: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;The Company shall, before 10:00 a.m. (New York time) on each due date of the principal (and premium, if any) or interest
or any other amounts due on any Securities, deposit with a Paying Agent a sum in immediately available funds sufficient to pay the principal (and premium, if any) or interest or any other amounts due or so becoming due, such sum to be held in trust
by the Paying Agent for the benefit of the Persons entitled to such principal, premium or interest or any other amounts due and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee and the Paying Agent of its action
or failure so to act. Subject to actual receipt of such funds as provided by this Section by the designated Paying Agent, such Paying Agent shall make payments on the Securities in accordance with the provisions of this Indenture.&#148; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(m) Section 3.11 of the Original Indenture shall be deleted with respect to the SP Securities only and shall not apply to the SP Securities and
shall, with respect to the SP Securities only, be replaced by the following: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Section&nbsp;3.11.<I>
[Reserved].</I>&#148; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(n) Section 4.01 of the Original Indenture shall be deleted with respect to the SP Securities only and shall not
apply to the SP Securities and shall, with respect to the SP Securities only, be replaced by the following: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Section&nbsp;4.01<I>.
Satisfaction and Discharge. </I>(a)&nbsp;Subject to compliance with the Applicable Banking Regulations and, if required, the prior consent of the Regulator, upon the direction of the Company by a Company Order, this Indenture shall cease to be of
further effect with respect to any series of Securities specified in such Company Order (except as to any surviving rights of registration of transfer or exchange or conversion of Securities of such series herein expressly provided for and any right
to receive Additional Amounts), and the Trustee, on receipt of a Company Order, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture as to such series, when </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) either </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) all Securities of such series theretofore authenticated and delivered (other than (y)&nbsp;Securities of such series which
have been destroyed, lost or stolen and which have been replaced or paid as provided in Section&nbsp;3.06 and (z)&nbsp;Securities of such series for whose payment money has theretofore been deposited in trust or segregated and held in trust by the
Company and thereafter repaid to the Company or discharged from such trust, as provided in Section&nbsp;10.03) have been delivered to the Trustee for cancellation; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) all Securities of such series not theretofore delivered to the Trustee for cancellation have become due and payable, and
the Company has deposited or caused to be deposited with the Trustee as trust funds in trust for such purpose, money in an amount sufficient to pay and discharge the entire indebtedness on such Securities not theretofore delivered to the Trustee for
cancellation, including the principal of, any premium and interest on, and any Additional Amounts with respect to, such Securities, to the date of such deposit; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">21 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) the Company has paid or caused to be paid all other sums payable
hereunder by the Company with respect to the Outstanding Securities of such series; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) the Company has delivered to
the Trustee an Officer&#146;s Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture as to such series have been complied with. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) In addition, upon the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power with respect to a
series of Securities which results in the redemption, cancellation, or the conversion into other securities, of all the Amounts Due on the Securities of such series or such Securities otherwise ceasing to be outstanding, the Indenture shall be
deemed satisfied and discharged as to such series of Securities and such Securities shall thereafter be deemed to be not &#147;Outstanding&#148;. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) In the event there are Securities of two or more series hereunder, the Trustee shall be required to execute an instrument
acknowledging satisfaction and discharge of this Indenture only if requested to do so with respect to Securities of such series as to which it is Trustee and if the other conditions thereto are met. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Notwithstanding the satisfaction and discharge of this Indenture with respect to any series of Securities, the obligations
of the Company to the Trustee under Sections 6.06 and 6.07 and, if money shall have been deposited with the Trustee pursuant to subclause (B)&nbsp;of clause (a)(i) of this Section, the obligations of the Trustee under Sections 3.05, 3.06 and the
last paragraph of Section&nbsp;10.03 shall survive.&#148; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(o) Sections 4.02, 4.03 and 4.04 and 4.05 of the Original Indenture shall be
deleted with respect to the SP Securities only and shall not apply to the SP Securities and shall, with respect to the SP Securities only, be replaced by the following, respectively: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Section&nbsp;4.02.<I> [Reserved]</I>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.03.<I> [Reserved]</I>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.04.<I> [Reserved]</I>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.05.<I> [Reserved]</I>.&#148; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(p) Article 5 of the Original Indenture shall be deleted in its entirety with respect to the SP Securities only and shall not apply to the SP
Securities and shall, with respect to the SP Securities only, be replaced by the following: </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#147;<B>ARTICLE 5 </B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">R<SMALL>EMEDIES</SMALL> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.01<I>. Event of Default.</I><I> </I>&#147;<B>Event of Default</B>&#148;, wherever used herein with respect to
Securities of any series, means (whatever the reason for such Event of Default and whether it shall be voluntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body) that, except as set forth in the last paragraph of this Section&nbsp;5.01, an order shall have been made by any competent court commencing insolvency proceedings (<I>procedimiento concursal</I>) against the
Company or an order of any competent court or administrative agency shall have been made or a resolution shall have been passed by the Company for the dissolution or winding up of the Company (except (i)&nbsp;in the case of a reconstruction,
consolidation, amalgamation or merger carried out in compliance with the requirements set forth in Section&nbsp;8.01 (in this case, even without being approved by an Act of the Holders of the Securities of such series) or (ii)&nbsp;in any such case
for the purpose of a reconstruction or a consolidation or an amalgamation or a merger which has been approved by an Act of the Holders of the Securities of such series). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">22 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding any other provision in this Indenture, any Resolution or
Early Intervention with respect to the Company shall not, in and of itself and without regard to any other fact or circumstance, constitute a default or an Event of Default under the immediately preceding paragraph or under any other provision of
this Indenture with respect to the Securities of any series. In addition, neither (i)&nbsp;a reduction or cancellation, in part or in full, of the Amounts Due on the Securities of any series or the conversion thereof into another security or
obligation of the Company or another Person, in each case as a result of the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority with respect to the Company, nor (ii)&nbsp;the
exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority with respect to the Securities of any series, shall constitute an Event of Default or default under this Indenture or the
Securities of any series or otherwise constitute <FONT STYLE="white-space:nowrap">non-performance</FONT> of a contractual obligation, or entitle the Holders of the Securities of any such series to any remedies, which are hereby expressly waived. In
addition, no repayment or payment of Amounts Due on the Securities of any series shall become due and payable or be paid after the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution
Authority if, and to the extent that, such amounts have been reduced, converted, cancelled, amended or altered as a result of such exercise. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.02<I>. Acceleration of Maturity; Rescission and Annulment. </I>(a)&nbsp;If an Event of Default with respect to
Securities of any series at the time Outstanding occurs and is continuing, then the principal, or such lesser amount as may be provided for in the Securities of such series, of such Outstanding Securities or Security, as the case may be, shall be
deemed to have been declared, and shall become, immediately and automatically, due and payable, to the extent permitted by the Insolvency Law. For the avoidance of doubt, only an Event of Default (rather than any breach or default under the
Indenture or the Securities of any series) may give rise to a declaration of acceleration pursuant to this Section&nbsp;5.02. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) At any time after such a declaration of acceleration with respect to Securities or Security, as the case may be, of any
series has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of not less than a majority in principal amount of the Outstanding Securities of
such series, may by Act, rescind and annul such declaration and its consequences if: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) the Company has paid or deposited
with the Trustee a sum of money sufficient to pay: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) all overdue installments of any interest on and Additional Amounts
with respect to all Securities of such series, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) the principal of and any premium on any Securities of such series
which have become due otherwise than by such declaration of acceleration and interest thereon and any Additional Amounts with respect thereto at the rate or rates borne by or provided for in such Securities, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(C) to the extent that payment of such interest or Additional Amounts is lawful, interest upon overdue installments of any
interest and Additional Amounts at the rate or rates borne by or provided for in such Securities, and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(D) all sums paid
or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel and all other amounts due to the Trustee under Section&nbsp;6.07; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) all Event(s) of Default with respect to Securities of such series shall have been cured or waived as provided in
Section&nbsp;5.13. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) No such rescission shall affect any subsequent default or impair any right consequent thereon. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.03<I>. Collection of Indebtedness and Suits for Enforcement by</I> <I>Trustee. </I>(a)&nbsp;The Company
covenants that if: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) default is made in the payment of any installment of interest on or any Additional Amounts with
respect to any Security when such interest or Additional Amounts shall have become due and payable and such default continues for a period of 21 days, or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) default is made in the payment of the principal of or any premium on any Security at its Maturity and such default is not
remedied, in the case of a default in the payment of the principal, within 14 days and, in the case of a default in the payment of any premium, within 30 days, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">23 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">the Company shall, upon demand of the Trustee, pay to the Trustee, for the benefit of the
Holders of such Securities, the whole amount of money then due and payable with respect to such Securities, with interest upon the overdue principal, any premium and, to the extent that payment of such interest shall be legally enforceable, upon any
overdue installments of interest and Additional Amounts at the rate or rates borne by or provided for in such Securities, and, in addition thereto, such further amount of money as shall be sufficient to cover the costs and expenses of collection,
including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel and all other amounts due to the Trustee under Section&nbsp;6.07. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) If the Company fails to pay the money it is required to pay the Trustee pursuant to the preceding paragraph forthwith upon
the demand of the Trustee, the Trustee, acting upon an Act of the Holders of Securities of such series or in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection of the money so due and unpaid, and
may prosecute such proceeding to judgment or final decree, and may enforce the same against the Company or any other obligor upon such Securities, and collect the monies adjudged or decreed to be payable in the manner provided by law out of the
property of the Company or any other obligor upon such Securities, wherever situated. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) If an Event of Default with
respect to Securities of any series occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders of Securities of such series by such appropriate judicial proceedings as the
Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or such Securities or in aid of the exercise of any power granted herein or therein, or to
enforce any other proper remedy. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">No remedy against the Company other than as provided in this Article 5 shall be available
to the Holders, whether for the recovery of amounts owing to the Holders in respect of the Securities of any series or under this Indenture or in respect of any breach by the Company of any of its other obligations under or in respect of the
Securities of any series or under this Indenture. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.04<I>. Trustee May File Proofs of Claim. </I>In case of
the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition, <FONT STYLE="white-space:nowrap">winding-up</FONT> or other similar judicial proceeding relative to the Company or any other
obligor upon the Securities of any series or the property of the Company or such other obligor or their creditors (other than under or in connection with a proceeding not involving bankruptcy or insolvency), the Trustee (irrespective of whether the
principal of the Securities of such series shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for the payment of any overdue principal,
premium, interest or Additional Amounts) shall be entitled and empowered, by intervention in such proceeding or otherwise, to take any and all actions authorized under the Trust Indenture Act in accordance with this Indenture in order to have claims
of the Holders and the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents or counsel) allowed in any such proceeding; <I>provided</I> that the Company shall not, as a result
of the bringing of any such proceeding, be obliged to pay any sum representing or measured by reference to principal, premium, interest or Additional Amounts on the Securities sooner than the same would otherwise have been payable by it. In
particular, and subject as aforesaid, the Trustee shall be authorized to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same; and any custodian, receiver, assignee, trustee,
liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder and beneficial owner of Securities to make such payments to the Trustee and, in the event that the Trustee shall consent to the
making of such payments directly to such Holders or beneficial owners, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel and any other amounts due
to the Trustee under Section&nbsp;6.07. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to Article 8 and Article 9, nothing herein contained shall be deemed to
authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder or beneficial owner of a Security any plan of reorganization, arrangement, adjustment or composition affecting any Securities or the rights of any Holder or
beneficial owner of any Security, or to authorize the Trustee to vote in respect of the claim of any such Holder or beneficial owner in any such proceeding. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">24 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">The provisions of this Section&nbsp;5.04 are subject to the provisions of
Section&nbsp;13.01. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.05<I>. Trustee May Enforce Claims without Possession of Securities.</I> All rights of
action and claims under this Indenture or any of the Securities may be prosecuted and enforced by the Trustee without the possession of any of the Securities or the production thereof in any proceeding relating thereto, and any such proceeding
instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery or judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its
agents and counsel (subject, with regard to the Company, to the provisions of Article 13 and Article 15), be for the ratable benefit of each and every Holder of a Security in respect of which such judgment has been recovered. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.06<I>. Application of Money Collected. </I>Any money collected by the Trustee pursuant to this Article shall,
subject to the provisions of Section&nbsp;13.02 in relation to waiver of rights of <FONT STYLE="white-space:nowrap">set-off</FONT> and Section&nbsp;13.01 in relation to the ranking of the Securities, be applied in the following order, at the date or
dates fixed by the Trustee and, in case of the distribution of such money on account of principal, or any premium, interest or Additional Amounts, upon presentation of the Securities and the notation thereon of the payment if only partially paid and
upon surrender thereof if fully paid: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">FIRST: To the payment of all amounts applicable to such series of Securities in
respect of which or for the benefit of which such money has been collected and is due and owing to the Trustee (including any predecessor Trustee) under Section&nbsp;6.07; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECOND: To the payment of the amounts then due and unpaid upon the Securities for principal and any premium, interest and
Additional Amounts in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the aggregate amounts due and payable on such Securities for principal and any
premium, interest and Additional Amounts, respectively; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">THIRD: To the payment of the balance, if any, to the Company
or any other Person or Persons entitled thereto. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.07<I>. Limitations on Suits. </I>No Holder (which, for the
purposes of this Section&nbsp;5.07, includes each holder of a beneficial interest in the Securities of any series) of any Security of any series shall have any right to institute any proceeding, judicial or otherwise, with respect to such Security,
this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) such
Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities of such series specifying such Event of Default and stating that such notice is a &#147;Notice of Event of Default&#148;
hereunder; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) the Holders of not less than 25% in principal amount of the Outstanding Securities of such series shall
have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder with respect to such series of Securities and such Holder or Holders have offered to the Trustee reasonable
indemnity satisfactory to the Trustee against the costs, expenses and liabilities to be incurred in compliance with such request; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such
proceeding; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) no direction inconsistent with such written request has been given to the Trustee during such <FONT
STYLE="white-space:nowrap">60-day</FONT> period by the Holders of a majority in principal amount of the Outstanding Securities of such series; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">it being understood and intended that no one or more Holders of Securities of a particular
series shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture or any Security to affect, disturb or prejudice the rights of any other such Holder or Holders of any Security, or to obtain or to
seek to obtain priority or preference over any other such Holder or Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all Holders of Securities of such series or
Holders of any other Security. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.08<I>. Unconditional Right of Holders to Receive Principal and any</I>
<I>Premium, Interest and Additional Amounts. </I>Notwithstanding any other provision in this Indenture and in any Security, and subject to as otherwise provided in this Article 5, Article 13 in relation to the ranking of the Securities of any series
and Article 15 on the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal of, any premium and
(subject to Section&nbsp;3.07) interest on, and any Additional Amounts with respect to, such Security on or after the dates upon which such amounts become due and payable pursuant to the terms hereof or the terms expressed in such Security (or, in
the case of redemption, on or after the Redemption Date) and to institute suit for the enforcement of any such payment, and such right shall not be impaired without the consent of such Holder, except that Holders of not less than 75% in principal
amount of Outstanding Securities of a series may consent by Act, on behalf of the Holders of all Outstanding Securities of such series, to the postponement of the Stated Maturity of any installment of interest for a period not exceeding three years
from the original Stated Maturity of such installment (which original Stated Maturity shall have been fixed, for the avoidance of doubt, prior to any previous postponements of such installment). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.09<I>. Restoration of Rights and Remedies. </I>If the Trustee or any Holder of a Security has instituted any
proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case the Company, the
Trustee and each such Holder shall, subject to any determination in such proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Trustee and each such Holder shall
continue as though no such proceeding had been instituted, to the extent permitted by applicable law. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.10<I>. Rights and Remedies Cumulative. </I>Subject to the limitations on remedies provided for in this Article
5, except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in the last paragraph of Section&nbsp;3.06, no right or remedy herein conferred upon or reserved to the Trustee or to each
and every Holder of a Security is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or
hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not, subject as aforesaid, prevent the concurrent assertion or employment of any other appropriate right or
remedy, to the extent permitted by applicable law. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.11<I>. Delay or Omission Not Waiver. </I>No delay or
omission of the Trustee or of any Holder of any Security to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein, except
as otherwise provided in applicable law. Every right and remedy given by this Article or by law to the Trustee or to any Holder of a Security may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by such
Holder, as the case may be. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.12<I>. Control by Holders of Securities. </I>Subject to Section&nbsp;6.02(e),
the Holders of a majority in principal amount of the Outstanding Securities of the relevant series, by Act, shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee hereunder, or
exercising any trust or power conferred on the Trustee hereunder, with respect to the Securities of such series, <I>provided </I>that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) such direction shall not be in conflict with any rule of law or with this Indenture or with the Securities of any series,
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">26 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) the Trustee shall not determine that the action so directed would be
unjustly prejudicial to the rights of the other Holders of Securities of such series not joining in such action, and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii)
the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.13<I>. Waiver of Past Defaults. </I>(a)&nbsp;Subject to Section&nbsp;5.02(b)(i)(D), the Holders of not less than
a majority in principal amount of the Outstanding Securities of any series may on behalf of the Holders of all the Securities of such series, by Act, waive any past default hereunder with respect to such series and its consequences, except a
default: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) in the payment of the principal of or any premium, or interest on, or any Additional Amounts with respect to,
any Security of such series, or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) in respect of a covenant or provision hereof which under Article 9 cannot be modified
or amended without the consent of the Holder of each Outstanding Security of such series affected. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Upon any such
waiver, such default shall cease to exist, and any Event of Default arising therefrom (if applicable) shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or
impair any right consequent thereon. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.14. <I>Undertaking for Costs. </I>All parties to this Indenture agree,
and each Holder and beneficial owner of any Security by his or her acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in
any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, the filing by any party litigant to such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable
costs, including reasonable attorneys&#146; fees and expenses, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this
Section&nbsp;5.14 shall not apply to any suit instituted by the Trustee, to any suit instituted by any Holder or group of Holders holding in the aggregate more than 10% in principal amount of Outstanding Securities of a series, or to any suit
instituted by any Holder for the enforcement of the payment of principal of, any premium or (subject to Section&nbsp;3.07) interest on, or any Additional Amounts with respect to, any Security on or after the dates upon which such amounts become due
and payable pursuant to the terms hereof or the terms expressed in such Security (or, in the case of redemption, on or after the Redemption Date).&#148; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(q) Section 6.01 of the Original Indenture shall be deleted with respect to the SP Securities only and shall not apply to the SP Securities and
shall, with respect to the SP Securities only, be replaced by the following: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Section&nbsp;6.01<I>. Certain Duties
and Responsibilities. </I>The duties and responsibilities of the Trustee shall be as specifically set forth in this Indenture and the Trust Indenture Act and no implied covenants nor obligations shall be read into this Indenture against the Trustee,
except as otherwise required by the Trust Indenture Act. Whether or not herein or therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be
subject to the provisions of this Section. If a default or Event of Default has occurred or is continuing, the Trustee shall exercise such of the rights and powers vested in it by the Indenture, and use the same degree of care and skill in their
exercise, as a prudent person would exercise or use under the circumstances in the conduct of its own affairs.&#148; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(r) Sections 6.02(e),
6.02(f) and 6.02(g) of the Original Indenture shall be deleted with respect to the SP Securities only and shall not apply to the SP Securities and shall, with respect to the SP Securities only, be replaced by the following provisions, respectively:
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;(e) the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by or pursuant to
this Indenture at the request or direction of any of the Holders of Securities of any series pursuant to this Indenture, unless such Holders shall have offered to the Trustee reasonable security or indemnity satisfactory to the Trustee against the
costs, expenses and liabilities which might be incurred by it in compliance with such request or direction; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">27 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) the Trustee shall not be bound to make any investigation or inquiry into
(i)&nbsp;the performance of the Company of any of its covenants set forth in this Indenture and (ii)&nbsp;the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order,
bond, debenture, other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or
investigation, it shall be entitled to examine, during business hours and upon reasonable notice, the books, records and premises of the Company, personally or by agent or attorney; provided that the Trustee shall not be entitled to such information
which the Company is prevented from disclosing as a matter of law or contract; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) the Trustee shall not be charged with
knowledge of the occurrence of any default or an Event of Default, and such knowledge shall not be imparted to the Trustee, unless a Responsible Officer of the Trustee has received written notice of such default or Event of Default from the Company
or any Holder of an Outstanding Security of the relevant series and such notice references the specific default or Event of Default under the Securities of such series and this Indenture, and is given in the manner required by Section&nbsp;1.05
hereof;&#148; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(s) Section 6.03 of the Original Indenture shall be deleted with respect to the SP Securities only and shall not apply to
the SP Securities and shall, with respect to the SP Securities only, be replaced by the following: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Section&nbsp;6.03<I>. Notice of Defaults. </I>Within 90 days after the occurrence of any default hereunder known to the
Trustee with respect to the Securities of any series, the Trustee shall transmit by mail to all Holders of Securities of such series entitled to receive reports pursuant to Section&nbsp;7.03(c), notice of such default hereunder, unless such default
shall have been cured or waived; <I>provided, however, </I>that the Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee or a trust committee of directors and/or Responsible Officers
of the Trustee in good faith determine that the withholding of such notice is in the best interest of the Holders of Securities of such series. For the purpose of this Section, the term &#147;<I>default</I>&#148; means any event which is, or after
notice or lapse of time or both would become, an Event of Default with respect to Securities of such series.&#148; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(t) Section 6.04 of the
Original Indenture shall be deleted with respect to the SP Securities only and shall not apply to the SP Securities and shall, with respect to the SP Securities only, be replaced by the following: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Section&nbsp;6.04<I>. Not Responsible for Recitals or Issuance of Securities. </I>The recitals contained herein and in
the Securities, except the Trustee&#146;s and any Authenticating Agent&#146;s certificates of authentication, shall be taken as the statements of the Company and neither the Trustee nor any Authenticating Agent assumes any responsibility for their
correctness. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities, except that the Trustee represents that it is duly authorized to execute and deliver this Indenture, authenticate the
Securities and perform its obligations hereunder and that the statements made by it in a Statement of Eligibility and Qualification on Form <FONT STYLE="white-space:nowrap">T-1</FONT> supplied to the Company are true and accurate, subject to the
qualifications set forth therein. Neither the Trustee nor any Authenticating Agent shall be accountable for the use or application by the Company of the Securities or the proceeds thereof.&#148; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(u) Section 6.06 of the Original Indenture shall be deleted with respect to the SP Securities only and shall not apply to the SP Securities and
shall, with respect to the SP Securities only, be replaced by the following: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Section&nbsp;6.06<I>. Money Held in
Trust. </I>Except as provided in Section&nbsp;10.03, money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law and shall be held uninvested. The Trustee shall be under no liability for
interest on any money received by it hereunder.&#148; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">28 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) Section 6.07 of the Original Indenture shall be deleted with respect to the SP
Securities only and shall not apply to the SP Securities and shall, with respect to the SP Securities only, be replaced by the following: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Section&nbsp;6.07<I>. Compensation and Reimbursement. </I>(a)&nbsp;The Company agrees: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) to pay to the Trustee from time to time reasonable compensation for all services rendered by the Trustee hereunder as
agreed between the Company and the Trustee (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) except as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable expenses,
disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement
or advance as may be attributable to the Trustee&#146;s negligence or bad faith; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) to indemnify the Trustee (which
for the purposes of this Section&nbsp;6.07(a)(iii) shall include its officers, directors, employees and agents acting on behalf of the Trustee) for, and to hold it harmless against, any loss, liability or expense (other than taxes based upon,
measured by or determined by the income of the Trustee) incurred without negligence or bad faith on its part, arising out of or in connection with the acceptance or administration of the trust or trusts hereunder, including the costs and expenses of
defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder, except to the extent that any such loss, liability or expense may be attributable to its negligence or bad
faith. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Trustee shall notify the Company in writing of the commencement of any action or claim in respect of which
indemnification may be sought promptly after a Responsible Officer of the Trustee becomes aware of such commencement (provided that the failure to make such notification shall not affect the Trustee&#146;s rights hereunder) and the Company shall be
entitled to participate therein. The Trustee shall not be authorized to settle a claim without the written consent of the Company, which consent shall not be unreasonably withheld or delayed. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) As security for the performance of the obligations of the Company under this Section, the Trustee shall have a lien prior
to the Securities of any series upon all property and funds held or collected by the Trustee as such, except funds held in trust for the payment of principal of, and premium or interest on or any Additional Amounts with respect to Securities. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Any compensation or expense incurred by the Trustee after a default specified by Section&nbsp;5.01 is intended to
constitute an expense of administration under any then applicable bankruptcy or insolvency law. &#147;Trustee&#148; for purposes of this Section&nbsp;6.07 shall include any predecessor Trustee but the negligence or bad faith of any Trustee shall not
affect the rights of any other Trustee under this Section&nbsp;6.07. The provisions of this Section&nbsp;6.07 shall survive the resignation or removal of the Trustee and the termination or, if applicable, the satisfaction or discharge, of this
Indenture including any termination under any bankruptcy law and (without prejudice to Section&nbsp;15.02 of this Indenture if, and to the extent applicable, as set out therein) any exercise of the Spanish
<FONT STYLE="white-space:nowrap">Bail-in</FONT> Power with respect to the Securities of any series. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) In addition, and
without prejudice to the rights provided to the Trustee under any of the provisions of this Indenture, when the Trustee incurs expenses or renders services after an Event of Default specified in Section&nbsp;5.01 hereof occurs, the expenses and the
compensation for the services (including the fees and expenses of its agents and counsel) are intended, to the extent permitted under applicable law, to constitute expenses of administration under any bankruptcy law. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) For the avoidance of doubt, any and all amounts due and owing to the Trustee under this Section&nbsp;6.07 shall be payable
within 6 (six) days of the date on which the Trustee can demand payment hereunder for purposes of this Indenture and for purposes of Article 42(1)(e) and Article 46 of Law 11/2015.&#148; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(w) Sections 6.13(b) and 6.13(c) of the Original Indenture shall be deleted with respect to the SP Securities only and shall not apply to the
SP Securities and shall, with respect to the SP Securities only, be replaced by the following: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">29 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;(b) Each Authenticating Agent shall be acceptable to the Company and,
except as provided in or pursuant to this Indenture, shall at all times be a Corporation that would be permitted by the Trust Indenture Act to act as trustee under an indenture qualified under the Trust Indenture Act, is authorized under applicable
law and by its charter to act as an Authenticating Agent and has a combined capital and surplus (computed in accordance with Section&nbsp;310(a)(2) of the Trust Indenture Act) of at least $50,000,000. If at any time an Authenticating Agent shall
cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect specified in this Section. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Any Corporation into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any
Corporation resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any Corporation succeeding to the corporate agency or corporate trust business of an Authenticating Agent, shall be the
successor of such Authenticating Agent hereunder, <I>provided </I>such Corporation shall be otherwise eligible under this Section, without the execution or filing of any paper or any further act on the part of the Trustee or the Authenticating
Agent.&#148; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(x) Section 6.13(g) of the Original Indenture shall be deleted with respect to the SP Securities only and shall not apply to
the SP Securities and shall, with respect to the SP Securities only, be replaced by the following: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;(g) If an
Authenticating Agent is appointed with respect to one or more series of Securities pursuant to this Section, the Securities of such series may have endorsed thereon, in addition to or in lieu of the Trustee&#146;s certificate of authentication, an
alternate certificate of authentication in the following form: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">This is one of the Securities of the series designated
herein referred to in the within-mentioned Indenture. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Dated: </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Authenticated in New York </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3">The Bank of New York Mellon, London Branch, as Trustee</TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&#8195;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">As Authenticating Agent</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Authorized Signatory</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If all of the Securities of any series may not be originally issued at one time, and if the Trustee does
not have an office capable of authenticating Securities upon original issuance located in a Place of Payment where the Company wishes to have Securities of such series authenticated upon original issuance, the Trustee, if so requested in writing
(which writing need not be accompanied by or contained in an Officer&#146;s Certificate by the Company), shall appoint in accordance with this Section an Authenticating Agent having an office in a Place of Payment designated by the Company with
respect to such series of Securities.&#148; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(y) Section 7.02(b) of the Original Indenture shall be deleted with respect to the SP
Securities only and shall not apply to the SP Securities and shall, with respect to the SP Securities only, be replaced by the following: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;(b) Every Holder of Securities, by receiving and holding the same, agrees with the Company and the Trustee that neither
the Company, the Trustee, any Paying Agent, any Security Registrar or any agent of any of them shall be held accountable by reason of the disclosure of any such information as to the names and addresses of the Holders of Securities in accordance
with Section&nbsp;312(c) of the Trust Indenture Act, regardless of the source from which such information was derived, and that the Trustee shall not be held accountable by reason of mailing any material pursuant to a request made under
Section&nbsp;312(b) of the Trust Indenture Act.&#148; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(z) Article 8 of the Original Indenture shall be deleted in its entirety with
respect to the SP Securities only and shall not apply to the SP Securities and shall, with respect to the SP Securities only, be replaced by the following: </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#147;<B>ARTICLE 8</B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C<SMALL>ONSOLIDATION</SMALL>, M<SMALL>ERGER</SMALL> <SMALL>AND</SMALL> S<SMALL>ALES</SMALL>; A<SMALL>SSUMPTION</SMALL>;
S<SMALL>UBSTITUTION</SMALL> <SMALL>AND</SMALL> M<SMALL>ODIFICATION</SMALL> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.01<I>. Company May Consolidate,
etc. </I>Nothing contained in this Indenture or in any of the Securities shall prevent any reconstruction, consolidation, amalgamation or merger of the Company with or into any other Person or Persons (whether or not affiliated with the Company), or
successive reconstructions, consolidations, amalgamations or mergers in which the Company or the successor or successors of the Company shall be a party or parties, or shall prevent any sale, transfer, conveyance or lease of the property of the
Company as an entirety or substantially as an entirety, to any other Person (whether or not affiliated with the Company); <I>provided that</I> any Person formed by any reconstruction, consolidation, amalgamation or merger, or any transferee or
lessee of the Company&#146;s assets shall expressly (except where such assumption is automatic by operation of law) assume the due and punctual payment of the principal of (and premium, if any), interest and Additional Amounts, if any, on all
Securities in accordance with the provisions of such Securities and this Indenture, and the performance of every covenant of this Indenture on the part of the Company to be performed or observed. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Upon any such assumption, the acquiring, resulting or successor Person shall succeed to, and substitute, and may exercise every
right and power of, the Company under this Indenture with respect to any such Securities with the same effect as if such Person had been named as the Company in this Indenture, and the Company or any legal and valid successor Person which shall
theretofore have become such in the manner prescribed herein, shall be released from all liability as obligor and any other obligations and covenants under this Indenture and under any such Securities, as the case may be. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.02<I>. <FONT STYLE="white-space:nowrap">Non-Spanish</FONT> Successor Person. </I>In the event of any
reconstruction, consolidation, amalgamation, merger, sale, transfer, conveyance or lease permitted by Section&nbsp;8.01 and Section&nbsp;5.01 above or any assumption of obligations permitted by Section&nbsp;8.03 where the acquiring, resulting or
successor Person is not incorporated or tax resident in the Kingdom of Spain, Additional Amounts under the Securities will thereafter be payable in respect of taxes imposed by such acquiring, resulting or successor Person&#146;s jurisdiction of
incorporation or tax residence (subject to exceptions equivalent to those that apply to the obligation to pay Additional Amounts pursuant to Section&nbsp;10.04 in respect of taxes imposed by the laws of the Kingdom of Spain) rather than taxes
imposed by the Kingdom of Spain. Additional Amounts with respect to payments of interest or principal due prior to the date of such reconstruction, consolidation, amalgamation, merger, sale, transfer, conveyance, lease or assumption will be payable
only in respect of taxes imposed by the Kingdom of Spain. If the acquiring, resulting or successor Person is not incorporated or tax resident in the Kingdom of Spain, it will also be entitled to redeem the Securities in the circumstances described
in Section&nbsp;11.08, except that (i)&nbsp;references to the Kingdom of Spain shall be deemed to refer to such acquiring, resulting or successor Person&#146;s jurisdiction of incorporation or tax residence, and (ii)&nbsp;the relevant change,
amendment, application or interpretation must become effective subsequent to the date of any reconstruction, consolidation, amalgamation, merger, sale, transfer, conveyance or lease permitted by Section&nbsp;8.01 and Section&nbsp;5.01 or the
assumption of obligations permitted by Section&nbsp;8.03, as the case may be. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.03. <I>Assumption of
Obligations</I>. With respect to the Securities of any series, unless otherwise specified in accordance with Section&nbsp;3.01, any holding company of the Company or any wholly-owned subsidiary of the Company (for purposes of this Section&nbsp;8.03
only, a &#147;<B>successor entity</B>&#148;) may without the consent of any Holder assume the obligations of the Company (or of any Person which shall have previously assumed the obligations of the Company) for the due and punctual payment of the
principal, interest, Additional Amounts and premium (if any) on any series of Securities in accordance with the provisions of such Securities and this Indenture and the performance of every covenant of this Indenture and such series of Securities on
the part of the Company to be performed or observed, provided that: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) the successor entity shall, except where such
assumption is automatic by operation of law, expressly assume such obligations by an amendment to this Indenture, executed by the Company and such successor entity, if applicable, and delivered to the Trustee, in a form satisfactory to the Trustee;
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">31 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) immediately after giving effect to such assumption of obligations, no
Event of Default and no event which, after notice or lapse of time or both, would become an Event of Default, shall have occurred and be continuing; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) the Company shall have delivered to the Trustee an Officer&#146;s Certificate and an Opinion of Counsel, each stating that
such assumption complies with this Article and that all conditions precedent herein provided for relating to such assumption have been complied with; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) immediately after such assumption, the successor entity shall have ratings for long-term senior debt assigned by
Standard&nbsp;&amp; Poor&#146;s Ratings Services or Moody&#146;s Investors Service, Inc. (or their respective successors) which are the same as, or higher than, the credit rating for long-term senior debt of the Company (or, if applicable, the
previous successor entity) assigned by Standard&nbsp;&amp; Poor&#146;s Ratings Services or Moody&#146;s Investors Service, Inc. (or their respective successors). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Upon any such assumption, the successor entity shall succeed to, and substitute, and may exercise every right and power of, the
Company under this Indenture with respect to any such Securities with the same effect as if such successor entity had been named as the Company in this Indenture, and the Company or any legal and valid successor Person which shall theretofore have
become such in the manner prescribed herein, shall be released from all liability as obligor and any other obligations and covenants under this Indenture and under any such Securities, as the case may be. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.04. <I>Substitution and Modification</I>. Notwithstanding any other provision in this Indenture (including
Article 9 hereof), if an Eligible Liabilities Event occurs with respect to any series of Securities, including as a result of any change in law or regulation or the application or official interpretation thereof, the Company may substitute all (but
not less than all) of the Securities of such series or modify the terms of all (but not less than all) of the Securities of such series, without the consent or approval of the Holders or beneficial owners of the Securities of such series, so that
such Securities are substituted by, or their terms are modified to, become again, or remain, Qualifying Securities, subject to: (i)&nbsp;having given not less than five nor more than 30 days&#146; notice to the Holders of such series in accordance
with Section&nbsp;1.06 and to the Trustee (which notice shall be irrevocable and shall specify the date for substitution or, as applicable, modification), (ii) the prior consent of the Regulator if required pursuant to Applicable Banking
Regulations, and (iii)&nbsp;any variation in the terms of the Securities resulting from such modification or, if the Securities are substituted, any difference between the terms of such Securities and those of the Qualifying Securities by which such
Securities are substituted, not being materially prejudicial to the interests of the Holders of such Securities and the Company having delivered an Officer&#146;s Certificate to the Trustee to that effect not less than five Business Days prior to
(a)&nbsp;in the case of a substitution of the Securities, the issue date of the relevant Qualifying Securities by which such Securities are substituted or (b)&nbsp;in the case of a modification of the terms and conditions of the Securities, the date
such modification becomes effective. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">For the purposes of the immediately preceding paragraph, in the case of a
modification of the terms and conditions of the Securities, any variation in the ranking of the relevant Securities as set out in Section&nbsp;13.01 resulting from any such modification or, in the case of a substitution of the Securities, any
difference between the ranking of such Securities as set out in Section&nbsp;13.01 and that of the Qualifying Securities by which such Securities are substituted, shall be deemed not to be prejudicial to the interests of the Holders of such
Securities where the ranking of the Securities or, if the Securities are substituted, of the Qualifying Securities by which such Securities are substituted, following such substitution or modification, as the case may be, is at least the same
ranking as was applicable to such Securities under Section&nbsp;13.01 on the issue date of such Securities. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">For the
purposes of the second immediately preceding paragraph, the notice to be delivered by the Company shall specify the relevant details of the manner in which the relevant substitution or modification shall take effect and where the Holders of such
series can inspect or obtain copies of the new terms and conditions of the Securities of such series or, if such Securities are substituted, of the Qualifying Securities by which such Securities are substituted. Such substitution or modification
will be effected without any cost or charge to such Holders. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the Securities of a series are substituted in accordance with this
Section&nbsp;8.04, such Securities shall cease to bear interest from (and including) the date of substitution thereof. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each Holder and beneficial owner of the Securities of any series shall, by virtue of its acquisition of the Securities of any
series or any beneficial interest therein, be deemed to acknowledge, accept, consent to and agree to be bound by any substitution of or modification to the terms of the Securities of such series as set forth in this Section&nbsp;8.04 and to grant to
the Company and the Trustee full power and authority to take any action and/or to execute and deliver any document in the name and/or on behalf of such Holder or beneficial owner, as the case may be, which is necessary or convenient to complete the
substitution of or modification to the terms of the Securities of such series, as applicable. Each Holder and beneficial owner of the Securities of any series, by virtue of its acquisition of the Securities of any series or any beneficial interest
therein, to the extent permitted by the Trust Indenture Act, waives any and all claims, in law and/or in equity, against the Trustee and/or the Company for, agrees not to initiate a suit against the Trustee and/or the Company in respect of, and
agrees that neither the Trustee nor the Company shall be liable for, any action that the Trustee or the Company takes, or abstains from taking, in either case in connection with the substitution of or modification to the terms of the Securities upon
the occurrence of an Eligible Liabilities Event.&#148; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(aa) Article 9 of the Original Indenture shall be deleted in its entirety with
respect to the SP Securities only and shall not apply to the SP Securities and shall, with respect to the SP Securities only, be replaced by the following:<B> </B> </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#147;<B>ARTICLE 9</B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S<SMALL>UPPLEMENTAL</SMALL> I<SMALL>NDENTURES</SMALL> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.01<I>. Supplemental Indentures without Consent of Holders. </I>Without the consent of any Holders of a series
of Securities, the Company and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) to evidence the succession of another Person to the Company, and the assumption by any such successor of the covenants of
the Company herein and in the Securities of any series; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) to add to the covenants of the Company for the benefit of
the Holders of all or any series of Securities (as shall be specified in such supplemental indenture or indentures) or to surrender any right or power herein conferred upon the Company; <I>provided</I> that such Securities do not cease, as a result
thereof, to be fully eligible for inclusion in the Eligible Liabilities Amount, and subject further to compliance with the Applicable Banking Regulations; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) to establish the form or terms of Securities of any series as permitted by Sections 2.01 and 3.01; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities
of one or more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of
Section&nbsp;6.10; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) to cure any ambiguity or to correct or supplement any provision herein which may be defective or
inconsistent with any other provision herein, or to make any other provisions with respect to matters or questions arising under this Indenture which shall not adversely affect the interests of the Holders of Securities of any series in any material
respect; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) to add to, delete from or revise the conditions, limitations and restrictions on the terms or purposes of
issue, authentication and delivery of Securities, as herein set forth; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) to supplement any of the provisions of this
Indenture to such extent as shall be necessary to permit the discharge of any series of Securities; <I>provided </I>that any such action shall not adversely affect the interests of any Holder of a Security of such series or any other Security in any
material respect; or </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) to add any additional Event(s) of Default for the benefit of the Holders
of all or any series of Securities; <I>provided</I> that such Securities do not cease, as a result thereof, to be fully eligible for inclusion in the Eligible Liabilities Amount, and subject further to compliance with the Applicable Banking
Regulations; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) to secure the Securities; <I>provided</I> that such Securities do not cease, as a result thereof, to
be fully eligible for inclusion in the Eligible Liabilities Amount, and subject further to compliance with the Applicable Banking Regulations; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) to delete, amend or supplement any provision contained herein or in any supplemental indenture; <I>provided </I>that no
such amendment or supplement shall materially adversely affect the interests of the Holders of any Securities Outstanding immediately prior thereto; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k) to delete, amend or supplement any provision contained herein, in any supplemental indenture or the Securities as a result
of, and to the extent necessary to effect, the substitution or modification of any series of Securities pursuant to Section&nbsp;8.04; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(l) to delete, amend or supplement any provision contained herein, in any supplemental indenture or the Securities as a result
of, and to the extent required by, the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.02<I>. Supplemental Indentures with Consent of Holders. </I>(a)&nbsp;With the consent, as evidenced in an Act or
Acts, as the case may be, of the Holders of not less than a majority in principal amount of the Securities of each series Outstanding immediately prior thereto affected by such supplemental indenture voting as a class, the Company and the Trustee
may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or the Securities of such series or of modifying in any manner
the rights of the Holders of Securities of such series under this Indenture and of waiving future compliance with respect to the Indenture and the Securities of such series; <I>provided, however, </I>that no such supplemental indenture, without the
consent of the Holder of each Security Outstanding immediately prior thereto affected thereby, shall </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) change the Stated
Maturity of the principal of, or any premium or installment of interest on or any Additional Amounts with respect to, any Outstanding Security, or reduce the principal amount thereof or the rate of interest thereon (except that Holders of not less
than 75% in principal amount of Outstanding Securities of a series may consent by Act, on behalf of the Holders of all of the Outstanding Securities of such series, to the postponement of the Stated Maturity of any installment of interest for a
period not exceeding three years from the original Stated Maturity of such installment (which original Stated Maturity shall have been fixed, for the avoidance of doubt, prior to any previous postponements of such installment)) or any Additional
Amounts with respect thereto, or change any premium payable upon the redemption thereof or otherwise, or change the obligation of the Company to pay Additional Amounts pursuant to Section&nbsp;10.04 (except as contemplated by Section&nbsp;3.07 and
permitted by Section&nbsp;9.01(a)), or reduce the amount of the principal of an Original Issue Discount Security that would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section&nbsp;5.02 or the amount
thereof provable in bankruptcy pursuant to Section&nbsp;5.04, or change the redemption provisions, or change the Place of Payment, Currency in which the principal of, any premium or interest on, or any Additional Amounts with respect to any
Outstanding Security is payable, or impair the right to institute suit for the enforcement of any such payment on or with respect to any Outstanding Security on or after the Stated Maturity thereof (or, in the case of redemption, on or after the
Redemption Date), or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) reduce the percentage in principal amount of the Outstanding Securities of any series, the
consent of whose Holders is required for any such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences)
provided for in this Indenture, or reduce the requirements for a quorum or voting, or </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) modify any of the provisions of this Section or Section&nbsp;5.13,
except to increase any such percentage or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security affected thereby, or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) change in any manner adverse to the interests of the Holders of Outstanding Securities of any series the terms and
conditions of the obligations of the Company in respect of the due and punctual payment of the principal thereof (and premium, if any) and interest (including Additional Amounts), if any, thereon, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">except in each case with respect to any modification or amendment of the Indenture or the Securities pursuant to a supplemental indenture which
is entered into pursuant to, and in accordance with, Section&nbsp;9.01 (in which each such case neither the consent nor the affirmative vote of any Holder of an Outstanding Security affected shall be required). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) A supplemental indenture which changes or eliminates any covenant or other provision of this Indenture which shall have
been included expressly and solely for the benefit of one or more particular series of Securities, or which modifies the rights of the Holders of Securities of such series with respect to such covenant or other provision, shall be deemed not to
affect the rights under this Indenture of the Holders of Securities of any other series. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) It shall not be necessary for
any Act of Holders of Securities under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.03<I>. Execution of Supplemental Indentures. </I>As a condition to executing, or accepting the additional trusts
created by, any supplemental indenture permitted by this Article or the modifications thereby of the trust created by this Indenture, the Trustee shall be entitled to receive, in addition to the documents required by Section&nbsp;1.02, and (subject
to Section&nbsp;315 of the Trust Indenture Act) shall be fully protected in relying upon, an Opinion of Counsel and Officer&#146;s Certificate, each stating that the execution of such supplemental indenture is authorized or permitted by this
Indenture. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture which affects the Trustee&#146;s own rights, duties or immunities under this Indenture or otherwise. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.04<I>. Effect of Supplemental Indentures. </I>Upon the execution of any supplemental indenture under this
Article, this Indenture shall be modified in accordance therewith and such supplemental indenture shall form a part of this Indenture for all purposes and every Holder of a Security of a series affected thereby theretofore or thereafter
authenticated and delivered hereunder shall be bound thereby. In the event of any conflict between the terms and conditions of this Indenture and the terms and conditions of the relevant supplemental indenture, the terms and conditions of the
relevant supplemental indenture shall prevail. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.05<I>. Reference in Securities to Supplemental
Indentures.</I> Securities of any series authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and shall if required by the Trustee, bear a notation in form approved by the Trustee as to any
matter provided for in such supplemental indenture. If the Company shall so determine, new Securities of any series so modified as to conform, in the opinion of the Trustee and the Company, to any such supplemental indenture may be prepared and
executed by the Company and such Securities may be authenticated and delivered by the Trustee in exchange for Outstanding Securities of such series. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.06<I>. Conformity with Trust Indenture Act. </I>Every supplemental indenture executed pursuant to this Article
shall conform to the requirements of the Trust Indenture Act as then in effect.&#148; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(bb) Article 10 of the Original Indenture shall be
deleted in its entirety with respect to the SP Securities only and shall not apply to the SP Securities and shall, with respect to the SP Securities only, be replaced by the following: </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#147;<B>ARTICLE 10</B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C<SMALL>OVENANTS</SMALL> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.01<I>. Payment of Principal and Any Premium, Interest and</I> <I>Additional Amounts. </I>The Company covenants
and agrees for the benefit of the Holders of the Securities of each series that it will (subject to the provisions of Section&nbsp;3.07, Article 13 and Article 15) duly and punctually pay the principal of, any premium and interest on, and any
Additional Amounts with respect to, the Securities of such series in accordance with, and except as provided in, the terms thereof and this Indenture. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.02<I>. Maintenance of Office or Agency. </I>The Company shall maintain in each Place of Payment for any series
of Securities an Office or Agency where Securities of such series may be presented or surrendered for payment, where Securities of such series may be surrendered for registration of transfer or exchange, and where notices and demands to or upon the
Company in respect of the Securities of such series relating thereto and this Indenture may be served. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company may
also from time to time designate one or more other Offices or Agencies where the Securities of one or more series may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; <I>provided, however,
</I>that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an Office or Agency in each Place of Payment for Securities of any series for such purposes. The Company shall give prompt written
notice to the Trustee of any such designation or rescission and of any change in the location of any such other Office or Agency. The Company hereby designates as the Place of Payment for each series the Corporate Trust Office, and initially
appoints The Bank of New York Mellon, London Branch, for purposes of such Office or Agency. The Company may subsequently appoint an additional place or places where such Securities may be payable. The Company initially appoints The Bank of New York
Mellon, London Branch, as Paying Agent and transfer agent and The Bank of New York Mellon, acting through its corporate trust office in New York, as the Security Registrar. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Unless otherwise specified with respect to any Securities pursuant to Section&nbsp;3.01, if and so long as the Securities of
any series (i)&nbsp;are denominated in a Foreign Currency or (ii)&nbsp;may be payable in a Foreign Currency, or so long as it is required under any other provision of this Indenture, then the Company will maintain with respect to each such series of
Securities, or as so required, at least one exchange rate agent. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.03<I>. Money for Securities Payments to
Be Held in Trust.</I> If the Company shall at any time act as the Company&#146;s Paying Agent with respect to any series of Securities, it shall, on or before each due date for payment of the principal of, any premium or interest on or Additional
Amounts with respect to, any of the Securities of such series, segregate and hold in trust for the benefit of the Persons entitled thereto a sum in the currency or currencies, currency unit or units or composite currency or currencies in which the
Securities of such series are payable (except as otherwise specified pursuant to Section&nbsp;3.01 for the Securities of such series) sufficient to pay the principal or any premium, interest or Additional Amounts so becoming due until such sums
shall be paid to such Persons or otherwise disposed of as herein provided, and shall promptly notify the Trustee of its action or failure so to act. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Whenever the Company shall have one or more Paying Agents for any series of Securities, it shall, on or prior to each due date
for payment of the principal of, any premium or interest on or any Additional Amounts with respect to, any Securities of such series, deposit with any Paying Agent a sum (in the currency or currencies, currency unit or units or composite currency or
currencies described in the preceding paragraph) sufficient to pay the principal or any premium, interest or Additional Amounts so becoming due, such sum to be held in trust for the benefit of the Persons entitled thereto, and (unless such Paying
Agent is the Trustee) the Company will promptly notify the Trustee of its action or failure so to act. The obligation of the Company to pay any such amount shall be satisfied upon the deposit referred to in this paragraph. Receipt of the relevant
sum by the Paying Agent (other than the Company acting as its own Paying Agent) shall discharge the Company&#146;s obligations in respect of the relevant payment. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">36 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company shall cause each Paying Agent for any series of Securities
(unless such Paying Agent is the Trustee) to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent shall: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) hold all sums held by it for the payment of the principal of, any premium or interest on or any Additional Amounts with
respect to, Securities of such series in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as provided in or pursuant to this Indenture; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) give the Trustee notice of any default by the Company (or any other obligor upon the Securities of such series) in the
making of any payment of principal, any premium or interest on or any Additional Amounts with respect to the Securities of such series; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) at any time during the continuance of any such default, upon the written request of the Trustee, forthwith pay to the
Trustee all sums so held in trust by such Paying Agent. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company may at any time and for any purpose pay, or by Company
Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon the same terms as those upon which such sums were held by the Company or such Paying Agent;
and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such sums. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">If, prior to the payment to Holders of any money deposited with the Trustee or any Paying Agent, or then held by the Company,
in trust for the payment of the principal of, any premium or interest on or any Additional Amounts with respect to, any Security of any series the Relevant Spanish Resolution Authority exercises its Spanish
<FONT STYLE="white-space:nowrap">Bail-in</FONT> Power with respect to such series of Securities, such money shall be discharged from such trust and (if then deposited with the Trustee or any Paying Agent) shall be paid to the Company, on Company
Request. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Except as otherwise provided herein or pursuant hereto, any money deposited with the Trustee or any Paying Agent,
or then held by the Company, in trust for the payment of the principal of, any premium or interest on or any Additional Amounts with respect to, any Security of any series and remaining unclaimed at the end of two years after such principal or any
such premium or interest or any such Additional Amounts has become due and payable shall be paid to the Company, on Company Request, or (if then held by the Company) shall be discharged from such trust; and the Holder of such Security shall
thereafter look only to the Company for any payment which such Holder may be entitled to collect, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall
thereupon cease; <I>provided, however</I>, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be published once, in a newspaper published in the English language,
customarily published on each Business Day and of general circulation in the Borough of Manhattan, The City of New York, New York, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30
days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Company. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.04.<I> Additional Amounts</I>. The provisions of this Section&nbsp;10.04 shall be applicable to the Securities
of each series except as specifically deleted or modified in or pursuant to the supplemental indenture or Board Resolution creating such series of Securities or in the Officer&#146;s Certificate for such series of Securities. Except as otherwise
provided herein, the Company hereby further agrees that any amounts to be paid by the Company with respect to each Security shall be paid without withholding or deduction for or on account of any and all present or future taxes or duties of whatever
nature (&#147;<B>Taxes</B>&#148;) unless such withholding or deduction is required by law. In the event any such withholding or deduction is imposed or levied in respect of payment of interest (but not principal or premium (if any)) by or on behalf
of the Kingdom of Spain or any political subdivision or authority thereof or therein having the power to tax, the Company will pay to the Holder such Additional Amounts as may be necessary in order that the net amount received by the Holder of such
Security under this Indenture, after such withholding or deduction, shall equal the amount of interest, if any, which would have been receivable by such Holder in the absence of such withholding or deduction; <I>provided, however</I>, that the
foregoing obligation to pay Additional Amounts will not apply: </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) to, or to a third party on behalf of, a Holder who is liable for such
Taxes by reason of such Holder (or the beneficial owner of the Security for whose benefit such Holder holds such Security) having some connection with the Kingdom of Spain other than the mere holding of the Security (or such beneficial interest) or
the mere crediting of the Security to its securities account with the relevant Depository; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) in the case of a Security
presented for payment (where presentation is required) more than 30 days after the Relevant Date (as defined below), except to the extent that the Holder would have been entitled to Additional Amounts on presenting the same for payment on such
thirtieth day assuming that day to have been a Business Day in such place of presentment; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) in respect of any Tax,
assessment or other governmental charge that would not have been imposed but for the failure by the Holder or beneficial owner of the Security to comply with certification, information or other reporting requirements concerning the nationality,
residence or identity of the Holder or beneficial owner of that Security, if compliance is required by statute or by regulation of the Kingdom of Spain or of any political subdivision or taxing authority thereof or therein as a precondition to
reduction of or relief or exemption from the tax, assessment or other governmental charge; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) in respect of any Security
presented for payment (where presentation is required) by or on behalf of a Holder who would be able to avoid such withholding or deduction by presenting the relevant Security to another Paying Agent; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) to, or to a third party on behalf of, a Holder if the Company does not receive any relevant information as may be required
by Spanish tax laws and regulations (including any binding rulings), including a duly executed and completed Payment Statement from the Paying Agent. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Additional Amounts will also not be paid with respect to any payment on any Security to any Holder who is a fiduciary,
partnership, limited liability company or Person other than the sole beneficial owner of such payment to the extent such payment would be required by the laws of the Kingdom of Spain (or any political subdivision thereof) to be included in the
income, for Spanish tax purposes, of a beneficiary or settlor with respect to such fiduciary, member of such partnership, interest holder in that limited liability company or a beneficial owner who would not have been entitled to such Additional
Amounts had it been a Holder of such Security. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">No Additional Amounts will be paid by the Company, the Trustee or any
Paying Agent on account of any withholding or deduction from a payment on, or in respect of, the Securities where such withholding or deduction is imposed pursuant to any agreement with the U.S. Internal Revenue Service in connection with Sections
1471-1474 of the U.S. Internal Revenue Code and the U.S. Treasury regulations thereunder (&#147;<B>FATCA</B>&#148;), any intergovernmental agreement between the United States and the Kingdom of Spain or any other jurisdiction with respect to FATCA,
or any law, regulation or other official guidance enacted or issued in any jurisdiction implementing, or relating to, FATCA or any intergovernmental agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">For the purposes of (b)&nbsp;above, the &#147;<B>Relevant Date</B>&#148; means, in respect of any payment, the date on which
such payment first becomes due and payable, except that if the full amount of the moneys payable has not been received by the Paying Agent on or before such due date, it means the first date on which the full amount of such moneys having been so
received and made available for payment to Holders, notice to that effect is duly given to the Holders in accordance with this Indenture. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Whenever in this Indenture there is mentioned, in any context, the payment of interest on, or in respect of, any Security of
any series, such mention shall be deemed to include the payment of Additional Amounts provided by the terms of such series established hereby or pursuant hereto to the extent that, in such context, Additional Amounts are, were or would be payable in
respect thereof pursuant to such terms, and express mention of the payment of Additional Amounts (if applicable) in any provision hereof shall not be construed as excluding Additional Amounts in those provisions hereof where such express mention is
not made. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.05<I>. Statement as to Default. </I>For so long as any
Securities of any series are Outstanding, the Company will deliver to the Trustee, within 120 days after the end of its fiscal years ending after the date hereof, a brief certificate, complying with Section&nbsp;314(e) of the Trust Indenture Act,
from one or more authorized representatives of the Company, stating whether or not, to the best knowledge of the signer or signers thereof, the Company is in default in the performance and observance of any of the terms, provisions, covenants or
conditions of this Indenture (such compliance to be determined without regard to any period of grace or requirement of notice provided hereunder). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.06. <I>Corporate Existence. </I>Subject to Article 8, the Company shall do or cause to be done all things
necessary to preserve and keep in full force and effect its corporate existence; <I>provided,</I> <I>however, </I>that the foregoing shall not obligate the Company to preserve any such right or franchise if the Company shall determine that the
preservation thereof is no longer desirable in the conduct of its business and that the loss thereof is not disadvantageous in any material respect to any Holder. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.07. <I>Waiver of Certain Covenants. </I>Except as otherwise specified as contemplated by Section&nbsp;3.01 for
Securities of such series, the Company may, with respect to the Securities of any series, omit in any particular instance to comply with any term, provision or condition set forth in any covenant provided pursuant to Section&nbsp;9.01(b) or
Section&nbsp;9.01(c) for the benefit of the Holders of Securities of such series or any term, provision or condition set forth in an indenture supplemental hereto, if before the time for such compliance the Holders of at least a majority in
principal amount of the Outstanding Securities of such series shall, by Act of such Holders, either waive such compliance in such instance or generally waive compliance with such term, provision or condition, but no such waiver shall extend to or
affect such term, provision or condition except to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the Company and the duties of the Trustee in respect of any such term, provision or condition shall
remain in full force and effect.&#148; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(cc) Article 11 of the Original Indenture shall be deleted in its entirety with respect to the SP
Securities only and shall not apply to the SP Securities and shall, with respect to the SP Securities only, be replaced by the following:<B> </B> </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#147;<B>ARTICLE 11</B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">R<SMALL>EDEMPTION</SMALL> <SMALL>AND</SMALL> P<SMALL>URCHASE</SMALL> <SMALL>OF</SMALL> S<SMALL>ECURITIES</SMALL> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.01<I>. Applicability of Article. </I>Redemption or purchase of Securities of any series at the option of the
Company as permitted by the terms of such Securities shall be made in accordance with the terms of such Securities and (except as otherwise provided herein or pursuant hereto) this Article. In addition, any such redemption or purchase shall be in
compliance with Applicable Banking Regulations then in force and subject to the prior consent of the Regulator, if required pursuant to such regulations. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.02<I>. Election to Redeem; Notice to Trustee. </I>The election of the Company to redeem any Securities shall be
evidenced by a Board Resolution or approved by a person authorized to make such election pursuant to a Board Resolution. In case of any redemption at the election of the Company of (a)&nbsp;less than all of the Securities of any series or
(b)&nbsp;all of the Securities of any series, with the same interest rate, Stated Maturity and other terms, the Company shall, not less than five nor more than 30 days prior to the Redemption Date fixed by the Company (unless a shorter notice shall
be satisfactory to the Trustee), notify the Trustee of such Redemption Date and of the principal amount (or in the case of Original Issue Discount Security, the original issue amount) of Securities of such series to be redeemed. In the case of any
redemption of Securities prior to the expiration of any restrictions on redemption provided in the terms of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officer&#146;s Certificate evidencing
compliance with such restriction. The Trustee may conclusively assume that any redemption is in compliance with Applicable Banking Regulations and that if the prior consent of the Regulator is required for any redemption, such consent has been
obtained. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.03<I>. Selection by Trustee of Securities to Be Redeemed.
</I>If less than all of the Securities of any series with the same interest rate, Stated Maturity and other terms are to be redeemed, the particular Securities to be redeemed shall be selected not more than 30 days prior to the Redemption Date by
the Trustee from the Outstanding Securities of such series not previously called for redemption, by lot and may provide for the selection for redemption of portions of the principal amount (or in the case of an Original Issue Discount Security, the
original issue amount) of Securities of such series; <I>provided, however, </I>that no such partial redemption shall reduce the portion of the principal amount (or in the case of an Original Issue Discount Security, the original issue amount) of a
Security of such series not redeemed to less than the minimum denomination for a Security of such series established herein or pursuant hereto. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Trustee shall promptly notify the Company and the Security Registrar (if other than itself) in writing of the Securities
selected for redemption and, in the case of any Securities selected for partial redemption, the principal amount thereof to be redeemed. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of
Securities shall relate, in the case of any Securities redeemed or to be redeemed only in part, to the portion of the principal of such Securities which has been or is to be redeemed. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.04<I>. Notice of Redemption. </I>Notice of redemption shall be given in the manner provided in
Section&nbsp;1.06, not less than five nor more than 30 days prior to the Redemption Date, unless a shorter period is specified in the Securities to be redeemed, to the Holders of Securities to be redeemed. Failure to give notice by mailing in the
manner herein provided to the Holder of any Securities designated for redemption as a whole or in part, or any defect in the notice to any such Holder, shall not affect the validity of the proceedings for the redemption of any other Securities or
portion thereof. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any notice that is mailed to the Holder of any Securities in the manner herein provided shall be
conclusively presumed to have been duly given, whether or not such Holder actually receives the notice. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">All notices of
redemption shall state: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) the Redemption Date, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) the Redemption Price, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) if less than all Outstanding Securities of any series are to be redeemed, the identification (and, in the case of partial
redemption, the principal amount (or in the case of an Original Issue Discount Security, the original issue amount)) of the particular Security or Securities to be redeemed, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) in case any Security is to be redeemed in part only, the notice which relates to such Security shall state that on and
after the Redemption Date, upon surrender of such Security, the Holder of such Security will receive, without charge, a new Security or Securities of authorized denomination, containing identical terms and provisions, for the principal amount
thereof remaining unredeemed, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) that, on the Redemption Date, the Redemption Price shall become due and payable upon
each such Security or portion thereof to be redeemed, and, if applicable, that interest thereon shall cease to accrue on and after said date, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) the place or places where such Securities maturing after the Redemption Date, are to be surrendered for payment of the
Redemption Price and any accrued interest and Additional Amounts pertaining thereto, and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vii) the CUSIP number or the
Euroclear Bank. S.A./N.V. and Clearstream Banking, <I>soci&eacute;t&eacute; anonyme</I>, reference number of such Securities, if any (or any other numbers used by a Depository to identify such Securities). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">40 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Except as otherwise provided herein, notice of redemption published as
contemplated by Section&nbsp;1.06 need not identify particular Securities to be redeemed. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notice of redemption of
Securities to be redeemed at the election of the Company shall be given by the Company or, at the Company&#146;s request, by the Trustee in the name and at the expense of the Company. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the Company has elected to redeem the Securities of any series 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 such series of 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 accrued interest and Additional Amounts payable under this Article 11) will be due and payable. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.05<I>. Deposit of Redemption Price. </I>On or before any Redemption Date, the Company shall deposit with the
Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section&nbsp;10.03) an amount of money sufficient to pay the Redemption Price of, and (except if the Redemption Date
shall be an Interest Payment Date) any accrued interest on, and Additional Amounts with respect thereto, all the Securities or portions thereof which are to be redeemed on that date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.06<I>. Securities Payable on Redemption Date. </I>Notice of redemption having been given as aforesaid, the
Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified, and from and after such date (unless the Company shall default in the payment of the Redemption Price and accrued interest)
such Securities shall cease to bear interest. Upon surrender of any such Security for redemption in accordance with said notice, maturing after the Redemption Date, such Security shall be paid by the Company at the Redemption Price, together with
any accrued interest and Additional Amounts to the Redemption Date; <I>provided, however, </I>that installments of interest on Securities whose Stated Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Securities,
or one or more Predecessor Securities, registered as such at the close of business on the Regular Record Dates therefor according to their terms and the provisions of Section&nbsp;3.07. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">If any Security called for redemption shall not be so paid upon surrender thereof for redemption, the principal and any
premium, until paid, shall bear interest from the Redemption Date at the rate prescribed therefor in the Security. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.07<I>. Securities Redeemed in Part. </I>Any Security which is to be redeemed only in part shall be surrendered
at any Office or Agency for such Security (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or his
attorney duly authorized in writing) and the Company shall execute, and the Trustee shall authenticate and deliver to the Holder of such Security without service charge, a new Security or Securities of the same series, containing identical terms and
provisions, of any authorized denomination as requested by such Holder in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered. If a Global Security is so surrendered, the
Company shall execute, and the Trustee shall authenticate and deliver to the U.S. Depository or other Depository for such Global Security as shall be specified in the Company Order with respect thereto to the Trustee, without service charge, a new
Global Security in a denomination equal to and in exchange for the unredeemed portion of the principal of the Global Security so surrendered. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.08<I>. Redemption for Taxation Reasons. </I>Unless otherwise provided in the Securities of the relevant series,
all or part only of the Securities of such series may be redeemed at the Redemption Price in accordance with the terms of this Article 11 at the option of the Company, if, as the result of any change in or any amendment to the laws or regulations of
the Kingdom of Spain (including any treaty to which the Kingdom of Spain is a party) or any political subdivision or any authority or agency </P>
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thereof or therein having power to tax, or any change in the application or official interpretation of such laws or regulations, which change, amendment, application or interpretation becomes
effective on or after the issue date of the Securities of such series, (i)&nbsp;the Company would become obligated to pay Additional Amounts in making any payments under the Securities with respect thereto as a result of any taxes, levies, imposts
or other governmental charges imposed (whether by way of withholding or deduction or otherwise) by or for the account of the Kingdom of Spain or any political subdivision or authority thereof or therein having the power to tax, (ii)&nbsp;the Company
would not be entitled to claim a deduction in computing tax liabilities in the Kingdom of Spain or any political subdivision thereof or therein having the power to tax in respect of any interest to be paid on the next Interest Payment Date on such
series of Securities or the value of such deduction to the Company would be reduced, or (iii)&nbsp;the applicable tax treatment of the Securities would be materially affected and such change was not reasonably foreseeable on the issue date of the
Securities of such series; <I>provided </I>that, in the case of (i)&nbsp;above, no such notice to the Trustee of the redemption shall be given earlier than 90 days prior to the earliest date on which the Company would be obligated to deduct or
withhold tax or pay such Additional Amounts were a payment in respect of the Securities then due. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Prior to any notice of
redemption of such Securities pursuant to Section&nbsp;11.04, the Company shall provide the Trustee with (i)&nbsp;an Officer&#146;s Certificate of the Company stating that the Company is entitled to effect such redemption and setting forth in
reasonable detail a statement of circumstances showing that the conditions precedent to the right of the Company to redeem such Securities pursuant to this Section&nbsp;11.08 have been satisfied; and (ii)&nbsp;an Opinion of Counsel to the effect
that any of the circumstances referred to in the preceding paragraph prevail. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.09<I>. Redemption upon an
Eligible Liabilities Event. </I>Unless otherwise provided in the Securities of any series, all (but not less than all) of the Securities of such series may be redeemed at the Redemption Price in accordance with the terms of this Article 11 at the
option of the Company if an Eligible Liabilities Event occurs on or after the issue date of such Securities. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Prior to any
notice of redemption of such Securities pursuant to Section&nbsp;11.04, the Company shall provide the Trustee with (i)&nbsp;an Officer&#146;s Certificate of the Company stating that the Company is entitled to effect such redemption and setting forth
in reasonable detail a statement of circumstances showing that the conditions precedent to the right of the Company to redeem such Securities pursuant to this Section&nbsp;11.09 have been satisfied; and (ii)&nbsp;an Opinion of Counsel to the effect
that the circumstances referred to in the preceding paragraph prevail. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.10. <I>[Reserved]</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.11 <I><FONT STYLE="white-space:nowrap">Clean-up</FONT> Call</I>. Unless otherwise provided in the Securities of
the relevant series, if, on or after the issue date of the Securities of such series, Securities of such series representing, in the aggregate, 75% or more of the aggregate principal amount of the Securities of such series (including any Securities
issued after the issue date of such series and any Securities of such series which have been cancelled by the Trustee in accordance with Section&nbsp;11.12) have been purchased by or on behalf of the Company or any member of the Group, the
Securities of such series may be redeemed, in whole but not in part, at the option of the Company at any time at the Redemption Price. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.12<I>. Purchases of Securities. </I>Unless otherwise specified with respect to the relevant Securities pursuant
to Section&nbsp;3.01, the Company or any member of the Group or any other legal entity acting on behalf of the Company may purchase or otherwise acquire any of the Outstanding Securities of any series at any price in the open market or otherwise.
Upon their acquisition, such Securities may be held, resold or, at the option of the Company, surrendered to the Trustee for cancellation (subject to such holding, resale or cancellation being in compliance with Applicable Banking
Regulations).&#148; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(dd) Article 12 of the Original Indenture shall be deleted in its entirety with respect to the SP Securities only and
shall not apply to the SP Securities and shall, with respect to the SP Securities only, be replaced by the following:<B> </B> </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#147;<B>ARTICLE 12</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><I>[Reserved]&#148; </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ee)
Article 13 of the Original Indenture shall be deleted in its entirety with respect to the SP Securities only and shall not apply to the SP Securities and shall, with respect to the SP Securities only, be replaced by the following:<B> </B> </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#147;<B>ARTICLE 13</B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">R<SMALL>ANKING</SMALL> <SMALL>OF</SMALL> S<SMALL>ECURITIES</SMALL> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.01. <I>Status and Ranking of Securities. </I>The Company, for itself, its successors and assigns, covenants
and agrees, and each Holder of Securities (which, for the purposes of this Article 13, includes each holder of a beneficial interest in the Securities) of any series, by his acceptance thereof, likewise covenants and agrees, that the payment
obligations of the Company under the Securities of such series on account of principal shall be direct, unconditional, unsubordinated and unsecured obligations of the Company and, upon the insolvency (<I>concurso de acreedores</I>) of the Company,
in accordance with and to the extent permitted by the Insolvency Law and other applicable laws relating to or affecting the enforcement of creditors&#146; rights in the Kingdom of Spain (including, without limitation, Additional Provision 14 of Law
11/2015), but subject to any other ranking that may apply as a result of any mandatory provision of law (or otherwise), the payment obligations of the Company under the Securities with respect to claims for principal (which claims will constitute
ordinary claims) will rank: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) junior to any (a)&nbsp;privileged claims (<I>cr&eacute;ditos privilegiados</I>) (which
shall include, among other claims, any claims in respect of deposits for the purposes of Additional Provision 14.1 of Law 11/2015), and (b)&nbsp;claims against the insolvency estate (<I>cr&eacute;ditos contra la masa</I>); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) <I>pari passu </I>without any preference or priority among themselves and with all other Senior Preferred Obligations; and
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) senior to (a)&nbsp;any Senior <FONT STYLE="white-space:nowrap">Non-Preferred</FONT> Obligations, and (b)&nbsp;all
subordinated obligations of, or claims against, the Company (<I>cr&eacute;ditos subordinados</I>), present and future, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">such that any
relevant claim on account of principal in respect of the Securities will be satisfied, as appropriate, only to the extent that all claims ranking senior to it have first been satisfied in full, and then pro rata with any claims ranking <I>pari passu
</I>with it, in each case as provided above. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Upon the insolvency (<I>concurso de acreedores</I>) of the Company, in
accordance with and to the extent permitted by the Insolvency Law and other applicable laws relating to or affecting the enforcement of creditors&#146; rights in the Kingdom of Spain, but subject to any other ranking that may apply as a result of
any mandatory provision of law (or otherwise), the payment obligations of the Company under the Securities of any series with respect to claims for accrued but unpaid interest on such Securities shall constitute subordinated claims
(<I>cr&eacute;ditos subordinados</I>) against the Company ranking in accordance with the provisions of the Insolvency Law. No further interest on the Securities of any series shall accrue from the date of declaration of the insolvency of the
Company.<B> </B>Claims in respect of Additional Amounts shall also constitute subordinated claims (<I>cr&eacute;ditos subordinados</I>) against the Company. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Prior to any voluntary or necessary declaration of insolvency of the Company under the Insolvency Law or any voluntary or
mandatory liquidation of the Company or similar procedure, the Company may be subject to an Early Intervention or Resolution or to any other exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power and the Securities of any
series may be subject to the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power, in which case no Holder of any Security shall have any claim against the Company in connection with or arising out of any such exercise of
the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.02. <I>Waiver of Right of
<FONT STYLE="white-space:nowrap">Set-Off</FONT></I>. Subject to applicable law, neither any Holder of the Securities of any series nor the Trustee acting on behalf of the Holders of the Securities of such series may exercise, claim or plead any
right of <FONT STYLE="white-space:nowrap">set-off,</FONT> compensation or retention in respect of any amount owed to it by the Company in respect of, or arising under, or in connection with, the Securities of such series or this Indenture and each
Holder of the Securities of such series, by virtue of its holding of any Securities of such series or any interest therein, and the Trustee acting on behalf of the Holders of the Securities of such series, 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 of a Security of any series or any interest therein by the Company in respect of, or
arising under, the Securities of such series are discharged by <FONT STYLE="white-space:nowrap">set-off,</FONT> such Holder shall, subject to applicable law, immediately pay an amount equal to the amount of such discharge to the Company (or, if any
voluntary or involuntary liquidation of the Company shall have occurred, the liquidator or administrator of the Company, as the case may be) and, until such time as payment is made, shall hold an amount equal to such amount in trust (where possible)
or otherwise for the Company (or the liquidator or administrator of the Company, as the case may be) and, accordingly, any such discharge shall be deemed not to have taken place. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.03. <I>Authorization of Holders to Trustee to Effectuate Ranking</I>. Each Holder of Securities of any series,
by his acquisition of a Security will be deemed to have agreed to the ranking of such Securities as described in Section&nbsp;13.01. Each such Holder will be deemed to have irrevocably waived his or her rights of priority which would otherwise be
accorded to him or her under the laws of the Kingdom of Spain, to the extent necessary to effectuate the ranking provisions of the Security and to the extent permitted by Spanish law. In addition, each Holder of Securities of any series by his or
her acquisition of such Securities, to the extent permitted by Spanish law, authorizes and directs the Trustee on his or her behalf to take such action as may be necessary or appropriate to effectuate the ranking of such Securities as provided in
this Indenture and appoints the Trustee his&nbsp;or her <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorney-in-fact&nbsp;for</FONT></FONT> any and all such purposes, including, if required, to grant any private or public
documents on such Holder&#146;s behalf. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.04. <I>Rights of Trustee as Creditor of Senior Preferred
Obligations; Preservation of Trustee&#146;s Rights</I>. To the extent permitted by applicable law, the Trustee in its individual capacity shall be entitled to all the rights set forth in this Article 13 with respect to any claims of creditors of
Senior Preferred Obligations which may at any time be held by it, to the same extent as any other creditor of Senior Preferred Obligations, and nothing in this Indenture (except pursuant to Section&nbsp;15.02) or the Trust Indenture Act shall
deprive the Trustee of any of its rights as such holder. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Nothing in this Article shall apply to claims of, or payments to,
the Trustee under or pursuant to Section&nbsp;6.07.<B> </B> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.05. <I>Article Applicable to Paying
Agents</I>. At all times when a Paying Agent other than the Trustee shall have been appointed by the Company and be then acting hereunder, the term &#147;Trustee&#148; as used in this Article 13 shall in such case (unless the context otherwise
requires) be construed as extending to and including such Paying Agent within its meaning as fully for all intents and purposes as if such Paying Agent were named in this Article 13 in addition to or in place of the Trustee; <I>provided,
however</I>, that Section&nbsp;13.04 shall not apply to the Company or any Affiliate of the Company if the Company or such Affiliate acts as Paying Agent. For the avoidance of doubt, where the Trustee also acts as Paying Agent, the term
&#147;Trustee&#148; as used in this Article 13 shall (unless the context otherwise requires) be construed as extending to and including the Trustee in its capacity as Paying Agent within its meaning as fully for all intents and purposes as if the
Paying Agent were named in this Article 13 in addition to or in place of the Trustee.&#148; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ff) Article 14 of the Original Indenture
shall be deleted with respect to the SP Securities only and shall not apply to the SP Securities and shall, with respect to the SP Securities only, be replaced by the following: </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#147;<B>ARTICLE 14</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>[Reserved]</I>&#148; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(gg)
Article 15 of the Original Indenture shall be deleted in its entirety with respect to the SP Securities only and shall not apply to the SP Securities and shall, with respect to the SP Securities only, be replaced by the following: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">44 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#147;<B>ARTICLE 15</B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">E<SMALL>XERCISE</SMALL> <SMALL>OF</SMALL> S<SMALL>PANISH</SMALL> B<SMALL>AIL</SMALL>-<SMALL>IN</SMALL> P<SMALL>OWER</SMALL> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;15.01<I>. Agreement with Respect to the Exercise of Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT>
Power.</I> (a)&nbsp;Notwithstanding any other term of the Securities of any series, the Indenture or any other agreements, arrangements, or understandings between the Company and any Holder of the Securities of any series, by its acquisition of the
Securities of any series, each Holder (which, for the purposes of this Article 15, includes each holder of a beneficial interest in the Securities of any series) acknowledges, accepts, consents to and agrees to be bound by: (i)&nbsp;the exercise and
effects 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 Securities of any series, and may include and result
in any of the following, or some combination thereof: (a)&nbsp;the reduction or cancellation of all, or a portion, of the Amounts Due on the Securities of any series; (b)&nbsp;the conversion of all, or a portion, of the Amounts Due on the Securities
of any series into shares, other securities or other obligations of the Company or another Person (and the issue to or conferral on the Holder of any such shares, securities or obligations), including by means of an amendment, modification or
variation of the terms of the Securities; (c)&nbsp;the cancellation of the Securities of any series; (d)&nbsp;the amendment or alteration of the maturity of the Securities of any series or amendment of the amount of interest payable on the
Securities of any series, or the date on which the interest becomes payable, including by suspending payment for a temporary period; and (ii)&nbsp;the variation of the terms of the Securities of any series or the rights of the Holders thereunder or
under the Indenture, as deemed necessary by the Relevant Spanish Resolution Authority, to give effect to the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) By its acquisition of the Securities of any series, each Holder acknowledges and agrees that neither a reduction or
cancellation, in part or in full, of the Amounts Due on the Securities of any series or the conversion thereof into another security or obligation of the Company or another Person, in each case as a result of the exercise of the Spanish <FONT
STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority with respect to the Company, nor the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution
Authority with respect to the Securities of a series 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 Event of Default with respect to the Securities or under this Indenture. By its acquisition of the Securities of any series, each Holder further acknowledges and agrees that no repayment or payment of
Amounts Due on the Securities of any series shall become due and payable or be paid after the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority if, and to the extent that, such
amounts have been reduced, converted, cancelled, amended or altered as a result of such exercise. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) By its acquisition
of the Securities of any series, 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 Securities of such series. Additionally, by its acquisition of the Securities of any series, 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 Securities of such series: (i)&nbsp;the Trustee shall not be required to take any further directions from the Holders with respect
to any portion of the Securities of such series that is written down, converted to equity and/or cancelled under Section&nbsp;5.12 of this Indenture; and (ii)&nbsp;this 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; <I>provided, however</I>, 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 Securities of a series, so long as any Securities of such series remain Outstanding, there shall at all times be a trustee for the
Securities of such series in accordance with the Indenture, and the resignation and/or removal of the Trustee and the appointment of a successor trustee shall continue to be governed by this Indenture, including to the extent no additional
supplemental indenture or amendment is agreed upon in the event the Securities of such series remain Outstanding following the completion of the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) By its acquisition of the Securities of any series, each Holder shall be
deemed to have authorized, directed and requested the relevant Depository (including, if applicable, The Depository Trust Company) and any direct participant therein or other intermediary through which it holds such Securities to take any and all
necessary actions, if required, to implement the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power with respect to the Securities as it may be imposed, without any further action or direction on the part of such Holder.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) 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 Securities of any series, the Company or the Relevant Spanish Resolution Authority (as the case may be) shall provide a written notice to the Depository 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 Securities. The Company shall also deliver a copy of such notice to the Trustee for information purposes. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) If the Company has elected to redeem the Securities of any series 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 such series of 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 accrued interest and Additional Amounts payable under Article 11) will be due and payable. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) Upon the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power with respect to the Securities of a
series which results in the redemption, cancellation, or the conversion into other securities, of all the Amounts Due on the Securities of such series or such Securities otherwise ceasing to be outstanding, the Indenture shall be deemed satisfied
and discharged as to such series of Securities and such Securities shall thereafter be deemed to be not &#147;Outstanding&#148;. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) Each Holder that acquires Securities of any series in the secondary market or otherwise shall be deemed to acknowledge and
agree to be bound by and consent to the same provisions specified in this Indenture to the same extent as the Holders that acquire the Securities upon their initial issuance, including, without limitation, with respect to this Article 15. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;15.02<I>. BRRD Liabilities. </I>Notwithstanding and to the exclusion of any other term of this Indenture or any
other agreements, arrangements, or understandings between the Company and the Trustee, the Trustee acknowledges and accepts that a BRRD Liability arising under this Indenture may be subject to the exercise of the Spanish <FONT
STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority, and acknowledges, accepts, consents to and agrees to be bound by: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) the exercise and effects of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish
Resolution Authority in relation to any BRRD Liability of the Company to the Trustee, which may be imposed with or without any prior notice and (without limitation) may include and result in any of the following, or some combination thereof: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) the reduction of all, or a portion, of such BRRD Liability or outstanding amounts due thereon; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) the conversion of all, or a portion, of such BRRD Liability or outstanding amounts due thereon into shares, other
securities or other obligations of the Company or another Person, and the issue to or conferral on the Trustee of any such shares, securities or obligations, including by means of an amendment, modification or variation of the terms of any BRRD
Liability; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) the cancellation of such BRRD Liability or outstanding amounts due thereon; and/or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) the amendment or alteration of any interest, if applicable, on such BRRD Liability or outstanding amounts due thereon, and
the maturity or the dates on which any payments on such BRRD Liability or outstanding amounts are due, including by suspending payment for a temporary period; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) the variation of the terms of such BRRD Liability or outstanding amounts due thereon and/or this Indenture, as deemed
necessary by the Relevant Spanish Resolution Authority, to give effect to the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">The terms of this Article 15 shall survive the payment in full of the
Securities, the satisfaction and discharge of this Indenture with respect to any series of Securities (where such satisfaction or discharge is allowed by the terms of the relevant series of Securities), the resignation or removal of the Trustee and
the termination for any reason of this Indenture.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(hh) The Table of Contents of the Original Indenture shall be amended to the
extent necessary to reflect the amendments to the Original Indenture made in this Article 2. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) The amendments to the Original
Indenture made pursuant to this Article 2 shall be effective immediately prior to the creation of the SP Securities pursuant to Article 3 hereof. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 3 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SP
S<SMALL>ECURITIES</SMALL> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.01. <I>Creation of SP Securities</I>. There is hereby created a new series of senior preferred
securities, the SP Securities, to be issued under the Indenture. The SP Securities will be issued at 100% of their principal amount by means of the public deed of issuance executed on March&nbsp;6, 2024 and registered with the Mercantile Registry of
Vizcaya (Bizkaia) on March&nbsp;7, 2024. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.02. <I>Limitation on Aggregate Principal Amount of SP Securities</I>. The
aggregate principal amount of the SP Securities shall initially be limited to $1,000,000,000 (except for SP Securities authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of, other SP Securities of such
series pursuant to Sections 3.04, 3.05, 3.06, 9.05 or 11.07 of the Original Indenture (as amended and supplemented hereby) or the terms of such SP Securities and except for any SP Securities that, pursuant to Section&nbsp;3.03 of the Original
Indenture (as amended and supplemented hereby), are deemed never to have been authenticated and delivered thereunder). The Issuer may from time to time, without the consent of the Holders of SP Securities, create and issue further securities having
the same terms and conditions as the previously issued SP Securities in all respects (or in all respects except for the issue date, the original interest accrual date and/or the issue price), so that such further issue shall be consolidated and form
a single series with the Outstanding SP Securities; provided, however, that any such further issuance will only be made if either such additional securities are issued with no more than de <I>minimis</I> original issue discount for U.S. federal
income tax purposes or any such further issuance is a &#147;qualified reopening&#148; as such term is defined under U.S. Treasury Regulations <FONT STYLE="white-space:nowrap">Section&nbsp;1.1275-2(k)(3)</FONT> promulgated under the U.S. Internal
Revenue Code of 1986, as amended. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.03. <I>Payment of Principal</I>. The principal of the Outstanding SP Securities shall be
due and payable on the Stated Maturity Date or on such earlier date as the principal thereof may become due and payable in accordance with the provisions hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.04. <I>Interest and Interest Rate.</I><I> </I>(a)&nbsp;From (and including) the Issue Date to (but excluding) the Stated
Maturity Date or any date of earlier redemption, the SP Securities will bear interest at a fixed rate of 5.381% per annum. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The Issuer
will pay interest in arrears on the SP Securities semi-annually on March&nbsp;13 and September&nbsp;13 of each year, commencing on September&nbsp;13, 2024, up to (and including) the Stated Maturity Date or any date of earlier redemption (each an
&#147;<B>Interest Payment Date</B>&#148;). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Interest on the SP Securities will be computed on the basis of a <FONT
STYLE="white-space:nowrap">360-day</FONT> year of twelve <FONT STYLE="white-space:nowrap">30-day</FONT> months. Except as described below for the first Interest Payment Date, on each Interest Payment Date, the Issuer will pay interest on the SP
Securities for the period commencing on (and including) the immediately preceding Interest Payment Date and ending on (and including) the day immediately preceding that Interest Payment Date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) On the first Interest Payment Date, the Issuer will pay interest for the period beginning on (and including) the Issue Date to (but
excluding) September&nbsp;13, 2024. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) If any Interest Payment Date falls on a day that is not a Business Day, the related
interest payment shall be postponed to the next day that is a Business Day, and no interest on such payment shall accrue for the period from and after such Interest Payment Date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) If the Stated Maturity Date or date of earlier redemption of any SP Security falls on a day that is not a Business Day, payment of
principal and interest on the applicable SP Security will be made on the next succeeding day that is a Business Day, and no interest will accrue for the period from and after such Stated Maturity Date or date of earlier redemption. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) Interest on each SP Security will be paid only to the Person in whose name such SP Security was registered at the close of business on the
Regular Record Date for the applicable Interest Payment Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.05. <I>Denominations, Minimum Purchase Amount.</I><I>
</I>The SP Securities may be issued in minimum denominations of $200,000 with increments of $200,000 thereafter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.06.
<I>Paying Agent</I>. (a)&nbsp;Upon the terms and subject to the conditions contained herein, the Issuer hereby appoints The Bank of New York Mellon, London Branch as the initial Paying Agent under the Indenture for the purpose of performing the
functions of the Paying Agent with respect to the SP Securities, and the Paying Agent hereby accepts such appointment. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The Paying
Agent shall exercise due care in performing the functions of the Paying Agent for the SP Securities. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) The Issuer and the Paying Agent
shall, in connection with any Interest Payment Date or Redemption Date, comply with the procedures set forth in Exhibit B, including the timely provision by the Paying Agent of a duly executed and completed Payment Statement to the Issuer. If the
timely provision of a duly executed and completed Payment Statement is no longer necessary under Spanish law to allow payments on the SP Securities to be made free and clear of Spanish withholding tax or deduction on account of Spanish taxes, this
Section&nbsp;3.06(c) shall cease to be in effect and the Issuer and the Paying Agent shall no longer be required to comply with the procedures set forth in Exhibit B, including the timely provision by the Paying Agent of a duly executed and
completed Payment Statement to the Issuer with respect to any Interest Payment Date or Redemption Date occurring on or after the date on which the timely provision of such Payment Statement is no longer necessary under Spanish law to allow payments
on the SP Securities to be made free and clear of Spanish withholding tax or deduction on account of Spanish taxes. Notwithstanding anything contained herein to the contrary, the Paying Agent shall not be liable for any amounts owed to any person
due to its failure to properly comply with the procedures referred to in this Section&nbsp;3.06(c) except such as may result from the gross negligence, willful misconduct or bad faith of the Paying Agent or any of its agents or employees. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) So long as any principal amount of the SP Securities remains outstanding, the Issuer shall, insofar as it is practicable, maintain,
implement or arrange for the implementation of procedures to facilitate the timely provision by the Paying Agent of a duly executed and completed Payment Statement in respect of the payments referred to in this Section&nbsp;3.06 under the SP
Securities or the collection of any other documentation concerning the SP Securities that may be required under Spanish law to allow payments on the SP Securities to be made free and clear of Spanish withholding tax. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) The Paying Agent accepts its obligations set forth herein, upon the terms and subject to the conditions hereof, including the following, to
all of which the Issuer agrees: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) The Paying Agent shall be entitled to such compensation as may be agreed in writing
with the Issuer for all services rendered by the Paying Agent, and the Issuer promises to pay such compensation and to reimburse the Paying Agent for the reasonable
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses (including reasonable counsel fees and expenses) incurred by it in connection with the services rendered by it hereunder upon receipt of such
invoices as the Issuer shall reasonably require. The Issuer agrees to indemnify the Paying Agent for, and to hold it harmless against, any and all loss, liability, damage, claims or expenses<B> </B>(including the costs and expenses of defending
against any claim of liability and </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
excluding taxes based upon, measured by or determined by the income of the Paying Agent) incurred by the Paying Agent that arises out of or in connection with its acting as Paying Agent
hereunder, except such as may result from the gross negligence, willful misconduct or bad faith of the Paying Agent or any of its agents or employees. The Paying Agent shall incur no liability and shall be indemnified and held harmless by the Issuer
for, or in respect of, any actions taken, omitted to be taken or suffered to be taken in good faith by the Paying Agent in reliance upon (A)&nbsp;the written opinion of counsel satisfactory to it and upon obtaining the prior written consent of the
Issuer or (B)&nbsp;written instructions from the Issuer. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">The Paying Agent shall notify the Company in writing of the
commencement of any action or claim in respect of which indemnification may be sought promptly after any officer of the Trustee becomes aware of such commencement (provided that the failure to make such notification shall not affect the Paying
Agent&#146;s rights hereunder) and the Company shall be entitled to participate therein. The Paying Agent shall not be authorized to settle a claim without the written consent of the Company, which consent shall not be unreasonably withheld or
delayed. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) In acting under the Indenture and in connection with the SP Securities, the Paying Agent is acting solely as
agent of the Issuer and does not assume any obligations to, or relationship of agency or trust for or with, any of the Holders of such SP Securities. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) The Paying Agent shall be protected and shall incur no liability for or in respect of any action taken or omitted to be
taken or anything suffered by it in reliance upon the terms of the SP Securities, any notice, direction, certificate, affidavit, statement or other paper, document or communication reasonably believed by it to be genuine and to have been approved or
signed by the proper party or parties. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) Unless herein otherwise specifically provided, any order, certificate, notice,
request, direction or other communication from the Issuer made or given by it under any provision of the Indenture shall be sufficient if signed by any proper officer or an authorized person of the Issuer. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) The Paying Agent may, upon obtaining the prior written consent of the Issuer, perform any duties hereunder either directly
or by or through agents or attorneys, and, except as otherwise provided herein, the Paying Agent shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) (i) The Paying Agent may at any time resign as Paying Agent by giving written notice to the Issuer of such intention on its part,
specifying the date on which its desired resignation shall become effective; provided, however, that such date shall not be earlier than 60 days after the receipt of such notice by the Issuer, unless the Issuer agrees in writing to accept less
notice. The Paying Agent may be removed by the Issuer (with or without cause) at any time by the filing with it of any instrument in writing signed on behalf of the Issuer by any proper officer or an authorized person thereof and specifying such
removal and the date when it is intended to become effective, subject to the Company providing a copy of such notice to the Trustee. Such resignation or removal shall take effect only upon the date of the appointment by the Issuer, as hereinafter
provided, of a successor Paying Agent. If within 60 days after notice of resignation or removal has been given, a successor Paying Agent has not been appointed, the Paying Agent may petition a court of competent jurisdiction to appoint a successor
Paying Agent. A successor Paying Agent shall be appointed by the Issuer by an instrument in writing signed on behalf of the Issuer by any proper officer or an authorized person thereof and the successor Paying Agent. Upon the appointment of a
successor Paying Agent and acceptance by it of such appointment, the Paying Agent so superseded shall cease to be such Paying Agent hereunder. Upon its resignation or removal, the Paying Agent shall be entitled to the payment by the Issuer of its
compensation, if any is owed to it, for services rendered hereunder and to the reimbursement of all reasonable <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses incurred in connection with the
services rendered by it hereunder. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) Any successor Paying Agent appointed hereunder shall execute and
deliver to its predecessor and to the Issuer an instrument accepting such appointment hereunder, and thereupon such successor Paying Agent, without any further act, deed or conveyance, shall become vested with all the authority, rights, powers,
trusts, immunities, duties and obligations of such predecessor with like effect as if originally named as such Paying Agent hereunder, and such predecessor, upon payment of its charges and disbursements then unpaid, shall thereupon become obliged to
transfer and deliver, and such successor Paying Agent shall be entitled to receive, copies of any relevant records maintained by such predecessor Paying Agent. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) Any Person into which the Paying Agent may be merged or converted or with which the Paying Agent may be consolidated, or
any Person resulting from any merger, conversion or consolidation to which the Paying Agent shall be a party, or any Person succeeding to all or substantially all of the assets and business of the Paying Agent, or all or substantially all of the
corporate trust business of the Paying Agent shall, to the extent permitted by applicable law, be the successor Paying Agent under the Indenture without the execution or filing of any paper or any further act on the part of any of the parties
hereto. Notice of any such merger, conversion, consolidation or sale shall forthwith be given to the Issuer within 30 days of such merger, conversion, consolidation or sale. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.07. <I>Security Certificates</I><I>.</I><I> </I>(a)&nbsp;The SP Securities shall initially be represented by one or more global
certificates (the &#147;<B>Global Certificates</B>&#148;) substantially in the form of Exhibit A (attached hereto), which shall be deposited with a custodian for the Depository and the SP Securities represented thereby will be registered in the name
of a nominee of the Depository (initially Cede&nbsp;&amp; Co.), for the accounts of participants in the Depository. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) SP Securities
represented by a Global Certificate may be transferred, in whole and not in part, only: (i)&nbsp;by the Depository to a nominee of the Depository, (ii)&nbsp;by a nominee of the Depository to the Depository or to another nominee of the Depository, or
(iii)&nbsp;by the Depository or any such nominee to a successor Depository or a nominee of such successor Depository. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Beneficial
interests in any SP Securities represented by a Global Certificate will be exchangeable for SP Securities represented by definitive certificates (&#147;<B>Definitive Certificates</B>&#148;) only if: (i)&nbsp;the Depository notifies the Issuer in
writing that it is unwilling, unable or ineligible to continue to act as Depository or that it has ceased to be a clearing agency registered under the Securities Exchange Act of 1934, as amended, and, in either case, a successor Depository is not
appointed by the Issuer within 60 days after the date of such notice from the Depository, (ii)&nbsp;the Issuer notifies the Trustee in writing that it has reasonably elected to cause the issuance of SP Securities represented by Definitive
Certificates or (iii)&nbsp;there shall have occurred and be continuing an Event of Default with respect to the SP Securities. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Upon the
occurrence of any of the events specified in Section&nbsp;3.07(c)(i), (ii) or (iii)&nbsp;above, SP Securities represented by Definitive Certificates shall be (i)&nbsp;delivered by the Trustee in exchange for beneficial interest in SP Securities
represented by Global Certificates and (ii)registered in such names, and issued in such authorized denominations, as shall be requested by or on behalf of the Depository in accordance with its customary procedures. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.08. <I>Redemption and Purchase.</I><I> </I>(a)&nbsp;The provisions of Article 11 of the Original Indenture (as amended and
supplemented hereby) will apply to the SP Securities. Any such redemption or purchase shall be in compliance with Applicable Banking Regulations then in force and subject to the prior consent of the Regulator, if required pursuant to such
regulations. The &#147;<B>Redemption Price</B>&#148; means, with respect to any SP Securities to be redeemed pursuant to Article 11 of the Original Indenture (as amended and supplemented hereby), an amount equal to 100% of their principal amount,
together with accrued but unpaid interest, if any, thereon to (but excluding) the Redemption Date. The &#147;<B>Redemption Date</B>&#148; of any SP Securities to be redeemed will be any day fixed by the Issuer for redemption of such SP Securities
and specified in the applicable notice of redemption provided by the Issuer pursuant to Section&nbsp;11.04 of the Original Indenture (as amended and supplemented hereby); <I>provided, however</I>, that in any case where the Redemption Date shall not
be a Business Day, then the SP Securities will not become due and payable and deposit of the Redemption Price will not be made on such Redemption Date, but the SP Securities will become due and payable and deposit of the Redemption Price will be
made on the next succeeding day that is a Business Day with the same force and effect as if the SP Securities had become due and payable and the deposit of the Redemption Price had been made on the Redemption Date, and no interest shall accrue on
the amount payable on such Redemption Date or at such time for the period from and after such Redemption Date. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">50 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) All or part only of the SP Securities may be redeemed at the Redemption Price in
accordance with the terms of Article 11 of the Original Indenture (as amended and supplemented hereby) at the option of the Issuer if, as the result of any change in or any amendment to the laws or regulations of the Kingdom of Spain (including any
treaty to which the Kingdom of Spain is a party) or any political subdivision or any authority or agency thereof or therein having power to tax, or any change in the application or official interpretation of such laws or regulations, which change,
amendment, application or interpretation becomes effective on or after the Issue Date of the SP Securities, (i)&nbsp;the Issuer would become obligated to pay Additional Amounts in making any payments under the SP Securities with respect thereto as a
result of any taxes, levies, imposts or other governmental charges imposed (whether by way of withholding or deduction or otherwise) by or for the account of the Kingdom of Spain or any political subdivision or authority thereof or therein having
the power to tax, (ii)&nbsp;the Issuer would not be entitled to claim a deduction in computing tax liabilities in the Kingdom of Spain or any political subdivision thereof or therein having the power to tax in respect of any interest to be paid on
the next Interest Payment Date on the SP Securities or the value of such deduction to the Issuer would be reduced, or (iii)&nbsp;the applicable tax treatment of the SP Securities would be materially affected and such change was not reasonably
foreseeable on the Issue Date of the SP Securities; <I>provided</I> that, in the case of (i)&nbsp;above, no such notice to the Trustee of the redemption shall be given earlier than 90 days prior to the earliest date on which the Issuer would be
obligated to deduct or withhold tax or pay such Additional Amounts were a payment in respect of the SP Securities then due. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) All (but
not less than all) of the SP Securities may be redeemed at the Redemption Price in accordance with the terms of Article 11 of the Original Indenture (as amended and supplemented hereby) at the option of the Issuer if an Eligible Liabilities Event
occurs on or after the Issue Date of the SP Securities. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) All (but not less than all) of the SP Securities may be redeemed at the
Redemption Price in accordance with the terms of Article 11 of the Original Indenture (as amended and supplemented hereby) at the option of the Issuer if, on or after the Issue Date, SP Securities representing, in the aggregate, 75% or more of the
aggregate principal amount of the SP Securities (including any SP Securities issued after the Issue Date and any SP Securities which have been cancelled by the Trustee in accordance with Section&nbsp;11.12 of the Original Indenture (as amended and
supplemented hereby)) have been purchased by or on behalf of the Issuer or any member of the Group. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.09. <I>Definitive
Certificates and Authentication</I>. Any Definitive Certificates issued in exchange for beneficial interests in the SP Securities represented by Global Certificates pursuant to Section&nbsp;3.07 of this Third Supplemental Indenture or
Section&nbsp;2.03 of the Original Indenture (as amended and supplemented hereby) shall be issued in the State of New York. Notwithstanding any other provision in the Indenture or the SP Securities, the SP Securities, irrespective of whether they are
represented by Global Certificates or Definitive Certificates, shall be issued and authenticated in New York. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.10.
<I>Agreement with Respect to the Exercise of Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power.</I><I> </I>(a)&nbsp;Notwithstanding any other term of the SP Securities, the Indenture or any other agreements, arrangements, or
understandings between the Company and any Holder, by its acquisition of the SP Securities, each Holder (which, for the purposes of this Section&nbsp;3.10, includes each holder of a beneficial interest in the SP Securities) acknowledges, accepts,
consents to and agrees to be bound by: (i)&nbsp;the exercise and effects 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 SP Securities, and may include and result in any of the following, or some combination thereof: (1)&nbsp;the reduction or cancellation of all, or a portion, of the Amounts Due on the SP Securities; (2)&nbsp;the conversion of all, or a
portion, of the Amounts Due on the SP Securities into shares, other securities or other obligations of the Company or another Person (and the issue to or conferral on the Holder of any such shares, securities or obligations), including by means of
an amendment, modification or variation of the terms of the SP Securities; (3)&nbsp;the cancellation of the SP Securities; (4)&nbsp;the amendment or alteration of the maturity of the SP Securities or amendment of the amount of interest payable on
the SP Securities, or the date on which the interest becomes payable, including by suspending payment for a temporary period; and (ii)&nbsp;the variation of the terms of the SP Securities or the rights of Holders thereunder or under the Indenture,
as deemed necessary by the Relevant Spanish Resolution Authority, to give effect to the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">51 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) By its acquisition of the SP Securities, each Holder acknowledges and agrees that
neither a reduction or cancellation, in part or in full, of the Amounts Due on the SP Securities or the conversion thereof into another security or obligation of the Company or another Person, in each case as a result of the exercise of the Spanish <FONT
STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority with respect to the Company, nor the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution
Authority with respect to the SP 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 Event of Default with respect to the SP Securities or under the Indenture. By its acquisition of the SP Securities, each Holder further acknowledges and agrees that no repayment or payment of Amounts Due on the
SP Securities shall become due and payable or be paid after the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority if, and to the extent that, such amounts have been reduced,
converted, cancelled, amended or altered as a result of such exercise. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) By its acquisition of the SP Securities, each Holder, to the
extent permitted by the Trust Indenture Act, waives any and all claims, in law and/or in equity, against the Trustee for, agrees not to initiate a suit against the Trustee in respect of, and agrees that the Trustee shall not be liable for, any
action that the Trustee takes, or abstains from taking, in either case in accordance with the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority with respect to the SP
Securities. Additionally, by its acquisition of the SP Securities, each Holder acknowledges and agrees that, upon the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority with
respect to the SP Securities: (i)&nbsp;the Trustee shall not be required to take any further directions from the Holders with respect to any portion of the SP Securities that is written down, converted to equity and/or cancelled under
Section&nbsp;5.12 of the Original Indenture (as amended and supplemented hereby); 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 SP Securities, so long as any SP Securities remain Outstanding, there shall at all times be a trustee for the SP 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 SP Securities remain Outstanding following the
completion of the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) By its acquisition of the SP
Securities, each Holder shall be deemed to have authorized, directed and requested the Depository and any direct participant therein or other intermediary through which it holds such SP Securities to take any and all necessary actions, if required,
to implement the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power with respect to the SP Securities as it may be imposed, without any further action or direction on the part of such Holder. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) 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 SP Securities, the Company or the Relevant Spanish Resolution Authority (as the case may be) shall provide a written notice to the Depository 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 SP Securities. The Company shall also deliver a copy of such notice to the Trustee for information purposes. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) If the Issuer has elected to redeem the SP 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 SP 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 accrued interest and Additional Amounts payable under Article 11 of the Original Indenture (as amended and supplemented hereby)) will be due and payable. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) Upon the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power with respect to the SP Securities which results in
the redemption, cancellation, or the conversion into other securities, of all the Amounts Due on the SP Securities or such SP Securities otherwise ceasing to be outstanding, the Indenture shall be deemed satisfied and discharged as to such series of
SP Securities and such SP Securities shall thereafter be deemed to be not &#147;Outstanding&#148;. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">52 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) Each Holder that acquires SP Securities in the secondary market or otherwise shall be
deemed to acknowledge and agree to be bound by and consent to the same provisions specified in this Third Supplemental Indenture to the same extent as the Holders that acquire the SP Securities upon their initial issuance, including, without
limitation, with respect to this Section&nbsp;3.10. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.11. <I>Notices.</I><I> </I>Any notice, communication or other document
(other than a notice, communication or other document delivered pursuant to the procedures set forth in Exhibit B, including a Payment Statement) required to be given to any person hereunder shall be given in accordance with Section&nbsp;1.05 or
Section&nbsp;1.06 (as the case may be) of the Original Indenture (as amended and supplemented hereby). Any notice hereunder given by telephone, telecopy, letter or email shall be deemed to be received when in the ordinary course of transmission or
post, as the case may be, it would be received. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.12. <I>Instructions by Electronic Means.</I><I> </I>The Trustee and each
Agent shall have the right to accept and act upon instructions, including funds transfer instructions (&#147;<B>Instructions</B>&#148;) given pursuant to the Indenture and delivered using Electronic Means;<I> provided, however</I>, that the Company
shall provide to the Trustee and each Agent an incumbency certificate listing officers with the authority to provide such Instructions (&#147;<B>Authorized Officers</B>&#148;) and containing specimen signatures of such Authorized Officers, which
incumbency certificate shall be amended by the Company whenever a person is to be added or deleted from the listing. If the Company elects to give the Trustee or any Agent Instructions using Electronic Means and the Trustee or the relevant Agent in
its discretion elects to act upon such Instructions, the Trustee&#146;s or the relevant Agent&#146;s understanding of such Instructions shall be deemed controlling. The Company understands and agrees that the Trustee and the Agents cannot determine
the identity of the actual sender of such Instructions and that the Trustee or the relevant Agent shall conclusively presume that directions that purport to have been sent by an Authorized Officer listed on the incumbency certificate provided to the
Trustee or such Agent have been sent by such Authorized Officer. The Company shall be responsible for ensuring that only Authorized Officers transmit such Instructions to the Trustee or the relevant Agent and that the Company and all Authorized
Officers are solely responsible to safeguard the use and confidentiality of applicable user and authorization codes, passwords and/or authentication keys upon receipt by the Company. Neither the Trustee nor the relevant Agent shall be liable for any
losses, costs or expenses arising directly or indirectly from the Trustee&#146;s or such Agent&#146;s reasonable reliance upon and compliance with such Instructions notwithstanding such directions conflict or are inconsistent with a subsequent
written instruction. The Company agrees: (i)&nbsp;to assume all risks arising out of the use of Electronic Means to submit Instructions to the Trustee and the Agents, including without limitation the risk of the Trustee or any Agent acting on
unauthorized Instructions, and the risk of interception and misuse by third parties; (ii)&nbsp;that it is fully informed of the protections and risks associated with the various methods of transmitting Instructions to the Trustee and the Agents and
that there may be more secure methods of transmitting Instructions than the method(s) selected by the Company; (iii)&nbsp;that the security procedures (if any) to be followed in connection with its transmission of Instructions provide to it a
commercially reasonable degree of protection in light of its particular needs and circumstances; and (iv)&nbsp;to notify the Trustee or the relevant Agent immediately upon learning of any compromise or unauthorized use of the security procedures.
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, each of the parties hereto has caused this Third Supplemental Indenture
to be duly executed on its behalf as of the date first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

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<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="79%"></TD></TR>


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<TD VALIGN="top" COLSPAN="5"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BANCO BILBAO VIZCAYA ARGENTARIA, S.A.,</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">as Issuer</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Ignacio Echevarr&iacute;a</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Ignacio Echevarr&iacute;a</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">BBVA Head of Wholesale Funding&nbsp;&amp; Capital Operations</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">THE BANK OF NEW YORK MELLON, LONDON BRANCH</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">as Trustee, Paying Agent and Transfer Agent</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Ricardo Da Rocha</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Ricardo Da Rocha</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Authorised Signatory</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">THE BANK OF NEW YORK MELLON,</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">as
Security Registrar</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Ricardo Da Rocha</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Ricardo Da Rocha</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Authorised Signatory</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>[Signature Page to Third Supplemental Indenture] </I></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT A </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">FORM OF SECURITY CERTIFICATE REPRESENTING SECURITIES </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">No. [&#9679;] </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">CUSIP NO. 05946K AQ4 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">ISIN NO. US05946KAQ40 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">THIS SECURITY IS A GLOBAL
SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE THEREOF. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN CERTIFICATED FORM, THIS SECURITY MAY NOT
BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TRUST COMPANY (THE &#147;<B>DEPOSITORY</B>&#148;) TO A NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY. UNLESS
THIS GLOBAL SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE&nbsp;&amp; CO. OR IN SUCH
OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY (AND ANY PAYMENT IS MADE TO CEDE&nbsp;&amp; CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY), ANY TRANSFER, PLEDGE OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE&nbsp;&amp; CO., HAS AN INTEREST HEREIN. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">BANCO BILBAO VIZCAYA ARGENTARIA, S.A. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">GLOBAL SECURITY </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">representing up
to $[500,000,000] </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5.381% Senior Preferred Fixed Rate Notes due 2029 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">BANCO BILBAO VIZCAYA ARGENTARIA, S.A., a <I>sociedad an&oacute;nima </I>organized under the laws of the Kingdom of Spain and having its
registered office in the Kingdom of Spain (together with its successors and permitted assigns under the Indenture referred to on the reverse hereof, the &#147;<B>Company</B>&#148;), for value received, hereby promises to pay to Cede&nbsp;&amp; Co.,
or registered assigns, the principal sum of $[500,000,000] on March&nbsp;13, 2029 or on such earlier date as the principal hereof may become due and payable in accordance with the provisions hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company further unconditionally promises, subject to the Terms and Conditions of the SP Securities endorsed on the reverse hereof, to pay
interest semi-annually in arrears on March&nbsp;13 and September&nbsp;13 of each year, commencing September&nbsp;13, 2024, until maturity or redemption (each an &#147;<B>Interest Payment Date</B>&#148;), on said principal sum at a fixed rate of
5.381% per annum from (and including) the issue date to (but excluding) the Stated Maturity Date (as defined on the reverse hereof). Interest shall accrue from (and including) the most recent Interest Payment Date or, with respect to the first
Interest Payment Date, from (and including) the date of issuance, until the principal hereof is paid or made available for payment. The interest payable on any such Interest Payment Date will, subject to certain conditions set forth in the Indenture
referred to on the reverse hereof, be paid to the Holder in whose name this SP Security is registered as of the close of business on the 15th calendar day (whether or not such day is a Business Day) immediately preceding such Interest Payment Date.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Payment of the principal amount of, and any interest on, this SP Security will be made by wire transfer of immediately available funds in
such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. Such payment shall be made to the Holder including through a paying agent of the Company for collection by the
Holder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding any other term of this SP Security, the Indenture or any other agreements, arrangements, or understandings
between the Company and any Holder, by its acquisition of this SP Security, each Holder (including, for purposes of this paragraph, each holder of a beneficial interest in the SP Security) acknowledges, accepts,
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-1 </P>

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consents to and agrees to be bound by: (i)&nbsp;the exercise and effects of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power (as defined on the reverse hereof) by the Relevant
Spanish Resolution Authority (as defined on the reverse hereof), which may be imposed with or without any prior notice with respect to the SP Security, and may include and result in any of the following, or some combination thereof: (1)&nbsp;the
reduction or cancellation of all, or a portion, of the Amounts Due (as defined on the reverse hereof) on this SP Security; (2)&nbsp;the conversion of all, or a portion, of the Amounts Due on this SP Security into shares, other securities or other
obligations of the Company or another person (and the issue to or conferral on the Holder of any such shares, securities or obligations), including by means of an amendment, modification or variation of the terms of this SP Security; (3)&nbsp;the
cancellation of this SP Security; (4)&nbsp;the amendment or alteration of the maturity of this SP Security or amendment of the amount of interest payable on this SP Security, or the date on which the interest becomes payable, including by suspending
payment for a temporary period; and (ii)&nbsp;the variation of the terms of this SP Security or the rights of the Holders thereunder or under the Indenture, as deemed necessary by the Relevant Spanish Resolution Authority, to give effect to the
exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority. The Holder shall not have any claim against the Company in connection with or arising out of any such exercise or variation.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Reference is made to the further provisions set forth under the Terms and Conditions of the SP Securities endorsed on the reverse hereof.
Such further provisions shall for all purposes have the same effect as though fully set forth at this place. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This SP Security shall not
be valid or obligatory for any purpose until the certificate of authentication of this SP Security shall have been executed manually, by facsimile or by electronic signature by or on behalf of the Trustee under the Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>[Remainder of the page left intentionally blank] </I></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dated: March&nbsp;13, 2024 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3">BANCO BILBAO VIZCAYA ARGENTARIA, S.A.</TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&#8195;</P></TD></TR>
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<TD VALIGN="top">Name:</TD></TR>
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<TD VALIGN="top">Title:</TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Certificate of Authentication </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This is the Global Security of a series designated herein referred to in the within-mentioned Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dated: March&nbsp;13, 2024 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Authenticated in New York </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3">The Bank of New York Mellon, London Branch, as Trustee</TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&#8195;</P></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Authorized Signatory</TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[REVERSE OF SECURITY] </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TERMS AND CONDITIONS OF THE SECURITIES </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. <I>General</I>. This security is one of a duly authorized issue of a series of senior preferred debt securities of the Company, designated
as its 5.381% Senior Preferred Fixed Rate Notes due 2029 (<I>Bonos Simples Preferentes Marzo <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">2024-SEC-9</FONT></FONT></I>) (referred to as the &#147;<B>SP Securities</B>&#148;),
limited to the aggregate principal amount of $1,000,000,000 (except as otherwise provided in Section&nbsp;3.02 of the Third Supplemental Indenture (as defined below)) and issued or to be issued pursuant to an Indenture (the &#147;<B>Base</B>
<B>Indenture</B>&#148;) dated as of July&nbsp;28, 2016 among the Company and The Bank of New York Mellon, London Branch, as trustee (together with any successor Trustee under the Indenture (as defined herein), the &#147;<B>Trustee</B>&#148;),
transfer agent (together with any successor Transfer Agent under the Indenture, the &#147;<B>Transfer Agent</B>&#148;) and paying agent (together with any successor Paying Agent under the Indenture, the &#147;<B>Paying Agent</B>&#148;) and The Bank
of New York Mellon, as security registrar (together with any successor Security Registrar under the Indenture, the &#147;<B>Security Registrar</B>&#148;), as amended and supplemented prior to the issuance and authentication hereof by a supplemental
indenture dated as of March 13, 2024 among the Company, The Bank of New York Mellon, London Branch, as Trustee, Paying Agent and Transfer Agent, and The Bank of New York Mellon, as Security Registrar (the &#147;<B>Third Supplemental
Indenture</B>&#148; and, together with the Base Indenture (as amended and supplemented by the Third Supplemental Indenture), the &#147;<B>Indenture</B>&#148;). The SP Securities are subject to the terms and conditions of the Indenture, and such
terms and conditions shall have effect as if incorporated herein. All capitalized terms used in this SP Security but not otherwise defined herein are used as defined in the Indenture and shall have the meanings assigned to them in the Indenture.
References herein to any particular Article, Section or other subdivision of the Base Indenture shall refer to any such Article, Section or other subdivision of the Base Indenture as amended and supplemented by the Third Supplemental Indenture. The
holders of the SP Securities (each a &#147;<B>Holder</B>&#148;) will be entitled to the benefits of, be bound by, and be deemed to have notice of, all of the provisions of the Indenture and reference is made to the Indenture for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the SP Securities and of the terms upon which the SP Securities are, and are to be, authenticated and delivered. A copy of the
Indenture is on file and may be inspected at the Corporate Trust Office of the Trustee. To the extent permitted by applicable law, in the event of any inconsistency between the terms of this SP Security and the terms of the Indenture, the terms of
the Indenture will control. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The SP Securities will initially be issued in the form of one or more global certificates representing the
securities of this series in fully registered form without interest coupons (each a &#147;<B>Global Security</B>&#148;) deposited with The Bank of New York Mellon as custodian for the Depository. The SP Securities will not be issued in bearer form.
The SP Securities, and transfers thereof, shall be registered as provided in Section&nbsp;3.05 of the Base Indenture. Any person in whose name a SP Security shall be registered may (to the fullest extent permitted by applicable law) be treated at
all times, and for all purposes, by the Company and the Trustee as the absolute owner of such SP Security, regardless of any notice of ownership, theft or loss or of any writing thereon. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. <I>Principal and Interest</I>. (a)&nbsp;The principal of the Outstanding SP Securities shall be due and payable on March&nbsp;13, 2029 (the
&#147;<B>Stated Maturity Date</B>&#148;) or on such earlier date as the principal thereof may become due and payable in accordance with the provisions hereof. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) From (and including) the Issue Date to (but excluding) the Stated Maturity Date or any date of earlier redemption, the SP Securities will
bear interest at a fixed rate of 5.381% per annum. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company will pay interest in arrears on the SP Securities semi-annually on each
Interest Payment Date, up to (and including) the Stated Maturity Date or any date of earlier redemption. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Interest on the SP Securities
will be calculated on the basis of a <FONT STYLE="white-space:nowrap">360-day</FONT> year of twelve <FONT STYLE="white-space:nowrap">30-day</FONT> months. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Except as described below for the first Interest Payment Date, on each Interest Payment Date, the Company will pay interest on the SP
Securities for the period commencing on (and including) the immediately preceding Interest Payment Date and ending on (and including) the day immediately preceding that Interest Payment Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On the first Interest Payment Date, the Company will pay interest for the period beginning on (and including) the Issue Date to (but
excluding) September&nbsp;13, 2024. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If any Interest Payment Date falls on a day that is not a Business Day, the related interest
payment shall be postponed to the next day that is a Business Day, and no interest on such payment shall accrue for the period from and after such Interest Payment Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Business Day</B>&#148; means any day, other than Saturday or Sunday, that is neither a Legal Holiday nor a day on which banking
institutions are authorized or required by law, regulation or executive order to close in the City of New York, London or Madrid. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the
Stated Maturity Date or date of earlier redemption of any SP Security falls on a day that is not a Business Day, payment of principal and interest on the applicable SP Security will be made on the next succeeding day that is a Business Day, and no
interest will accrue for the period from and after such Stated Maturity Date or date of earlier redemption. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Interest on each SP Security
will be paid only to the Person in whose name such SP Security was registered at the close of business on the Regular Record Date for the applicable Interest Payment Date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.<I> Additional Amounts</I>. Any amounts to be paid by the Company with respect to each SP Security shall be paid without withholding or
deduction for or on account of any and all present or future taxes or duties of whatever nature (&#147;<B>Taxes</B>&#148;) unless such withholding or deduction is required by law. In the event any such withholding or deduction is imposed or levied
in respect of payment of interest (but not principal or premium (if any)) by or on behalf of the Kingdom of Spain or any political subdivision or authority thereof or therein having the power to tax, the Company will pay to the Holder such
Additional Amounts as may be necessary in order that the net amount received by the Holder of such SP Security under the Indenture, after such withholding or deduction, shall equal the amount of interest, if any, which would have been receivable by
such Holder in the absence of such withholding or deduction; <I>provided, however</I>, that the foregoing obligation to pay Additional Amounts will not apply: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) to, or to a third party on behalf of, a Holder who is liable for such Taxes by reason of such Holder (or the beneficial
owner of the SP Security for whose benefit such Holder holds such SP Security) having some connection with the Kingdom of Spain other than the mere holding of the SP Security (or such beneficial interest) or the mere crediting of the SP Security to
its securities account with the relevant Depository; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) in the case of a SP Security presented for payment (where
presentation is required) more than 30 days after the Relevant Date, except to the extent that the Holder would have been entitled to Additional Amounts on presenting the same for payment on such thirtieth day assuming that day to have been a
Business Day in such place of presentment; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) in respect of any Tax, assessment or other governmental charge that would
not have been imposed but for the failure by the Holder or beneficial owner of the SP Security to comply with certification, information or other reporting requirements concerning the nationality, residence or identity of the Holder or beneficial
owner of that SP Security, if compliance is required by statute or by regulation of the Kingdom of Spain or of any political subdivision or taxing authority thereof or therein as a precondition to reduction of or relief or exemption from the tax,
assessment or other governmental charge; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) in respect of any SP Security presented for payment (where presentation is
required) by or on behalf of a Holder who would be able to avoid such withholding or deduction by presenting the relevant SP Security to another Paying Agent; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) to, or to a third party on behalf of, a Holder if the Company does not receive any relevant information as may be required
by Spanish tax laws and regulations (including any binding rulings), including a duly executed and completed Payment Statement from the Paying Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Additional Amounts will also not be paid with respect to any payment on any SP Security to any Holder who is a fiduciary, partnership, limited
liability company or Person other than the sole beneficial owner of such payment to the extent such payment would be required by the laws of the Kingdom of Spain (or any political subdivision thereof) to be included in the income, for Spanish tax
purposes, of a beneficiary or settlor with respect to such fiduciary, member of such partnership, interest holder in that limited liability company or a beneficial owner who would not have been entitled to such Additional Amounts had it been a
Holder of such SP Security. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">No Additional Amounts will be paid by the Company, the Trustee or any paying agent on
account of any withholding or deduction from a payment on, or in respect of, the SP Securities where such withholding or deduction is imposed pursuant to any agreement with the U.S. Internal Revenue Service in connection with Sections 1471-1474 of
the U.S. Internal Revenue Code and the U.S. Treasury regulations thereunder (&#147;<B>FATCA</B>&#148;), any intergovernmental agreement between the United States and the Kingdom of Spain or any other jurisdiction with respect to FATCA, or any law,
regulation or other official guidance enacted or issued in any jurisdiction implementing, or relating to, FATCA or any intergovernmental agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. <I>Redemption for Taxation Reasons; Redemption upon an Eligible Liabilities Event; <FONT STYLE="white-space:nowrap">Clean-up</FONT>
Call.</I> Any redemption of the SP Securities shall be made in accordance with the terms of Article 11 of the Base Indenture and be in compliance with Applicable Banking Regulations then in force and subject to the prior consent of the Regulator, if
required pursuant to such regulations. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <I>Redemption for Taxation Reasons.</I> All or part only of the SP Securities may be redeemed
at the Redemption Price at the option of the Company, if, as the result of any change in or any amendment to the laws or regulations of the Kingdom of Spain (including any treaty to which the Kingdom of Spain is a party) or any political subdivision
or any authority or agency thereof or therein having power to tax, or any change in the application or official interpretation of such laws or regulations, which change, amendment, application or interpretation becomes effective on or after
March&nbsp;13, 2024 (the Issue Date of the SP Securities), (i) the Company would become obligated to pay Additional Amounts in making any payments under the SP Securities with respect thereto as a result of any taxes, levies, imposts or other
governmental charges imposed (whether by way of withholding or deduction or otherwise) by or for the account of the Kingdom of Spain or any political subdivision or authority thereof or therein having the power to tax, (ii)&nbsp;the Company would
not be entitled to claim a deduction in computing tax liabilities in the Kingdom of Spain or any political subdivision thereof or therein having the power to tax in respect of any interest to be paid on the next Interest Payment Date on the SP
Securities or the value of such deduction to the Company would be reduced, or (iii)&nbsp;the applicable tax treatment of the SP Securities would be materially affected and such change was not reasonably foreseeable on the Issue Date; <I>provided
</I>that, in the case of (i)&nbsp;above, no such notice to the Trustee of the redemption shall be given earlier than 90 days prior to the earliest date on which the Company would be obligated to deduct or withhold tax or pay such Additional Amounts
were a payment in respect of the SP Securities then due. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Prior to any notice of redemption of the SP Securities pursuant to this
paragraph 4(a), the Company shall provide the Trustee with (i)&nbsp;an Officer&#146;s Certificate of the Company stating that the Company is entitled to effect such redemption and setting forth in reasonable detail a statement of circumstances
showing that the conditions precedent to the right of the Company to redeem such SP Securities pursuant to this paragraph 4(a) have been satisfied; and (ii)&nbsp;an Opinion of Counsel to the effect that any of the circumstances referred to in
paragraph 4(a) prevail. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)<I> Redemption upon an Eligible Liabilities Event.</I> All (but not less than all) of the SP Securities may be
redeemed at the Redemption Price at the option of the Company if an Eligible Liabilities Event occurs on or after March&nbsp;13, 2024 (the Issue Date of the SP Securities). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Prior to any notice of redemption of the SP Securities pursuant to this paragraph 4(b), the Company shall provide the Trustee with (i)&nbsp;an
Officer&#146;s Certificate of the Company stating that the Company is entitled to effect such redemption and setting forth in reasonable detail a statement of circumstances showing that the conditions precedent to the right of the Company to redeem
such SP Securities pursuant to this paragraph 4(b) have been satisfied; and (ii)&nbsp;an Opinion of Counsel to the effect that the circumstances referred to in paragraph 4(b) prevail. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <I><FONT STYLE="white-space:nowrap">Clean-up</FONT> Call</I>. All (but not less than all) of the SP Securities may be redeemed at the
Redemption Price at the option of the Company if, on or after the Issue Date, SP Securities representing, in the aggregate, 75% or more of the aggregate principal amount of the SP Securities (including any SP Securities issued after the Issue Date
and any SP Securities which have been cancelled by the Trustee in accordance with the Indenture) have been purchased by or on behalf of the Company or any member of the Group. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-7 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. <I>Event of Default</I>. &#147;<B>Event of Default</B>&#148;, wherever used herein with
respect to this SP Security, means (whatever the reason for such Event of Default and whether it shall be voluntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body) that, except as set forth in the immediately succeeding paragraph, an order shall have been made by any competent court commencing insolvency proceedings (<I>procedimiento concursal</I>) against the Company or an
order of any competent court or administrative agency shall have been made or a resolution shall have been passed by the Company for the dissolution or winding up of the Company (except (i)&nbsp;in the case of a reconstruction, consolidation,
amalgamation or merger carried out in compliance with the requirements set forth in Section&nbsp;8.01 of the Base Indenture (in this case, even without being approved by an Act of the Holders of the SP Securities) or (ii)&nbsp;in any such case for
the purpose of a reconstruction or a consolidation or an amalgamation or a merger which has been approved by an Act of the Holders of the SP Securities). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding any other provision in these terms or the Indenture, any Resolution or Early Intervention with respect to the Company shall
not, in and of itself and without regard to any other fact or circumstance, constitute a default or an Event of Default under the immediately preceding paragraph or any other provision in these terms or the Indenture with respect to the SP
Securities. In addition, neither (i)&nbsp;a reduction or cancellation, in part or in full, of the Amounts Due (as defined below) on the SP Securities or the conversion thereof into another security or obligation of the Company or another Person, in
each case as a result of the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power (as defined below) by the Relevant Spanish Resolution Authority (as defined below) with respect to the Company, nor (ii)&nbsp;the exercise of
the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority with respect to the SP Securities, shall constitute an Event of Default or default under the Indenture or the SP Securities or otherwise
constitute <FONT STYLE="white-space:nowrap">non-performance</FONT> of a contractual obligation, or entitle the Holders of the SP Securities to any remedies, which are hereby expressly waived. In addition, no repayment or payment of Amounts Due on
the SP Securities shall become due and payable or be paid after the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority if, and to the extent that, such amounts have been
reduced, converted, cancelled, amended or altered as a result of such exercise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For the avoidance of doubt, only an Event of Default
(rather than any breach or default under the Indenture or the SP Security) may give rise to a declaration of acceleration referred to in Section&nbsp;5.02 of the Base Indenture. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. <I>Substitution and Modification</I>. Each Holder and beneficial owner of the SP Securities shall, by virtue of its acquisition of the SP
Securities or any beneficial interest therein, be deemed to acknowledge, accept, consent to and agree to be bound by any substitution of or modification to the terms of the SP Securities as set forth in Section&nbsp;8.04 of the Base Indenture and to
grant to the Company and the Trustee full power and authority to take any action and/or to execute and deliver any document in the name and/or on behalf of such Holder or beneficial owner, as the case may be, which is necessary or convenient to
complete the substitution of or modification to the terms of the SP Securities, as applicable. Each Holder and beneficial owner of the SP Securities, by virtue of its acquisition of the SP Securities or any beneficial interest therein, to the extent
permitted by the Trust Indenture Act, waives any and all claims, in law and/or in equity, against the Trustee and/or the Company for, agrees not to initiate a suit against the Trustee and/or the Company in respect of, and agrees that neither the
Trustee nor the Company shall be liable for, any action that the Trustee or the Company takes, or abstains from taking, in either case in connection with the substitution of or modification to the terms of the SP Securities upon the occurrence of an
Eligible Liabilities Event. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7. <I>Enforcement</I>. No Holder of any SP Security (which, for the purposes of this paragraph 7, includes
each holder of a beneficial interest in any such SP Security) shall have any right by virtue of or by availing itself of any provision of the Indenture or of these terms to institute any proceeding, judicial or otherwise, with respect to the
Indenture or the SP Securities or for the appointment of a receiver or trustee, or for any other remedy thereunder, unless (a)&nbsp;such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the
SP Securities, specifying such Event of Default and stating that such notice is a &#147;Notice of Event of Default&#148; under the Indenture, (b)&nbsp;the Holders of not less than 25% in principal amount of the SP Securities then Outstanding shall
have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee thereunder and such Holder or Holders have offered to the Trustee reasonable indemnity satisfactory to the Trustee
against the costs, expenses and liabilities to be incurred in compliance with such request, (c)&nbsp;the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding, and
(d)&nbsp;no direction inconsistent with such written request has been given to the Trustee during such <FONT STYLE="white-space:nowrap">60-day</FONT> period by Holders of a majority in principal amount of the Outstanding SP Securities. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-8 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8. <I>Ranking</I>. (a)&nbsp;The payment obligations of the Company under the SP Securities
on account of principal are direct, unconditional, unsubordinated and unsecured obligations of the Company and, upon the insolvency (<I>concurso de acreedores</I>) of the Company, in accordance with and to the extent permitted by the Insolvency Law
and other applicable laws relating to or affecting the enforcement of creditors&#146; rights in the Kingdom of Spain (including, without limitation, Additional Provision 14 of Law 11/2015), but subject to any other ranking that may apply as a result
of any mandatory provision of law (or otherwise), the payment obligations of the Company under the SP Securities with respect to claims for principal (which claims will constitute ordinary claims) will rank: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) junior to any (a)&nbsp;privileged claims (<I>cr&eacute;ditos privilegiados</I>) (which shall include, among other claims,
any claims in respect of deposits for the purposes of Additional Provision 14.1 of Law 11/2015), and (b)&nbsp;claims against the insolvency estate (<I>cr&eacute;ditos contra la masa</I>); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) <I>pari passu </I>without any preference or priority among themselves and with all other Senior Preferred Obligations; and
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) senior to (a)&nbsp;any Senior <FONT STYLE="white-space:nowrap">Non-Preferred</FONT> Obligations, and (b)&nbsp;all
subordinated obligations of, or claims against, the Company (<I>cr&eacute;ditos subordinados</I>), present and future, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">such that any relevant claim on
account of principal in respect of the SP Securities will be satisfied, as appropriate, only to the extent that all claims ranking senior to it have first been satisfied in full, and then pro rata with any claims ranking <I>pari passu </I>with it,
in each case as provided above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Upon the insolvency (<I>concurso de acreedores</I>) of the Company, in accordance with and to the extent
permitted by the Insolvency Law and other applicable laws relating to or affecting the enforcement of creditors&#146; rights in the Kingdom of Spain, but subject to any other ranking that may apply as a result of any mandatory provision of law (or
otherwise), the payment obligations of the Company under the SP Securities with respect to claims for accrued but unpaid interest on the SP Securities shall constitute subordinated claims (<I>cr&eacute;ditos subordinados</I>) against the Company
ranking in accordance with the provisions of the Insolvency Law. No further interest on the SP Securities shall accrue from the date of declaration of the insolvency of the Company. Claims in respect of Additional Amounts shall also constitute
subordinated claims (<I>cr&eacute;ditos subordinados</I>) against the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Insolvency Law</B>&#148; means the restated text
of the Insolvency Law, as approved by Spanish Royal Legislative Decree 1/2020 of May&nbsp;5 (<I>Real Decreto Legislativo 1/2020, de 5 de mayo, por el que se aprueba el texto refundido de la Ley Concursal</I>), as amended, replaced or supplemented
from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>ordinary claims</B>&#148; means the class of claims with respect to unsecured,
<FONT STYLE="white-space:nowrap">non-privileged</FONT> and unsubordinated obligations (<I>cr&eacute;ditos ordinarios</I>) of the Company which, upon the insolvency (<I>concurso de acreedores</I>) of the Company and pursuant to the Insolvency Law and
other applicable laws relating to or affecting the enforcement of creditors&#146; rights in the Kingdom of Spain, rank (i)&nbsp;junior to privileged claims (<I>cr&eacute;ditos privilegiados</I>) (which shall include, among other claims, any claims
in respect of deposits for the purposes of Additional Provision 14.1 of Law 11/2015 and any secured claims), and claims against the insolvency estate (<I>cr&eacute;ditos contra la masa</I>) and (ii)&nbsp;senior to subordinated claims
(<I>cr&eacute;ditos subordinados</I>). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Senior <FONT STYLE="white-space:nowrap">Non-Preferred</FONT> Obligations</B>&#148;
(<I>cr&eacute;ditos ordinarios no preferentes</I>) means the obligations of the Company with respect to all ordinary claims, present and future, which, upon the insolvency (<I>concurso de acreedores</I>) of the Company, are expressed to rank within
the ordinary claims but junior to Senior Preferred Obligations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Senior Preferred Obligations</B>&#148; means the obligations of
the Company with respect to (i)&nbsp;the payment of principal under the SP Securities, and (ii)&nbsp;all other ordinary claims, present and future, other than Senior <FONT STYLE="white-space:nowrap">Non-Preferred</FONT> Obligations.<B> </B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Each Holder and beneficial owner of this SP Security by his acceptance thereof, to the extent permitted by Spanish law, authorizes and
directs the Trustee on his behalf to take such action as may be necessary or appropriate to effectuate the ranking of the SP Securities provided in this paragraph 8 and appoints the Trustee his or her <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">attorney-in-fact</FONT></FONT> for any and all such purposes, including, if required, to grant any private or public documents on such Holder&#146;s or beneficial owner&#146;s behalf. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9. <I>Certain Undertakings and Agreements by Holders</I>. (a)&nbsp;Notwithstanding any other term of this SP Security, the Indenture or any
other agreements, arrangements, or understandings between the Company and any Holder, by its acquisition of this SP Security, each Holder (which, for the purposes of this paragraph 9, includes each holder of a beneficial interest in the SP Security)
acknowledges, accepts, consents to and agrees to be bound by: (i)&nbsp;the exercise </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
and effects 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 SP Security, and may include and result in any of the following, or some combination thereof: (1)&nbsp;the reduction or cancellation of all, or a portion, of the Amounts Due on the SP Securities; (2)&nbsp;the conversion of all, or a portion,
of the Amounts Due on the SP Securities into shares, other securities or other obligations of the Company or another Person (and the issue to or conferral on the Holder of any such shares, securities or obligations), including by means of an
amendment, modification or variation of the terms of the SP Securities; (3)&nbsp;the cancellation of the SP Securities; (4)&nbsp;the amendment or alteration of the maturity of the SP Securities or amendment of the amount of interest payable on the
SP Securities, or the date on which the interest becomes payable, including by suspending payment for a temporary period; and (ii)&nbsp;the variation of the terms of the SP Securities or the rights of the Holders thereunder or under the Indenture,
as deemed necessary by the Relevant Spanish Resolution Authority, to give effect to the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) By its acquisition of this SP Security, each Holder acknowledges and agrees that neither a reduction or cancellation, in part or in full,
of the Amounts Due on the SP Securities or the conversion thereof into another security or obligation of the Company or another person, in each case as a result of the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by
the Relevant Spanish Resolution Authority with respect to the Company, nor the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority with respect to the SP 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 Event of
Default with respect to the SP Securities or under the Indenture. By its acquisition of this SP Security, each Holder further acknowledges and agrees that no repayment or payment of Amounts Due on the SP Securities shall become due and payable or be
paid after the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority if, and to the extent that, such amounts have been reduced, converted, cancelled, amended or altered as a
result of such exercise. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) By its acquisition of this SP 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 SP Securities. Additionally, by its acquisition of this SP
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 SP Securities: (i)&nbsp;the Trustee shall not
be required to take any further directions from the Holders with respect to any portion of the SP Securities that is written down, converted to equity and/or cancelled under Section&nbsp;5.12 of the Base 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; <I>provided, however</I>, 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 SP Securities, so long as any SP Securities remain Outstanding, there shall at all times be a trustee for
the SP 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 SP Securities remain Outstanding following the completion of the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) By its acquisition of this SP Security, each Holder shall be deemed to have authorized, directed and requested the Depository and any
direct participant in the Depository or other intermediary through which it holds such SP Security to take any and all necessary actions, if required, to implement the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power
with respect to the SP Security as it may be imposed, without any further action or direction on the part of such Holder. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) 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 SP Securities, the Company or the Relevant Spanish Resolution Authority (as the case may be) shall provide
a written notice to the Depository 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 SP Securities. The Company shall also deliver a copy
of such notice to the Trustee for information purposes. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) If the Company has elected to redeem the SP 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 SP 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 accrued interest and Additional Amounts payable under Article 11 of the Base Indenture) will be due and payable.
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) Upon the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power
with respect to the SP Securities which results in the redemption, cancellation, or the conversion into other securities, of all the Amounts Due on the SP Securities or such SP Securities otherwise ceasing to be outstanding, the Indenture shall be
deemed satisfied and discharged as to such series of SP Securities and such SP Securities shall thereafter be deemed to be not &#147;Outstanding&#148;. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) Each Holder that acquires this SP Security in the secondary market or otherwise shall be deemed to acknowledge and agree to be bound by and
consent to the same provisions specified herein and in the Indenture to the same extent as the Holders that acquire the SP Securities upon their initial issuance, including, without limitation, with respect to this paragraph 9. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Amounts Due</B>&#148; with respect to a SP Security means the principal amount of or outstanding amount (if applicable), together
with any accrued but unpaid interest, Additional Amounts and premium (if any) due on such SP Security. References to such amounts will include amounts that have become due and payable, but which have not been paid, prior to the exercise of the
Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power (as defined below) by the Relevant Spanish Resolution Authority. References to such amounts will also include amounts held in trust by the Company, any Paying Agent or the Trustee
pursuant to Section&nbsp;10.03 of the Base Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power</B>&#148;
means any write-down, conversion, transfer, modification, cancellation or suspension power existing from time to time under: (i)&nbsp;any law, regulation, rule or requirement applicable from time to time in the Kingdom of Spain, relating to the
transposition or development of the BRRD, including, but not limited to (a)&nbsp;Law 11/2015, (b) RD 1012/2015 and (c)&nbsp;the SRM Regulation; or (ii)&nbsp;any other law, regulation, rule or requirement applicable from time to time in the Kingdom
of Spain pursuant to which (a)&nbsp;obligations or liabilities of banks, investment firms or other financial institutions or their affiliates can be reduced, cancelled, modified, transferred or converted into shares, other securities, or other
obligations of such Persons or any other Person (or suspended for a temporary period or permanently) or (b)&nbsp;any right in a contract governing such obligations may be deemed to have been exercised. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10. <I>Governing Law</I>. This SP Security 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, issuance and execution by the Company of the SP Securities and paragraphs 8(a) and 9<B> </B>shall be governed by and construed
in accordance with the common laws of the Kingdom of Spain. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11. <I>Additional Terms.</I> Additional terms of the SP Securities, including
but not limited to terms related to payment of defaulted interest; amendments to the Indenture and waiver of past defaults; replacement, exchange and transfer of the SP Securities; the duties, immunities and rights of the Trustee, the Paying Agent,
the Transfer Agent and the Security Registrar; notices; limitation on claims; submission to jurisdiction; and service of process, are set forth in the Indenture and shall have effect as if incorporated herein. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-11 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TRUSTEE, PAYING AGENT, TRANSFER AGENT </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AND SECURITY REGISTRAR </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Trustee
</U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">The Bank of New York Mellon, London Branch </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">160 Queen Victoria Street </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">London,
EC4V 4LA </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">United Kingdom </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Security Registrar </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">The
Bank of New York Mellon </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">240 Greenwich Street </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">New York, New York 10286 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Paying Agent and Transfer Agent </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">The Bank of New York Mellon, London Branch </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">160 Queen Victoria Street </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">London,
EC4V 4LA </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">United Kingdom </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-12 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT B </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SUMMARY OF PROCEDURES TO BE PERFORMED BY THE ISSUER AND THE PAYING AGENT IN CONNECTION WITH SPANISH LAW 10/2014, OF JUNE&nbsp;26, AS AMENDED,
AND ROYAL DECREE 1065/2007, OF JULY&nbsp;27, AS AMENDED </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following is a summary of the procedures implemented to
facilitate collection of the relevant information necessary to enable the Issuer to comply with its reporting obligations pursuant to Additional Provision 1 of Law 10/2014 and Royal Decree 1065/2007, as amended (&#147;<B>Royal Decree
1065/2007</B>&#148;), pursuant to Section&nbsp;3.06 of the Third Supplemental Indenture to which this <U>Exhibit B</U> is appended. The following is only a summary and is subject to any changes in Spanish tax law and/or regulations, or the
interpretation thereof, which the Spanish tax authorities may promulgate from time to time. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">For the purposes of this
summary, &#147;<B>Payment Amount</B>&#148; means (i)&nbsp;with respect to an Interest Payment Date, the aggregate amount of interest payable on such date, and (ii)&nbsp;with respect to a Redemption Date, the aggregate amount of the difference, if
any, between the aggregate Redemption Price of the SP Securities being redeemed on such date and the aggregate principal amount of such SP Securities. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Payment Date</B>&#148; means an Interest Payment Date or a Redemption Date, as applicable. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Payment Statement</B>&#148; means the statement to be delivered to the Issuer by the Paying Agent, substantially in
the form set forth in Annex I to this <U>Exhibit B</U>, pursuant to Section&nbsp;3.06 of the Third Supplemental Indenture. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">All other terms used but not defined herein shall have the meanings assigned to them in the Indenture (as such term is defined
in the Third Supplemental Indenture to which this <U>Exhibit B</U> is appended). </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>Payment Statement:</I> In connection with each payment in respect of the SP Securities, the Paying Agent
shall deliver to the Issuer by close of business on the Business Day immediately preceding the relevant Payment Date (the &#147;<B>Payment Statement Time</B>&#148;) a duly completed and executed Payment Statement. The Payment Statement will reflect
the information required to be reported at the Payment Statement Time according to Royal Decree 1065/2007. The Payment Statement may be delivered by email or in .pdf form, provided that the original of the Payment Statement is received by the Issuer
no later than the 10th day of the month immediately following the relevant Payment Date as described above. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>Preparations for payment:</I> The Paying Agent will prepare the credit confirmation for the Depository based
on the documentation (if any) received from The Bank of New York Mellon as custodian for the Depository, provided that no communication to the contrary has been previously received from the Issuer before that time. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>Payment upon receipt of the Payment Statement: </I> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) If the Payment Statement is delivered by the Paying Agent in a timely manner to the Issuer duly completed, the relevant
payment of the Payment Amount in respect of the SP Securities will be made free and clear of Spanish withholding tax. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)
In such a case, the Issuer will transfer to the Paying Agent for value on the relevant Payment Date 100% of the Payment Amount. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) On the relevant Payment Date, the Paying Agent will transfer to the Depository 100% of the Payment Amount. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) The Depository will credit the relevant amounts to the accounts of the holders of SP Securities as of the relevant record
date. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>Payment upon failure to deliver the Payment Statement: </I> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Issuer will transfer to the Paying Agent for value on the relevant Payment Date 100% of the Payment Amount. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-1 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) If the Issuer has not received from the Paying Agent by the Payment
Statement Time the Payment Statement, then on the relevant Payment Date, the Issuer shall instruct the Paying Agent to withhold Spanish income tax on behalf of the Issuer from the relevant payment at the then applicable rate (currently 19%)
corresponding to applicable Spanish tax law. In the absence of such an instruction, the Paying Agent shall pay the relevant payment free and clear of Spanish withholding tax. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) The Depository will credit the relevant amounts, net of the relevant percentage (currently 19%), if any, withheld by the
Paying Agent in respect of applicable Spanish tax laws, to the accounts the holders of SP Securities as of the relevant record date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) If, after the relevant Payment Date but on or before the 10th day of the month immediately following the relevant Payment
Date, the Paying Agent provides the duly completed Payment Statement to the Issuer, then the Issuer shall instruct the Paying Agent to transfer the amounts withheld in respect of the relevant payment pursuant to paragraph 4(b) above by way of
reimbursement of the amounts withheld on the relevant Payment Date in respect of payments under the SP Securities. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) If
the Paying Agent for any reason is unable to submit a duly completed and executed Payment Statement to the Issuer by the 10th day of the month immediately following the relevant Payment Date, the Paying Agent shall immediately (but in any event no
later than the Business Day following the 10th day of the month immediately following the relevant Payment Date) return to the Issuer any remaining amount of the withholding tax (currently 19%) withheld in respect of the relevant payment, and
investors will have to apply directly to the Spanish tax authorities for any refund to which they may be entitled. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Set
forth in Annex I to this <U>Exhibit B</U> is the annex provided by Royal Decree 1065/2007. Sections in English have been translated from the original Spanish. In the event of any discrepancy, the Spanish version will prevail. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Notices, etc. </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Any
notice, statement or other paper, document or communication made or given by the Issuer to the Paying Agent pursuant to the procedures set forth in this <U>Exhibit B</U> shall be sent by email or fax or communicated by telephone, as follows (or as
the Paying Agent shall have notified the Issuer in writing): c/o The Bank of New York Mellon, London Branch, 160 Queen Victoria Street, London EC4V 4LA, United Kingdom (Attention: Global Corporate Trust), telephone: +44 (0) 1202 689 923, fax: +44
(0) 20 7964 2536; email address: corpsov4@bnymellon.com. Any notice, statement or other paper, document or communication made or given by the Paying Agent to the Issuer pursuant to the procedures set forth in this Appendix 1, other than a Payment
Statement, shall be sent by email or fax or communicated by telephone, as follows (or as the Issuer shall have notified the Paying Agent in writing): Attention: Finance Department, telephone: +34 (91) 5377253 and +34 (91) 5378195, email address:
finance.deparment@bbva.com. <FONT STYLE="white-space:nowrap">Non-original</FONT> copies of a Payment Statement shall be sent by email or fax to the Issuer. The original copy of a duly executed and completed Payment Statement shall be sent by posted
mail or courier to the Issuer, at the following address: Calle Azul 4, 28050 Madrid, Spain (Attention: Ignacio Echevarr&iacute;a and Daniel Cubero). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-2 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Annex I </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">FORM OF PAYMENT STATEMENT TO BE DELIVERED BY THE PAYING AGENT </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>[English translation provided for informational purposes only] </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Modelo de declaraci&oacute;n a que se refieren los apartados 3, 4 y 5 del art&iacute;culo 44 del Reglamento General de las actuaciones y
los procedimientos de gesti&oacute;n e inspecci&oacute;n tributaria y de desarrollo de las normas comunes de los procedimientos de aplicaci&oacute;n de los tributos<SUP STYLE="font-size:75%; vertical-align:top">1</SUP> </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Model declaration form referred to in paragraphs 3, 4 and 5 of section 44 of the General Regulations of conduct and procedures relating to tax
administration and inspection and the development of general rules of procedures for the enforcement of taxes </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Don (nombre), con
n&uacute;mero de identificaci&oacute;n fiscal (1) (&#133;), en nombre y representaci&oacute;n de (entidad declarante), con n&uacute;mero de identificaci&oacute;n fiscal (1) (&#133;.) y domicilio en (&#133;) en calidad de (marcar la letra que
proceda): </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;(name), with tax identification number (1) (...), in the name and on behalf of (declaring entity), with tax
identification number (1) (...), with domicile in (address) acting in its capacity as (check as appropriate): </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>(a)</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>Entidad Gestora del Mercado de Deuda P&uacute;blica en Anotaciones </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Managing Entity of the Public Debt Book-Entry Market </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>(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>Entidad que gestiona el sistema de compensaci&oacute;n y liquidaci&oacute;n de valores con sede en el
extranjero </B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(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">Clearing and settlement entity located outside Spain </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>(c)</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>Otras entidades que mantienen valores por cuenta de terceros en entidades de compensaci&oacute;n y
liquidaci&oacute;n de valores domiciliadas en territorio espa&ntilde;ol </B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Other entities that hold securities on behalf of third parties in clearing and settlement systems domiciled in
Spain </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>(d)</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>Agente de pagos designado por el emisor </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Paying Agent appointed by the issuer </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>Formula la siguiente declaraci&oacute;n, de acuerdo con lo que consta en sus propios registros: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Files the following statement, in accordance with the information set forth in its own records: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>En relaci&oacute;n con los apartados 3 y 4 del art&iacute;culo 44: </B></P></TD></TR></TABLE>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Paying Agent will only need to provide responses to the questions set forth in Section&nbsp;2 of this form
(i.e., questions 2.1 to 2.6). </P></TD></TR></TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


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

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Regarding sections 3 and 4 of section 44: </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>1.1</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Identificaci&oacute;n de los valores </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Identification of the securities </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>1.2</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Fecha de pago de los rendimientos (o de reembolso si son valores emitidos al descuento o segregados)
</B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Date on which payment will be made (or reimbursement date in case of securities issued at a discount or
segregated securities) </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>1.3</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Importe total de los rendimientos (o importe total a reembolsar, en todo caso, si son valores emitidos al
descuento o segregados) </B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Total amount of payment (or total amount to be reimbursed, in any event, in case of securities issued at a
discount or segregated securities) </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>1.4</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Importe de los rendimientos correspondiente a contribuyentes del Impuesto sobre la Renta de las Personas
F&iacute;sicas, excepto cupones segregados y principales segregados en cuyo reembolso intervenga una Entidad Gestora </B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Amount of payment corresponding to Spanish Individual Income Tax taxpayers, except with respect to segregated
coupons and segregated principal the payment of which is handled by a Managing Entity </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>1.5</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Importe de los rendimientos que conforme al apartado 2 del art&iacute;culo 44 debe abonarse por su importe
&iacute;ntegro (o importe total a reembolsar si son valores emitidos al descuento o segregados) </B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.5</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Amount of payment that, pursuant to section 2 of section 44, must be paid in full (or the total amount to be
reimbursed in the case of securities issued at a discount or segregated securities) </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>En relaci&oacute;n con el apartado 5 del art&iacute;culo 44: </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Regarding section 5 of section 44: </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>2.1</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Identificaci&oacute;n de los valores </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Identification of the securities </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>2.2</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Fecha de pago de los rendimientos (o de reembolso si son valores emitidos al descuento o segregados)
</B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Date on which payment will be made (or reimbursement date in case of securities issued at a discount or
segregated securities) </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>2.3</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Importe total de los rendimientos (o importe total a reembolsar si son valores emitidos al descuento o
segregados) </B></P></TD></TR></TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


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

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Total amount of payment<SUP STYLE="font-size:75%; vertical-align:top">2</SUP> (or total amount to be
reimbursed, in any event, in case of securities issued at a discount or segregated securities) </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>2.4</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Importe correspondiente a la entidad que gestiona el sistema de compensaci&oacute;n y liquidaci&oacute;n de
valores con sede en el extranjero A </B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Amount of payment<SUP STYLE="font-size:75%; vertical-align:top">2</SUP> corresponding to clearing and
settlement entity &#147;A&#148;<SUP STYLE="font-size:75%; vertical-align:top">3</SUP> located outside Spain </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>2.5</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Importe correspondiente a la entidad que gestiona el sistema de compensaci&oacute;n y liquidaci&oacute;n de
valores con sede en el extranjero B </B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.5</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Amount of payment<SUP STYLE="font-size:75%; vertical-align:top">2</SUP> corresponding to clearing and
settlement entity &#147;B&#148;<SUP STYLE="font-size:75%; vertical-align:top">3 </SUP>located outside Spain </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>2.6</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>Importe correspondiente a la entidad que gestiona el sistema de compensaci&oacute;n y liquidaci&oacute;n de
valores con sede en el extranjero C </B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.6</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Amount of payment<SUP STYLE="font-size:75%; vertical-align:top">2</SUP> corresponding to clearing and
settlement entity &#147;C&#148;<SUP STYLE="font-size:75%; vertical-align:top">3</SUP> located outside Spain<SUP STYLE="font-size:75%; vertical-align:top">4</SUP> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Lo que declaro en ..................&#133;.a &#133;. de ...................&#133;de &#133;. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">I declare the above in [location] on the [day] of [month] of [year]. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Name:_____________________, on behalf of The Bank of New York Mellon, London Branch as Paying Agent with respect to the Securities. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">En caso de personas, f&iacute;sicas o jur&iacute;dicas, no residentes sin establecimiento permanente se
har&aacute; constar el n&uacute;mero o c&oacute;digo de identificaci&oacute;n que corresponda de conformidad con su pa&iacute;s de residencia. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">In case of individuals or corporations that are not resident in Spain and do not act through a permanent
establishment in Spain, please include the identification number or code that corresponds in accordance with the laws of their country of residence. </P></TD></TR></TABLE>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">2</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Refers to: (i)&nbsp;with respect to an Interest Payment Date, the aggregate amount of interest payable on such
date, and (ii)&nbsp;with respect to a Redemption Date, the aggregate amount of the difference between the Redemption Price and the principal amount of the SP Securities being redeemed on such date. </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"><SUP STYLE="font-size:75%; vertical-align:top">3</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">References to A, B and C, respectively, shall be replaced by the complete name of the relevant foreign clearing
and settlement entity (such as The Depository Trust Company). If there is a single foreign clearing and settlement entity, only question 2.4 need be completed. </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"><SUP STYLE="font-size:75%; vertical-align:top">4</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">To be complemented as appropriate if the relevant payment of income is made through more than three different
clearing and settlement entities outside Spain. </P></TD></TR></TABLE>
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<DOCUMENT>
<TYPE>EX-4.16
<SEQUENCE>4
<FILENAME>d754296dex416.htm
<DESCRIPTION>EX-4.16
<TEXT>
<HTML><HEAD>
<TITLE>EX-4.16</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B></B><B><I>Exhibit 4.16</I></B><B> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">THIRD SUPPLEMENTAL INDENTURE </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>among </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">BANCO BILBAO
VIZCAYA ARGENTARIA, S.A., </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>as Issuer, </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">THE BANK OF NEW YORK MELLON, LONDON BRANCH,<B> </B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>as Trustee, Paying Agent, Transfer Agent and Calculation Agent </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">THE BANK OF NEW YORK MELLON, </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>as Security Registrar </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">March&nbsp;13, 2024 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">$1,000,000,000 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SENIOR <FONT
STYLE="white-space:nowrap">NON-PREFERRED</FONT> CALLABLE <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">FIXED-TO-FIXED</FONT></FONT> RATE NOTES DUE 2035 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>TABLE OF CONTENTS </U></B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="85%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD COLSPAN="3" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">P<SMALL>AGE</SMALL></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center">ARTICLE 1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center">D<SMALL>EFINITIONS</SMALL> <SMALL>AND</SMALL> O<SMALL>THER</SMALL> P<SMALL>ROVISIONS</SMALL> <SMALL>OF</SMALL> G<SMALL>ENERAL</SMALL> A<SMALL>PPLICATION</SMALL></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;1.01.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Definitions</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;1.02.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Conflict with Trust Indenture Act</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;1.03.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Effect of Headings and Table of Contents</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;1.04.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Successors and Assigns</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;1.05.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Separability Clause</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;1.06.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Benefits of Indenture</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;1.07.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Governing Law</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;1.08.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Submission to Jurisdiction</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;1.09.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Execution in Counterparts</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;1.10.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Recitals by the Issuer</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;1.11.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Ratification and Incorporation of Original Indenture</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center">ARTICLE 2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center">A<SMALL>MENDED</SMALL> P<SMALL>ROVISIONS</SMALL> <SMALL>OF</SMALL> O<SMALL>RIGINAL</SMALL> I<SMALL>NDENTURE</SMALL></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;2.01.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Amended Provisions of Original Indenture</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center">ARTICLE 3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center">SNP S<SMALL>ECURITIES</SMALL></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;3.01.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><I>Creation of SNP Securities</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">39</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;3.02.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><I>Limitation on Aggregate Principal Amount of SNP Securities</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">39</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;3.03.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><I>Payment of Principal</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;3.04.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><I>Interest and Interest Rate</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;3.05.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><I>Denominations, Minimum Purchase Amount</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;3.06.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><I>Calculation Agent</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;3.07.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><I>Paying Agent</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;3.08.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><I>Security Certificates</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">45</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;3.09.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><I>Redemption and Purchase</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">45</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;3.10.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><I>Definitive Certificates and Authentication</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;3.11.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><I>Agreement with Respect to the Exercise of Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;3.12.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><I>Notices</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">48</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;3.13.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><I>Instructions by Electronic Means</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">48</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">EXHIBIT A</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman"><I>Form of Security Certificate Representing SNP Securities</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-1</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">EXHIBIT B</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman"><I>Summary of Procedures to be Performed by the Issuer and the Paying Agent in Connection with Spanish Law 10/2014, of
June&nbsp;26, as amended, and Royal Decree 1065/2007, of July&nbsp;27, as amended</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">B-1</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">i </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THIS THIRD SUPPLEMENTAL INDENTURE, dated as of March&nbsp;13, 2024 is among Banco Bilbao
Vizcaya Argentaria, S.A., a <I>sociedad an&oacute;nima</I> incorporated under the laws of the Kingdom of Spain (the &#147;<B>Issuer</B>&#148; or the &#147;<B>Company</B>&#148;), having its principal executive office located at Calle Azul 4, Madrid,
Spain, and The Bank of New York Mellon, a New York banking corporation duly organized and existing under the laws of the State of New York, having its principal corporate trust office located at 240 Greenwich Street, New York, New York 10286, United
States, and acting (except with respect to its role as Security Registrar) through its London Branch at 160 Queen Victoria Street, London EC4V 4LA, United Kingdom, as trustee (the &#147;<B>Trustee</B>&#148;, which term includes any successor
Trustee), paying agent (the &#147;<B>Paying Agent</B>&#148;, which term includes any successor Paying Agent), transfer agent (the &#147;<B>Transfer Agent</B>&#148;, which term includes any successor Transfer Agent), calculation agent (the
&#147;<B>Calculation Agent</B>&#148;, which term includes any successor Calculation Agent) and Security Registrar (the &#147;<B>Third Supplemental Indenture</B>&#148;). </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">WITNESSETH: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the
Company and the Trustee have executed and delivered a Senior <FONT STYLE="white-space:nowrap">Non-Preferred</FONT> Debt Securities Indenture, dated as of June&nbsp;25, 2019 (the &#147;<B>Original Indenture</B>&#148;), to provide for the issuance of
the Company&#146;s Securities (as such term is defined therein); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Company hereto desires to issue a new series of Securities
to be known as the Senior <FONT STYLE="white-space:nowrap">Non-Preferred</FONT> Callable <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Fixed-to-Fixed</FONT></FONT> Rate Notes due 2035 (<I>Bonos Simples No Preferentes Marzo <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">2024-SEC-10</FONT></FONT></I>) (the &#147;<B>SNP Securities</B>&#148;);<B> </B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the parties hereto desire to establish that the SNP Securities shall be issued in the form of one or more Global Securities
substantially in the form of Exhibit A to this Third Supplemental Indenture pursuant to Sections 2.01 and 3.01 of the Original Indenture; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Section&nbsp;9.01(c) of the Original Indenture permits the Company and the Trustee to enter into a supplemental indenture to
establish the form or terms of Securities of any series as permitted under Sections 2.01 and 3.01 of the Original Indenture without the consent of Holders; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Section&nbsp;9.01(j) of the Original Indenture permits the Company and the Trustee to delete, amend or supplement any provision of
the Original Indenture, subject to certain conditions, without the consent of Holders; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, this Third Supplemental Indenture shall
amend and supplement the Original Indenture but only with respect to the SNP Securities; to the extent the terms of the Original Indenture (as amended and supplemented by this Third Supplemental Indenture) are inconsistent with the provisions of
this Third Supplemental Indenture, the terms of this Third Supplemental Indenture shall control and prevail, but only with respect to the SNP Securities. The Original Indenture, as amended and supplemented by, and together with, this Third
Supplemental Indenture are hereinafter referred to as the &#147;<B>Indenture</B>;&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, there are no Securities outstanding of
any series created prior to the execution of this Third Supplemental Indenture that are entitled to the benefit of the provisions set forth herein or that would be adversely affected by such provisions; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Company has requested and does hereby request that the Trustee execute and deliver this Third Supplemental Indenture, and whereas
all actions required by the Company to be taken in order to make this Third Supplemental Indenture a valid, binding and enforceable instrument in accordance with its terms, have been taken and performed, and the execution and delivery of this Third
Supplemental Indenture have been duly authorized in all respects, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, the Company and the Trustee mutually covenant and agree
as follows: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 1 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">D<SMALL>EFINITIONS</SMALL> <SMALL>AND</SMALL> O<SMALL>THER</SMALL> P<SMALL>ROVISIONS</SMALL> <SMALL>OF</SMALL> G<SMALL>ENERAL</SMALL>
A<SMALL>PPLICATION</SMALL> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.01. <I>Definitions. </I>For all purposes of this Third Supplemental Indenture, except as
otherwise expressly provided or unless the context otherwise requires: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) the terms defined in this Article have the meanings assigned to
them in this Article and include the plural as well as the singular; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) all other terms used herein which are defined in the Trust
Indenture Act, either directly or by reference therein, have the meanings assigned to them therein; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) unless the context otherwise
requires, any reference to an &#147;<B>Article</B>&#148; or a &#147;<B>Section</B>&#148; means an Article or a Section, as the case may be, of this Third Supplemental Indenture; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) the words &#147;<B>herein</B>&#148;, &#147;<B>hereof</B>&#148;, &#147;<B>hereto</B>&#148;, and &#147;<B>hereunder</B>&#148; and other words
of similar import refer to this Third Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) the word &#147;<B>or</B>&#148; is always used inclusively (for example, the phrase &#147;A or B&#148; means &#147;A or B or both&#148;, not
&#147;either A or B but not both&#148;); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) the term &#147;<B>including</B>&#148; means &#147;including without limitation; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) all terms used but not defined in this Third Supplemental Indenture, which are defined in the Original Indenture (as amended and
supplemented hereby), shall have the meanings assigned to them in the Original Indenture (as amended and supplemented hereby); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h)
references herein to any act or statute or any provision of any act or statute shall be deemed also to refer to any statutory modification or <FONT STYLE="white-space:nowrap">re-enactment</FONT> thereof or any statutory instrument, order or
regulation made thereunder or under such modification or <FONT STYLE="white-space:nowrap">re-enactment;</FONT> and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) the following terms
used in this Third Supplemental Indenture shall have the following meanings: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><FONT STYLE="white-space:nowrap">1-year</FONT> UST</B>&#148; means 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 one year, as published in the most recent H.15. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Agent</B>&#148; means each of the Calculation Agent, Paying Agent, Security Registrar and Transfer Agent. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Business Day</B>&#148; means any day, other than Saturday or Sunday, that is neither a Legal Holiday nor a day on
which banking institutions are authorized or required by law, regulation or executive order to close in the City of New York, London or Madrid. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Calculation Agent</B>&#148; has the meaning ascribed in the first paragraph of this Third Supplemental Indenture. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Company</B>&#148; means the Person named as &#147;Company&#148; in the first paragraph of this Third Supplemental
Indenture until a successor Person shall have become such pursuant to the applicable provisions of the Indenture, and thereafter &#147;Company&#148; shall mean such successor Person, and any other obligor upon the SNP Securities. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Depository</B>&#148; and &#147;<B>U.S. Depository</B>&#148; shall
have the meanings ascribed to such terms in Section&nbsp;1.01 of the Original Indenture (as amended and supplemented hereby). The Depository Trust Company (and its successors) is hereby designated as Depository and U.S. Depository with respect to
the SNP Securities. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Electronic Means</B>&#148; shall mean the following communications methods: email, facsimile
transmission, secure electronic transmission containing applicable authorization codes, passwords and/or authentication keys issued by the Trustee or an Agent, or another method or system specified by the Trustee or the relevant Agent as available
for use in connection with its services hereunder. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>H.15</B>&#148; means the daily statistical release designated
as such and published by the Board of Governors of the United States Federal Reserve System under the caption &#147;Treasury constant maturities&#148;, or any successor or replacement publication as reasonably determined by the Company and notified
to the Calculation Agent, that establishes yield on actively traded U.S. Treasury securities, and &#147;most recent H.15&#148; means the H.15 that includes a yield to maturity for U.S. Treasury securities with a maturity of one year published
closest in time (but prior to) the Reset Determination Date. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Interest Payment Date</B>&#148; has the meaning
ascribed in Section&nbsp;3.04(b). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Issue Date</B>&#148; means March&nbsp;13, 2024. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Issuer</B>&#148; means the Person named as &#147;Issuer&#148; in the first paragraph of this Third Supplemental
Indenture until a successor Person shall have become such pursuant to the applicable provisions of the Indenture, and thereafter &#147;Issuer&#148; shall mean such successor Person, and any other obligor upon the SNP Securities. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Paying Agent</B>&#148; means the Person named as &#147;Paying Agent&#148; in the first paragraph of this Third
Supplemental Indenture. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Payment Statement</B>&#148; means the statement to be delivered to the Issuer by the
Paying Agent, substantially in the form set forth in Annex I to Exhibit B (attached hereto), pursuant to Section&nbsp;3.07. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Redemption Date</B>&#148; has the meaning ascribed in Section&nbsp;3.09. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Redemption Price</B>&#148; has the meaning ascribed in Section&nbsp;3.09. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Regular Record Date</B>&#148; means the 15th calendar day before the applicable Interest Payment Date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Reset Date</B>&#148; has the meaning ascribed in Section&nbsp;3.04. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Reset Determination Date</B>&#148; means the second Business Day immediately preceding the Reset Date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Stated Maturity Date</B>&#148; means March&nbsp;13, 2035.<B> </B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Transfer Agent</B>&#148; means the Person named as &#147;Transfer Agent&#148; in the first paragraph of this Third
Supplemental Indenture. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Trustee</B>&#148; means the Person named as &#147;Trustee&#148; in the first paragraph of
this Third Supplemental Indenture. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.02. <I>Conflict with Trust Indenture Act. </I>If any provision hereof limits,
qualifies or conflicts with a provision of the Trust Indenture Act that is required under such Act to be a part of and govern the Indenture, the provision of the Trust Indenture Act shall control. If any provision of this Third Supplemental
Indenture modifies or excludes any provision of the Trust Indenture Act that may be so modified or excluded, the provision of the Trust Indenture Act shall be deemed to apply to this Third Supplemental Indenture as so modified or to be excluded, as
the case may be. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.03. <I>Effect of Headings and Table of Contents. </I>The Article and Section headings herein and the
Table of Contents are for convenience only and shall not affect the construction hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.04. <I>Successors and Assigns.
</I>All covenants and agreements in this Third Supplemental Indenture made by the Issuer shall bind its successors and assigns, whether so expressed or not. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.05. <I>Separability Clause. </I>In case any provision in this Third Supplemental Indenture or the SNP Securities shall be
invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.06. <I>Benefits of Indenture. </I>Nothing in the Indenture or the SNP Securities, express or implied, shall give to any Person,
other than the parties hereto and their successors hereunder and the Holders of SNP Securities, any benefit or any legal or equitable right, remedy or claim under the Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.07. <I>Governing Law. </I>This Third Supplemental Indenture and the SNP Securities (except as set forth herein and therein)
shall be governed by and construed in accordance with the laws of the State of New York applicable to agreements made or instruments entered into and, in each case, performed in said state, except that the authorization and execution by the Company
of this Third Supplemental Indenture, the authorization, issuance and execution by the Company of the SNP Securities, Section&nbsp;3.11 hereof, the SNP Securities to the extent set forth therein and the Original Indenture (as amended and
supplemented hereby) to the extent set forth therein<B><I> </I></B>shall be governed by and construed in accordance with the common laws of the Kingdom of Spain. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.08. <I>Submission to Jurisdiction.</I> Except as provided in the immediately following two sentences, the Company hereby
irrevocably submits to the <FONT STYLE="white-space:nowrap">non-exclusive</FONT> jurisdiction of any U.S. federal or state court in the Borough of Manhattan, The City of New York, New York in any suit or proceeding arising out of or relating to the
SNP Securities or the Indenture, and irrevocably waives, to the extent it may effectively do so, any objection it may have now or hereafter to the laying of the venue of any such suit or proceeding. Notwithstanding anything to the contrary in the
SNP Securities or the Indenture, the Spanish courts shall have exclusive jurisdiction in respect of any suit or proceeding arising out of or relating to the SNP 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 &#147;<B><FONT STYLE="white-space:nowrap">Bail-in</FONT> Dispute</B>&#148;) and accordingly each of the Company, the
Trustee, each Holder and beneficial owner of any SNP Securities and each Paying Agent, Transfer Agent, Authenticating Agent and Security Registrar submits, to the extent it may effectively do so, to the exclusive jurisdiction of the Spanish courts
in relation to any <FONT STYLE="white-space:nowrap">Bail-in</FONT> Dispute. Each of the Company, the Trustee, each Holder and beneficial owner of any SNP Securities and each Paying Agent, Transfer Agent, Authenticating Agent and Security Registrar
further irrevocably waives, to the extent it may effectively do so, any objection to the Spanish courts on the grounds that they are an inconvenient or inappropriate forum in respect of any <FONT STYLE="white-space:nowrap">Bail-in</FONT> Dispute.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.09. <I>Execution in Counterparts. </I>This Third Supplemental Indenture may be executed manually, by facsimile or by
electronic signature in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. The exchange of copies of this Third Supplemental
Indenture and of signature pages by facsimile, email or other electronic format (including, without limitation, &#147;pdf,&#148; &#147;tif&#148; or &#147;jpg&#148;) transmission or other electronically-imaged signature (including, without
limitation, DocuSign or AdobeSign) or transmission shall constitute effective execution and delivery of this Third Supplemental Indenture as to the parties hereto and may be used <I>in lieu</I> of the original Third Supplemental Indenture for all
purposes. Signatures of the parties hereto transmitted by </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
facsimile, email or other electronic format (e.g., &#147;pdf,&#148; &#147;tif&#148; or &#147;jpg&#148;) (including, without limitation, DocuSign or AdobeSign) shall be deemed to be their original
signatures for all purposes. Unless otherwise provided herein or in the SNP Securities, the words &#147;execute,&#148; &#147;execution,&#148; &#147;signed,&#148; and &#147;signature&#148; and words of similar import used in or related to any
document to be signed in connection with this Third Supplemental Indenture, any SNP Securities or any of the transactions contemplated hereby or thereby (including amendments, waivers, consents and other modifications) shall be deemed to include
electronic signatures and the keeping of records in electronic form, each of which shall be of the same legal effect, validity and enforceability as a manually executed signature in ink or the use of a paper-based recordkeeping system, as
applicable, to the fullest extent as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, and any other similar state laws
based on the Uniform Electronic Transactions Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.10. <I>Recitals by the Issuer. </I>The recitals in this Third
Supplemental Indenture are made by the Issuer only and not by the Trustee, and all of the provisions contained in the Original Indenture (as amended and supplemented hereby) in respect of the rights, privileges, immunities, powers and duties of the
Trustee shall be applicable in respect of the SNP Securities and of this Third Supplemental Indenture as fully and with like effect as if set forth herein in full. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.11. <I>Ratification and Incorporation of Original Indenture. </I>As amended and supplemented hereby with respect to the SNP
Securities, the Original Indenture is in all respects ratified and confirmed, and the Original Indenture (as so amended and supplemented) and this Third Supplemental Indenture shall be read, taken and construed as one and the same instrument. In the
event of any conflict between the terms and conditions of the Original Indenture (as amended and supplemented hereby) and the terms and conditions of this Third Supplemental Indenture, the terms and conditions of this Third Supplemental Indenture
shall prevail. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 2 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A<SMALL>MENDED</SMALL> P<SMALL>ROVISIONS</SMALL> <SMALL>OF</SMALL> O<SMALL>RIGINAL</SMALL> I<SMALL>NDENTURE</SMALL> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.01. <I>Amended Provisions of Original Indenture</I>. (a)&nbsp;Section&nbsp;1.01 of the Original Indenture shall be deleted with
respect to the SNP Securities only and shall not apply to the SNP Securities and shall, with respect to the SNP Securities only, be replaced by the following: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Section&nbsp;1.01<I>. Definitions. </I>Except as otherwise expressly provided in or pursuant to this Indenture or unless
the context otherwise requires, for all purposes of this Indenture: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) the terms defined in this Article have the
meanings assigned to them in this Article, and include the plural as well as the singular; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) all other terms used herein
which are defined in the Trust Indenture Act, either directly or by reference therein, have the meanings assigned to them therein; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with International
Financial Reporting Standards as issued by the International Accounting Standards Board; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) the words
&#147;<B>herein</B>&#148;, &#147;<B>hereof</B>&#148;, &#147;<B>hereto</B>&#148; and &#147;<B>hereunder</B>&#148; and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision;
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) the word &#147;<B>or</B>&#148; is always used inclusively (for example, the phrase &#147;A or B&#148; means &#147;A or
B or both&#148;, not &#147;either A or B but not both&#148;); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) the term &#147;<B>including</B>&#148; means
&#147;including without limitation;&#148; and </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) any reference to an &#147;<B>Article</B>&#148; or a
&#147;<B>Section</B>&#148; refers to an Article or Section of this Indenture. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">References to any act or statute or any
provision of any act or statute shall be deemed also to refer to any statutory modification or <FONT STYLE="white-space:nowrap">re-enactment</FONT> thereof or any statutory instrument, order or regulation made in accordance therewith or under such
modification or <FONT STYLE="white-space:nowrap">re-enactment.</FONT> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Certain terms used principally in certain Articles
hereof are defined in those Articles. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Act</B>&#148;, when used with respect to any Holder, has the meaning
specified in Section&nbsp;1.04. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Additional Amounts</B>&#148; means any additional amounts which are payable under
Section&nbsp;10.04 by the Company in respect of certain taxes withheld from payments of interest to Holders. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Affiliate</B>&#148; of any specified Person means any other Person directly or indirectly controlling or controlled by
or under direct or indirect common control with such specified Person. For the purposes of this definition, &#147;control&#148;, when used with respect to any specified Person, means the power to direct the management and policies of such Person,
directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms &#147;controlling&#148; and &#147;controlled&#148; have meanings correlative to the foregoing. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Amounts Due</B>&#148;, with respect to the Securities of a series, means the principal amount of or outstanding amount
(if applicable), together with any accrued but unpaid interest, Additional Amounts and premium (if any) due on the Securities of such series. References to such amounts will include amounts that have become due and payable, but which have not been
paid, prior to the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power (as defined herein) by the Relevant Spanish Resolution Authority (as defined herein). References to such amounts will also include amounts held in trust
by the Company, any Paying Agent or the Trustee pursuant to Section&nbsp;10.03. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Applicable Banking
Regulations</B>&#148; means, with respect to the Securities of a series, at any time the laws, regulations, requirements, guidelines and policies relating to capital adequacy, resolution and/or solvency, including those applicable to Eligible
Liabilities Amounts or any equivalent or successor principles, then applicable to the Company and/or the Group including, without limitation to the generality of the foregoing, CRD V (as defined herein), the BRRD (as defined herein), the SRM
Regulation (as defined herein) and those laws, regulations, requirements, guidelines and policies relating to capital adequacy, resolution and/or solvency, including those applicable to Eligible Liabilities Amounts or any equivalent or successor
principles, then applicable to the Company and/or the Group, in each case to the extent then in effect in the Kingdom of Spain (whether or not such regulations, requirements, guidelines or policies have the force of law and whether or not they are
applied generally or specifically to the Company and/or the Group). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Authenticating Agent</B>&#148; means, when
used with respect to the Securities of any series, any Person authorized by the Trustee pursuant to Section&nbsp;6.13 to act on behalf of the Trustee to authenticate Securities of such series. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Authorized Newspaper</B>&#148; means a newspaper, in an official language of the place of publication or in the
English language, customarily published on each day that is a Business Day in the place of publication, whether or not published on days that are Legal Holidays in the place of publication, and of general circulation in each place in connection with
which the term is used or in the financial community of each such place. Where successive publications are required to be made in Authorized Newspapers, the successive publications may be made in the same or in different newspapers in the same city
meeting the foregoing requirements and in each case on any day that is a Business Day in the place of publication. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Board of Directors</B>&#148; means either the board of directors of
the Company or any committee or Person duly authorized to act generally or in any particular respect for the Company hereunder. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Board Resolution</B>&#148; means a copy of one or more resolutions certified by the Secretary or an Assistant
Secretary or any Person duly authorized by the Company to have been duly adopted by the relevant Board of Directors or an authorized committee thereof and to be in full force and effect on the date of such certification. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>BRRD</B>&#148; means Directive 2014/59/EU of the European Parliament and of the Council of May&nbsp;15, 2014
establishing a framework for the recovery and resolution of credit institutions and investment firms or such other directive as may come into effect in place thereof, as implemented into Spanish law by Law 11/2015 (as defined herein) and RD
1012/2015 (as defined herein), as amended, replaced or supplemented from time to time and including any other relevant implementing or developing<B> </B>regulatory provisions. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>BRRD Liability</B>&#148; means any liability, commitment, duty, responsibility, amount payable or contingency or other
obligation arising from, or related to, this Indenture which may be subject to the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Business Day</B>&#148; means, except as may otherwise be provided in the form of Securities of any particular series
pursuant to the provisions of this Indenture, any day, other than Saturday or Sunday, that is neither a Legal Holiday nor a day on which banking institutions are authorized or required by law, regulation or executive order to close in the City of
New York, London or Madrid. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>CNMV</B>&#148; means the Spanish National Securities Market Commission
(<I>Comisi&oacute;n Nacional del Mercado de Valores</I>). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Commission</B>&#148; means the U.S. Securities and
Exchange Commission, as from time to time constituted, created under the Securities Exchange Act of 1934, as amended, or, if at any time after the execution of this Indenture such Commission is not existing and performing the duties now assigned to
it under the Trust Indenture Act, then the body performing such duties at such time. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Company</B>&#148; means the
Person named as the &#147;Company&#148; in the first paragraph of this Indenture until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter &#147;Company&#148; shall mean such successor
Person, and any other obligor upon the Securities. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Company Request</B>&#148; and &#147;<B>Company Order</B>&#148;
mean, respectively, a written request or order, as the case may be, signed in the name of the Company by any member of the Board of Directors, the President, a Vice President, the Treasurer, an Assistant Treasurer, the Secretary, an Assistant
Secretary or other representative of the Company, in each case empowered to do so by a Board Resolution, and delivered to the Trustee or the Paying Agent, as the case may be. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Corporate Trust Office</B>&#148; means the corporate trust office of the Trustee at which, at any particular time, its
corporate trust business is principally administered, which, with respect to The Bank of New York Mellon, London Branch, is currently located at 160 Queen Victoria Street, London EC4V 4LA, United Kingdom, and the Indenture shall be administered
(except with respect to the role of Security Registrar) at such corporate trust office, or such other location as notified by the Trustee to the Company from time to time, or, if a different Trustee is appointed for a particular series of
Securities, the address set forth in the supplemental indenture naming the Trustee for that particular series of Securities. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Corporation</B>&#148; includes corporations, companies and, except
for purposes of Article 8, associations and business trusts. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>CRD V</B>&#148; means any or any combination of the
CRD Directive (as defined below), the CRR (as defined below) and any CRD Implementing Measures (as defined below). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>CRD Directive</B>&#148; means Directive 2013/36/EU of the European Parliament and of the Council of June&nbsp;26 on
access to the activity of credit institutions and the prudential supervision of credit institutions, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC, as amended, replaced or supplemented from time to time. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>CRD Implementing Measures</B>&#148; means any regulatory capital 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 (as defined below), the European Banking Authority or any other relevant authority, which are applicable to the Company (on a standalone basis) or the Group (on a consolidated basis), including, without limitation, Law
10/2014 and any other regulation, circular or guidelines implementing or developing Law 10/2014. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>CRR</B>&#148;
means Regulation (EU) No.&nbsp;575/2013 of the European Parliament and of the Council of June&nbsp;26, on prudential requirements for credit institutions, as amended, replaced or supplemented from time to time. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Currency</B>&#148;, with respect to any payment, deposit or other transfer in respect of the principal of or any
premium or interest on or any Additional Amounts with respect to any Security, means Dollars, unless otherwise expressly provided. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Defaulted Interest</B>&#148; has the meaning specified in Section&nbsp;3.07. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Dollars</B>&#148; or &#147;<B>$</B>&#148; means a dollar or other equivalent unit of legal tender for payment of
public or private debts in the United States of America. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Early Intervention</B>&#148; means, with respect to any
Person, that any Relevant Spanish Resolution Authority or the European Central Bank shall have announced or determined that such Person has or shall become the subject of an &#147;early intervention&#148; (<I>actuaci&oacute;n temprana</I>) as such
term is defined in Law 11/2015 and in the SRM Regulation. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Eligible Liabilities Amount</B>&#148; means the amount
of eligible liabilities of the Company or the Group for the purposes of Article 45 of the BRRD or Applicable Banking Regulations or any other regulations applicable in the Kingdom of Spain from time to time. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Eligible Liabilities Event</B>&#148; means, with respect to the Securities of a series, a change (or any pending
change which the Regulator considers sufficiently certain) in Spanish law or Applicable Banking Regulations or any application or official interpretation thereof, on or after the issue date of such Securities, that results (or is likely to result)
in such Securities not meeting the eligibility criteria for their inclusion in the Eligible Liabilities Amount; <I>provided </I>that an Eligible Liabilities Event shall not occur where such ineligibility for inclusion of such Securities in the
Eligible Liabilities Amount is due to the remaining maturity of such Securities being less than any period prescribed by any applicable eligibility criteria under the Applicable Banking Regulations (or any other regulations applicable in the Kingdom
of Spain from time to time) which was effective on the issue date of such Securities. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Event of Default</B>&#148;
has the meaning specified in Section&nbsp;5.01. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Foreign Currency</B>&#148; means any currency, currency unit or
composite currency, including, without limitation, the euro, issued by the government of one or more countries other than the United States or by any confederation or association of such governments. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Global Security</B>&#148; means a Security evidencing all or part of the Securities of a series, bearing the legend
set forth in Section&nbsp;2.04 (or such legend as may be specified as contemplated in Section&nbsp;3.01 for such Securities), authenticated and delivered to or on behalf of the Holder and registered in the name of the Holder or its nominee. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Group</B>&#148; means the Company and its consolidated subsidiaries. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Holder</B>&#148; means a Person in whose name a Security is registered in the Security Register. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Indenture</B>&#148; means this instrument as it may from time to time be supplemented or amended by one or more
indentures supplemental hereto entered into pursuant to the applicable provisions hereof and, with respect to any Security, by the terms and provisions of such Security established pursuant to Section&nbsp;3.01 (as such terms and provisions may be
amended pursuant to the applicable provisions hereof). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Insolvency Law</B>&#148; means the restated text of the
Insolvency Law, as approved by Spanish Royal Legislative Decree 1/2020 of May&nbsp;5 (<I>Real Decreto Legislativo 1/2020, de 5 de mayo, por el que se aprueba el texto refundido de la Ley Concursal</I>), as amended, replaced or supplemented from time
to time. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Interest Payment Date</B>&#148;, with respect to any Security, means the Stated Maturity of an
installment of interest on such Security. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Law 10/2014</B>&#148; means Spanish Law 10/2014 of June&nbsp;26, on the
Organization, Supervision and Solvency of Credit Entities (<I>Ley 10/2014 de 26 de junio, de ordenaci&oacute;n, supervisi&oacute;n y solvencia de entidades de cr&eacute;dito</I>), as amended, replaced or supplemented from time to time, including as
amended by Spanish Royal <FONT STYLE="white-space:nowrap">Decree-Law</FONT> 7/2021 of April&nbsp;27 on the transposition of European Union directives in matters of credit institutions, among others. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Law 11/2015</B>&#148; means Spanish Law 11/2015 of June&nbsp;18, on the Recovery and Resolution of Credit Institutions
and Investment Firms (<I>Ley 11/2015 de 18 de junio, de recuperaci&oacute;n y resoluci&oacute;n de entidades de cr&eacute;dito y empresas de servicios de inversi&oacute;n</I>), as amended, replaced or supplemented from time to time. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Legal Holiday</B>&#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 required to be open. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Maturity</B>&#148;, with respect to any Security, means the date on which the principal of such Security or an
installment of principal becomes due and payable as provided in or pursuant to this Indenture, whether at the Stated Maturity or by declaration of acceleration, notice of redemption or repurchase or otherwise, and includes the Redemption Date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Office</B>&#148; or &#147;<B>Agency</B>&#148;, with respect to any Securities, means an office or agency of the
Company maintained or designated in a Place of Payment for such Securities pursuant to Section&nbsp;10.02 or any other office or agency of the Company maintained or designated for such Securities pursuant to Section&nbsp;10.02 or, to the extent
designated or required by Section&nbsp;10.02 in lieu of such office or agency, the Corporate Trust Office of the Trustee. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Officer&#146;s Certificate</B>&#148; means a certificate signed by
the Chairman or the Vice Chairman of the Board of Directors, the Secretary or an Assistant Secretary of the Board of Directors, the President, a Vice President, the Treasurer, an Assistant Treasurer or any other Person duly authorized by the Company
and that, if required by the Trust Indenture Act, complies with the requirements of Section&nbsp;314(e) of the Trust Indenture Act. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Opinion of Counsel</B>&#148; means a written opinion of counsel, who may be an employee of or counsel for the Company
or other counsel who shall be reasonably acceptable to the Trustee, that, if required by the Trust Indenture Act, complies with the requirements of Section&nbsp;314(e) of the Trust Indenture Act. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>ordinary claims</B>&#148; means the class of claims with respect to unsecured,
<FONT STYLE="white-space:nowrap">non-privileged</FONT> and unsubordinated obligations (<I>cr&eacute;ditos ordinarios</I>) of the Company which, upon the insolvency (<I>concurso de acreedores</I>) of the Company and pursuant to the Insolvency Law and
other applicable laws relating to or affecting the enforcement of creditors&#146; rights in the Kingdom of Spain, rank (i)&nbsp;junior to privileged claims (<I>cr&eacute;ditos privilegiados</I>) (which shall include, among other claims, any claims
in respect of deposits for the purposes of Additional Provision 14.1 of Law 11/2015 and any secured claims), and claims against the insolvency estate (<I>cr&eacute;ditos contra la masa</I>) and (ii)&nbsp;senior to subordinated claims
(<I>cr&eacute;ditos subordinados</I>). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Original Issue Discount Security</B>&#148; means a Security issued
pursuant to this Indenture which provides for declaration of an amount less than the principal face amount thereof to be due and payable upon acceleration pursuant to Section&nbsp;5.02. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Outstanding</B>&#148;, when used with respect to any Securities, means, as of the time of determination, all such
Securities theretofore authenticated and delivered under this Indenture, except: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) any such Security theretofore
cancelled by the Trustee or the Security Registrar or delivered to the Trustee or the Security Registrar for cancellation; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) any such Security for whose payment at the Maturity thereof money in the necessary amount has been theretofore deposited
pursuant hereto with the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of such Securities, <I>provided </I>that,
if such Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) any such Security which has been paid pursuant to Section&nbsp;3.06(c) or in exchange for or in lieu of which other
Securities have been authenticated and delivered pursuant to this Indenture, unless there shall have been presented to the Trustee proof satisfactory to it that such Security is held by a protected purchaser in whose hands such Security is a valid
obligation of the Company; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) any such Security subject to the exercise of the Spanish
<FONT STYLE="white-space:nowrap">Bail-in</FONT> Power which results in the redemption, cancellation, or the conversion into another security or other securities, of all Amounts Due on such Security or such Security otherwise ceasing to be
outstanding; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) any such Security purchased by the Company or any member of the Group or any other legal entity
acting on behalf of the Company pursuant to Section&nbsp;11.12 (A) for so long as such purchased Security is held by the Company or any member of the Group or any other legal entity acting on behalf of the Company pursuant to Section&nbsp;11.12 or
(B)&nbsp;if such purchased Security has been surrendered to the Trustee for cancellation; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>provided, however, </I>that in determining whether the Holders of the requisite principal
amount of Outstanding Securities of a series have given any request, demand, authorization, direction, notice, consent or waiver hereunder, (i)&nbsp;the principal amount of an Original Issue Discount Security that may be counted in making such
determination and that shall be deemed to be Outstanding for such purposes shall be equal to the amount of the principal thereof that pursuant to the terms of such Original Issue Discount Security would be declared (or shall have been declared to
be) due and payable upon a declaration of acceleration thereof pursuant to Section&nbsp;5.02 at the time of such determination, (ii)&nbsp;the principal amount of a Security denominated in a Foreign Currency shall be the Dollar equivalent, determined
on the date of original issuance of such Security, of the principal amount (or, in the case of an Original Issue Discount Security, the Dollar equivalent on the date of original issuance of such Security of the amount determined in (i)&nbsp;above)
of such Security, and (iii)&nbsp;Securities owned by the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor, shall be disregarded and deemed not to be Outstanding, except that, in determining
whether the Trustee shall be protected in making any such determination or relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Securities which a Responsible Officer of the Trustee knows to be so owned
shall be so disregarded. Securities so owned which shall have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee (A)&nbsp;the pledgee&#146;s right so to act with respect to such
Securities and (B)&nbsp;that the pledgee is not the Company or any other obligor upon the Securities or an Affiliate of the Company or of such other obligor. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Paying Agent</B>&#148; means, when used with respect to the Securities of any series, any Person authorized by the
Company to pay the principal of, or any premium or interest on, or any Additional Amounts with respect to, the Securities of such series on behalf of the Company. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Payment Statement</B>&#148; means the statement to be delivered to the Company by the Paying Agent pursuant to the
terms of the relevant supplemental indenture. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Person</B>&#148; means any individual, Corporation, limited
liability company, partnership, joint venture, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Place of Payment</B>&#148;, with respect to any Security, means the place or places where the principal of, or any
premium or interest on, or any Additional Amounts with respect to, such Security are payable as provided in or pursuant to this Indenture. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Predecessor Security</B>&#148; of any particular Security means every previous Security evidencing all or a portion of
the same indebtedness as that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section&nbsp;3.06 in exchange for or in lieu of a lost, destroyed, mutilated or stolen
Security shall be deemed to evidence the same indebtedness as the lost, destroyed, mutilated or stolen Security. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Qualifying Securities</B>&#148; means, with respect to the Securities of a series which is subject to any substitution
or modification pursuant to Section&nbsp;8.04, at any time, any securities issued by the Company (including any Securities so modified so as to remain Qualifying Securities) that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) contain terms which comply with the then-current requirements for inclusion in the Eligible Liabilities Amount as provided
under Applicable Banking Regulations, as applicable; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) have the same denomination and aggregate outstanding principal
amount, the same currency in which payments shall be payable, the same rate of interest and terms for the determination of any applicable rate of interest, the same date of maturity and the same dates for payment of interest as such series of
Securities immediately prior to any substitution or modification pursuant to Section&nbsp;8.04; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) have the same or higher ranking as is applicable to such series of
Securities on the issue date of such series of Securities pursuant to Article&nbsp;13; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) preserve any existing rights
under the Securities to any accrued interest which has not been paid in respect of the period from (and including) the Interest Payment Date last preceding the date of any substitution or modification pursuant to Section&nbsp;8.04; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) are listed or admitted to trading on any stock exchange as selected by the Company, if such series of Securities were
listed or admitted to trading on a stock exchange immediately prior to the relevant substitution or modification pursuant to Section&nbsp;8.04. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>RD 1012/2015</B>&#148; means Spanish Royal Decree 1012/2015 of November&nbsp;6, by virtue of which Law 11/2015 is
developed and Royal Decree 2606/1996 of December&nbsp;20 on credit entities&#146; deposit guarantee fund is amended, as amended, replaced or supplemented from time to time. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Redemption Date</B>&#148;, with respect to any Security or portion thereof to be redeemed, means the date fixed for
such redemption by or pursuant to this Indenture. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Redemption Price</B>&#148;, with respect to any Security or
portion thereof to be redeemed, means the price at which it is to be redeemed as determined by or pursuant to this Indenture. Except as otherwise provided in the relevant Security, the Redemption Price of a Security to be redeemed means its
principal amount, together with accrued but unpaid interest, if any, thereon to but not including the Redemption Date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Regular Record Date</B>&#148; for the interest payable on any Security on any Interest Payment Date therefor means the
date, if any, specified in or pursuant to this Indenture as the &#147;Regular Record Date&#148;. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Regulator</B>&#148; means the European Central Bank, the Bank of Spain and/or the Relevant Spanish Resolution
Authority, as applicable, and/or such other or successor authority having primary bank supervisory authority, in each case, with respect to prudential or resolution matters in relation to the Company and/or the Group from time to time. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Relevant Date</B>&#148; has the meaning specified in Section&nbsp;10.04. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Relevant Spanish Resolution Authority</B>&#148; means the Spanish Fund for Orderly Bank Restructuring (<I>Fondo de
Reestructuraci&oacute;n Ordenada Bancaria</I>), the European Single Resolution Board, the Bank of Spain, the CNMV or any other entity with the authority to exercise the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power from time to time.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Resolution</B>&#148; means, with respect to any Person, that any Relevant Spanish Resolution Authority shall have
announced or determined that such Person has or shall become the subject of a &#147;resolution&#148; (<I>resoluci&oacute;n</I>) as such term is defined in Law 11/2015 and the SRM Regulation. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Responsible Officer</B>&#148; means any officer of the Trustee in its Corporate Trust Office having direct
responsibility for the administration of this Indenture and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his knowledge of and familiarity with the particular subject.
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Security</B>&#148; or &#147;<B>Securities</B>&#148; means any note
or notes, bond or bonds, debenture or debentures, or any other evidences of indebtedness, as the case may be, authenticated and delivered under this Indenture; <I>provided, however,</I> that, if at any time there is more than one Person acting as
Trustee under this Indenture, &#147;Securities&#148;, with respect to any such Person, shall mean Securities authenticated and delivered under this Indenture, exclusive, however, of Securities of any series as to which such Person is not Trustee.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Security Register</B>&#148; and &#147;<B>Security Registrar</B>&#148; have the respective meanings specified in
Section&nbsp;3.05. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Senior <FONT STYLE="white-space:nowrap">Non-Preferred</FONT> Obligations</B>&#148;
(<I>cr&eacute;ditos ordinarios no preferentes</I>) means the obligations of the Company with respect to (i)&nbsp;the payment of principal under the Securities and (ii)&nbsp;all other ordinary claims, present and future, which, upon the insolvency
(<I>concurso de acreedores</I>) of the Company, are expressed to rank within the ordinary claims but junior to Senior Preferred Obligations. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Senior Preferred Obligations</B>&#148; means the obligations of the Company with respect to all ordinary claims,
present and future, other than Senior <FONT STYLE="white-space:nowrap">Non-Preferred</FONT> Obligations. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Spanish <FONT
STYLE="white-space:nowrap">Bail-in</FONT> Power</B>&#148; means any write-down, conversion, transfer, modification, cancellation or suspension power existing from time to time under: (i)&nbsp;any law, regulation, rule or requirement applicable from
time to time in the Kingdom of Spain, relating to the transposition or development of the BRRD, including, but not limited to (a)&nbsp;Law 11/2015, (b) RD 1012/2015 and (c)&nbsp;the SRM Regulation; or (ii)&nbsp;any other law, regulation, rule or
requirement applicable from time to time in the Kingdom of Spain pursuant to which (a)&nbsp;obligations or liabilities of banks, investment firms or other financial institutions or their affiliates can be reduced, cancelled, modified, transferred or
converted into shares, other securities, or other obligations of such Persons or any other Person (or suspended for a temporary period or permanently) or (b)&nbsp;any right in a contract governing such obligations may be deemed to have been
exercised. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Special Record Date</B>&#148; for the payment of any Defaulted Interest on any Security means a date
fixed by the Trustee pursuant to Section&nbsp;3.07. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>SRM Regulation</B>&#148; means Regulation (EU)
No.&nbsp;806/2014 of the European Parliament and of the Council of July&nbsp;15 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution
Mechanism and a Single Resolution Fund and amending Regulation (EU) No.&nbsp;1093/2010, as amended, replaced or supplemented from time to time. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Stated Maturity</B>&#148; means, with respect to the principal of, or an installment of principal of or interest on,
or any Additional Amount with respect to, a Security, the date established by or pursuant to this Indenture as the fixed date on which the relevant amount is due and payable. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Subsidiary</B>&#148; means any entity over which the Company may have, directly or indirectly, control in accordance
with Article 42 of the Spanish Commercial Code (<I>C&oacute;digo de Comercio</I>) as approved by Royal Decree of August&nbsp;22, 1885, as amended, replaced or supplemented from time to time and/or Applicable Banking Regulations. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Trust Indenture Act</B>&#148; means the Trust Indenture Act of 1939, as amended, and any reference herein to the Trust
Indenture Act or a particular provision thereof shall mean such Act or provision, as the case may be, as amended, replaced or supplemented from time to time by rules or regulations adopted by the Commission under or in furtherance of the purposes of
such Act or provision, as the case may be. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Trustee</B>&#148; means the Person named as the &#147;Trustee&#148;
in the first paragraph of this instrument until a successor trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter &#147;Trustee&#148; shall mean the Person who is then the Trustee hereunder, or, if a
different Trustee is appointed for a particular series of Securities, the Trustee named in the relevant indenture supplemental hereto as the Trustee for that particular series of Securities and if at any time there is more than one such Person,
&#147;Trustee&#148; shall mean and include each such Person; and &#147;Trustee&#148; as used with respect to the Securities of any series shall mean the Trustee with respect to the Securities of such series; <I>provided</I> that the Trustee shall
not be the Company or any other obligor of the Securities or any Affiliate of the Company or such other obligor. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>United States</B>&#148;, except as otherwise provided herein or in any Security, means the United States of America
(including the states thereof and the District of Columbia), and its possessions (including Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>U.S. Depository</B>&#148; or &#147;<B>Depository</B>&#148; means, with respect to any Security issuable or issued in
the form of one or more Global Securities, the Person designated as U.S. Depository or Depository by the Company in or pursuant to this Indenture, which Person must be, to the extent required by applicable law or regulation, a clearing agency
registered under the Securities Exchange Act of 1934, as amended, and, if so provided with respect to any Security, any successor to such Person. If at any time there is more than one such Person, &#147;U.S. Depository&#148; or
&#147;Depository&#148; shall mean, with respect to any Securities, the qualifying entity which has been appointed with respect to such Securities. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Vice President</B>&#148; when used with respect to the Company or the Trustee, means any vice president or similar
officer, whether or not designated by a number or a word or words added before or after the title &#147;Vice President&#148;.&#148; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)
The second paragraph of Section&nbsp;1.05 of the Original Indenture shall be deleted with respect to the SNP Securities only and shall not apply to the SNP Securities and shall, with respect to the SNP Securities only, be replaced by the following:
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;(b) Any record of an Act of Holders or other document provided or permitted by this Indenture to be made upon, given
or furnished to, or filed with, the Company by the Trustee or any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to the Company addressed to
the attention of ALM&#151;Finance at Calle Azul 4, 28050 Madrid, Spain (<U>alm.internal.control@bbva.com</U>), or at any other address previously furnished in writing to the Trustee by the Company.&#148; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) The first paragraph of Section&nbsp;1.06 of the Original Indenture shall be deleted with respect to the SNP Securities only and shall not
apply to the SNP Securities and shall, with respect to the SNP Securities only, be replaced by the following: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Section&nbsp;1.06<I>. Notice to Holders of Securities; Waiver. </I>(a)&nbsp;Except as otherwise expressly provided in or
pursuant to this Indenture, where this Indenture provides for notice to Holders of Securities of any event, such notice shall be sufficiently given to Holders of Securities if in writing and mailed, first-class postage prepaid, to each Holder of a
Security affected by such event, at its address as it appears in the Security Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. Notwithstanding the foregoing, any notice given
to the Holder of a Global Security shall be sufficiently given if such notice is given to such Holder through the Depository, in accordance with the Depository&#146;s applicable procedures from time to time.&#148; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Section 1.13 of the Original Indenture shall be deleted with respect to the SNP Securities only and shall not apply to the SNP Securities
and shall, with respect to the SNP Securities only, be replaced by the following: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Section&nbsp;1.13<I>. Governing Law. </I>This Indenture and the
Securities (except as set forth herein and therein) shall be governed by and construed in accordance with the laws of the State of New York applicable to agreements made or instruments entered into and, in each case, performed in said state, except
that the authorization and execution by the Company of this Indenture, the authorization, issuance and execution by the Company of the Securities, the Securities to the extent set forth therein and Section&nbsp;13.01, Section&nbsp;13.02 and Article
15<B> </B>hereof shall be governed by and construed in accordance with the common laws of the Kingdom of Spain.&#148; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) Section 2.02 of
the Original Indenture shall be deleted with respect to the SNP Securities only and shall not apply to the SNP Securities and shall, with respect to the SNP Securities only, be replaced by the following: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Section&nbsp;2.02. <I>Form of Trustee&#146;s Certificate of Authentication</I>. Subject to Section&nbsp;6.13, the
Trustee&#146;s certificate of authentication shall be in substantially the following form: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">This is one of the Securities
of the series designated therein referred to in the within-mentioned Indenture. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Dated: </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Authenticated in New York </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Bank of New York Mellon, London Branch,</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">as Trustee</P></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Authorized Officer&#148;</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) The second paragraph of Section&nbsp;3.01 of the Original Indenture shall be deleted with respect to
the SNP Securities only and shall not apply to the SNP Securities and shall, with respect to the SNP Securities only, be replaced by the following: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;With respect to any Securities to be authenticated and delivered hereunder, there shall be established or issued in or
pursuant to a Board Resolution or an Officer&#146;s Certificate, or established in one or more indentures supplemental hereto, prior to the issuance of any Securities of a series the applicable terms of such Securities, which may include the
following:&#148; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) Section 3.01(t) of the Original Indenture shall be deleted with respect to the SNP Securities only and shall not
apply to the SNP Securities and shall, with respect to the SNP Securities only, be replaced by the following: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;(t)
any other terms of such Securities which the Company may establish;&#148; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) Section 3.03 of the Original Indenture shall be deleted with
respect to the SNP Securities only and shall not apply to the SNP Securities and shall, with respect to the SNP Securities only, be replaced by the following: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Section&nbsp;3.03<I>. Execution, Authentication, Delivery and Dating. </I>Securities shall be executed on behalf of the
Company by one of the representatives of the Company entitled to do so by Board Resolution or by any member of the Board of Directors. The signature of any of these authorized representatives on the Securities may be manual, facsimile or electronic.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">At any time and from time to time after the execution and delivery of this
Indenture, the Company may deliver Securities, executed by the Company, to the Trustee for authentication and, <I>provided </I>that the Board Resolution, Officer&#146;s Certificate or supplemental indenture or indentures with respect to such
Securities referred to in Section&nbsp;3.01 and a Company Order for the authentication and delivery of such Securities have been delivered to the Trustee, the Trustee in accordance with the Company Order and subject to the provisions hereof and of
such Securities shall authenticate and deliver such Securities. In authenticating such Securities, and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled to receive, and
(subject to Sections 315(a) through 315(d) of the Trust Indenture Act) shall be fully protected in relying upon, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) an
Opinion of Counsel to the effect that: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) the form or forms and terms of such Securities, if any, have been established
in conformity with the provisions of this Indenture; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) all conditions precedent to the authentication and delivery of
such Securities have been complied with and that such Securities, when completed by appropriate insertion and executed and delivered by the Company to the Trustee for authentication pursuant to this Indenture and authenticated and delivered by the
Trustee and issued by the Company in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the Company, enforceable against the Company in accordance with their terms,
subject to bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer or other similar laws affecting the enforcement of creditors&#146; rights generally, and subject to general principles of equity (regardless of whether enforcement is
sought in a proceeding in equity or at law) and will entitle the Holders thereof to the benefits of this Indenture; such Opinion of Counsel need express no opinion as to the availability of equitable remedies; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) such Securities have been duly authorized, executed and delivered by the Company; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) this Indenture has been qualified under the Trust Indenture Act; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) an Officer&#146;s Certificate stating that, to the best knowledge of the Persons executing such certificate, no event which
is, or after notice or lapse of time would become, an Event of Default with respect to any of the Securities shall have occurred and be continuing. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">If all the Securities of any series are not to be issued at one time, it shall not be necessary to deliver an Opinion of
Counsel and an Officer&#146;s Certificate at the time of issuance of each Security, but such opinion and certificate, with appropriate modifications, shall be delivered at or before the time of issuance of the first Security of such series. After
any such first delivery, any separate request by the Company that the Trustee authenticate Securities of such series for original issue will be deemed to be a certification by the Company that all conditions precedent provided for in this Indenture
relating to authentication and delivery of such Securities continue to have been complied with. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Trustee shall not be
required to authenticate or to cause an Authenticating Agent to authenticate any Securities if the issue of such Securities pursuant to this Indenture will affect the Trustee&#146;s own rights, duties or immunities under the Securities and this
Indenture or otherwise be in a manner which is not reasonably acceptable to the Trustee or if the Trustee, being advised by counsel, determines that such action may not lawfully be taken. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each Security shall be dated the date of its authentication. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">No Security shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless there
appears on such Security a certificate of authentication substantially in the form provided for in Section&nbsp;2.02 or 6.13 executed by or on behalf of the Trustee by the manual, facsimile or electronic signature of one of its authorized officers
or by the Authenticating Agent. Such certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding the foregoing, if any Security shall have been authenticated
and delivered hereunder but never issued and sold by the Company, and the Company shall deliver such Security to the Trustee for cancellation as provided in Section&nbsp;3.09, for all purposes of this Indenture such Security shall be deemed never to
have been authenticated and delivered hereunder and shall never be entitled to the benefits of this Indenture.&#148; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) The first
paragraph of Section&nbsp;3.05 of the Original Indenture shall be deleted with respect to the SNP Securities only and shall not apply to the SNP Securities and shall, with respect to the SNP Securities only, be replaced by the following: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Section&nbsp;3.05.<I> Registration, Transfer and Exchange</I>. (a)&nbsp;The Company shall cause to be kept a register
(each such register being herein sometimes referred to as the &#147;Security Register&#148;) at an Office or Agency for such series in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration
of the Securities of such series and of transfers of the Securities of such series. Such Office or Agency shall be the &#147;Security Registrar&#148; for that series of Securities. In the event that the Trustee shall not be the Security Registrar,
it shall have the right to examine the Security Register at all reasonable times. The Bank of New York Mellon is hereby initially appointed as Security Registrar for each series of Securities. The Trustee shall have the right to examine the Security
Register for such series at all reasonable times. Unless otherwise provided with respect to a particular series of Securities, there shall be only one Security Register for each series of Securities.&#148; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) The second paragraph of Section&nbsp;3.07(a) of the Original Indenture shall be deleted with respect to the SNP Securities only and shall
not apply to the SNP Securities and shall, with respect to the SNP Securities only, be replaced by the following: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;The Company shall, before 10:00 a.m. (New York time) on each due date of the principal (and premium, if any) or interest
or any other amounts due on any Securities, deposit with a Paying Agent a sum in immediately available funds sufficient to pay the principal (and premium, if any) or interest or any other amounts due or so becoming due, such sum to be held in trust
by the Paying Agent for the benefit of the Persons entitled to such principal, premium or interest or any other amounts due and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee and the Paying Agent of its action
or failure so to act. Subject to actual receipt of such funds as provided by this Section by the designated Paying Agent, such Paying Agent shall make payments on the Securities in accordance with the provisions of this Indenture.&#148; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k) Article 5 of the Original Indenture shall be deleted in its entirety with respect to the SNP Securities only and shall not apply to the SNP
Securities and shall, with respect to the SNP Securities only, be replaced by the following: </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#147;ARTICLE 5 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">R<SMALL>EMEDIES</SMALL> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.01<I>. Event of Default. </I>&#147;<B>Event of Default</B>&#148;, wherever used herein with respect to
Securities of any series, means (whatever the reason for such Event of Default and whether it shall be voluntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body) that, except as set forth in the last paragraph of this Section&nbsp;5.01, an order shall have been made by any competent court commencing insolvency proceedings (<I>procedimiento concursal</I>) against the
Company or an order of any competent court or administrative agency shall have been made or a resolution shall have been passed by the Company for the dissolution or winding up of the Company (except (i)&nbsp;in the case of a reconstruction,
consolidation, amalgamation or merger carried out in compliance with the requirements set forth in Section&nbsp;8.01 (in this case, even without being approved by an Act of the Holders of the Securities of such series) or (ii)&nbsp;in any such case
for the purpose of a reconstruction or a consolidation or an amalgamation or a merger which has been approved by an Act of the Holders of the Securities of such series).</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding any other provision in this Indenture, any Resolution or
Early Intervention with respect to the Company shall not, in and of itself and without regard to any other fact or circumstance, constitute a default or an Event of Default under the immediately preceding paragraph or under any other provision of
this Indenture with respect to the Securities of any series. In addition, neither (i)&nbsp;a reduction or cancellation, in part or in full, of the Amounts Due on the Securities of any series or the conversion thereof into another security or
obligation of the Company or another Person, in each case as a result of the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority with respect to the Company, nor (ii)&nbsp;the
exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority with respect to the Securities of any series, shall constitute an Event of Default or default under this Indenture or the
Securities of any series or otherwise constitute <FONT STYLE="white-space:nowrap">non-performance</FONT> of a contractual obligation, or entitle the Holders of the Securities of any such series to any remedies, which are hereby expressly waived. In
addition, no repayment or payment of Amounts Due on the Securities of any series shall become due and payable or be paid after the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution
Authority if, and to the extent that, such amounts have been reduced, converted, cancelled, amended or altered as a result of such exercise. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.02<I>. Acceleration of Maturity; Rescission and Annulment. </I>(a)&nbsp;If an Event of Default with respect to
Securities of any series at the time Outstanding occurs and is continuing, then the principal, or such lesser amount as may be provided for in the Securities of such series, of such Outstanding Securities or Security, as the case may be, shall be
deemed to have been declared, and shall become, immediately and automatically, due and payable, to the extent permitted by the Insolvency Law. For the avoidance of doubt, only an Event of Default (rather than any breach or default under the
Indenture or the Securities of any series) may give rise to a declaration of acceleration pursuant to this Section&nbsp;5.02. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) At any time after such a declaration of acceleration with respect to Securities or Security, as the case may be, of any
series has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of not less than a majority in principal amount of the Outstanding Securities of
such series, may by Act, rescind and annul such declaration and its consequences if: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) the Company has paid or deposited
with the Trustee a sum of money sufficient to pay: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) all overdue installments of any interest on and Additional Amounts
with respect to all Securities of such series, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) the principal of and any premium on any Securities of such series
which have become due otherwise than by such declaration of acceleration and interest thereon and any Additional Amounts with respect thereto at the rate or rates borne by or provided for in such Securities, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(C) to the extent that payment of such interest or Additional Amounts is lawful, interest upon overdue installments of any
interest and Additional Amounts at the rate or rates borne by or provided for in such Securities, and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(D) all sums paid
or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel and all other amounts due to the Trustee under Section&nbsp;6.07; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) all Event(s) of Default with respect to Securities of such series shall have been cured or waived as provided in
Section&nbsp;5.13. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) No such rescission shall affect any subsequent default or impair any right consequent thereon. </P>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.03<I>. Collection of Indebtedness and Suits for Enforcement
by</I> <I>Trustee. </I>(a)&nbsp;The Company covenants that if: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) default is made in the payment of any installment of
interest on or any Additional Amounts with respect to any Security when such interest or Additional Amounts shall have become due and payable and such default continues for a period of 21 days, or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) default is made in the payment of the principal of or any premium on any Security at its Maturity and such default is not
remedied, in the case of a default in the payment of the principal, within 14 days and, in the case of a default in the payment of any premium, within 30 days, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">the Company shall, upon demand of the Trustee, pay to the Trustee, for the benefit of the Holders of such Securities, the whole amount of money
then due and payable with respect to such Securities, with interest upon the overdue principal, any premium and, to the extent that payment of such interest shall be legally enforceable, upon any overdue installments of interest and Additional
Amounts at the rate or rates borne by or provided for in such Securities, and, in addition thereto, such further amount of money as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel and all other amounts due to the Trustee under Section&nbsp;6.07. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) If the Company fails to pay the money it is required to pay the Trustee pursuant to the preceding paragraph forthwith upon
the demand of the Trustee, the Trustee, acting upon an Act of the Holders of Securities of such series or in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection of the money so due and unpaid, and
may prosecute such proceeding to judgment or final decree, and may enforce the same against the Company or any other obligor upon such Securities, and collect the monies adjudged or decreed to be payable in the manner provided by law out of the
property of the Company or any other obligor upon such Securities, wherever situated. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) If an Event of Default with
respect to Securities of any series occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders of Securities of such series by such appropriate judicial proceedings as the
Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or such Securities or in aid of the exercise of any power granted herein or therein, or to
enforce any other proper remedy. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">No remedy against the Company other than as provided in this Article 5 shall be available
to the Holders, whether for the recovery of amounts owing to the Holders in respect of the Securities of any series or under this Indenture or in respect of any breach by the Company of any of its other obligations under or in respect of the
Securities of any series or under this Indenture. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.04<I>. Trustee May File Proofs of Claim. </I>In case of
the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition, <FONT STYLE="white-space:nowrap">winding-up</FONT> or other similar judicial proceeding relative to the Company or any other
obligor upon the Securities of any series or the property of the Company or such other obligor or their creditors (other than under or in connection with a proceeding not involving bankruptcy or insolvency), the Trustee (irrespective of whether the
principal of the Securities of such series shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for the payment of any overdue principal,
premium, interest or Additional Amounts) shall be entitled and empowered, by intervention in such proceeding or otherwise, to take any and all actions authorized under the Trust Indenture Act in accordance with this Indenture in order to have claims
of the Holders and the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents or counsel) allowed in any such proceeding; <I>provided</I> that the Company shall not, as a result
of the bringing of any such proceeding, be obliged to pay any sum representing or measured by reference to principal, premium, interest or Additional Amounts on the Securities sooner than the same would otherwise have been payable by it. In
particular, and subject as aforesaid, the Trustee shall be authorized to collect and receive any monies or other property payable or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>

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deliverable on any such claims and to distribute the same; and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is
hereby authorized by each Holder and beneficial owner of Securities to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to such Holders or beneficial owners, to pay to the
Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel and any other amounts due to the Trustee under Section&nbsp;6.07. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to Article 8 and Article 9, nothing herein contained shall be deemed to authorize the Trustee to authorize or consent
to or accept or adopt on behalf of any Holder or beneficial owner of a Security any plan of reorganization, arrangement, adjustment or composition affecting any Securities or the rights of any Holder or beneficial owner of any Security, or to
authorize the Trustee to vote in respect of the claim of any such Holder or beneficial owner in any such proceeding. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
provisions of this Section&nbsp;5.04 are subject to the provisions of Section&nbsp;13.01. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.05<I>. Trustee
May Enforce Claims without Possession of Securities.</I> All rights of action and claims under this Indenture or any of the Securities may be prosecuted and enforced by the Trustee without the possession of any of the Securities or the production
thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery or judgment shall, after provision for the payment of the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel (subject, with regard to the Company, to the provisions of Article 13 and Article 15), be for the ratable benefit of each and every Holder of a Security in
respect of which such judgment has been recovered. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.06<I>. Application of Money Collected. </I>Any money
collected by the Trustee pursuant to this Article shall, subject to the provisions of Section&nbsp;13.02 in relation to waiver of rights of <FONT STYLE="white-space:nowrap">set-off</FONT> and Section&nbsp;13.01 in relation to the ranking of the
Securities, be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on account of principal, or any premium, interest or Additional Amounts, upon presentation of the Securities and
the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">FIRST: To the payment
of all amounts applicable to such series of Securities in respect of which or for the benefit of which such money has been collected and is due and owing to the Trustee (including any predecessor Trustee) under Section&nbsp;6.07; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECOND: To the payment of the amounts then due and unpaid upon the Securities for principal and any premium, interest and
Additional Amounts in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the aggregate amounts due and payable on such Securities for principal and any
premium, interest and Additional Amounts, respectively; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">THIRD: To the payment of the balance, if any, to the Company
or any other Person or Persons entitled thereto. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.07<I>. Limitations on Suits. </I>No Holder (which, for the
purposes of this Section&nbsp;5.07, includes each holder of a beneficial interest in the Securities of any series) of any Security of any series shall have any right to institute any proceeding, judicial or otherwise, with respect to such Security,
this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) such
Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities of such series specifying such Event of Default and stating that such notice is a &#147;Notice of Event of Default&#148;
hereunder; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) the Holders of not less than 25% in principal amount of the Outstanding
Securities of such series shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder with respect to such series of Securities and such Holder or Holders have
offered to the Trustee reasonable indemnity satisfactory to the Trustee against the costs, expenses and liabilities to be incurred in compliance with such request; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such
proceeding; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) no direction inconsistent with such written request has been given to the Trustee during such <FONT
STYLE="white-space:nowrap">60-day</FONT> period by the Holders of a majority in principal amount of the Outstanding Securities of such series; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">it being understood and intended that no one or more Holders of Securities of a particular series shall have any right in any manner whatever
by virtue of, or by availing of, any provision of this Indenture or any Security to affect, disturb or prejudice the rights of any other such Holder or Holders of any Security, or to obtain or to seek to obtain priority or preference over any other
such Holder or Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all Holders of Securities of such series or Holders of any other Security. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.08<I>. Unconditional Right of Holders to Receive Principal and any</I> <I>Premium, Interest and Additional
Amounts. </I>Notwithstanding any other provision in this Indenture and in any Security, and subject to as otherwise provided in this Article 5, Article 13 in relation to the ranking of the Securities of any series and Article 15 on the exercise of
the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal of, any premium and (subject to Section&nbsp;3.07) interest
on, and any Additional Amounts with respect to, such Security on or after the dates upon which such amounts become due and payable pursuant to the terms hereof or the terms expressed in such Security (or, in the case of redemption, on or after the
Redemption Date) and to institute suit for the enforcement of any such payment, and such right shall not be impaired without the consent of such Holder, except that Holders of not less than 75% in principal amount of Outstanding Securities of a
series may consent by Act, on behalf of the Holders of all Outstanding Securities of such series, to the postponement of the Stated Maturity of any installment of interest for a period not exceeding three years from the original Stated Maturity of
such installment (which original Stated Maturity shall have been fixed, for the avoidance of doubt, prior to any previous postponements of such installment). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.09<I>. Restoration of Rights and Remedies. </I>If the Trustee or any Holder of a Security has instituted any
proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case the Company, the
Trustee and each such Holder shall, subject to any determination in such proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Trustee and each such Holder shall
continue as though no such proceeding had been instituted, to the extent permitted by applicable law. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.10<I>. Rights and Remedies Cumulative. </I>Subject to the limitations on remedies provided for in this Article
5, except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in the last paragraph of Section&nbsp;3.06, no right or remedy herein conferred upon or reserved to the Trustee or to each
and every Holder of a Security is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or
hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not, subject as aforesaid, prevent the concurrent assertion or employment of any other appropriate right or
remedy, to the extent permitted by applicable law. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">21 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.11<I>. Delay or Omission Not Waiver. </I>No delay or omission
of the Trustee or of any Holder of any Security to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein, except as
otherwise provided in applicable law. Every right and remedy given by this Article or by law to the Trustee or to any Holder of a Security may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by such Holder,
as the case may be. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.12<I>. Control by Holders of Securities. </I>Subject to Section&nbsp;6.02(e), the
Holders of a majority in principal amount of the Outstanding Securities of the relevant series, by Act, shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee hereunder, or
exercising any trust or power conferred on the Trustee hereunder, with respect to the Securities of such series, <I>provided </I>that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) such direction shall not be in conflict with any rule of law or with this Indenture or with the Securities of any series,
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) the Trustee shall not determine that the action so directed would be unjustly prejudicial to the rights of the other
Holders of Securities of such series not joining in such action, and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) the Trustee may take any other action deemed
proper by the Trustee which is not inconsistent with such direction. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.13<I>. Waiver of Past Defaults.
</I>(a)&nbsp;Subject to Section&nbsp;5.02(b)(i)(D), the Holders of not less than a majority in principal amount of the Outstanding Securities of any series may on behalf of the Holders of all the Securities of such series, by Act, waive any past
default hereunder with respect to such series and its consequences, except a default: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) in the payment of the principal
of or any premium, or interest on, or any Additional Amounts with respect to, any Security of such series, or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) in
respect of a covenant or provision hereof which under Article 9 cannot be modified or amended without the consent of the Holder of each Outstanding Security of such series affected. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Upon any such waiver, such default shall cease to exist, and any Event of Default arising therefrom (if applicable) shall
be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.14. <I>Undertaking for Costs. </I>All parties to this Indenture agree, and each Holder and beneficial owner of
any Security by his or her acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any
action taken, suffered or omitted by it as Trustee, the filing by any party litigant to such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable
attorneys&#146; fees and expenses, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section&nbsp;5.14 shall not apply to any
suit instituted by the Trustee, to any suit instituted by any Holder or group of Holders holding in the aggregate more than 10% in principal amount of Outstanding Securities of a series, or to any suit instituted by any Holder for the enforcement of
the payment of principal of, any premium or (subject to Section&nbsp;3.07) interest on, or any Additional Amounts with respect to, any Security on or after the dates upon which such amounts become due and payable pursuant to the terms hereof or the
terms expressed in such Security (or, in the case of redemption, on or after the Redemption Date).&#148; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(l) Section 6.13(g) of the
Original Indenture shall be deleted with respect to the SNP Securities only and shall not apply to the SNP Securities and shall, with respect to the SNP Securities only, be replaced by the following: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;(g) If an Authenticating Agent is appointed with respect to one or more series of Securities pursuant to this Section,
the Securities of such series may have endorsed thereon, in addition to or in lieu of the Trustee&#146;s certificate of authentication, an alternate certificate of authentication in the following form: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">22 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">This is one of the Securities of the series designated herein referred to
in the within-mentioned Indenture. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Dated: </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Authenticated in New York </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

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


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Bank of New York Mellon, London Branch,</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">as Trustee</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">As Authenticating Agent</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Authorized Signatory</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">If all of the Securities of any series may not be originally issued at one time, and if
the Trustee does not have an office capable of authenticating Securities upon original issuance located in a Place of Payment where the Company wishes to have Securities of such series authenticated upon original issuance, the Trustee, if so
requested in writing (which writing need not be accompanied by or contained in an Officer&#146;s Certificate by the Company), shall appoint in accordance with this Section an Authenticating Agent having an office in a Place of Payment designated by
the Company with respect to such series of Securities.&#148; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(m) Article 8 of the Original Indenture shall be deleted in its entirety with
respect to the SNP Securities only and shall not apply to the SNP Securities and shall, with respect to the SNP Securities only, be replaced by the following: </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#147;ARTICLE 8 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C<SMALL>ONSOLIDATION</SMALL>, M<SMALL>ERGER</SMALL> <SMALL>AND</SMALL> S<SMALL>ALES</SMALL>; A<SMALL>SSUMPTION</SMALL>;
S<SMALL>UBSTITUTION</SMALL> <SMALL>AND</SMALL> M<SMALL>ODIFICATION</SMALL> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.01<I>. Company May Consolidate,
etc. </I>Nothing contained in this Indenture or in any of the Securities shall prevent any reconstruction, consolidation, amalgamation or merger of the Company with or into any other Person or Persons (whether or not affiliated with the Company), or
successive reconstructions, consolidations, amalgamations or mergers in which the Company or the successor or successors of the Company shall be a party or parties, or shall prevent any sale, transfer, conveyance or lease of the property of the
Company as an entirety or substantially as an entirety, to any other Person (whether or not affiliated with the Company); <I>provided </I>that any Person formed by any reconstruction, consolidation, amalgamation or merger, or any transferee or
lessee of the Company&#146;s assets shall expressly (except where such assumption is automatic by operation of law) assume the due and punctual payment of the principal of (and premium, if any), interest and Additional Amounts, if any, on all
Securities in accordance with the provisions of such Securities and this Indenture, and the performance of every covenant of this Indenture on the part of the Company to be performed or observed. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Upon any such assumption, the acquiring, resulting or successor Person shall succeed to, and substitute, and may exercise every
right and power of, the Company under this Indenture with respect to any such Securities with the same effect as if such Person had been named as the Company in this Indenture, and the Company or any legal and valid successor Person which shall
theretofore have become such in the manner prescribed herein, shall be released from all liability as obligor and any other obligations and covenants under this Indenture and under any such Securities, as the case may be. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.02<I>. <FONT STYLE="white-space:nowrap">Non-Spanish</FONT> Successor Person. </I>In the event of any
reconstruction, consolidation, amalgamation, merger, sale, transfer, conveyance or lease permitted by Section&nbsp;8.01 and Section&nbsp;5.01 above or any assumption of obligations permitted by Section&nbsp;8.03 where the acquiring, resulting or
successor Person is not incorporated or tax resident in the Kingdom of Spain, Additional Amounts under </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">23 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
the Securities will thereafter be payable in respect of taxes imposed by such acquiring, resulting or successor Person&#146;s jurisdiction of incorporation or tax residence (subject to exceptions
equivalent to those that apply to the obligation to pay Additional Amounts pursuant to Section&nbsp;10.04 in respect of taxes imposed by the laws of the Kingdom of Spain) rather than taxes imposed by the Kingdom of Spain. Additional Amounts with
respect to payments of interest or principal due prior to the date of such reconstruction, consolidation, amalgamation, merger, sale, transfer, conveyance, lease or assumption will be payable only in respect of taxes imposed by the Kingdom of Spain.
If the acquiring, resulting or successor Person is not incorporated or tax resident in the Kingdom of Spain, it will also be entitled to redeem the Securities in the circumstances described in Section&nbsp;11.08, except that (i)&nbsp;references to
the Kingdom of Spain shall be deemed to refer to such acquiring, resulting or successor Person&#146;s jurisdiction of incorporation or tax residence, and (ii)&nbsp;the relevant change, amendment, application or interpretation must become effective
subsequent to the date of any reconstruction, consolidation, amalgamation, merger, sale, transfer, conveyance or lease permitted by Section&nbsp;8.01 and Section&nbsp;5.01 or the assumption of obligations permitted by Section&nbsp;8.03, as the case
may be. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.03. <I>Assumption of Obligations</I>. With respect to the Securities of any series, unless
otherwise specified in accordance with Section&nbsp;3.01, any holding company of the Company or any wholly-owned subsidiary of the Company (for purposes of this Section&nbsp;8.03 only, a &#147;<B>successor entity</B>&#148;) may without the consent
of any Holder assume the obligations of the Company (or of any Person which shall have previously assumed the obligations of the Company) for the due and punctual payment of the principal, interest, Additional Amounts and premium (if any) on any
series of Securities in accordance with the provisions of such Securities and this Indenture and the performance of every covenant of this Indenture and such series of Securities on the part of the Company to be performed or observed;
<I>provided</I> that: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) the successor entity shall, except where such assumption is automatic by operation of law,
expressly assume such obligations by an amendment to this Indenture, executed by the Company and such successor entity, if applicable, and delivered to the Trustee, in a form satisfactory to the Trustee; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) immediately after giving effect to such assumption of obligations, no Event of Default and no event which, after notice or
lapse of time or both, would become an Event of Default, shall have occurred and be continuing; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) the Company shall have
delivered to the Trustee an Officer&#146;s Certificate and an Opinion of Counsel, each stating that such assumption complies with this Article and that all conditions precedent herein provided for relating to such assumption have been complied with;
and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) immediately after such assumption, the successor entity shall have ratings for long-term senior debt assigned by
Standard&nbsp;&amp; Poor&#146;s Ratings Services or Moody&#146;s Investors Service, Inc. (or their respective successors) which are the same as, or higher than, the credit rating for long-term senior debt of the Company (or, if applicable, the
previous successor entity) assigned by Standard&nbsp;&amp; Poor&#146;s Ratings Services or Moody&#146;s Investors Service, Inc. (or their respective successors). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Upon any such assumption, the successor entity shall succeed to, and substitute, and may exercise every right and power of, the
Company under this Indenture with respect to any such Securities with the same effect as if such successor entity had been named as the Company in this Indenture, and the Company or any legal and valid successor Person which shall theretofore have
become such in the manner prescribed herein, shall be released from all liability as obligor and any other obligations and covenants under this Indenture and under any such Securities, as the case may be. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.04. <I>Substitution and Modification</I>. Notwithstanding any other provision in this Indenture (including
Article 9 hereof), if an Eligible Liabilities Event occurs with respect to any series of Securities, including as a result of any change in law or regulation or the application or official interpretation thereof, the Company may substitute all (but
not less than all) of the Securities of such series or modify the terms </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">24 </P>

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of all (but not less than all) of the Securities of such series, without the consent or approval of the Holders or beneficial owners of the Securities of such series, so that such Securities are
substituted by, or their terms are modified to, become again, or remain, Qualifying Securities, subject to: (i)&nbsp;having given not less than five nor more than 30 days&#146; notice to the Holders of such series in accordance with
Section&nbsp;1.06 and to the Trustee (which notice shall be irrevocable and shall specify the date for substitution or, as applicable, modification), (ii) the prior consent of the Regulator if required pursuant to Applicable Banking Regulations, and
(iii)&nbsp;any variation in the terms of the Securities resulting from such modification or, if the Securities are substituted, any difference between the terms of such Securities and those of the Qualifying Securities by which such Securities are
substituted, not being materially prejudicial to the interests of the Holders of such Securities and the Company having delivered an Officer&#146;s Certificate to the Trustee to that effect not less than five Business Days prior to (a)&nbsp;in the
case of a substitution of the Securities, the issue date of the relevant Qualifying Securities by which such Securities are substituted or (b)&nbsp;in the case of a modification of the terms and conditions of the Securities, the date such
modification becomes effective. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">For the purposes of the immediately preceding paragraph, in the case of a modification of
the terms and conditions of the Securities, any variation in the ranking of the relevant Securities as set out in Section&nbsp;13.01 resulting from any such modification or, in the case of a substitution of the Securities, any difference between the
ranking of such Securities as set out in Section&nbsp;13.01 and that of the Qualifying Securities by which such Securities are substituted, shall be deemed not to be prejudicial to the interests of the Holders of such Securities where the ranking of
the Securities or, if the Securities are substituted, of the Qualifying Securities by which such Securities are substituted, following such substitution or modification, as the case may be, is at least the same ranking as was applicable to such
Securities under Section&nbsp;13.01 on the issue date of such Securities. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">For the purposes of the second immediately
preceding paragraph, the notice to be delivered by the Company shall specify the relevant details of the manner in which the relevant substitution or modification shall take effect and where the Holders of such series can inspect or obtain copies of
the new terms and conditions of the Securities of such series or, if such Securities are substituted, of the Qualifying Securities by which such Securities are substituted. Such substitution or modification will be effected without any cost or
charge to such Holders. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the Securities of a series are substituted in accordance with this Section&nbsp;8.04, such
Securities shall cease to bear interest from (and including) the date of substitution thereof. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each Holder and beneficial
owner of the Securities of any series shall, by virtue of its acquisition of the Securities of any series or any beneficial interest therein, be deemed to acknowledge, accept, consent to and agree to be bound by any substitution of or modification
to the terms of the Securities of such series as set forth in this Section&nbsp;8.04 and to grant to the Company and the Trustee full power and authority to take any action and/or to execute and deliver any document in the name and/or on behalf of
such Holder or beneficial owner, as the case may be, which is necessary or convenient to complete the substitution of or modification to the terms of the Securities of such series, as applicable. Each Holder and beneficial owner of the Securities of
any series, by virtue of its acquisition of the Securities of any series or any beneficial interest therein, to the extent permitted by the Trust Indenture Act, waives any and all claims, in law and/or in equity, against the Trustee and/or the
Company for, agrees not to initiate a suit against the Trustee and/or the Company in respect of, and agrees that neither the Trustee nor the Company shall be liable for, any action that the Trustee or the Company takes, or abstains from taking, in
either case in connection with the substitution of or modification to the terms of the Securities upon the occurrence of an Eligible Liabilities Event.&#148; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(n) Article 9 of the Original Indenture shall be deleted in its entirety with respect to the SNP Securities only and shall not apply to the SNP
Securities and shall, with respect to the SNP Securities only, be replaced by the following: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">25 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#147;ARTICLE 9 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S<SMALL>UPPLEMENTAL</SMALL> I<SMALL>NDENTURES</SMALL> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.01<I>. Supplemental Indentures without Consent of Holders. </I>Without the consent of any Holders of a series
of Securities, the Company and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) to evidence the succession of another Person to the Company, and the assumption by any such successor of the covenants of
the Company herein and in the Securities of any series; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) to add to the covenants of the Company for the benefit of
the Holders of all or any series of Securities (as shall be specified in such supplemental indenture or indentures) or to surrender any right or power herein conferred upon the Company; <I>provided</I> that such Securities do not cease, as a result
thereof, to be fully eligible for inclusion in the Eligible Liabilities Amount, and subject further to compliance with the Applicable Banking Regulations; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) to establish the form or terms of Securities of any series as permitted by Sections 2.01 and 3.01; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities
of one or more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of
Section&nbsp;6.10; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) to cure any ambiguity or to correct or supplement any provision herein which may be defective or
inconsistent with any other provision herein, or to make any other provisions with respect to matters or questions arising under this Indenture which shall not adversely affect the interests of the Holders of Securities of any series in any material
respect; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) to add to, delete from or revise the conditions, limitations and restrictions on the terms or purposes of
issue, authentication and delivery of Securities, as herein set forth; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) to supplement any of the provisions of this
Indenture to such extent as shall be necessary to permit the discharge of any series of Securities; <I>provided </I>that any such action shall not adversely affect the interests of any Holder of a Security of such series or any other Security in any
material respect; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) to add any additional Event(s) of Default for the benefit of the Holders of all or any series of
Securities; <I>provided</I> that such Securities do not cease, as a result thereof, to be fully eligible for inclusion in the Eligible Liabilities Amount, and subject further to compliance with the Applicable Banking Regulations; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) to secure the Securities; <I>provided</I> that such Securities do not cease, as a result thereof, to be fully eligible for
inclusion in the Eligible Liabilities Amount, and subject further to compliance with the Applicable Banking Regulations; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) to delete, amend or supplement any provision contained herein or in any supplemental indenture; <I>provided </I>that no
such amendment or supplement shall materially adversely affect the interests of the Holders of any Securities Outstanding immediately prior thereto; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k) to delete, amend or supplement any provision contained herein, in any supplemental indenture or the Securities as a result
of, and to the extent necessary to effect, the substitution or modification of any series of Securities pursuant to Section&nbsp;8.04; or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">26 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(l) to delete, amend or supplement any provision contained herein, in any
supplemental indenture or the Securities as a result of, and to the extent required by, the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.02<I>. Supplemental Indentures with Consent of Holders. </I>(a)&nbsp;With the consent, as evidenced in an Act or
Acts, as the case may be, of the Holders of not less than a majority in principal amount of the Securities of each series Outstanding immediately prior thereto affected by such supplemental indenture voting as a class, the Company and the Trustee
may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or the Securities of such series or of modifying in any manner
the rights of the Holders of Securities of such series under this Indenture and of waiving future compliance with respect to the Indenture and the Securities of such series; <I>provided, however, </I>that no such supplemental indenture, without the
consent of the Holder of each Security Outstanding immediately prior thereto affected thereby, shall </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) change the Stated
Maturity of the principal of, or any premium or installment of interest on or any Additional Amounts with respect to, any Outstanding Security, or reduce the principal amount thereof or the rate of interest thereon (except that Holders of not less
than 75% in principal amount of Outstanding Securities of a series may consent by Act, on behalf of the Holders of all of the Outstanding Securities of such series, to the postponement of the Stated Maturity of any installment of interest for a
period not exceeding three years from the original Stated Maturity of such installment (which original Stated Maturity shall have been fixed, for the avoidance of doubt, prior to any previous postponements of such installment)) or any Additional
Amounts with respect thereto, or change any premium payable upon the redemption thereof or otherwise, or change the obligation of the Company to pay Additional Amounts pursuant to Section&nbsp;10.04 (except as contemplated by Section&nbsp;3.07 and
permitted by Section&nbsp;9.01(a)), or reduce the amount of the principal of an Original Issue Discount Security that would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section&nbsp;5.02 or the amount
thereof provable in bankruptcy pursuant to Section&nbsp;5.04, or change the redemption provisions, or change the Place of Payment, Currency in which the principal of, any premium or interest on, or any Additional Amounts with respect to any
Outstanding Security is payable, or impair the right to institute suit for the enforcement of any such payment on or with respect to any Outstanding Security on or after the Stated Maturity thereof (or, in the case of redemption, on or after the
Redemption Date), or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) reduce the percentage in principal amount of the Outstanding Securities of any series, the
consent of whose Holders is required for any such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences)
provided for in this Indenture, or reduce the requirements for a quorum or voting, or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) modify any of the provisions
of this Section or Section&nbsp;5.13, except to increase any such percentage or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security affected thereby,
or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) change in any manner adverse to the interests of the Holders of Outstanding Securities of any series the terms and
conditions of the obligations of the Company in respect of the due and punctual payment of the principal thereof (and premium, if any) and interest (including Additional Amounts), if any, thereon, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">except in each case with respect to any modification or amendment of the Indenture or the Securities pursuant to a supplemental
indenture which is entered into pursuant to, and in accordance with, Section&nbsp;9.01 (in which each such case neither the consent nor the affirmative vote of any Holder of an Outstanding Security affected shall be required). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">27 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) A supplemental indenture which changes or eliminates any covenant or
other provision of this Indenture which shall have been included expressly and solely for the benefit of one or more particular series of Securities, or which modifies the rights of the Holders of Securities of such series with respect to such
covenant or other provision, shall be deemed not to affect the rights under this Indenture of the Holders of Securities of any other series. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) It shall not be necessary for any Act of Holders of Securities under this Section to approve the particular form of any
proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.03<I>. Execution of Supplemental Indentures. </I>As a condition to executing, or accepting the additional trusts
created by, any supplemental indenture permitted by this Article or the modifications thereby of the trust created by this Indenture, the Trustee shall be entitled to receive, in addition to the documents required by Section&nbsp;1.02, and (subject
to Section&nbsp;315 of the Trust Indenture Act) shall be fully protected in relying upon, an Opinion of Counsel and Officer&#146;s Certificate, each stating that the execution of such supplemental indenture is authorized or permitted by this
Indenture. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture which affects the Trustee&#146;s own rights, duties or immunities under this Indenture or otherwise. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.04<I>. Effect of Supplemental Indentures. </I>Upon the execution of any supplemental indenture under this
Article, this Indenture shall be modified in accordance therewith and such supplemental indenture shall form a part of this Indenture for all purposes and every Holder of a Security of a series affected thereby theretofore or thereafter
authenticated and delivered hereunder shall be bound thereby. In the event of any conflict between the terms and conditions of this Indenture and the terms and conditions of the relevant supplemental indenture, the terms and conditions of the
relevant supplemental indenture shall prevail. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.05<I>. Reference in Securities to Supplemental
Indentures.</I> Securities of any series authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and shall if required by the Trustee, bear a notation in form approved by the Trustee as to any
matter provided for in such supplemental indenture. If the Company shall so determine, new Securities of any series so modified as to conform, in the opinion of the Trustee and the Company, to any such supplemental indenture may be prepared and
executed by the Company and such Securities may be authenticated and delivered by the Trustee in exchange for Outstanding Securities of such series. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.06<I>. Conformity with Trust Indenture Act. </I>Every supplemental indenture executed pursuant to this Article
shall conform to the requirements of the Trust Indenture Act as then in effect.&#148; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(o) Article 10 of the Original Indenture shall be
deleted in its entirety with respect to the SNP Securities only and shall not apply to the SNP Securities and shall, with respect to the SNP Securities only, be replaced by the following: </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#147;ARTICLE 10 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C<SMALL>OVENANTS</SMALL> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.01<I>. Payment of Principal and Any Premium, Interest and</I> <I>Additional Amounts. </I>The Company covenants
and agrees for the benefit of the Holders of the Securities of each series that it will (subject to the provisions of Section&nbsp;3.07, Article 13 and Article 15) duly and punctually pay the principal of, any premium and interest on, and any
Additional Amounts with respect to, the Securities of such series in accordance with, and except as provided in, the terms thereof and this Indenture. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">28 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.02<I>. Maintenance of Office or Agency. </I>The Company
shall maintain in each Place of Payment for any series of Securities an Office or Agency where Securities of such series may be presented or surrendered for payment, where Securities of such series may be surrendered for registration of transfer or
exchange, and where notices and demands to or upon the Company in respect of the Securities of such series relating thereto and this Indenture may be served. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company may also from time to time designate one or more other Offices or Agencies where the Securities of one or more
series may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; <I>provided, however, </I>that no such designation or rescission shall in any manner relieve the Company of its obligation to
maintain an Office or Agency in each Place of Payment for Securities of any series for such purposes. The Company shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such
other Office or Agency. The Company hereby designates as the Place of Payment for each series the Corporate Trust Office, and initially appoints The Bank of New York Mellon, London Branch, for purposes of such Office or Agency. The Company may
subsequently appoint an additional place or places where such Securities may be payable. The Company initially appoints The Bank of New York Mellon, London Branch, as Paying Agent and transfer agent and The Bank of New York Mellon, acting through
its corporate trust office in New York, as the Security Registrar. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Unless otherwise specified with respect to any
Securities pursuant to Section&nbsp;3.01, if and so long as the Securities of any series (i)&nbsp;are denominated in a Foreign Currency or (ii)&nbsp;may be payable in a Foreign Currency, or so long as it is required under any other provision of this
Indenture, then the Company will maintain with respect to each such series of Securities, or as so required, at least one exchange rate agent. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.03<I>. Money for Securities Payments to Be Held in Trust.</I> If the Company shall at any time act as the
Company&#146;s Paying Agent with respect to any series of Securities, it shall, on or before each due date for payment of the principal of, any premium or interest on or Additional Amounts with respect to, any of the Securities of such series,
segregate and hold in trust for the benefit of the Persons entitled thereto a sum in the currency or currencies, currency unit or units or composite currency or currencies in which the Securities of such series are payable (except as otherwise
specified pursuant to Section&nbsp;3.01 for the Securities of such series) sufficient to pay the principal or any premium, interest or Additional Amounts so becoming due until such sums shall be paid to such Persons or otherwise disposed of as
herein provided, and shall promptly notify the Trustee of its action or failure so to act. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Whenever the Company shall have
one or more Paying Agents for any series of Securities, it shall, on or prior to each due date for payment of the principal of, any premium or interest on or any Additional Amounts with respect to, any Securities of such series, deposit with any
Paying Agent a sum (in the currency or currencies, currency unit or units or composite currency or currencies described in the preceding paragraph) sufficient to pay the principal or any premium, interest or Additional Amounts so becoming due, such
sum to be held in trust for the benefit of the Persons entitled thereto, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action or failure so to act. The obligation of the Company to pay any such
amount shall be satisfied upon the deposit referred to in this paragraph. Receipt of the relevant sum by the Paying Agent (other than the Company acting as its own Paying Agent) shall discharge the Company&#146;s obligations in respect of the
relevant payment. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company shall cause each Paying Agent for any series of Securities (unless such Paying Agent is the
Trustee) to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent shall: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) hold all sums held by it for the payment of the principal of, any premium or interest on or any Additional Amounts with
respect to, Securities of such series in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as provided in or pursuant to this Indenture; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">29 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) give the Trustee notice of any default by the Company (or any other
obligor upon the Securities of such series) in the making of any payment of principal, any premium or interest on or any Additional Amounts with respect to the Securities of such series; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) at any time during the continuance of any such default, upon the written request of the Trustee, forthwith pay to the
Trustee all sums so held in trust by such Paying Agent. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company may at any time and for any purpose pay, or by Company
Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon the same terms as those upon which such sums were held by the Company or such Paying Agent;
and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such sums. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">If, prior to the payment to Holders of any money deposited with the Trustee or any Paying Agent, or then held by the Company,
in trust for the payment of the principal of, any premium or interest on or any Additional Amounts with respect to, any Security of any series the Relevant Spanish Resolution Authority exercises its Spanish
<FONT STYLE="white-space:nowrap">Bail-in</FONT> Power with respect to such series of Securities, such money shall be discharged from such trust and (if then deposited with the Trustee or any Paying Agent) shall be paid to the Company, on Company
Request. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Except as otherwise provided herein or pursuant hereto, any money deposited with the Trustee or any Paying Agent,
or then held by the Company, in trust for the payment of the principal of, any premium or interest on or any Additional Amounts with respect to, any Security of any series and remaining unclaimed at the end of two years after such principal or any
such premium or interest or any such Additional Amounts has become due and payable shall be paid to the Company, on Company Request, or (if then held by the Company) shall be discharged from such trust; and the Holder of such Security shall
thereafter look only to the Company for any payment which such Holder may be entitled to collect, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall
thereupon cease; <I>provided, however</I>, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be published once, in a newspaper published in the English language,
customarily published on each Business Day and of general circulation in the Borough of Manhattan, The City of New York, New York, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30
days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Company. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.04.<I> Additional Amounts</I>. The provisions of this Section&nbsp;10.04 shall be applicable to the Securities
of each series except as specifically deleted or modified in or pursuant to the supplemental indenture or Board Resolution creating such series of Securities or in the Officer&#146;s Certificate for such series of Securities. Except as otherwise
provided herein, the Company hereby further agrees that any amounts to be paid by the Company with respect to each Security shall be paid without withholding or deduction for or on account of any and all present or future taxes or duties of whatever
nature (&#147;<B>Taxes</B>&#148;) unless such withholding or deduction is required by law. In the event any such withholding or deduction is imposed or levied in respect of payment of interest (but not principal or premium (if any)) by or on behalf
of the Kingdom of Spain or any political subdivision or authority thereof or therein having the power to tax, the Company will pay to the Holder such Additional Amounts as may be necessary in order that the net amount received by the Holder of such
Security under this Indenture, after such withholding or deduction, shall equal the amount of interest, if any, which would have been receivable by such Holder in the absence of such withholding or deduction; <I>provided, however</I>, that the
foregoing obligation to pay Additional Amounts will not apply: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) to, or to a third party on behalf of, a Holder who is
liable for such Taxes by reason of such Holder (or the beneficial owner of the Security for whose benefit such Holder holds such Security) having some connection with the Kingdom of Spain other than the mere holding of the Security (or such
beneficial interest) or the mere crediting of the Security to its securities account with the relevant Depository; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) in the case of a Security presented for payment (where presentation is
required) more than 30 days after the Relevant Date (as defined below), except to the extent that the Holder would have been entitled to Additional Amounts on presenting the same for payment on such thirtieth day assuming that day to have been a
Business Day in such place of presentment; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) in respect of any Tax, assessment or other governmental charge that would
not have been imposed but for the failure by the Holder or beneficial owner of the Security to comply with certification, information or other reporting requirements concerning the nationality, residence or identity of the Holder or beneficial owner
of that Security, if compliance is required by statute or by regulation of the Kingdom of Spain or of any political subdivision or taxing authority thereof or therein as a precondition to reduction of or relief or exemption from the tax, assessment
or other governmental charge; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) in respect of any Security presented for payment (where presentation is required) by or
on behalf of a Holder who would be able to avoid such withholding or deduction by presenting the relevant Security to another Paying Agent; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) to, or to a third party on behalf of, a Holder if the Company does not receive any relevant information as may be required
by Spanish tax laws and regulations (including any binding rulings), including a duly executed and completed Payment Statement from the Paying Agent. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Additional Amounts will also not be paid with respect to any payment on any Security to any Holder who is a fiduciary,
partnership, limited liability company or Person other than the sole beneficial owner of such payment to the extent such payment would be required by the laws of the Kingdom of Spain (or any political subdivision thereof) to be included in the
income, for Spanish tax purposes, of a beneficiary or settlor with respect to such fiduciary, member of such partnership, interest holder in that limited liability company or a beneficial owner who would not have been entitled to such Additional
Amounts had it been a Holder of such Security. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">No Additional Amounts will be paid by the Company, the Trustee or any
Paying Agent on account of any withholding or deduction from a payment on, or in respect of, the Securities where such withholding or deduction is imposed pursuant to any agreement with the U.S. Internal Revenue Service in connection with Sections
1471-1474 of the U.S. Internal Revenue Code and the U.S. Treasury regulations thereunder (&#147;<B>FATCA</B>&#148;), any intergovernmental agreement between the United States and the Kingdom of Spain or any other jurisdiction with respect to FATCA,
or any law, regulation or other official guidance enacted or issued in any jurisdiction implementing, or relating to, FATCA or any intergovernmental agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">For the purposes of (b)&nbsp;above, the &#147;<B>Relevant Date</B>&#148; means, in respect of any payment, the date on which
such payment first becomes due and payable, except that if the full amount of the moneys payable has not been received by the Paying Agent on or before such due date, it means the first date on which the full amount of such moneys having been so
received and made available for payment to Holders, notice to that effect is duly given to the Holders in accordance with this Indenture. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Whenever in this Indenture there is mentioned, in any context, the payment of interest on, or in respect of, any Security of
any series, such mention shall be deemed to include the payment of Additional Amounts provided by the terms of such series established hereby or pursuant hereto to the extent that, in such context, Additional Amounts are, were or would be payable in
respect thereof pursuant to such terms, and express mention of the payment of Additional Amounts (if applicable) in any provision hereof shall not be construed as excluding Additional Amounts in those provisions hereof where such express mention is
not made. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.05<I>. Statement as to Default. </I>For so long as any
Securities of any series are Outstanding, the Company will deliver to the Trustee, within 120 days after the end of its fiscal years ending after the date hereof, a brief certificate, complying with Section&nbsp;314(e) of the Trust Indenture Act,
from one or more authorized representatives of the Company, stating whether or not, to the best knowledge of the signer or signers thereof, the Company is in default in the performance and observance of any of the terms, provisions, covenants or
conditions of this Indenture (such compliance to be determined without regard to any period of grace or requirement of notice provided hereunder). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.06. <I>Corporate Existence. </I>Subject to Article 8, the Company shall do or cause to be done all things
necessary to preserve and keep in full force and effect its corporate existence; <I>provided,</I> <I>however, </I>that the foregoing shall not obligate the Company to preserve any such right or franchise if the Company shall determine that the
preservation thereof is no longer desirable in the conduct of its business and that the loss thereof is not disadvantageous in any material respect to any Holder. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.07. <I>Waiver of Certain Covenants. </I>Except as otherwise specified as contemplated by Section&nbsp;3.01 for
Securities of such series, the Company may, with respect to the Securities of any series, omit in any particular instance to comply with any term, provision or condition set forth in any covenant provided pursuant to Section&nbsp;9.01(b) or
Section&nbsp;9.01(c) for the benefit of the Holders of Securities of such series or any term, provision or condition set forth in an indenture supplemental hereto, if before the time for such compliance the Holders of at least a majority in
principal amount of the Outstanding Securities of such series shall, by Act of such Holders, either waive such compliance in such instance or generally waive compliance with such term, provision or condition, but no such waiver shall extend to or
affect such term, provision or condition except to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the Company and the duties of the Trustee in respect of any such term, provision or condition shall
remain in full force and effect.&#148; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(p) Article 11 of the Original Indenture shall be deleted in its entirety with respect to the SNP
Securities only and shall not apply to the SNP Securities and shall, with respect to the SNP Securities only, be replaced by the following: </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#147;ARTICLE 11 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">REDEMPTION AND
PURCHASE OF SECURITIES </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.01<I>. Applicability of Article. </I>Redemption or purchase of Securities of any
series at the option of the Company as permitted by the terms of such Securities shall be made in accordance with the terms of such Securities and (except as otherwise provided herein or pursuant hereto) this Article. In addition, any such
redemption or purchase shall be in compliance with Applicable Banking Regulations then in force and subject to the prior consent of the Regulator, if required pursuant to such regulations. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.02<I>. Election to Redeem; Notice to Trustee. </I>The election of the Company to redeem any Securities shall be
evidenced by a Board Resolution or approved by a person authorized to make such election pursuant to a Board Resolution. In case of any redemption at the election of the Company of (a)&nbsp;less than all of the Securities of any series or
(b)&nbsp;all of the Securities of any series, with the same interest rate, Stated Maturity and other terms, the Company shall, not less than five nor more than 30 days prior to the Redemption Date fixed by the Company (unless a shorter notice shall
be satisfactory to the Trustee), notify the Trustee of such Redemption Date and of the principal amount (or in the case of Original Issue Discount Security, the original issue amount) of Securities of such series to be redeemed. In the case of any
redemption of Securities prior to the expiration of any restrictions on redemption provided in the terms of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officer&#146;s Certificate evidencing
compliance with such restriction. The Trustee may conclusively assume that any redemption is in compliance with Applicable Banking Regulations and that if the prior consent of the Regulator is required for any redemption, such consent has been
obtained. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.03<I>. Selection by Trustee of Securities to Be Redeemed.
</I>If less than all of the Securities of any series with the same interest rate, Stated Maturity and other terms are to be redeemed, the particular Securities to be redeemed shall be selected not more than 30 days prior to the Redemption Date by
the Trustee from the Outstanding Securities of such series not previously called for redemption, by lot and may provide for the selection for redemption of portions of the principal amount (or in the case of an Original Issue Discount Security, the
original issue amount) of Securities of such series; <I>provided, however, </I>that no such partial redemption shall reduce the portion of the principal amount (or in the case of an Original Issue Discount Security, the original issue amount) of a
Security of such series not redeemed to less than the minimum denomination for a Security of such series established herein or pursuant hereto. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Trustee shall promptly notify the Company and the Security Registrar (if other than itself) in writing of the Securities
selected for redemption and, in the case of any Securities selected for partial redemption, the principal amount thereof to be redeemed. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of
Securities shall relate, in the case of any Securities redeemed or to be redeemed only in part, to the portion of the principal of such Securities which has been or is to be redeemed. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.04<I>. Notice of Redemption. </I>Notice of redemption shall be given in the manner provided in
Section&nbsp;1.06, not less than five nor more than 30 days prior to the Redemption Date, unless a shorter period is specified in the Securities to be redeemed, to the Holders of Securities to be redeemed. Failure to give notice by mailing in the
manner herein provided to the Holder of any Securities designated for redemption as a whole or in part, or any defect in the notice to any such Holder, shall not affect the validity of the proceedings for the redemption of any other Securities or
portion thereof. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any notice that is mailed to the Holder of any Securities in the manner herein provided shall be
conclusively presumed to have been duly given, whether or not such Holder actually receives the notice. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">All notices of
redemption shall state: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) the Redemption Date, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) the Redemption Price, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) if less than all Outstanding Securities of any series are to be redeemed, the identification (and, in the case of partial
redemption, the principal amount (or in the case of an Original Issue Discount Security, the original issue amount)) of the particular Security or Securities to be redeemed, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) in case any Security is to be redeemed in part only, the notice which relates to such Security shall state that on and
after the Redemption Date, upon surrender of such Security, the Holder of such Security will receive, without charge, a new Security or Securities of authorized denomination, containing identical terms and provisions, for the principal amount
thereof remaining unredeemed, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) that, on the Redemption Date, the Redemption Price shall become due and payable upon
each such Security or portion thereof to be redeemed, and, if applicable, that interest thereon shall cease to accrue on and after said date, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) the place or places where such Securities maturing after the Redemption Date, are to be surrendered for payment of the
Redemption Price and any accrued interest and Additional Amounts pertaining thereto, and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vii) the CUSIP number or the
Euroclear Bank. S.A./N.V. and Clearstream Banking, <I>soci&eacute;t&eacute; anonyme</I>, reference number of such Securities, if any (or any other numbers used by a Depository to identify such Securities). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Except as otherwise provided herein, notice of redemption published as
contemplated by Section&nbsp;1.06 need not identify particular Securities to be redeemed. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notice of redemption of
Securities to be redeemed at the election of the Company shall be given by the Company or, at the Company&#146;s request, by the Trustee in the name and at the expense of the Company. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the Company has elected to redeem the Securities of any series 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 such series of 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 accrued interest and Additional Amounts payable under this Article 11) will be due and payable. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.05<I>. Deposit of Redemption Price. </I>On or before any Redemption Date, the Company shall deposit with the
Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section&nbsp;10.03) an amount of money sufficient to pay the Redemption Price of, and (except if the Redemption Date
shall be an Interest Payment Date) any accrued interest on, and Additional Amounts with respect thereto, all the Securities or portions thereof which are to be redeemed on that date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.06<I>. Securities Payable on Redemption Date. </I>Notice of redemption having been given as aforesaid, the
Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified, and from and after such date (unless the Company shall default in the payment of the Redemption Price and accrued interest)
such Securities shall cease to bear interest. Upon surrender of any such Security for redemption in accordance with said notice, maturing after the Redemption Date, such Security shall be paid by the Company at the Redemption Price, together with
any accrued interest and Additional Amounts to the Redemption Date; <I>provided, however, </I>that installments of interest on Securities whose Stated Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Securities,
or one or more Predecessor Securities, registered as such at the close of business on the Regular Record Dates therefor according to their terms and the provisions of Section&nbsp;3.07. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">If any Security called for redemption shall not be so paid upon surrender thereof for redemption, the principal and any
premium, until paid, shall bear interest from the Redemption Date at the rate prescribed therefor in the Security. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.07<I>. Securities Redeemed in Part. </I>Any Security which is to be redeemed only in part shall be surrendered
at any Office or Agency for such Security (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or his
attorney duly authorized in writing) and the Company shall execute, and the Trustee shall authenticate and deliver to the Holder of such Security without service charge, a new Security or Securities of the same series, containing identical terms and
provisions, of any authorized denomination as requested by such Holder in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered. If a Global Security is so surrendered, the
Company shall execute, and the Trustee shall authenticate and deliver to the U.S. Depository or other Depository for such Global Security as shall be specified in the Company Order with respect thereto to the Trustee, without service charge, a new
Global Security in a denomination equal to and in exchange for the unredeemed portion of the principal of the Global Security so surrendered. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.08<I>. Redemption for Taxation Reasons. </I>Unless otherwise provided in the Securities of the relevant series,
all or part only of the Securities of such series may be redeemed at the Redemption Price in accordance with the terms of this Article 11 at the option of the Company, if, as the result of any change in or any amendment to the laws or regulations of
the Kingdom of Spain (including any treaty to which the Kingdom of Spain is a party) or any political subdivision or any authority or agency thereof or therein having power to tax, or any change in the application or official interpretation of such
laws or regulations, </P>
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which change, amendment, application or interpretation becomes effective on or after the issue date of the Securities of such series, (i)&nbsp;the Company would become obligated to pay Additional
Amounts in making any payments under the Securities with respect thereto as a result of any taxes, levies, imposts or other governmental charges imposed (whether by way of withholding or deduction or otherwise) by or for the account of the Kingdom
of Spain or any political subdivision or authority thereof or therein having the power to tax, (ii)&nbsp;the Company would not be entitled to claim a deduction in computing tax liabilities in the Kingdom of Spain or any political subdivision thereof
or therein having the power to tax in respect of any interest to be paid on the next Interest Payment Date on such series of Securities or the value of such deduction to the Company would be reduced, or (iii)&nbsp;the applicable tax treatment of the
Securities would be materially affected and such change was not reasonably foreseeable on the issue date of the Securities of such series; <I>provided </I>that, in the case of (i)&nbsp;above, no such notice to the Trustee of the redemption shall be
given earlier than 90 days prior to the earliest date on which the Company would be obligated to deduct or withhold tax or pay such Additional Amounts were a payment in respect of the Securities then due. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Prior to any notice of redemption of such Securities pursuant to Section&nbsp;11.04, the Company shall provide the Trustee with
(i)&nbsp;an Officer&#146;s Certificate of the Company stating that the Company is entitled to effect such redemption and setting forth in reasonable detail a statement of circumstances showing that the conditions precedent to the right of the
Company to redeem such Securities pursuant to this Section&nbsp;11.08 have been satisfied; and (ii)&nbsp;an Opinion of Counsel to the effect that any of the circumstances referred to in the preceding paragraph prevail. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.09<I>. Redemption upon an Eligible Liabilities Event. </I>Unless otherwise provided in the Securities of any
series, all (but not less than all) of the Securities of such series may be redeemed at the Redemption Price in accordance with the terms of this Article 11 at the option of the Company if an Eligible Liabilities Event occurs on or after the issue
date of such Securities. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Prior to any notice of redemption of such Securities pursuant to Section&nbsp;11.04, the Company
shall provide the Trustee with (i)&nbsp;an Officer&#146;s Certificate of the Company stating that the Company is entitled to effect such redemption and setting forth in reasonable detail a statement of circumstances showing that the conditions
precedent to the right of the Company to redeem such Securities pursuant to this Section&nbsp;11.09 have been satisfied; and (ii)&nbsp;an Opinion of Counsel to the effect that the circumstances referred to in the preceding paragraph prevail. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.10. <I>Redemption at the Option of the Company.</I> Unless otherwise provided in the Securities of the relevant
series, all (but not less than all) of the Securities of such series may be redeemed at the Redemption Price in accordance with the terms of this Article 11 at the option of the Company on any optional redemption date or any date during any optional
redemption period, as the case may be, that may be applicable to the Securities of such series. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.11 <I><FONT
STYLE="white-space:nowrap">Clean-up</FONT> Call</I>. Unless otherwise provided in the Securities of the relevant series, if, on or after the issue date of the Securities of such series, Securities of such series representing, in the aggregate, 75%
or more of the aggregate principal amount of the Securities of such series (including any Securities issued after the issue date of such series and any Securities of such series which have been cancelled by the Trustee in accordance with
Section&nbsp;11.12) have been purchased by or on behalf of the Company or any member of the Group, the Securities of such series may be redeemed, in whole but not in part, at the option of the Company at any time at the Redemption Price. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.12<I>. Purchases of Securities. </I>Unless otherwise specified with respect to the relevant Securities pursuant
to Section&nbsp;3.01, the Company or any member of the Group or any other legal entity acting on behalf of the Company may purchase or otherwise acquire any of the Outstanding Securities of any series at any price in the open market or otherwise.
Upon their acquisition, such Securities may be held, resold or, at the option of the Company, surrendered to the Trustee for cancellation (subject to such holding, resale or cancellation being in compliance with Applicable Banking
Regulations).&#148; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(q) Article 13 of the Original Indenture shall be deleted in its entirety with respect to
the SNP Securities only and shall not apply to the SNP Securities and shall, with respect to the SNP Securities only, be replaced by the following: </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#147;ARTICLE 13 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">R<SMALL>ANKING</SMALL> <SMALL>OF</SMALL> S<SMALL>ECURITIES</SMALL> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.01. <I>Status and Ranking of Securities. </I>The Company, for itself, its successors and assigns, covenants
and agrees, and each Holder of Securities (which, for the purposes of this Article 13, includes each holder of a beneficial interest in the Securities) of any series, by his acceptance thereof, likewise covenants and agrees, that the payment
obligations of the Company under the Securities of such series on account of principal shall be direct, unconditional, unsubordinated and unsecured obligations of the Company and, upon the insolvency (<I>concurso de acreedores</I>) of the Company,
in accordance with and to the extent permitted by the Insolvency Law and other applicable laws relating to or affecting the enforcement of creditors&#146; rights in the Kingdom of Spain (including, without limitation, Additional Provision 14 of Law
11/2015), but subject to any other ranking that may apply as a result of any mandatory provision of law (or otherwise), the payment obligations of the Company under the Securities with respect to claims for principal (which claims will constitute
ordinary claims) will rank: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) junior to any (a)&nbsp;privileged claims (<I>cr&eacute;ditos privilegiados</I>) (which
shall include, among other claims, any claims in respect of deposits for the purposes of Additional Provision 14.1 of Law 11/2015), (b) claims against the insolvency estate (<I>cr&eacute;ditos contra la masa</I>), and (c)&nbsp;Senior Preferred
Obligations; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) <I>pari passu </I>without any preference or priority among themselves and with all other Senior <FONT
STYLE="white-space:nowrap">Non-Preferred</FONT> Obligations; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) senior to all subordinated obligations of, or
claims against, the Company (<I>cr&eacute;ditos subordinados</I>), present and future, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">such that any relevant claim on
account of principal in respect of the Securities will be satisfied, as appropriate, only to the extent that all claims ranking senior to it have first been satisfied in full, and then pro rata with any claims ranking <I>pari passu </I>with it, in
each case as provided above. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Upon the insolvency (<I>concurso de acreedores</I>) of the Company, in accordance with and to
the extent permitted by the Insolvency Law and other applicable laws relating to or affecting the enforcement of creditors&#146; rights in the Kingdom of Spain, but subject to any other ranking that may apply as a result of any mandatory provision
of law (or otherwise), the payment obligations of the Company under the Securities of any series with respect to claims for accrued but unpaid interest on such Securities shall constitute subordinated claims (<I>cr&eacute;ditos subordinados</I>)
against the Company ranking in accordance with the provisions of the Insolvency Law. No further interest on the Securities of any series shall accrue from the date of declaration of the insolvency of the Company. Claims in respect of Additional
Amounts shall also constitute subordinated claims (<I>cr&eacute;ditos subordinados</I>) against the Company. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Prior to any
voluntary or necessary declaration of insolvency of the Company under the Insolvency Law or any voluntary or mandatory liquidation of the Company or similar procedure, the Company may be subject to an Early Intervention or Resolution or to any other
exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power and the Securities of any series may be subject to the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power, in which case no Holder of any
Security shall have any claim against the Company in connection with or arising out of any such exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.02. <I>Waiver of Right of
<FONT STYLE="white-space:nowrap">Set-Off</FONT></I>. Subject to applicable law, neither any Holder of the Securities of any series nor the Trustee acting on behalf of the Holders of the Securities of such series may exercise, claim or plead any
right of <FONT STYLE="white-space:nowrap">set-off,</FONT> compensation or retention in respect of any amount owed to it by the Company in respect of, or arising under, or in connection with, the Securities of such series or this Indenture and each
Holder of the Securities of such series, by virtue of its holding of any Securities of such series or any interest therein, and the Trustee acting on behalf of the Holders of the Securities of such series, 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 of a Security of any series or any interest therein by the Company in respect of, or
arising under, the Securities of such series are discharged by <FONT STYLE="white-space:nowrap">set-off,</FONT> such Holder shall, subject to applicable law, immediately pay an amount equal to the amount of such discharge to the Company (or, if any
voluntary or involuntary liquidation of the Company shall have occurred, the liquidator or administrator of the Company, as the case may be) and, until such time as payment is made, shall hold an amount equal to such amount in trust (where possible)
or otherwise for the Company (or the liquidator or administrator of the Company, as the case may be) and, accordingly, any such discharge shall be deemed not to have taken place. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.03. <I>Authorization of Holders to Trustee to Effectuate Ranking</I>. Each Holder of Securities of any series,
by his acquisition of a Security will be deemed to have agreed to the ranking of such Securities as described in Section&nbsp;13.01. Each such Holder will be deemed to have irrevocably waived his or her rights of priority which would otherwise be
accorded to him or her under the laws of the Kingdom of Spain, to the extent necessary to effectuate the ranking provisions of the Security and to the extent permitted by Spanish law. In addition, each Holder of Securities of any series by his or
her acquisition of such Securities, to the extent permitted by Spanish law, authorizes and directs the Trustee on his or her behalf to take such action as may be necessary or appropriate to effectuate the ranking of such Securities as provided in
this Indenture and appoints the Trustee his&nbsp;or her <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorney-in-fact&nbsp;for</FONT></FONT> any and all such purposes, including, if required, to grant any private or public
documents on such Holder&#146;s behalf. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.04. <I>Trustee Not Fiduciary for Creditors of Senior Preferred
Obligations.</I> With respect to the creditors of Senior Preferred Obligations, the Trustee undertakes to perform or to observe only such of its covenants and obligations as are specifically set forth in this Indenture, and no implied covenants or
obligations with respect to the creditors of Senior Preferred Obligations shall be read into this Indenture against the Trustee. Unless otherwise provided in applicable law, the Trustee shall not be deemed to owe any fiduciary duty to the creditors
of Senior Preferred Obligations and shall not be liable to any such holders or creditors if it shall in good faith pay over or distribute to Holders of Securities of the series or to the Company or to any other Person cash, property or securities to
which any creditors of Senior Preferred Obligations shall be entitled by virtue of this Article 13 or otherwise. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.05. <I>Rights of Trustee as Creditor of Senior Preferred Obligations; Preservation of Trustee&#146;s
Rights</I>. To the extent permitted by applicable law, the Trustee in its individual capacity shall be entitled to all the rights set forth in this Article 13 with respect to any claims of creditors of Senior Preferred Obligations which may at any
time be held by it, to the same extent as any other creditor of Senior Preferred Obligations, and nothing in this Indenture (except pursuant to Section&nbsp;15.02) or the Trust Indenture Act shall deprive the Trustee of any of its rights as such
holder. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Nothing in this Article shall apply to claims of, or payments to, the Trustee under or pursuant to
Section&nbsp;6.07. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.06. <I>Article Applicable to Paying Agents</I>. At all times when a Paying Agent other
than the Trustee shall have been appointed by the Company and be then acting hereunder, the term &#147;Trustee&#148; as used in this Article 13 shall in such case (unless the context otherwise requires) be construed as extending to and including
such Paying Agent within its meaning as fully for all intents and purposes as if such Paying Agent were named in this Article 13 in addition to or in place of the Trustee; <I>provided, however</I>, that Section&nbsp;13.05 shall not apply to the
Company or any Affiliate of the Company if the Company or such Affiliate acts as Paying Agent. For the avoidance of doubt, where the Trustee also acts as Paying Agent, the term &#147;Trustee&#148; as used in this Article 13 shall (unless the context
otherwise requires) be construed as extending to and including the Trustee in its capacity as Paying Agent within its meaning as fully for all intents and purposes as if the Paying Agent were named in this Article 13 in addition to or in place of
the Trustee.&#148; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(r) The first paragraph of Section&nbsp;15.01 of the Original Indenture shall be deleted
with respect to the SNP Securities only and shall not apply to the SNP Securities and shall, with respect to the SNP Securities only, be replaced by the following: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Section&nbsp;15.01<I>. Agreement with Respect to the Exercise of Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT>
Power.</I> (a)&nbsp;Notwithstanding any other term of the Securities of any series, the Indenture or any other agreements, arrangements, or understandings between the Company and any Holder of the Securities of any series, by its acquisition of the
Securities of any series, each Holder (which, for the purposes of this Article 15, includes each holder of a beneficial interest in the Securities of any series) acknowledges, accepts, consents to and agrees to be bound by: (i)&nbsp;the exercise and
effects 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 Securities of any series, and may include and result
in any of the following, or some combination thereof: (a)&nbsp;the reduction or cancellation of all, or a portion, of the Amounts Due on the Securities of any series; (b)&nbsp;the conversion of all, or a portion, of the Amounts Due on the Securities
of any series into shares, other securities or other obligations of the Company or another Person (and the issue to or conferral on the Holder of any such shares, securities or obligations), including by means of an amendment, modification or
variation of the terms of the Securities; (c)&nbsp;the cancellation of the Securities of any series; (d)&nbsp;the amendment or alteration of the maturity of the Securities of any series or amendment of the amount of interest payable on the
Securities of any series, or the date on which the interest becomes payable, including by suspending payment for a temporary period; and (ii)&nbsp;the variation of the terms of the Securities of any series or the rights of the Holders thereunder or
under the Indenture, as deemed necessary by the Relevant Spanish Resolution Authority, to give effect to the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority.&#148; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(s) Section 15.01(g) of the Original Indenture shall be deleted with respect to the SNP Securities only and shall not apply to the SNP
Securities and shall, with respect to the SNP Securities only, be replaced by the following: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;(g) Upon the exercise
of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power with respect to the Securities of a series which results in the redemption, cancellation, or the conversion into other securities, of all the Amounts Due on the Securities of such
series or such Securities otherwise ceasing to be outstanding, the Indenture shall be deemed satisfied and discharged as to such series of Securities and such Securities shall thereafter be deemed to be not &#147;Outstanding&#148;.&#148; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(t) Section 15.02 of the Original Indenture shall be deleted with respect to the SNP Securities only and shall not apply to the SNP Securities
and shall, with respect to the SNP Securities only, be replaced by the following: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Section&nbsp;15.02<I>. BRRD
Liabilities. </I>Notwithstanding and to the exclusion of any other term of this Indenture or any other agreements, arrangements, or understandings between the Company and the Trustee, the Trustee acknowledges and accepts that a BRRD Liability
arising under this Indenture may be subject to the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority, and acknowledges, accepts, consents to and agrees to be bound by: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) the exercise and effects of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish
Resolution Authority in relation to any BRRD Liability of the Company to the Trustee, which may be imposed with or without any prior notice and (without limitation) may include and result in any of the following, or some combination thereof: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">38 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) the reduction of all, or a portion, of such BRRD Liability or
outstanding amounts due thereon; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) the conversion of all, or a portion, of such BRRD Liability or outstanding amounts
due thereon into shares, other securities or other obligations of the Company or another Person, and the issue to or conferral on the Trustee of any such shares, securities or obligations, including by means of an amendment, modification or
variation of the terms of any BRRD Liability; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) the cancellation of such BRRD Liability or outstanding amounts due
thereon; and/or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) the amendment or alteration of any interest, if applicable, on such BRRD Liability or outstanding
amounts due thereon, and the maturity or the dates on which any payments on such BRRD Liability or outstanding amounts are due, including by suspending payment for a temporary period; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) the variation of the terms of such BRRD Liability or outstanding amounts due thereon and/or this Indenture, as deemed
necessary by the Relevant Spanish Resolution Authority, to give effect to the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">The terms of this Article 15 shall survive the payment in full of the Securities, the satisfaction and discharge of this
Indenture with respect to any series of Securities (where such satisfaction or discharge is allowed by the terms of the relevant series of Securities), the resignation or removal of the Trustee and the termination for any reason of this
Indenture.&#148; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(u) The Table of Contents of the Original Indenture shall be amended to the extent necessary to reflect the amendments to
the Original Indenture made in this Article 2. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) The amendments to the Original Indenture made pursuant to this Article 2 shall be
effective immediately prior to the creation of the SNP Securities pursuant to Article 3 hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 3 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SNP S<SMALL>ECURITIES</SMALL> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.01. <I>Creation of SNP Securities. </I><I></I>There is hereby created a new series of senior
<FONT STYLE="white-space:nowrap">non-preferred</FONT> debt securities, the SNP Securities, to be issued under the Indenture. The SNP Securities will be issued at 100% of their principal amount by means of the public deed of issuance executed on
March&nbsp;6, 2024 and registered with the Mercantile Registry of Vizcaya (Bizkaia) on March&nbsp;7, 2024. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.02.
<I>Limitation on Aggregate Principal Amount of SNP Securities. </I>The aggregate principal amount of the SNP Securities shall initially be limited to $1,000,000,000 (except for SNP Securities authenticated and delivered upon registration or transfer
of, or in exchange for, or in lieu of, other SNP Securities of such series pursuant to Sections 3.04, 3.05, 3.06, 9.05 or 11.07 of the Original Indenture (as amended and supplemented hereby) or the terms of such SNP Securities and except for any SNP
Securities that, pursuant to Section&nbsp;3.03 of the Original Indenture (as amended and supplemented hereby), are deemed never to have been authenticated and delivered thereunder). The Issuer may from time to time, without the consent of the
Holders of SNP Securities, create and issue further securities having the same terms and conditions as the previously issued SNP Securities in all respects (or in all respects except for the issue date, the original interest accrual date and/or the
issue price), so that such further issue shall be consolidated and form a single series with the Outstanding SNP Securities; <I>provided</I>, <I>however</I>, that any such further issuance will only be made if either such additional securities are
issued with no more than <I>de minimis</I> original issue discount for U.S. federal income tax purposes or any such further issuance is a &#147;qualified reopening&#148; as such term is defined under U.S. Treasury Regulations <FONT
STYLE="white-space:nowrap">Section&nbsp;1.1275-2(k)(3)</FONT> promulgated under the U.S. Internal Revenue Code of 1986, as amended. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.03. <I>Payment of Principal. </I>The principal of the Outstanding SNP
Securities shall be due and payable on the Stated Maturity Date or on such earlier date as the principal thereof may become due and payable in accordance with the provisions hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.04. <I>Interest and Interest Rate.</I><B><I> </I></B><B><I></I></B>(a) From (and including) the Issue Date to (but excluding)
March&nbsp;13, 2034 (the &#147;<B>Reset Date</B>&#148;) or any date of earlier redemption, the SNP Securities will bear interest at a fixed rate of 6.033% per annum. From (and including) the Reset Date to (but excluding) the Stated Maturity Date or
any date of earlier redemption, the SNP Securities will bear interest at a fixed rate per annum equal to the <FONT STYLE="white-space:nowrap">1-year</FONT> UST, as determined by the Calculation Agent, plus 190 basis points, such sum being converted
to a semi-annual rate in accordance with market convention (rounded to the fifth decimal place, with 0.000005 being rounded upwards). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)
The Issuer will pay interest in arrears on the SNP Securities semi-annually on March&nbsp;13 and September&nbsp;13 of each year, commencing on September&nbsp;13, 2024, up to (and including) the Stated Maturity Date or any date of earlier redemption
(each an &#147;<B>Interest Payment Date</B>&#148;). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Interest on the SNP Securities will be computed on the basis of a <FONT
STYLE="white-space:nowrap">360-day</FONT> year of twelve <FONT STYLE="white-space:nowrap">30-day</FONT> months. Except as described below for the first Interest Payment Date, on each Interest Payment Date, the Issuer will pay interest on the SNP
Securities for the period commencing on (and including) the immediately preceding Interest Payment Date and ending on (and including) the day immediately preceding that Interest Payment Date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) On the first Interest Payment Date, the Issuer will pay interest for the period beginning on (and including) the Issue Date to (but
excluding) September&nbsp;13, 2024. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) If any Interest Payment Date falls on a day that is not a Business Day, the related interest
payment shall be postponed to the next day that is a Business Day, and no interest on such payment shall accrue for the period from and after such Interest Payment Date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) If the Stated Maturity Date or date of earlier redemption of any SNP Security falls on a day that is not a Business Day, payment of
principal and interest on the applicable SNP Security will be made on the next succeeding day that is a Business Day, and no interest will accrue for the period from and after such Stated Maturity Date or date of earlier redemption.<B>
</B><B><I></I></B> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) Interest on each SNP Security will be paid only to the Person in whose name such SNP Security was registered at the
close of business on the Regular Record Date for the applicable Interest Payment Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.05. <I>Denominations, Minimum
Purchase Amount. </I>The SNP Securities may be issued in minimum denominations of $200,000 with increments of $200,000 thereafter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.06. <I>Calculation Agent</I>. (a)&nbsp;Upon the terms and subject to the conditions contained herein, the Issuer hereby
appoints The Bank of New York Mellon, London Branch as its initial Calculation Agent under the Indenture for the purpose of calculating the interest rates on the SNP Securities in the manner and at the times provided in Section&nbsp;3.04 of this
Third Supplemental Indenture, and the Calculation Agent hereby accepts such appointment as the Issuer&#146;s agent. No amendment to the provisions of the SNP Securities relating to the duties or obligations of the Calculation Agent hereunder may
become effective without the prior written consent of the Calculation Agent, which consent shall not be unreasonably withheld. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The
Calculation Agent shall exercise due care to determine the interest rates on the SNP Securities and shall communicate the same to the Issuer, the Trustee, the Depository, the Paying Agent and any other paying agent identified to it in writing as
soon as practicable after each determination. The Calculation Agent will, upon the request of the Holder of any SNP Security, provide the interest rate then in effect with respect to such SNP Security. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) The Calculation Agent accepts its obligations set forth herein, upon the terms and
subject to the conditions hereof, including the following, to all of which the Issuer agrees: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) The Calculation Agent
shall be entitled to such compensation as may be agreed upon in writing with the Issuer for all services rendered by the Calculation Agent, and the Issuer promises to pay such compensation and to reimburse the Calculation Agent for the reasonable <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses (including reasonable attorneys&#146; and other professionals&#146; fees and expenses) incurred by it in connection with the services rendered by it
hereunder upon receipt of such invoices as the Issuer shall reasonably require. The Issuer also agrees to indemnify the Calculation Agent for, and to hold it harmless against, any and all loss, liability, damage, claim or expense (including the
costs and expenses of defending against any claim (regardless of who asserts such claim) of liability and excluding taxes based upon, measured by or determined by the income of the Calculation Agent) incurred by the Calculation Agent that arises out
of or in connection with its accepting appointment as, or acting as, Calculation Agent hereunder, except such as may result from the gross negligence, willful misconduct or bad faith of the Calculation Agent or any of its agents or employees. The
Calculation Agent shall incur no liability and shall be indemnified and held harmless by the Issuer for, or in respect of, any actions taken, omitted to be taken or suffered to be taken in good faith by the Calculation Agent in reliance upon
(1)&nbsp;the written opinion or advice of legal or other professional advisors reasonably satisfactory to it and upon obtaining the prior written consent of the Issuer or (2)&nbsp;written instructions from the Issuer. The Calculation Agent shall not
be liable for any error resulting from the use of or reliance on a source of information used in good faith and with due care to calculate any interest rate hereunder. The provisions of this section shall survive the resignation or removal of the
Calculation Agent and the termination of this Third Supplemental Indenture. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) In acting under this Third Supplemental
Indenture and in connection with the SNP Securities, the Calculation Agent is acting solely as agent of the Issuer and does not assume any obligations to, or relationship of agency or trust for or with, any of the owners or Holders of the SNP
Securities. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) The Calculation Agent shall be protected and shall incur no liability for or in respect of any action
taken or omitted to be taken or anything suffered by it in reliance upon the terms of the SNP Securities, any notice, direction, certificate, affidavit, statement or other paper, document or communication reasonably believed by it to be genuine and
to have been approved or signed by the proper party or parties. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) The Calculation Agent, its officers, directors,
employees and shareholders may become the owners of, or acquire any interest in, any SNP Securities, with the same rights that it or they would have if it were not the Calculation Agent, and may engage or be interested in any financial or other
transaction with the Issuer as freely as if it were not the Calculation Agent. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) Neither the Calculation Agent nor its
officers, directors, employees, agents or attorneys shall be liable to the Issuer for any act or omission hereunder, or for any error of judgment made in good faith by it or them, except in the case of its or their gross negligence or willful
misconduct.<B><I> </I></B> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) The Calculation Agent may consult with counsel of its selection and the advice of such
counsel or any opinion of counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">41 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vii) The Calculation Agent shall be obligated to perform such duties and
only such duties as are herein specifically set forth, and no implied duties or obligations shall be read into this Third Supplemental Indenture against the Calculation Agent. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(viii) Unless herein otherwise specifically provided, any order, certificate, notice, request, direction or other communication
from the Issuer made or given by it under any provision of this Third Supplemental Indenture shall be sufficient if signed by any officer of the Issuer. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ix) The Calculation Agent may perform any duties hereunder either directly or by or through agents or attorneys, and the
Calculation Agent shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(x) In no event shall the Calculation Agent be responsible or liable for special, indirect, punitive or consequential loss or
damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Calculation Agent has been advised of the likelihood of such loss or damage and regardless of the form of action. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xi) In no event shall the Calculation Agent be responsible or liable for any failure or delay in the performance of its
obligations under this Third Supplemental Indenture arising out of or caused by, directly or indirectly, forces beyond its reasonable control, including without limitation strikes, work stoppages, accidents, acts of war or terrorism, civil or
military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software or hardware) services. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) The Calculation Agent may at any time resign as Calculation Agent by giving written notice to the Issuer of such intention on its part,
specifying the date on which its desired resignation shall become effective; <I>provided, however</I>, that such date shall not be earlier than 30 days after the receipt of such notice by the Issuer, unless the Issuer agrees to accept less notice.
The Calculation Agent may be removed by the Issuer (with or without cause) at any time by the filing with it of any instrument in writing signed on behalf of the Issuer and specifying such removal and the date when it is intended to become
effective. Such resignation or removal shall take effect upon the date of the appointment by the Issuer, as hereinafter provided, of a successor Calculation Agent. If within 30 days after notice of resignation or removal has been given, a successor
Calculation Agent has not been appointed, the Calculation Agent may, at the expense of the Issuer, petition a court of competent jurisdiction to appoint a successor Calculation Agent. A successor Calculation Agent shall be appointed by the Issuer by
an instrument in writing signed on behalf of the Issuer and the successor Calculation Agent. Upon the appointment of a successor Calculation Agent and acceptance by it of such appointment, the Calculation Agent so succeeded shall cease to be such
Calculation Agent hereunder. Upon its resignation or removal, the Calculation Agent shall be entitled to the payment by the Issuer of its compensation, if any is owed to it, for services rendered hereunder and to the reimbursement of all <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses incurred in connection with the services rendered by it hereunder and to the payment of all other amounts owed to it hereunder. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) Any successor Calculation Agent appointed hereunder shall execute and deliver to its predecessor and to the Issuer an instrument accepting
such appointment hereunder, and thereupon such successor Calculation Agent, without any further act, deed or conveyance, shall become vested with all the authority, rights, powers, trusts, immunities, duties and obligations of such predecessor with
like effect as if originally named as such Calculation Agent hereunder, and such predecessor, upon payment of its charges and disbursements then unpaid, shall thereupon become obliged to transfer and deliver, and such successor Calculation Agent
shall be entitled to receive, copies of any relevant records maintained by such predecessor Calculation Agent. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) Any Person into which
the Calculation Agent may be merged, or any corporation with which the Calculation Agent may be consolidated, or any corporation resulting from any merger or consolidation or to which the Calculation Agent shall sell or otherwise transfer all or
substantially all of its corporate trust assets or business shall, to the extent permitted by applicable law, be the successor Calculation Agent under this Third Supplemental Indenture without the execution or filing of any paper or any further act
on the part of any of the parties hereto. Notice of any such merger, consolidation or sale shall forthwith be given to the Issuer and the Trustee. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) In the event of any conflict relating to the rights or obligations of the Calculation
Agent in connection with the calculation of the interest rate on the SNP Securities, the relevant terms of this Third Supplemental Indenture shall govern such rights and obligations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.07. <I>Paying Agent</I>. (a)&nbsp;Upon the terms and subject to the conditions contained herein, the Issuer hereby appoints The
Bank of New York Mellon, London Branch as the initial Paying Agent under the Indenture for the purpose of performing the functions of the Paying Agent with respect to the SNP Securities, and the Paying Agent hereby accepts such appointment. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The Paying Agent shall exercise due care in performing the functions of the Paying Agent for the SNP Securities. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) The Issuer and the Paying Agent shall, in connection with any Interest Payment Date or Redemption Date, comply with the procedures set
forth in Exhibit B, including the timely provision by the Paying Agent of a duly executed and completed Payment Statement to the Issuer. If the timely provision of a duly executed and completed Payment Statement is no longer necessary under Spanish
law to allow payments on the SNP Securities to be made free and clear of Spanish withholding tax or deduction on account of Spanish taxes, this Section&nbsp;3.07(c) shall cease to be in effect and the Issuer and the Paying Agent shall no longer be
required to comply with the procedures set forth in Exhibit B, including the timely provision by the Paying Agent of a duly executed and completed Payment Statement to the Issuer with respect to any Interest Payment Date or Redemption Date occurring
on or after the date on which the timely provision of such Payment Statement is no longer necessary under Spanish law to allow payments on the SNP Securities to be made free and clear of Spanish withholding tax or deduction on account of Spanish
taxes. Notwithstanding anything contained herein to the contrary, the Paying Agent shall not be liable for any amounts owed to any person due to its failure to properly comply with the procedures referred to in this Section&nbsp;3.07(c) except such
as may result from the gross negligence, willful misconduct or bad faith of the Paying Agent or any of its agents or employees. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) So
long as any principal amount of the SNP Securities remains outstanding, the Issuer shall, insofar as it is practicable, maintain, implement or arrange for the implementation of procedures to facilitate the timely provision by the Paying Agent of a
duly executed and completed Payment Statement in respect of the payments referred to in this Section&nbsp;3.07 under the SNP Securities or the collection of any other documentation concerning the SNP Securities that may be required under Spanish law
to allow payments on the SNP Securities to be made free and clear of Spanish withholding tax. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) The Paying Agent accepts its obligations
set forth herein, upon the terms and subject to the conditions hereof, including the following, to all of which the Issuer agrees: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) The Paying Agent shall be entitled to such compensation as may be agreed in writing with the Issuer for all services
rendered by the Paying Agent, and the Issuer promises to pay such compensation and to reimburse the Paying Agent for the reasonable <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses (including
reasonable counsel fees and expenses) incurred by it in connection with the services rendered by it hereunder upon receipt of such invoices as the Issuer shall reasonably require. The Issuer agrees to indemnify the Paying Agent for, and to hold it
harmless against, any and all loss, liability, damage, claims or expenses<B> </B>(including the costs and expenses of defending against any claim of liability and excluding taxes based upon, measured by or determined by the income of the Paying
Agent) incurred by the Paying Agent that arises out of or in connection with its acting as Paying Agent hereunder, except such as may result from the gross negligence, willful misconduct or bad faith of the Paying Agent or any of its agents or
employees. The Paying Agent shall incur no liability and shall be indemnified and held harmless by the Issuer for, or in respect of, any actions taken, omitted to be taken or suffered to be taken in good faith by the Paying Agent in reliance upon
(A)&nbsp;the written opinion of counsel satisfactory to it and upon obtaining the prior written consent of the Issuer or (B)&nbsp;written instructions from the Issuer. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Paying Agent shall notify the Company in writing of the commencement of
any action or claim in respect of which indemnification may be sought promptly after any officer of the Trustee becomes aware of such commencement (provided that the failure to make such notification shall not affect the Paying Agent&#146;s rights
hereunder) and the Company shall be entitled to participate therein. The Paying Agent shall not be authorized to settle a claim without the written consent of the Company, which consent shall not be unreasonably withheld or delayed. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) In acting under the Indenture and in connection with the SNP Securities, the Paying Agent is acting solely as agent of the
Issuer and does not assume any obligations to, or relationship of agency or trust for or with, any of the Holders of such SNP Securities. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) The Paying Agent shall be protected and shall incur no liability for or in respect of any action taken or omitted to be
taken or anything suffered by it in reliance upon the terms of the SNP Securities, any notice, direction, certificate, affidavit, statement or other paper, document or communication reasonably believed by it to be genuine and to have been approved
or signed by the proper party or parties. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) Unless herein otherwise specifically provided, any order, certificate,
notice, request, direction or other communication from the Issuer made or given by it under any provision of the Indenture shall be sufficient if signed by any proper officer or an authorized person of the Issuer. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) The Paying Agent may, upon obtaining the prior written consent of the Issuer, perform any duties hereunder either directly
or by or through agents or attorneys, and, except as otherwise provided herein, the Paying Agent shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) (i) The Paying Agent may at any time resign as Paying Agent by giving written notice to the Issuer of such intention on its part,
specifying the date on which its desired resignation shall become effective; <I>provided, however</I>, that such date shall not be earlier than 60 days after the receipt of such notice by the Issuer, unless the Issuer agrees in writing to accept
less notice. The Paying Agent may be removed by the Issuer (with or without cause) at any time by the filing with it of any instrument in writing signed on behalf of the Issuer by any proper officer or an authorized person thereof and specifying
such removal and the date when it is intended to become effective, subject to the Company providing a copy of such notice to the Trustee. Such resignation or removal shall take effect only upon the date of the appointment by the Issuer, as
hereinafter provided, of a successor Paying Agent. If within 60 days after notice of resignation or removal has been given, a successor Paying Agent has not been appointed, the Paying Agent may petition a court of competent jurisdiction to appoint a
successor Paying Agent. A successor Paying Agent shall be appointed by the Issuer by an instrument in writing signed on behalf of the Issuer by any proper officer or an authorized person thereof and the successor Paying Agent. Upon the appointment
of a successor Paying Agent and acceptance by it of such appointment, the Paying Agent so superseded shall cease to be such Paying Agent hereunder. Upon its resignation or removal, the Paying Agent shall be entitled to the payment by the Issuer of
its compensation, if any is owed to it, for services rendered hereunder and to the reimbursement of all reasonable <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses incurred in connection with the
services rendered by it hereunder. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) Any successor Paying Agent appointed hereunder shall execute and deliver to its
predecessor and to the Issuer an instrument accepting such appointment hereunder, and thereupon such successor Paying Agent, without any further act, deed or conveyance, shall become vested with all the authority, rights, powers, trusts, immunities,
duties and obligations of such predecessor with like effect as if originally named as such Paying Agent hereunder, and such predecessor, upon payment of its charges and disbursements then unpaid, shall thereupon become obliged to transfer and
deliver, and such successor Paying Agent shall be entitled to receive, copies of any relevant records maintained by such predecessor Paying Agent. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) Any Person into which the Paying Agent may be merged or converted or
with which the Paying Agent may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Paying Agent shall be a party, or any Person succeeding to all or substantially all of the assets and business of the
Paying Agent, or all or substantially all of the corporate trust business of the Paying Agent shall, to the extent permitted by applicable law, be the successor Paying Agent under the Indenture without the execution or filing of any paper or any
further act on the part of any of the parties hereto. Notice of any such merger, conversion, consolidation or sale shall forthwith be given to the Issuer within 30 days of such merger, conversion, consolidation or sale. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.08. <I>Security Certificates</I><I>.</I> (a)&nbsp;The SNP Securities shall initially be represented by one or more global
certificates (the &#147;<B>Global Certificates</B>&#148;) substantially in the form of Exhibit A (attached hereto), which shall be deposited with a custodian for the Depository and the SNP Securities represented thereby will be registered in the
name of a nominee of the Depository (initially Cede&nbsp;&amp; Co.), for the accounts of participants in the Depository. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) SNP
Securities represented by a Global Certificate may be transferred, in whole and not in part, only: (i)&nbsp;by the Depository to a nominee of the Depository, (ii)&nbsp;by a nominee of the Depository to the Depository or to another nominee of the
Depository, or (iii)&nbsp;by the Depository or any such nominee to a successor Depository or a nominee of such successor Depository. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c)
Beneficial interests in any SNP Securities represented by a Global Certificate will be exchangeable for SNP Securities represented by definitive certificates (&#147;<B>Definitive Certificates</B>&#148;) only if: (i)&nbsp;the Depository notifies the
Issuer in writing that it is unwilling, unable or ineligible to continue to act as Depository or that it has ceased to be a clearing agency registered under the Securities Exchange Act of 1934, as amended, and, in either case, a successor Depository
is not appointed by the Issuer within 60 days after the date of such notice from the Depository, (ii)&nbsp;the Issuer notifies the Trustee in writing that it has reasonably elected to cause the issuance of SNP Securities represented by Definitive
Certificates or (iii)&nbsp;there shall have occurred and be continuing an Event of Default with respect to the SNP Securities. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Upon
the occurrence of any of the events specified in Section&nbsp;3.08(c)(i), (ii) or (iii)&nbsp;above, SNP Securities represented by Definitive Certificates shall be (i)&nbsp;delivered by the Trustee in exchange for beneficial interest in SNP
Securities represented by Global Certificates and (ii)&nbsp;registered in such names, and issued in such authorized denominations, as shall be requested by or on behalf of the Depository in accordance with its customary procedures. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.09. <I>Redemption and Purchase. </I>(a) The provisions of Article 11 of the Original Indenture (as amended and supplemented
hereby) will apply to the SNP Securities. Any such redemption or purchase shall be in compliance with Applicable Banking Regulations then in force and subject to the prior consent of the Regulator, if required pursuant to such regulations. The
&#147;<B>Redemption Price</B>&#148; means, with respect to any SNP Securities to be redeemed pursuant to Article 11 of the Original Indenture (as amended and supplemented hereby), an amount equal to 100% of their principal amount, together with
accrued but unpaid interest, if any, thereon to (but excluding) the Redemption Date. The &#147;<B>Redemption Date</B>&#148; of any SNP Securities to be redeemed will be any day fixed by the Issuer for redemption of such SNP Securities and specified
in the applicable notice of redemption provided by the Issuer pursuant to Section&nbsp;11.04 of the Original Indenture (as amended and supplemented hereby); <I>provided, however</I>, that in any case where the Redemption Date shall not be a Business
Day, then the SNP Securities will not become due and payable and deposit of the Redemption Price will not be made on such Redemption Date, but the SNP Securities will become due and payable and deposit of the Redemption Price will be made on the
next succeeding day that is a Business Day with the same force and effect as if the SNP Securities had become due and payable and the deposit of the Redemption Price had been made on the Redemption Date, and no interest shall accrue on the amount
payable on such Redemption Date or at such time for the period from and after such Redemption Date. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">45 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) All or part only of the SNP Securities may be redeemed at the Redemption Price in
accordance with the terms of Article 11 of the Original Indenture (as amended and supplemented hereby) at the option of the Issuer if, as the result of any change in or any amendment to the laws or regulations of the Kingdom of Spain (including any
treaty to which the Kingdom of Spain is a party) or any political subdivision or any authority or agency thereof or therein having power to tax, or any change in the application or official interpretation of such laws or regulations, which change,
amendment, application or interpretation becomes effective on or after the Issue Date of the SNP Securities, (i)&nbsp;the Issuer would become obligated to pay Additional Amounts in making any payments under the SNP Securities with respect thereto as
a result of any taxes, levies, imposts or other governmental charges imposed (whether by way of withholding or deduction or otherwise) by or for the account of the Kingdom of Spain or any political subdivision or authority thereof or therein having
the power to tax, (ii)&nbsp;the Issuer would not be entitled to claim a deduction in computing tax liabilities in the Kingdom of Spain or any political subdivision thereof or therein having the power to tax in respect of any interest to be paid on
the next Interest Payment Date on the SNP Securities or the value of such deduction to the Issuer would be reduced, or (iii)&nbsp;the applicable tax treatment of the SNP Securities would be materially affected and such change was not reasonably
foreseeable on the Issue Date of the SNP Securities; <I>provided</I> that, in the case of (i)&nbsp;above, no such notice to the Trustee of the redemption shall be given earlier than 90 days prior to the earliest date on which the Issuer would be
obligated to deduct or withhold tax or pay such Additional Amounts were a payment in respect of the SNP Securities then due. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) All (but
not less than all) of the SNP Securities may be redeemed at the Redemption Price in accordance with the terms of Article 11 of the Original Indenture (as amended and supplemented hereby) at the option of the Issuer if an Eligible Liabilities Event
occurs on or after the Issue Date of the SNP Securities. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) All (but not less than all) of the SNP Securities may be redeemed at the
Redemption Price in accordance with the terms of Article 11 of the Original Indenture (as amended and supplemented hereby) at the option of the Issuer on the Reset Date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) All (but not less than all) of the SNP Securities may be redeemed at the Redemption Price in accordance with the terms of Article 11 of the
Original Indenture (as amended and supplemented hereby) at the option of the Issuer if, on or after the Issue Date, SNP Securities representing, in the aggregate, 75% or more of the aggregate principal amount of the SNP Securities (including any SNP
Securities issued after the Issue Date and any SNP Securities which have been cancelled by the Trustee in accordance with Section&nbsp;11.12 of the Original Indenture (as amended and supplemented hereby)) have been purchased by or on behalf of the
Issuer or any member of the Group. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.10. <I>Definitive Certificates and Authentication</I>. Any Definitive Certificates
issued in exchange for beneficial interests in the SNP Securities represented by Global Certificates pursuant to Section&nbsp;3.08 of this Third Supplemental Indenture or Section&nbsp;2.03 of the Original Indenture (as amended and supplemented
hereby) shall be issued in the State of New York. Notwithstanding any other provision in the Indenture or the SNP Securities, the SNP Securities, irrespective of whether they are represented by Global Certificates or Definitive Certificates, shall
be issued and authenticated in New York. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.11. <I>Agreement with Respect to the Exercise of Spanish <FONT
STYLE="white-space:nowrap">Bail-in</FONT> Power. </I><B><I></I></B>(a)&nbsp;Notwithstanding any other term of the SNP Securities, the Indenture or any other agreements, arrangements, or understandings between the Company and any Holder, by its
acquisition of the SNP Securities, each Holder (which, for the purposes of this Section&nbsp;3.11, includes each holder of a beneficial interest in the SNP Securities) acknowledges, accepts, consents to and agrees to be bound by: (i)&nbsp;the
exercise and effects 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 SNP Securities, and may include and
result in any of the following, or some combination thereof: (1)&nbsp;the reduction or cancellation of all, or a portion, of the Amounts Due on the SNP Securities; (2)&nbsp;the conversion of all, or a portion, of the Amounts Due on the SNP
Securities into shares, other securities or other obligations of the Company or another Person (and the issue to or conferral on the Holder of any such shares, securities or obligations), including by means of an amendment, modification or variation
of the terms of the SNP Securities; (3)&nbsp;the cancellation of the SNP Securities; (4)&nbsp;the amendment or alteration of the maturity of the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">46 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
SNP Securities or amendment of the amount of interest payable on the SNP Securities, or the date on which the interest becomes payable, including by suspending payment for a temporary period; and
(ii)&nbsp;the variation of the terms of the SNP Securities or the rights of Holders thereunder or under the Indenture, as deemed necessary by the Relevant Spanish Resolution Authority, to give effect to the exercise of the Spanish <FONT
STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) By its acquisition of the SNP
Securities, each Holder acknowledges and agrees that neither a reduction or cancellation, in part or in full, of the Amounts Due on the SNP Securities or the conversion thereof into another security or obligation of the Company or another Person, in
each case as a result of the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority with respect to the Company, nor the exercise of the Spanish
<FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority with respect to the SNP 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 Event of Default with respect to the SNP Securities or under the Indenture. By its acquisition of the SNP Securities, each
Holder further acknowledges and agrees that no repayment or payment of Amounts Due on the SNP Securities shall become due and payable or be paid after the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant
Spanish Resolution Authority if, and to the extent that, such amounts have been reduced, converted, cancelled, amended or altered as a result of such exercise. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) By its acquisition of the SNP Securities, each Holder, to the extent permitted by the Trust Indenture Act, waives any and all claims, in
law and/or in equity, against the Trustee for, agrees not to initiate a suit against the Trustee in respect of, and agrees that the Trustee shall not be liable for, any action that the Trustee takes, or abstains from taking, in either case in
accordance with the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority with respect to the SNP Securities. Additionally, by its acquisition of the SNP Securities, each Holder
acknowledges and agrees that, upon the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority with respect to the SNP Securities: (i)&nbsp;the Trustee shall not be required to take
any further directions from the Holders with respect to any portion of the SNP Securities that is written down, converted to equity and/or cancelled under Section&nbsp;5.12 of the Original Indenture (as amended and supplemented hereby); 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; <I>provided, however</I>,
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 SNP Securities, so long as any SNP Securities remain Outstanding, there shall at
all times be a trustee for the SNP 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 SNP Securities remain Outstanding following the completion of the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) By its acquisition of the SNP Securities, each Holder shall be deemed to have authorized, directed and requested the Depository and any
direct participant therein or other intermediary through which it holds such SNP Securities to take any and all necessary actions, if required, to implement the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power with
respect to the SNP Securities as it may be imposed, without any further action or direction on the part of such Holder. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) 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 SNP Securities, the Company or the Relevant Spanish Resolution Authority (as the case may be) shall
provide a written notice to the Depository 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 SNP Securities. The Company shall also
deliver a copy of such notice to the Trustee for information purposes. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) If the Issuer has elected to redeem the SNP 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 SNP 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 accrued interest and Additional Amounts payable under Article 11 of the Original Indenture (as
amended and supplemented hereby)) will be due and payable. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">47 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) Upon the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power
with respect to the SNP Securities which results in the redemption, cancellation, or the conversion into other securities, of all the Amounts Due on the SNP Securities or such SNP Securities otherwise ceasing to be outstanding, the Indenture shall
be deemed satisfied and discharged as to such series of SNP Securities and such SNP Securities shall thereafter be deemed to be not &#147;Outstanding&#148;. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) Each Holder that acquires SNP Securities in the secondary market or otherwise shall be deemed to acknowledge and agree to be bound by and
consent to the same provisions specified in this Third Supplemental Indenture to the same extent as the Holders that acquire the SNP Securities upon their initial issuance, including, without limitation, with respect to this Section&nbsp;3.11. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.12. <I>Notices. </I>Any notice, communication or other document (other than a notice, communication or other document delivered
pursuant to the procedures set forth in Exhibit B, including a Payment Statement) required to be given to any person hereunder shall be given in accordance with Section&nbsp;1.05 or Section&nbsp;1.06 (as the case may be) of the Original Indenture
(as amended and supplemented hereby). Any notice hereunder given by telephone, telecopy, letter or email shall be deemed to be received when in the ordinary course of transmission or post, as the case may be, it would be received.<B> </B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.13. <I>Instructions by Electronic Means.</I> The Trustee and each Agent shall have the right to accept and act upon
instructions, including funds transfer instructions (&#147;<B>Instructions</B>&#148;) given pursuant to the Indenture and delivered using Electronic Means; provided, however, that the Company shall provide to the Trustee and each Agent an incumbency
certificate listing officers with the authority to provide such Instructions (&#147;<B>Authorized Officers</B>&#148;) and containing specimen signatures of such Authorized Officers, which incumbency certificate shall be amended by the Company
whenever a person is to be added or deleted from the listing. If the Company elects to give the Trustee or any Agent Instructions using Electronic Means and the Trustee or the relevant Agent in its discretion elects to act upon such Instructions,
the Trustee&#146;s or the relevant Agent&#146;s understanding of such Instructions shall be deemed controlling. The Company understands and agrees that the Trustee and the Agents cannot determine the identity of the actual sender of such
Instructions and that the Trustee or the relevant Agent shall conclusively presume that directions that purport to have been sent by an Authorized Officer listed on the incumbency certificate provided to the Trustee or such Agent have been sent by
such Authorized Officer. The Company shall be responsible for ensuring that only Authorized Officers transmit such Instructions to the Trustee or the relevant Agent and that the Company and all Authorized Officers are solely responsible to safeguard
the use and confidentiality of applicable user and authorization codes, passwords and/or authentication keys upon receipt by the Company. Neither the Trustee nor the relevant Agent shall be liable for any losses, costs or expenses arising directly
or indirectly from the Trustee&#146;s or such Agent&#146;s reasonable reliance upon and compliance with such Instructions notwithstanding such directions conflict or are inconsistent with a subsequent written instruction. The Company agrees:
(i)&nbsp;to assume all risks arising out of the use of Electronic Means to submit Instructions to the Trustee and the Agents, including without limitation the risk of the Trustee or any Agent acting on unauthorized Instructions, and the risk of
interception and misuse by third parties; (ii)&nbsp;that it is fully informed of the protections and risks associated with the various methods of transmitting Instructions to the Trustee and the Agents and that there may be more secure methods of
transmitting Instructions than the method(s) selected by the Company; (iii)&nbsp;that the security procedures (if any) to be followed in connection with its transmission of Instructions provide to it a commercially reasonable degree of protection in
light of its particular needs and circumstances; and (iv)&nbsp;to notify the Trustee or the relevant Agent immediately upon learning of any compromise or unauthorized use of the security procedures. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, each of the parties hereto has caused this Third Supplemental Indenture
to be duly executed on its behalf as of the date first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD VALIGN="top" COLSPAN="5"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BANCO BILBAO VIZCAYA ARGENTARIA, S.A.,</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">as Issuer</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Ignacio Echevarr&iacute;a</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Ignacio Echevarr&iacute;a</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">BBVA Head of Wholesale Funding&nbsp;&amp; Capital Operations</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">THE BANK OF NEW YORK MELLON, LONDON BRANCH <BR>as Trustee, Paying Agent, Transfer Agent and Calculation Agent</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Ricardo Da Rocha</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Ricardo Da Rocha</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: &#8194;Authorised Signatory</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">THE BANK OF NEW YORK MELLON, <BR>as Security Registrar</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Ricardo Da Rocha</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Ricardo Da Rocha</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: &#8194;Authorised Signatory</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>[Signature Page to Third Supplemental Indenture] </I></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT A </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">FORM OF SECURITY CERTIFICATE REPRESENTING SECURITIES </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">No. [&#149;] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">CUSIP NO. 05946K AR2 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">ISIN NO. US05946KAR23 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">THIS SECURITY IS A GLOBAL
SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE THEREOF. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN CERTIFICATED FORM, THIS SECURITY MAY NOT
BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TRUST COMPANY (THE &#147;<B>DEPOSITORY</B>&#148;) TO A NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY. UNLESS
THIS GLOBAL SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE&nbsp;&amp; CO. OR IN SUCH
OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY (AND ANY PAYMENT IS MADE TO CEDE&nbsp;&amp; CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY), ANY TRANSFER, PLEDGE OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE&nbsp;&amp; CO., HAS AN INTEREST HEREIN. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">BANCO BILBAO VIZCAYA ARGENTARIA, S.A. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">GLOBAL SECURITY </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">representing up
to $[500,000,000] </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Senior <FONT STYLE="white-space:nowrap">Non-Preferred</FONT> Callable <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">Fixed-to-Fixed</FONT></FONT> Rate Notes due 2035 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">BANCO BILBAO VIZCAYA ARGENTARIA, S.A., a <I>sociedad
an&oacute;nima </I>organized under the laws of the Kingdom of Spain and having its registered office in the Kingdom of Spain (together with its successors and permitted assigns under the Indenture referred to on the reverse hereof, the
&#147;<B>Company</B>&#148;), for value received, hereby promises to pay to Cede&nbsp;&amp; Co., or registered assigns, the principal sum of $[500,000,000] on March&nbsp;13, 2035 or on such earlier date as the principal hereof may become due and
payable in accordance with the provisions hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company further unconditionally promises, subject to the Terms and Conditions of
the SNP Securities endorsed on the reverse hereof, to pay interest semi-annually in arrears on March&nbsp;13 and September&nbsp;13 of each year, commencing September&nbsp;13, 2024, until maturity or redemption (each an &#147;<B>Interest Payment
Date</B>&#148;), on said principal sum at (i)&nbsp;a fixed rate of 6.033% per annum from (and including) the issue date to (but excluding) the Reset Date or any date of earlier redemption and, thereafter, (ii)&nbsp;a rate per annum equal to the <FONT
STYLE="white-space:nowrap">1-year</FONT> UST as of the second Business Day immediately preceding the Reset Date, as determined by the Calculation Agent (each term as defined on the reverse hereof), plus 190 basis points, such sum being converted to
a semi-annual rate in accordance with market convention (rounded to the fifth decimal place, with 0.000005 being rounded upwards). Interest shall accrue from (and including) the most recent Interest Payment Date or, with respect to the first
Interest Payment Date, from (and including) the date of issuance, until the principal hereof is paid or made available for payment. The interest payable on any such Interest Payment Date will, subject to certain conditions set forth in the Indenture
referred to on the reverse hereof, be paid to the Holder in whose name this SNP Security is registered as of the close of business on the 15th calendar day (whether or not such day is a Business Day) immediately preceding such Interest Payment Date.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Payment of the principal amount of, and any interest on, this SNP Security will be made by wire transfer of immediately available funds
in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. Such payment shall be made to the Holder including through a paying agent of the Company for collection by
the Holder.<B> </B> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-1 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding any other term of this SNP Security, the Indenture or any other agreements,
arrangements, or understandings between the Company and any Holder, by its acquisition of this SNP Security, each Holder (including, for purposes of this paragraph, each holder of a beneficial interest in the SNP Security) acknowledges, accepts,
consents to and agrees to be bound by: (i)&nbsp;the exercise and effects of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power (as defined on the reverse hereof) by the Relevant Spanish Resolution Authority (as defined on the reverse
hereof), which may be imposed with or without any prior notice with respect to the SNP Security, and may include and result in any of the following, or some combination thereof: (1)&nbsp;the reduction or cancellation of all, or a portion, of the
Amounts Due (as defined on the reverse hereof) on this SNP Security; (2)&nbsp;the conversion of all, or a portion, of the Amounts Due on this SNP Security into shares, other securities or other obligations of the Company or another person (and the
issue to or conferral on the Holder of any such shares, securities or obligations), including by means of an amendment, modification or variation of the terms of this SNP Security; (3)&nbsp;the cancellation of this SNP Security; (4)&nbsp;the
amendment or alteration of the maturity of this SNP Security or amendment of the amount of interest payable on this SNP Security, or the date on which the interest becomes payable, including by suspending payment for a temporary period; and
(ii)&nbsp;the variation of the terms of this SNP Security or the rights of the Holders thereunder or under the Indenture, as deemed necessary by the Relevant Spanish Resolution Authority, to give effect to the exercise of the Spanish <FONT
STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority. The Holder shall not have any claim against the Company in connection with or arising out of any such exercise or variation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Reference is made to the further provisions set forth under the Terms and Conditions of the SNP Securities endorsed on the reverse hereof.
Such further provisions shall for all purposes have the same effect as though fully set forth at this place. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This SNP Security shall not
be valid or obligatory for any purpose until the certificate of authentication of this SNP Security shall have been executed manually, by facsimile or by electronic signature by or on behalf of the Trustee under the Indenture. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>[Remainder of the page left intentionally blank]</I> </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Dated: March&nbsp;13, 2024 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3">BANCO BILBAO VIZCAYA ARGENTARIA, S.A.</TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&#8195;&#8195;</P></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD></TR>
</TABLE></DIV>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Certificate of Authentication </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This is the Global Security of a series designated herein referred to in the within-mentioned Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dated: March&nbsp;13, 2024 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Authenticated in New York </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3">The Bank of New York Mellon, London Branch, as Trustee</TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&#8195;&#8195;&#8195;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Authorized Signatory</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[REVERSE OF SECURITY] </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TERMS AND CONDITIONS OF THE SECURITIES </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. <I>General</I>. This security is one of a duly authorized issue of a series of senior <FONT STYLE="white-space:nowrap">non-preferred</FONT>
debt securities of the Company, designated as its Senior <FONT STYLE="white-space:nowrap">Non-Preferred</FONT> Callable <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Fixed-to-Fixed</FONT></FONT> Rate Notes due 2035 (<I>Bonos
Simples No Preferentes Marzo <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">2024-SEC-10</FONT></FONT></I>) (referred to as the &#147;<B>SNP Securities</B>&#148;), limited to the aggregate principal amount of $1,000,000,000 (except
as otherwise provided in Section&nbsp;3.02 of the Third Supplemental Indenture (as defined below)) and issued or to be issued pursuant to an Indenture (the &#147;<B>Base</B> <B>Indenture</B>&#148;) dated as of June&nbsp;25, 2019 among the Company
and The Bank of New York Mellon, London Branch, as trustee (together with any successor Trustee under the Indenture (as defined herein), the &#147;<B>Trustee</B>&#148;), transfer agent (together with any successor Transfer Agent under the Indenture,
the &#147;<B>Transfer Agent</B>&#148;) and paying agent (together with any successor Paying Agent under the Indenture, the &#147;<B>Paying Agent</B>&#148;) and The Bank of New York Mellon, as security registrar (together with any successor Security
Registrar under the Indenture, the &#147;<B>Security Registrar</B>&#148;), as amended and supplemented prior to the issuance and authentication hereof by a supplemental indenture dated as of March&nbsp;13, 2024 among the Company, The Bank of New
York Mellon, London Branch, as Trustee, Paying Agent, Transfer Agent and calculation agent (together with any successor Calculation Agent under the Indenture, the &#147;<B>Calculation Agent</B>&#148;) and The Bank of New York Mellon, as Security
Registrar (the &#147;<B>Third Supplemental Indenture</B>&#148; and, together with the Base Indenture (as amended and supplemented by the Third Supplemental Indenture), the &#147;<B>Indenture</B>&#148;). The SNP Securities are subject to the terms
and conditions of the Indenture, and such terms and conditions shall have effect as if incorporated herein. All capitalized terms used in this SNP Security but not otherwise defined herein are used as defined in the Indenture and shall have the
meanings assigned to them in the Indenture. References herein to any particular Article, Section or other subdivision of the Base Indenture shall refer to any such Article, Section or other subdivision of the Base Indenture as amended and
supplemented by the Third Supplemental Indenture. The holders of the SNP Securities (each a &#147;<B>Holder</B>&#148;) will be entitled to the benefits of, be bound by, and be deemed to have notice of, all of the provisions of the Indenture and
reference is made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the SNP Securities and of the terms upon which the SNP Securities
are, and are to be, authenticated and delivered. A copy of the Indenture is on file and may be inspected at the Corporate Trust Office of the Trustee. To the extent permitted by applicable law, in the event of any inconsistency between the terms of
this SNP Security and the terms of the Indenture, the terms of the Indenture will control. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The SNP Securities will initially be issued in
the form of one or more global certificates representing the securities of this series in fully registered form without interest coupons (each a &#147;<B>Global Security</B>&#148;) deposited with The Bank of New York Mellon as custodian for the
Depository. The SNP Securities will not be issued in bearer form. The SNP Securities, and transfers thereof, shall be registered as provided in Section&nbsp;3.05 of the Base Indenture. Any person in whose name a SNP Security shall be registered may
(to the fullest extent permitted by applicable law) be treated at all times, and for all purposes, by the Company and the Trustee as the absolute owner of such SNP Security, regardless of any notice of ownership, theft or loss or of any writing
thereon. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. <I>Principal and Interest</I>. (a)&nbsp;The principal of the Outstanding SNP Securities shall be due and payable on
March&nbsp;13, 2035 (the &#147;<B>Stated Maturity Date</B>&#148;) or on such earlier date as the principal thereof may become due and payable in accordance with the provisions hereof. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) From (and including) the Issue Date to (but excluding) March&nbsp;13, 2034 (the &#147;<B>Reset Date</B>&#148;) or any date of earlier
redemption, the SNP Securities will bear interest at a fixed rate of 6.033% per annum. From (and including) the Reset Date to (but excluding) the Stated Maturity Date or any date of earlier redemption, the SNP Securities will bear interest at a
fixed rate per annum equal to the <FONT STYLE="white-space:nowrap">1-year</FONT> UST, as determined by the Calculation Agent, plus 190 basis points, such sum being converted to a semi-annual rate in accordance with market convention (rounded to the
fifth decimal place, with 0.000005 being rounded upwards). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company will pay interest in arrears on the SNP Securities semi-annually
on each Interest Payment Date, up to (and including) the Stated Maturity Date or any date of earlier redemption. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Interest on the SNP
Securities will be calculated on the basis of a <FONT STYLE="white-space:nowrap">360-day</FONT> year of twelve <FONT STYLE="white-space:nowrap">30-day</FONT> months </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For the purposes of calculating the rate of interest applicable from (and including) the Reset Date,
&#147;<B><FONT STYLE="white-space:nowrap">1-year</FONT> UST</B>&#148; means 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 one year, as published in the most recent H.15. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Business Day</B>&#148; means any day, other than Saturday or Sunday, that is
neither a Legal Holiday nor a day on which banking institutions are authorized or required by law, regulation or executive order to close in the City of New York, London or Madrid. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>H.15</B>&#148; means the daily statistical release designated as such and published by the Board of Governors of the United States
Federal Reserve System under the caption &#147;Treasury constant maturities&#148;, or any successor or replacement publication as reasonably determined by the Company and notified to the Calculation Agent, that establishes yield on actively traded
U.S. Treasury securities, and &#147;most recent H.15&#148; means the H.15 that includes a yield to maturity for U.S. Treasury securities with a maturity of one year published closest in time (but prior to) the Reset Determination Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Reset Determination Date</B>&#148; means the second Business Day immediately preceding the Reset Date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Except as described below for the first Interest Payment Date, on each Interest Payment Date, the Company will pay interest on the SNP
Securities for the period commencing on (and including) the immediately preceding Interest Payment Date and ending on (and including) the day immediately preceding that Interest Payment Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On the first Interest Payment Date, the Company will pay interest for the period beginning on (and including) the Issue Date to (but
excluding) September&nbsp;13, 2024. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If any Interest Payment Date falls on a day that is not a Business Day, the related interest payment
shall be postponed to the next day that is a Business Day, and no interest on such payment shall accrue for the period from and after such Interest Payment Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the Stated Maturity Date or date of earlier redemption of any SNP Security falls on a day that is not a Business Day, payment of principal
and interest on the applicable SNP Security will be made on the next succeeding day that is a Business Day, and no interest will accrue for the period from and after such Stated Maturity Date or date of earlier redemption. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Interest on each SNP Security will be paid only to the Person in whose name such SNP Security was registered at the close of business on the
Regular Record Date for the applicable Interest Payment Date. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.<I> Additional Amounts</I>. Any amounts to be paid by the Company with
respect to each SNP Security shall be paid without withholding or deduction for or on account of any and all present or future taxes or duties of whatever nature (&#147;<B>Taxes</B>&#148;) unless such withholding or deduction is required by law. In
the event any such withholding or deduction is imposed or levied in respect of payment of interest (but not principal or premium (if any)) by or on behalf of the Kingdom of Spain or any political subdivision or authority thereof or therein having
the power to tax, the Company will pay to the Holder such Additional Amounts as may be necessary in order that the net amount received by the Holder of such SNP Security under the Indenture, after such withholding or deduction, shall equal the
amount of interest, if any, which would have been receivable by such Holder in the absence of such withholding or deduction; <I>provided, however</I>, that the foregoing obligation to pay Additional Amounts will not apply: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) to, or to a third party on behalf of, a Holder who is liable for such Taxes by reason of such Holder (or the beneficial
owner of the SNP Security for whose benefit such Holder holds such SNP Security) having some connection with the Kingdom of Spain other than the mere holding of the SNP Security (or such beneficial interest) or the mere crediting of the SNP Security
to its securities account with the relevant Depository; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) in the case of a SNP Security presented for payment (where
presentation is required) more than 30 days after the Relevant Date, except to the extent that the Holder would have been entitled to Additional Amounts on presenting the same for payment on such thirtieth day assuming that day to have been a
Business Day in such place of presentment; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-6 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) in respect of any Tax, assessment or other governmental charge that
would not have been imposed but for the failure by the Holder or beneficial owner of the SNP Security to comply with certification, information or other reporting requirements concerning the nationality, residence or identity of the Holder or
beneficial owner of that SNP Security, if compliance is required by statute or by regulation of the Kingdom of Spain or of any political subdivision or taxing authority thereof or therein as a precondition to reduction of or relief or exemption from
the tax, assessment or other governmental charge; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) in respect of any SNP Security presented for payment (where
presentation is required) by or on behalf of a Holder who would be able to avoid such withholding or deduction by presenting the relevant SNP Security to another Paying Agent; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) to, or to a third party on behalf of, a Holder if the Company does not receive any relevant information as may be required
by Spanish tax laws and regulations (including any binding rulings), including a duly executed and completed Payment Statement from the Paying Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Additional Amounts will also not be paid with respect to any payment on any SNP Security to any Holder who is a fiduciary, partnership,
limited liability company or Person other than the sole beneficial owner of such payment to the extent such payment would be required by the laws of the Kingdom of Spain (or any political subdivision thereof) to be included in the income, for
Spanish tax purposes, of a beneficiary or settlor with respect to such fiduciary, member of such partnership, interest holder in that limited liability company or a beneficial owner who would not have been entitled to such Additional Amounts had it
been a Holder of such SNP Security. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">No Additional Amounts will be paid by the Company, the Trustee or any paying agent on account of any
withholding or deduction from a payment on, or in respect of, the SNP Securities where such withholding or deduction is imposed pursuant to any agreement with the U.S. Internal Revenue Service in connection with Sections 1471-1474 of the U.S.
Internal Revenue Code and the U.S. Treasury regulations thereunder (&#147;<B>FATCA</B>&#148;), any intergovernmental agreement between the United States and the Kingdom of Spain or any other jurisdiction with respect to FATCA, or any law, regulation
or other official guidance enacted or issued in any jurisdiction implementing, or relating to, FATCA or any intergovernmental agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. <I>Redemption for Taxation Reasons; Redemption upon an Eligible Liabilities Event; Redemption at the Option of the Company; <FONT
STYLE="white-space:nowrap">Clean-up</FONT> Call.</I> Any redemption of the SNP Securities shall be made in accordance with the terms of Article 11 of the Base Indenture and be in compliance with Applicable Banking Regulations then in force and
subject to the prior consent of the Regulator, if required pursuant to such regulations. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <I>Redemption for Taxation Reasons.</I> All
or part only of the SNP Securities may be redeemed at the Redemption Price at the option of the Company, if, as the result of any change in or any amendment to the laws or regulations of the Kingdom of Spain (including any treaty to which the
Kingdom of Spain is a party) or any political subdivision or any authority or agency thereof or therein having power to tax, or any change in the application or official interpretation of such laws or regulations, which change, amendment,
application or interpretation becomes effective on or after March&nbsp;13, 2024 (the Issue Date of the SNP Securities), (i) the Company would become obligated to pay Additional Amounts in making any payments under the SNP Securities with respect
thereto as a result of any taxes, levies, imposts or other governmental charges imposed (whether by way of withholding or deduction or otherwise) by or for the account of the Kingdom of Spain or any political subdivision or authority thereof or
therein having the power to tax, (ii)&nbsp;the Company would not be entitled to claim a deduction in computing tax liabilities in the Kingdom of Spain or any political subdivision thereof or therein having the power to tax in respect of any interest
to be paid on the next Interest Payment Date on the SNP Securities or the value of such deduction to the Company would be reduced, or (iii)&nbsp;the applicable tax treatment of the SNP Securities would be materially affected and such change was not
reasonably foreseeable on the Issue Date; <I>provided </I>that, in the case of (i)&nbsp;above, no such notice to the Trustee of the redemption shall be given earlier than 90 days prior to the earliest date on which the Company would be obligated to
deduct or withhold tax or pay such Additional Amounts were a payment in respect of the SNP Securities then due. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Prior to any notice of
redemption of the SNP Securities pursuant to this paragraph 4(a), the Company shall provide the Trustee with (i)&nbsp;an Officer&#146;s Certificate of the Company stating that the Company is entitled to effect such redemption and setting forth in
reasonable detail a statement of circumstances showing that the conditions precedent to the right of the Company to redeem such SNP Securities pursuant to this paragraph 4(a) have been satisfied; and (ii)&nbsp;an Opinion of Counsel to the effect
that any of the circumstances referred to in paragraph 4(a) prevail. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-7 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)<I> Redemption upon an Eligible Liabilities Event.</I> All (but not less than all) of the
SNP Securities may be redeemed at the Redemption Price at the option of the Company if an Eligible Liabilities Event occurs, on or after March&nbsp;13, 2024 (the Issue Date of the SNP Securities). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Prior to any notice of redemption of the SNP Securities pursuant to this paragraph 4(b), the Company shall provide the Trustee with
(i)&nbsp;an Officer&#146;s Certificate of the Company stating that the Company is entitled to effect such redemption and setting forth in reasonable detail a statement of circumstances showing that the conditions precedent to the right of the
Company to redeem such SNP Securities pursuant to this paragraph 4(b) have been satisfied; and (ii)&nbsp;an Opinion of Counsel to the effect that the circumstances referred to in paragraph 4(b) prevail. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <I>Redemption at the Option of the Company.</I> All (but not less than all) of the SNP Securities may be redeemed at the Redemption Price
at the option of the Company on the Reset Date. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <I><FONT STYLE="white-space:nowrap">Clean-up</FONT> Call</I>. All (but not less than
all) of the SNP Securities may be redeemed at the Redemption Price at the option of the Company if, on or after the Issue Date, SNP Securities representing, in the aggregate, 75% or more of the aggregate principal amount of the SNP Securities
(including any SNP Securities issued after the Issue Date and any SNP Securities which have been cancelled by the Trustee in accordance with the Indenture) have been purchased by or on behalf of the Company or any member of the Group. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. <I>Event of Default</I>. &#147;<B>Event of Default</B>&#148;, wherever used herein with respect to this SNP Security, means (whatever the
reason for such Event of Default and whether it shall be voluntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body) that, except
as set forth in the immediately succeeding paragraph, an order shall have been made by any competent court commencing insolvency proceedings (<I>procedimiento concursal</I>) against the Company or an order of any competent court or administrative
agency shall have been made or a resolution shall have been passed by the Company for the dissolution or winding up of the Company (except (i)&nbsp;in the case of a reconstruction, consolidation, amalgamation or merger carried out in compliance with
the requirements set forth in Section&nbsp;8.01 of the Base Indenture (in this case, even without being approved by an Act of the Holders of the SNP Securities) or (ii)&nbsp;in any such case for the purpose of a reconstruction or a consolidation or
an amalgamation or a merger which has been approved by an Act of the Holders of the SNP Securities). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding any other provision
in these terms or the Indenture, any Resolution or Early Intervention with respect to the Company shall not, in and of itself and without regard to any other fact or circumstance, constitute a default or an Event of Default under the immediately
preceding paragraph or under any other provision in these terms or the Indenture with respect to the SNP Securities. In addition, neither (i)&nbsp;a reduction or cancellation, in part or in full, of the Amounts Due (as defined below) on the SNP
Securities or the conversion thereof into another security or obligation of the Company or another Person, in each case as a result of the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power (as defined below) by the
Relevant Spanish Resolution Authority (as defined below) with respect to the Company, nor (ii)&nbsp;the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority with respect to the
SNP Securities, shall constitute an Event of Default or default under the Indenture or the SNP Securities or otherwise constitute <FONT STYLE="white-space:nowrap">non-performance</FONT> of a contractual obligation, or entitle the Holders of the SNP
Securities to any remedies, which are hereby expressly waived. In addition, no repayment or payment of Amounts Due on the SNP Securities shall become due and payable or be paid after the exercise of the Spanish
<FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority if, and to the extent that, such amounts have been reduced, converted, cancelled, amended or altered as a result of such exercise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For the avoidance of doubt, only an Event of Default (rather than any breach or default under the Indenture or the SNP Security) may give rise
to a declaration of acceleration referred to in Section&nbsp;5.02 of the Base Indenture. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. <I>Substitution and Modification</I>. Each
Holder and beneficial owner of the SNP Securities shall, by virtue of its acquisition of the SNP Securities or any beneficial interest therein, be deemed to acknowledge, accept, consent to and agree to be bound by any substitution of or modification
to the terms of the SNP Securities as set forth in Section&nbsp;8.04 of the Base Indenture and to grant to the Company and the Trustee full power and authority to take any action and/or to execute and deliver any document in the name and/or on
behalf of such Holder or beneficial owner, as the case may be, which is necessary or convenient to complete the substitution of or modification to the terms of the SNP Securities, as applicable. Each Holder and beneficial owner of the SNP
Securities, by virtue of its </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-8 </P>

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acquisition of the SNP Securities or any beneficial interest therein, to the extent permitted by the Trust Indenture Act, waives any and all claims, in law and/or in equity, against the Trustee
and/or the Company for, agrees not to initiate a suit against the Trustee and/or the Company in respect of, and agrees that neither the Trustee nor the Company shall be liable for, any action that the Trustee or the Company takes, or abstains from
taking, in either case in connection with the substitution of or modification to the terms of the SNP Securities upon the occurrence of an Eligible Liabilities Event. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7. <I>Enforcement</I>. No Holder of any SNP Security (which, for the purposes of this paragraph 7, includes each holder of a beneficial
interest in any such SNP Security) shall have any right by virtue of or by availing itself of any provision of the Indenture or of these terms to institute any proceeding, judicial or otherwise, with respect to the Indenture or the SNP Securities or
for the appointment of a receiver or trustee, or for any other remedy thereunder, unless (a)&nbsp;such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the SNP Securities, specifying such
Event of Default and stating that such notice is a &#147;Notice of Event of Default&#148; under the Indenture, (b)&nbsp;the Holders of not less than 25% in principal amount of the SNP Securities then Outstanding shall have made written request to
the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee thereunder and such Holder or Holders have offered to the Trustee reasonable indemnity satisfactory to the Trustee against the costs, expenses and
liabilities to be incurred in compliance with such request, (c)&nbsp;the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding, and (d)&nbsp;no direction inconsistent with
such written request has been given to the Trustee during such <FONT STYLE="white-space:nowrap">60-day</FONT> period by Holders of a majority in principal amount of the Outstanding SNP Securities. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8. <I>Ranking</I>. (a)&nbsp;The payment obligations of the Company under the SNP Securities on account of principal are direct, unconditional,
unsubordinated and unsecured obligations of the Company and, upon the insolvency (<I>concurso de acreedores</I>) of the Company, in accordance with and to the extent permitted by the Insolvency Law and other applicable laws relating to or affecting
the enforcement of creditors&#146; rights in the Kingdom of Spain (including, without limitation, Additional Provision 14 of Law 11/2015), but subject to any other ranking that may apply as a result of any mandatory provision of law (or otherwise),
the payment obligations of the Company under the SNP Securities with respect to claims for principal (which claims will constitute ordinary claims) will rank: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">junior to any (a)&nbsp;privileged claims (<I>cr&eacute;ditos privilegiados</I>) (which shall include, among
other claims, any claims in respect of deposits for the purposes of Additional Provision 14.1 of Law 11/2015), (b) claims against the insolvency estate (<I>cr&eacute;ditos contra la masa</I>), and (c)&nbsp;Senior Preferred Obligations;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>pari passu</I> without any preference or priority among themselves and with all other Senior <FONT
STYLE="white-space:nowrap">Non-Preferred</FONT> Obligations; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">senior to all subordinated obligations of, or claims against, the Company (<I>cr&eacute;ditos
subordinados</I>), present and future, </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">such that any relevant claim on account of principal in respect of the SNP
Securities will be satisfied, as appropriate, only to the extent that all claims ranking senior to it have first been satisfied in full, and then pro rata with any claims ranking <I>pari passu</I> with it, in each case as provided above. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Upon the insolvency (<I>concurso de acreedores</I>) of the Company, in accordance with and to the extent permitted by the Insolvency Law and
other applicable laws relating to or affecting the enforcement of creditors&#146; rights in the Kingdom of Spain, but subject to any other ranking that may apply as a result of any mandatory provision of law (or otherwise), the payment obligations
of the Company under the SNP Securities with respect to claims for accrued but unpaid interest on the SNP Securities shall constitute subordinated claims (<I>cr&eacute;ditos subordinados</I>) against the Company ranking in accordance with the
provisions of the Insolvency Law. No further interest on the SNP Securities shall accrue from the date of declaration of the insolvency of the Company. Claims in respect of Additional Amounts shall also constitute subordinated claims
(<I>cr&eacute;ditos subordinados</I>) against the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Insolvency Law</B>&#148; means the restated text of the Insolvency
Law, as approved by Spanish Royal Legislative Decree 1/2020 of May&nbsp;5 (<I>Real Decreto Legislativo 1/2020, de 5 de mayo, por el que se aprueba el texto refundido de la Ley Concursal</I>), as amended, replaced or supplemented from time to time.
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>ordinary claims</B>&#148; means the class of claims with respect to unsecured, <FONT
STYLE="white-space:nowrap">non-privileged</FONT> and unsubordinated obligations (<I>cr&eacute;ditos ordinarios</I>) of the Company which, upon the insolvency (<I>concurso de acreedores</I>) of the Company and pursuant to the Insolvency Law and other
applicable laws relating to or affecting the enforcement of creditors&#146; rights in the Kingdom of Spain, rank (i)&nbsp;junior to privileged claims (<I>cr&eacute;ditos privilegiados</I>) (which shall include, among other claims, any claims in
respect of deposits for the purposes of Additional Provision 14.1 of Law 11/2015 and any secured claims), and claims against the insolvency estate (<I>cr&eacute;ditos contra la masa</I>) and (ii)&nbsp;senior to subordinated claims
(<I>cr&eacute;ditos subordinados</I>). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Senior <FONT STYLE="white-space:nowrap">Non-Preferred</FONT> Obligations</B>&#148;
(<I>cr&eacute;ditos ordinarios no preferentes</I>) means the obligations of the Company with respect to (i)&nbsp;the payment of principal under the SNP Securities and (ii)&nbsp;all other ordinary claims, present and future, which, upon the
insolvency (<I>concurso de acreedores</I>) of the Company, are expressed to rank within the ordinary claims but junior to Senior Preferred Obligations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Senior Preferred Obligations</B>&#148; means the obligations of the Company with respect to all ordinary claims, present and future,
other than Senior <FONT STYLE="white-space:nowrap">Non-Preferred</FONT> Obligations. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Each Holder and beneficial owner of this SNP
Security by his acceptance thereof, to the extent permitted by Spanish law, authorizes and directs the Trustee on his behalf to take such action as may be necessary or appropriate to effectuate the ranking of the SNP Securities provided in this
paragraph 8 and appoints the Trustee his or her <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorney-in-fact</FONT></FONT> for any and all such purposes, including, if required, to grant any private or public documents on such
Holder&#146;s or beneficial owner&#146;s behalf. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9. <I>Certain Undertakings and Agreements by Holders</I>. (a)&nbsp;Notwithstanding any
other term of this SNP Security, the Indenture or any other agreements, arrangements, or understandings between the Company and any Holder, by its acquisition of this SNP Security, each Holder (which, for the purposes of this paragraph 9, includes
each holder of a beneficial interest in the SNP Security) acknowledges, accepts, consents to and agrees to be bound by: (i)&nbsp;the exercise and effects 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 SNP Security, and may include and result in any of the following, or some combination thereof: (1)&nbsp;the reduction or cancellation of all, or a
portion, of the Amounts Due on the SNP Securities; (2)&nbsp;the conversion of all, or a portion, of the Amounts Due on the SNP Securities into shares, other securities or other obligations of the Company or another Person (and the issue to or
conferral on the Holder of any such shares, securities or obligations), including by means of an amendment, modification or variation of the terms of the SNP Securities; (3)&nbsp;the cancellation of the SNP Securities; (4)&nbsp;the amendment or
alteration of the maturity of the SNP Securities or amendment of the amount of interest payable on the SNP Securities, or the date on which the interest becomes payable, including by suspending payment for a temporary period; and (ii)&nbsp;the
variation of the terms of the SNP Securities or the rights of the Holders thereunder or under the Indenture, as deemed necessary by the Relevant Spanish Resolution Authority, to give effect to the exercise of the Spanish <FONT
STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) By its acquisition of this SNP Security,
each Holder acknowledges and agrees that neither a reduction or cancellation, in part or in full, of the Amounts Due on the SNP Securities or the conversion thereof into another security or obligation of the Company or another person, in each case
as a result of the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority with respect to the Company, nor the exercise of the Spanish
<FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority with respect to the SNP 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 Event of Default with respect to the SNP Securities or under the Indenture. By its acquisition of this SNP Security, each
Holder further acknowledges and agrees that no repayment or payment of Amounts Due on the SNP Securities shall become due and payable or be paid after the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant
Spanish Resolution Authority if, and to the extent that, such amounts have been reduced, converted, cancelled, amended or altered as a result of such exercise. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) By its acquisition of this SNP 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 SNP Securities. Additionally, by its acquisition of this SNP 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 SNP Securities: (i)&nbsp;the Trustee shall not be required to take any further
directions from the Holders with respect to any portion of the SNP Securities that is written down, converted to equity and/or cancelled under Section&nbsp;5.12 of the Base Indenture; and (ii)&nbsp;the Indenture shall not impose any duties
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
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; <I>provided,
however</I>, 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 SNP Securities, so long as any SNP Securities remain Outstanding,
there shall at all times be a trustee for the SNP 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 SNP Securities remain Outstanding following the completion of the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) By its acquisition of this SNP Security, each Holder shall be deemed to have authorized, directed and requested the Depository and any
direct participant in the Depository or other intermediary through which it holds such SNP Security to take any and all necessary actions, if required, to implement the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power
with respect to the SNP Security as it may be imposed, without any further action or direction on the part of such Holder. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) 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 SNP Securities, the Company or the Relevant Spanish Resolution Authority (as the case may be) shall
provide a written notice to the Depository 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 SNP Securities. The Company shall also
deliver a copy of such notice to the Trustee for information purposes. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) If the Company has elected to redeem the SNP 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 SNP 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 accrued interest and Additional Amounts payable under Article 11 of the Base Indenture) will be
due and payable. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) Upon the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power with respect to the SNP
Securities which results in the redemption, cancellation, or the conversion into other securities, of all the Amounts Due on the SNP Securities or such SNP Securities otherwise ceasing to be outstanding, the Indenture shall be deemed satisfied and
discharged as to such series of SNP Securities and such SNP Securities shall thereafter be deemed to be not &#147;Outstanding&#148;. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h)
Each Holder that acquires this SNP Security in the secondary market or otherwise shall be deemed to acknowledge and agree to be bound by and consent to the same provisions specified herein and in the Indenture to the same extent as the Holders that
acquire the SNP Securities upon their initial issuance, including, without limitation, with respect to this paragraph 9. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Amounts
Due</B>&#148; with respect to a SNP Security means the principal amount of or outstanding amount (if applicable), together with any accrued but unpaid interest, Additional Amounts and premium (if any) due on such SNP Security. References to such
amounts will include amounts that have become due and payable, but which have not been paid, prior to the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power (as defined below) by the Relevant Spanish Resolution Authority.
References to such amounts will also include amounts held in trust by the Company, any Paying Agent or the Trustee pursuant to Section&nbsp;10.03 of the Base Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power</B>&#148; means any write-down, conversion, transfer, modification,
cancellation or suspension power existing from time to time under: (i)&nbsp;any law, regulation, rule or requirement applicable from time to time in the Kingdom of Spain, relating to the transposition or development of the BRRD, including, but not
limited to (a)&nbsp;Law 11/2015, (b) RD 1012/2015 and (c)&nbsp;the SRM Regulation; or (ii)&nbsp;any other law, regulation, rule or requirement applicable from time to time in the Kingdom of Spain pursuant to which (a)&nbsp;obligations or liabilities
of banks, investment firms or other financial institutions or their affiliates can be reduced, cancelled, modified, transferred or converted into shares, other securities, or other obligations of such Persons or any other Person (or suspended for a
temporary period or permanently) or (b)&nbsp;any right in a contract governing such obligations may be deemed to have been exercised. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10.
<I>Governing Law</I>. This SNP Security 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, issuance and execution by the Company of the SNP Securities and paragraphs 8(a) and 9<B> </B>shall be governed by and construed in accordance with the common laws of the Kingdom of Spain. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-11 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11. <I>Additional Terms.</I> Additional terms of the SNP Securities, including but not
limited to terms related to payment of defaulted interest; amendments to the Indenture and waiver of past defaults; replacement, exchange and transfer of the SNP Securities; the duties, immunities and rights of the Trustee, the Paying Agent, the
Transfer Agent, the Calculation Agent and the Security Registrar; notices; limitation on claims; submission to jurisdiction; and service of process, are set forth in the Indenture and shall have effect as if incorporated herein. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-12 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TRUSTEE, PAYING AGENT, TRANSFER AGENT, </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CALCULATION AGENT AND SECURITY REGISTRAR </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Trustee </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">The Bank of New
York Mellon, London Branch </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">160 Queen Victoria Street </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">London, EC4V 4LA </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">United Kingdom
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Security Registrar </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">The Bank of New York Mellon </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">240
Greenwich Street </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">New York, New York 10286 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Paying Agent, Transfer Agent and Calculation Agent </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">The Bank of New York Mellon, London Branch </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">160 Queen Victoria Street </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">London,
EC4V 4LA </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">United Kingdom </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-13 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT B </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SUMMARY OF PROCEDURES TO BE PERFORMED BY THE ISSUER AND THE PAYING AGENT IN CONNECTION WITH SPANISH LAW 10/2014, OF JUNE&nbsp;26, AS AMENDED,
AND ROYAL DECREE 1065/2007, OF JULY&nbsp;27, AS AMENDED </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following is a summary of the procedures implemented to facilitate collection
of the relevant information necessary to enable the Issuer to comply with its reporting obligations pursuant to Additional Provision 1 of Law 10/2014 and Royal Decree 1065/2007, as amended (&#147;<B>Royal Decree 1065/2007</B>&#148;), pursuant to
Section&nbsp;3.06 of the Third Supplemental Indenture to which this <U>Exhibit B</U> is appended. The following is only a summary and is subject to any changes in Spanish tax law and/or regulations, or the interpretation thereof, which the Spanish
tax authorities may promulgate from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For the purposes of this summary, &#147;<B>Payment Amount</B>&#148; means (i)&nbsp;with
respect to an Interest Payment Date, the aggregate amount of interest payable on such date, and (ii)&nbsp;with respect to a Redemption Date, the aggregate amount of the difference, if any, between the aggregate Redemption Price of the SNP Securities
being redeemed on such date and the aggregate principal amount of such SNP Securities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Payment Date</B>&#148; means an Interest
Payment Date or a Redemption Date, as applicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Payment Statement</B>&#148; means the statement to be delivered to the Issuer
by the Paying Agent, substantially in the form set forth in Annex I to this <U>Exhibit B</U>, pursuant to Section&nbsp;3.06 of the Third Supplemental Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All other terms used but not defined herein shall have the meanings assigned to them in the Indenture (as such term is defined in the Third
Supplemental Indenture to which this <U>Exhibit B</U> is appended). </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>Payment Statement:</I> In connection with each payment in respect of the SNP Securities, the Paying Agent
shall deliver to the Issuer by close of business on the Business Day immediately preceding the relevant Payment Date (the &#147;<B>Payment Statement Time</B>&#148;) a duly completed and executed Payment Statement. The Payment Statement will reflect
the information required to be reported at the Payment Statement Time according to Royal Decree 1065/2007. The Payment Statement may be delivered by email or in .pdf form, provided that the original of the Payment Statement is received by the Issuer
no later than the 10th day of the month immediately following the relevant Payment Date as described above. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>Preparations for payment:</I> The Paying Agent will prepare the credit confirmation for the Depository based
on the documentation (if any) received from The Bank of New York Mellon as custodian for the Depository, provided that no communication to the contrary has been previously received from the Issuer before that time. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>Payment upon receipt of the Payment Statement: </I> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) If the Payment Statement is delivered by the Paying Agent in a timely manner to the Issuer duly completed, the relevant
payment of the Payment Amount in respect of the SNP Securities will be made free and clear of Spanish withholding tax. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)
In such a case, the Issuer will transfer to the Paying Agent for value on the relevant Payment Date 100% of the Payment Amount. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) On the relevant Payment Date, the Paying Agent will transfer to the Depository 100% of the Payment Amount. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) The Depository will credit the relevant amounts to the accounts of the holders of SNP Securities as of the relevant record
date. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>Payment upon failure to deliver the Payment Statement: </I> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Issuer will transfer to the Paying Agent for value on the relevant Payment Date 100% of the Payment Amount. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-1 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) If the Issuer has not received from the Paying Agent by the Payment Statement Time the
Payment Statement, then on the relevant Payment Date, the Issuer shall instruct the Paying Agent to withhold Spanish income tax on behalf of the Issuer from the relevant payment at the then applicable rate (currently 19%) corresponding to applicable
Spanish tax law. In the absence of such an instruction, the Paying Agent shall pay the relevant payment free and clear of Spanish withholding tax. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) The Depository will credit the relevant amounts, net of the relevant percentage (currently 19%), if any, withheld by the Paying Agent in
respect of applicable Spanish tax laws, to the accounts the holders of SNP Securities as of the relevant record date. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) If, after the
relevant Payment Date but on or before the 10th day of the month immediately following the relevant Payment Date, the Paying Agent provides the duly completed Payment Statement to the Issuer, then the Issuer shall instruct the Paying Agent to
transfer the amounts withheld in respect of the relevant payment pursuant to paragraph 4(b) above by way of reimbursement of the amounts withheld on the relevant Payment Date in respect of payments under the SNP Securities. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) If the Paying Agent for any reason is unable to submit a duly completed and executed Payment Statement to the Issuer by the 10th day of the
month immediately following the relevant Payment Date, the Paying Agent shall immediately (but in any event no later than the Business Day following the 10th day of the month immediately following the relevant Payment Date) return to the Issuer any
remaining amount of the withholding tax (currently 19%) withheld in respect of the relevant payment, and investors will have to apply directly to the Spanish tax authorities for any refund to which they may be entitled. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Set forth in Annex I to this <U>Exhibit B</U> is the annex provided by Royal Decree 1065/2007. Sections in English have been translated from
the original Spanish. In the event of any discrepancy, the Spanish version will prevail. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Notices, etc. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Any notice, statement or other paper, document or communication made or given by the Issuer to the Paying Agent pursuant to the procedures set forth in this
<U>Exhibit B</U> shall be sent by email or fax or communicated by telephone, as follows (or as the Paying Agent shall have notified the Issuer in writing): c/o The Bank of New York Mellon, London Branch, 160 Queen Victoria Street, London EC4V 4LA,
United Kingdom (Attention: Global Corporate Trust), telephone: +44 (0) 1202 689 923, fax: +44 (0) 20 7964 2536; email address: corpsov4@bnymellon.com. Any notice, statement or other paper, document or communication made or given by the Paying Agent
to the Issuer pursuant to the procedures set forth in this Appendix 1, other than a Payment Statement, shall be sent by email or fax or communicated by telephone, as follows (or as the Issuer shall have notified the Paying Agent in writing):
Attention: Finance Department, telephone: +34 (91) 5377253 and +34 (91) 5378195, email address: finance.deparment@bbva.com. <FONT STYLE="white-space:nowrap">Non-original</FONT> copies of a Payment Statement shall be sent by email or fax to the
Issuer. The original copy of a duly executed and completed Payment Statement shall be sent by posted mail or courier to the Issuer, at the following address: Calle Azul 4, 28050 Madrid, Spain (Attention: Ignacio Echevarr&iacute;a and Daniel Cubero).
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Annex I </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">FORM OF PAYMENT STATEMENT TO BE DELIVERED BY THE PAYING AGENT </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>[English translation provided for informational purposes only] </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Modelo de declaraci&oacute;n a que se refieren los apartados 3, 4 y 5 del art&iacute;culo 44 del Reglamento General de las actuaciones y los
procedimientos de gesti&oacute;n e inspecci&oacute;n tributaria y de desarrollo de las normas comunes de los procedimientos de aplicaci&oacute;n de los tributos<SUP STYLE="font-size:75%; vertical-align:top">1</SUP> </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Model declaration form referred to in paragraphs 3, 4 and 5 of section 44 of the General Regulations of conduct and procedures relating to tax administration
and inspection and the development of general rules of procedures for the enforcement of taxes </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Don (nombre), con n&uacute;mero de
identificaci&oacute;n fiscal (1) (&#133;), en nombre y representaci&oacute;n de (entidad declarante), con n&uacute;mero de identificaci&oacute;n fiscal (1) (&#133;.) y domicilio en (&#133;) en calidad de (marcar la letra que proceda): </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;(name), with tax identification number (1) (...), in the name and on behalf of (declaring entity), with tax identification number (1) (...), with
domicile in (address) acting in its capacity as (check as appropriate): </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Entidad Gestora del Mercado de Deuda P&uacute;blica en Anotaciones </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>(a)</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>Managing Entity of the Public Debt Book-Entry Market </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Entidad que gestiona el sistema de compensaci&oacute;n y liquidaci&oacute;n de valores con sede en el
extranjero </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>(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>Clearing and settlement entity located outside Spain </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>(c)</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>Otras entidades que mantienen valores por cuenta de terceros en entidades de compensaci&oacute;n y
liquidaci&oacute;n de valores domiciliadas en territorio espa&ntilde;ol </B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Other entities that hold securities on behalf of third parties in clearing and settlement systems domiciled in
Spain </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>(d)</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>Agente de pagos designado por el emisor </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Paying Agent appointed by the issuer </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Formula la siguiente declaraci&oacute;n, de acuerdo con lo que consta en sus propios registros: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Files the following statement, in accordance with the information set forth in its own records: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>En relaci&oacute;n con los apartados 3 y 4 del art&iacute;culo 44: </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Regarding sections 3 and 4 of section 44: </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.1</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Identificaci&oacute;n de los valores </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Identification of the securities </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.2</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Fecha de pago de los rendimientos (o de reembolso si son valores emitidos al descuento o segregados)
</B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Date on which payment will be made (or reimbursement date in case of securities issued at a discount or
segregated securities) </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.3</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Importe total de los rendimientos (o importe total a reembolsar, en todo caso, si son valores emitidos al
descuento o segregados) </B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Total amount of payment (or total amount to be reimbursed, in any event, in case of securities issued at a
discount or segregated securities) </P></TD></TR></TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Paying Agent will only need to provide responses to the questions set forth in Section&nbsp;2 of this form
(i.e., questions 2.1 to 2.6). </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-3 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


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

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.4</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Importe de los rendimientos correspondiente a contribuyentes del Impuesto sobre la Renta de las Personas
F&iacute;sicas, excepto cupones segregados y principales segregados en cuyo reembolso intervenga una Entidad Gestora </B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Amount of payment corresponding to Spanish Individual Income Tax taxpayers, except with respect to segregated
coupons and segregated principal the payment of which is handled by a Managing Entity </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.5</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Importe de los rendimientos que conforme al apartado 2 del art&iacute;culo 44 debe abonarse por su importe
&iacute;ntegro (o importe total a reembolsar si son valores emitidos al descuento o segregados) </B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.5</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Amount of payment that, pursuant to section 2 of section 44, must be paid in full (or the total amount to be
reimbursed in the case of securities issued at a discount or segregated securities) </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>En relaci&oacute;n con el apartado 5 del art&iacute;culo 44: </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Regarding section 5 of section 44: </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.1</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Identificaci&oacute;n de los valores </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Identification of the securities </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.2</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Fecha de pago de los rendimientos (o de reembolso si son valores emitidos al descuento o segregados)
</B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Date on which payment will be made (or reimbursement date in case of securities issued at a discount or
segregated securities) </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.3</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Importe total de los rendimientos (o importe total a reembolsar si son valores emitidos al descuento o
segregados) </B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Total amount of payment<SUP STYLE="font-size:75%; vertical-align:top">2</SUP> (or total amount to be
reimbursed, in any event, in case of securities issued at a discount or segregated securities) </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.4</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Importe correspondiente a la entidad que gestiona el sistema de compensaci&oacute;n y liquidaci&oacute;n de
valores con sede en el extranjero A </B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Amount of payment<SUP STYLE="font-size:75%; vertical-align:top">2</SUP> corresponding to clearing and
settlement entity &#147;A&#148;<SUP STYLE="font-size:75%; vertical-align:top">3</SUP> located outside Spain </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.5</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Importe correspondiente a la entidad que gestiona el sistema de compensaci&oacute;n y liquidaci&oacute;n de
valores con sede en el extranjero B </B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.5</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Amount of payment<SUP STYLE="font-size:75%; vertical-align:top">2</SUP> corresponding to clearing and
settlement entity &#147;B&#148;<SUP STYLE="font-size:75%; vertical-align:top">3 </SUP>located outside Spain </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.6</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>Importe correspondiente a la entidad que gestiona el sistema de compensaci&oacute;n y liquidaci&oacute;n de
valores con sede en el extranjero C </B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.6</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Amount of payment<SUP STYLE="font-size:75%; vertical-align:top">2</SUP> corresponding to clearing and
settlement entity &#147;C&#148;<SUP STYLE="font-size:75%; vertical-align:top">3</SUP> located outside Spain<SUP STYLE="font-size:75%; vertical-align:top">4</SUP> </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Lo que declaro en ..................&#133;.a &#133;. de ...................&#133;de &#133;. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I declare the above in [location] on the [day] of [month] of [year]. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name:_____________________, on behalf of The Bank of New York Mellon, London Branch as Paying Agent with respect to the Securities. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">2</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Refers to: (i)&nbsp;with respect to an Interest Payment Date, the aggregate amount of interest payable on such
date, and (ii)&nbsp;with respect to a Redemption Date, the aggregate amount of the difference between the Redemption Price and the principal amount of the SNP Securities being redeemed on such date. </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"><SUP STYLE="font-size:75%; vertical-align:top">3</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">References to A, B and C, respectively, shall be replaced by the complete name of the relevant foreign clearing
and settlement entity (such as The Depository Trust Company). If there is a single foreign clearing and settlement entity, only question 2.4 need be completed. </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">
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">To be complemented as appropriate if the relevant payment of income is made through more than three different
clearing and settlement entities outside Spain. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-4 </P>

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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">En caso de personas, f&iacute;sicas o jur&iacute;dicas, no residentes sin establecimiento permanente se
har&aacute; constar el n&uacute;mero o c&oacute;digo de identificaci&oacute;n que corresponda de conformidad con su pa&iacute;s de residencia. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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establishment in Spain, please include the identification number or code that corresponds in accordance with the laws of their country of residence. </P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>Exhibit 5.1 </I></B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Davis Polk&nbsp;&amp; Wardwell <SMALL>LLP</SMALL></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Paseo de la Castellana, 41</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">28046 Madrid</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">davispolk.com</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">March 13, 2024 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Banco Bilbao
Vizcaya Argentaria, S.A. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Calle Azul, 4 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">28050 Madrid </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Spain </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Banco Bilbao Vizcaya Argentaria, S.A., a <I>sociedad</I><I> </I><I>an</I><I>&oacute;</I><I>nima</I> organized under the laws of the Kingdom of Spain (the
&#147;<B>Company</B>&#148;), filed with the Securities and Exchange Commission a Registration Statement on Form <FONT STYLE="white-space:nowrap">F-3</FONT> (File No.&nbsp;333-266391) (the &#147;<B>Registration Statement</B>&#148;), and the related
Prospectus (the &#147;<B>Prospectus</B>&#148;) for the purpose of registering under the Securities Act of 1933, as amended (the &#147;<B>Securities Act</B>&#148;), certain securities, including $1,000,000,000 aggregate principal amount of the
Company&#146;s 5.381% senior preferred fixed rate notes due 2029 (the &#147;<B>2029 Notes</B>&#148;) and $1,000,000,000 aggregate principal amount of the Company&#146;s senior <FONT STYLE="white-space:nowrap">non-preferred</FONT> callable <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">fixed-to-fixed</FONT></FONT> rate notes due 2035 (the &#147;<B>2035 Notes</B>&#148; and each of the 2029 Notes and the 2035 Notes a &#147;<B>series of Securities</B>&#148; and together the
&#147;<B>Securities</B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The 2029 Notes are to be issued pursuant to the provisions of the Senior Debt Securities Indenture dated as of
July&nbsp;28, 2016 (the &#147;<B>Senior Debt Securities Base Indenture</B>&#148;) between the Company and The Bank of New York Mellon, acting (except with respect to its role as security registrar) through its London Branch, as trustee, security
registrar, transfer agent and paying agent, as amended and supplemented, with respect to the 2029 Notes, by the third supplemental indenture dated as of March&nbsp;13, 2024 (the &#147;<B>2029 Notes Supplemental Indenture</B>&#148;). The 2035 Notes
are to be issued pursuant to the provisions of the Senior <FONT STYLE="white-space:nowrap">Non-Preferred</FONT> Debt Securities Indenture dated as of June&nbsp;25, 2019 (the &#147;<B>Senior <FONT STYLE="white-space:nowrap">Non-Preferred</FONT> Debt
Securities Base Indenture</B>,&#148; and each of the Senior Debt Securities Base Indenture and the Senior <FONT STYLE="white-space:nowrap">Non-Preferred</FONT> Debt Securities Base Indenture, a &#147;<B>Base Indenture</B>&#148;) between the Company
and The Bank of New York Mellon, acting (except with respect to its role as security registrar) through its London Branch, as trustee, transfer agent, paying agent and security registrar, as amended and supplemented, with respect to the 2035 Notes,
by the third supplemental indenture dated as of March&nbsp;13, 2024 (the &#147;<B>2035 Notes Supplemental Indenture</B>,&#148; and each of the 2029 Notes Supplemental Indenture and the 2035 Notes Supplemental Indenture, a &#147;<B>Supplemental
Indenture</B>&#148;), under which The Bank of New York Mellon, acting through its London Branch, has also agreed to act as calculation agent. Each Base Indenture, as so amended and supplemented by the applicable Supplemental Indenture with respect
to the relevant series of Securities, is hereinafter referred to as an &#147;<B>Indenture</B>.&#148; The Securities are to be sold pursuant to the Underwriting Agreement (the &#147;<B>Underwriting Agreement</B>&#148;) incorporated by reference in
the Pricing Agreement dated March&nbsp;13, 2024 (together with the Underwriting Agreement, the &#147;<B>Pricing Agreement</B>&#148;) among the Company and the several underwriters named therein (the &#147;<B>Underwriters</B>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We, as your special U.S. counsel, have examined originals or copies of such documents, corporate records, certificates of public officials and other
instruments as we have deemed necessary or advisable for the purpose of rendering this opinion. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In rendering the opinions expressed herein, we have,
without independent inquiry or investigation, assumed that (i)&nbsp;all documents submitted to us as originals are authentic and complete, (ii)&nbsp;all documents submitted to us as copies conform to authentic, complete originals, (iii)&nbsp;all
documents filed with or submitted to the Securities and Exchange Commission through its Electronic Data Gathering, Analysis and Retrieval (&#147;<B>EDGAR</B>&#148;) system (except for required EDGAR formatting changes) conform to
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<TD VALIGN="top">Banco Bilbao Vizcaya Argentaria, S.A.</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
the versions of such documents reviewed by us prior to such formatting (iv)&nbsp;all signatures on all documents that we reviewed are genuine, (v)&nbsp;all natural persons executing documents had
and have the legal capacity to do so, (vi)&nbsp;all statements in certificates of public officials and officers of the Company that we reviewed were and are accurate and (vii)&nbsp;all representations made by the Company as to matters of fact in the
documents that we reviewed were and are accurate<B>.</B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Based upon the foregoing, and subject to the additional assumptions and qualifications set forth
below, we advise you that, in our opinion, assuming that the Securities have been duly executed and authenticated in accordance with the provisions of the relevant Indenture and delivered to and paid for by the Underwriters pursuant to the Pricing
Agreement, the Securities (other than the terms thereof expressed to be governed by Spanish law, as to which we express no opinion) will constitute valid and binding obligations of the Company, enforceable in accordance with their terms, subject to
applicable bankruptcy, insolvency and similar laws affecting creditors&#146; rights generally, concepts of reasonableness and equitable principles of general applicability, and subject to possible judicial or regulatory actions giving effect to
governmental actions or foreign laws affecting creditors&#146; rights, provided that we express no opinion as to the validity, legally binding effect or enforceability of any provision that permits holders to collect any portion of stated principal
amount upon acceleration of the Securities to the extent determined to constitute unearned interest. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In connection with the opinion expressed above, we
have assumed that the Company is validly existing as a corporation under the laws of the Kingdom of Spain. In addition, we have assumed that the Indentures and the Securities (collectively, the &#147;<B>Documents</B>&#148;) are valid, binding and
enforceable agreements of each party thereto. We have also assumed that the execution, delivery and performance by each party to each Document to which it is a party (a)&nbsp;are within its corporate powers, (b)&nbsp;do not contravene, or constitute
a default under, the bylaws or other constitutive documents of such party, (c)&nbsp;require no action by or in respect of, or filing with, any governmental body, agency or official and (d)&nbsp;do not contravene, or constitute a default under, any
provision of applicable law, regulation or public policy or any judgment, injunction, order or decree or any agreement or other instrument binding upon such party. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We express no opinion as to (i)&nbsp;any provisions in the Indentures that purport to waive objections to venue, claims that a particular jurisdiction is an
inconvenient forum or the like, (ii)&nbsp;whether a United States federal court would have subject-matter or personal jurisdiction over a controversy arising under the Indentures or the Securities or (iii)&nbsp;the effectiveness of any service of
process made other than in accordance with applicable law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We express no opinion as to (i)&nbsp;whether a New York State or United States federal court
would render or enforce a judgment in a currency other than U.S. Dollars or enforce the exclusivity of the jurisdiction of the Spanish courts or waivers of holders and owners of Securities provided for in the Indentures and the Securities for the
purposes described therein or (ii)&nbsp;the exchange rate that such a court would use in rendering a judgment in U.S. Dollars in respect of an obligation in any other currency. Further, we express no opinion as to the effect of fraudulent
conveyance, fraudulent transfer or similar provisions of applicable law on the opinions expressed above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We note that the
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">choice-of-law</FONT></FONT> provisions of the Indentures and the Securities, as applicable, are expressed to select Spanish law as the governing law for certain matters related to the
Indentures and the Securities, including the authorization and execution of the Indentures, the authorization, issuance and execution of the Securities and certain provisions of the Indentures and the Securities related to the status and ranking of
the Securities, the waiver of rights of <FONT STYLE="white-space:nowrap">set-off</FONT> and the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power (as such term is defined therein). We also note that the <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">submission-to-jurisdiction</FONT></FONT> provisions of the Indentures and the Securities, as applicable, are expressed to provide that the Spanish courts shall have exclusive jurisdiction in respect of any suit or
proceeding arising out of or relating to the Securities or the Indentures arising out of, relating to or in connection with the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution
Authority (as such terms are defined therein). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="top">Banco Bilbao Vizcaya Argentaria, S.A.</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We also express no opinion with respect to Section&nbsp;8.04 of the Senior Debt Securities Base Indenture (as
amended by Section&nbsp;2.01(z) of the 2029 Notes Supplemental Indenture), Section&nbsp;8.04 of the Senior <FONT STYLE="white-space:nowrap">Non-Preferred</FONT> Debt Securities Base Indenture<B> </B>(as amended by Section&nbsp;2.01(m) of the 2035
Notes Supplemental Indenture), the Section entitled &#147;<I>Substitution and Modification</I>&#148; of each series of Securities or any provision of the Indentures or the Securities relating to the Spanish
<FONT STYLE="white-space:nowrap">Bail-in</FONT> Power (as such term is defined therein). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We are members of the Bar of the State of New York and the
foregoing opinion is limited to the laws of the State of New York and the federal laws of the United States of America, except that we express no opinion as to any law, rule or regulation that is applicable to the Company or the Documents or the
transactions contemplated thereby solely because such law, rule or regulation is part of a regulatory regime applicable to any party to any of the Documents or any of its affiliates due to the specific assets or business of such party or such
affiliate. Insofar as the foregoing opinion involves matters governed by the laws of the Kingdom of Spain, we have relied, without independent inquiry or investigation, on the opinion of J&amp;A Garrigues, S.L.P., Spanish legal counsel for the
Company, dated as of March 13, 2024, to be filed as an exhibit to a report on Form <FONT STYLE="white-space:nowrap">6-K</FONT> to be filed by the Company on the date hereof, and our opinion is subject to the qualifications, assumptions and
limitations set forth therein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We hereby consent to the filing of this opinion as an exhibit to a report on Form
<FONT STYLE="white-space:nowrap">6-K</FONT> to be filed by the Company on the date hereof and its incorporation by reference into the Registration Statement and further consent to the reference to our name under the caption &#147;Validity of the
Securities&#148; in the prospectus supplement which is a part of the Registration Statement. In giving this consent, we do not admit that we are in the category of persons whose consent is required under Section&nbsp;7 of the Securities Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Very truly yours, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ Davis Polk&nbsp;&amp; Wardwell LLP </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>Exhibit&nbsp;5.2 </I></B></P>
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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">March&nbsp;13, 2024 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>To:
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Banco Bilbao Vizcaya Argentaria, S.A. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Calle
Azul 4, 28050 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Madrid, Espa&ntilde;a </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Re: Banco Bilbao
Vizcaya Argentaria, S.A. issue of 5.381% Senior Preferred Fixed Rate Notes due 2029 (the &#147;Senior Preferred Notes&#148;) and Senior <FONT STYLE="white-space:nowrap">Non-Preferred</FONT> Callable <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">Fixed-to-Fixed</FONT></FONT> Rate Notes due 2035 (the &#147;Senior <FONT STYLE="white-space:nowrap">Non-Preferred</FONT> Notes&#148; and together with the Senior Preferred Notes, the &#147;Notes&#148;) </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have acted as Spanish legal counsel for Banco Bilbao Vizcaya Argentaria, S.A. (hereinafter, &#147;<B>BBVA</B>&#148; or the &#147;<B>Issuer</B>&#148;) in
connection with the issuance of the above referred to securities and the execution of the underwriting agreement dated March&nbsp;5, 2024 (the &#147;<B>Underwriting Agreement</B>&#148;) entered into among the Issuer and BBVA Securities Inc.,<B>
</B>BofA Securities, Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC, Morgan Stanley&nbsp;&amp; Co. LLC, RBC Capital Markets, LLC and Wells Fargo Securities, LLC, as underwriters (jointly, the &#147;<B>Underwriters</B>&#148;) and
incorporated by reference into the pricing agreement dated March&nbsp;5, 2024 (together with the Underwriting Agreement, the &#147;<B>Pricing Agreement</B>&#148;).<B> </B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the Pricing Agreement, the Issuer has agreed to issue and the Underwriters have agreed to subscribe and pay or to direct other parties to
subscribe and pay for the Notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Senior Preferred Notes will be issued pursuant to the senior debt securities indenture (the &#147;<B>SP Base
Indenture</B>&#148;) dated as of July&nbsp;28, 2016 between BBVA, as issuer, The Bank of New York Mellon, acting (except with respect to its role as security registrar) through its London Branch, as trustee (the &#147;<B>Trustee</B>&#148;), security
registrar, transfer agent and paying agent (the &#147;<B>Paying Agent</B>&#148;), as amended and supplemented by the third supplemental indenture to the SP Base Indenture, dated as of March&nbsp;13, 2024 (the &#147;<B>Third SP Supplemental
Indenture</B>&#148; and together with the SP Base Indenture, the &#147;<B>SP Indenture</B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Senior
<FONT STYLE="white-space:nowrap">Non-Preferred</FONT> Notes will be issued pursuant to the senior <FONT STYLE="white-space:nowrap">non-preferred</FONT> debt securities indenture (the &#147;<B>SNP Base Indenture</B>&#148;) dated as of June&nbsp;25,
2019 between BBVA, as issuer, and The Bank of New York Mellon, acting (except with respect to its role as security registrar), as Trustee, transfer agent, Paying Agent and security registrar, as amended and supplemented by the third supplemental
indenture to the SNP Base Indenture, dated as of March&nbsp;13, 2024 (the &#147;<B>Third SNP Supplemental Indenture</B>&#148; and together with the SNP Base Indenture, the &#147;<B>SNP Indenture</B>&#148;). Under the Third SNP Supplemental
Indenture, The Bank of New York Mellon, acting through its London Branch, has also agreed to act as calculation agent. Hereinafter, the SP Indenture and the SNP Indenture will be referred to as the &#147;<B>Indentures</B>&#148;, and the Pricing
Agreement and the Indentures will be referred to collectively as the &#147;<B>Agreements</B>&#148;. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Senior Preferred Notes will also be issued pursuant to the granting of a public deed of issuance
(<I>escritura de emisi&oacute;n</I>) by the Issuer on March&nbsp;6, 2024 in front of the notary public of Madrid, Mr.&nbsp;Rodrigo Tena Arregui, with number 447 of his official records (the &#147;<B>Senior Preferred Notes Public Deed</B>&#148;) and
its registration with the Commercial Registry of Vizcaya (Bizkaia) on March&nbsp;7, 2024 with record number 4,660 of the corporate sheet of the Issuer open at such commercial registry, and the Senior
<FONT STYLE="white-space:nowrap">Non-Preferred</FONT> Notes will also be issued pursuant to the granting of a public deed of issuance (<I>escritura de emisi&oacute;n</I>) by the Issuer on March&nbsp;6, 2024 in front of the notary public of Madrid,
Mr.&nbsp;Rodrigo Tena Arregui, with number 448 of his official records (the &#147;<B>Senior <FONT STYLE="white-space:nowrap">Non-Preferred</FONT> Notes</B> <B>Public Deed</B>&#148; and, together with the Senior Preferred Notes Public Deed, the
&#147;<B>Public Deeds</B>&#148;) and its registration with the Commercial Registry of Vizcaya (Bizkaia) on March&nbsp;7, 2024 with record number 4,661 of the corporate sheet of the Issuer open at such commercial registry. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><U>Scope</U> </B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>1.1</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Documents examined </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For the purposes of issuing this legal opinion, we have reviewed and examined originals or copies, certified or otherwise identified to our satisfaction, of
such records of the Issuer and such other documents and made such inquiries with officers of BBVA as we have deemed necessary as a basis for the opinions hereinafter expressed. In particular, we have reviewed and examined copies of the following
documents: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a copy of the executed Agreements; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a copy of the Public Deeds (<I>escrituras de emisi&oacute;n</I>); </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a copy of the executed Notes; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a photocopy of the deed of incorporation of the Issuer granted on October&nbsp;1, 1988, before the notary
public of Bilbao Mr.&nbsp;Jos&eacute; Mar&iacute;a Arriola Arana with the number 4,350 of his official records; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a copy of the <FONT STYLE="white-space:nowrap">by-laws</FONT> of the Issuer (the &#147;<B><FONT
STYLE="white-space:nowrap">By-Laws</FONT></B>&#148;) available on the Issuer&acute;s corporate webpage as of the date hereof
<FONT STYLE="white-space:nowrap">(https://accionistaseinversores.bbva.com/wp-content/uploads/2023/12/ESP_Estatutos_Sociales_BBVA.pdf);</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(vi)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a copy of the certification issued by the Secretary of the Board of Directors of the Issuer including the
resolutions passed by the Board of Directors of such company on November&nbsp;29, 2023; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(vii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a copy of the registration statement on Form <FONT STYLE="white-space:nowrap">F-3</FONT> (File <FONT
STYLE="white-space:nowrap">No.&nbsp;333-266391)</FONT> as filed with the U.S. Securities and Exchange Commission (the &#147;<B>Commission</B>&#148;) on July&nbsp;29, 2022 (the &#147;<B>Registration Statement</B>&#148;) and the related prospectus
(including the documents incorporated by reference therein) dated July&nbsp;29, 2022 (hereinafter referred to as the &#147;<B>Base Prospectus</B>&#148;); </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

</DIV></Center>


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

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(viii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a copy of the preliminary prospectus supplement relating to the Notes filed with the Commission on
March&nbsp;5, 2024 (including the documents incorporated by reference therein) (the &#147;<B>Preliminary Prospectus Supplement</B>&#148;); </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(ix)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a copy of the final prospectus supplement relating to the Notes filed with the Commission on March&nbsp;6, 2024
(including the documents incorporated by reference therein) (the &#147;<B>Final</B> <B>Prospectus Supplement</B>&#148; and, together with the Base Prospectus, the &#147;<B>Prospectus</B>&#148;); </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(x)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a copy of the free-writing prospectus set forth in Appendix B to the Pricing Agreement (the &#147;<B>Pricing
Term Sheet</B>&#148; and together with the Registration Statement, including the Base Prospectus and the Preliminary Prospectus Supplement, the &#147;<B>Disclosure Package</B>&#148;); </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(xi)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a copy of the public deed executed before the Notary Public of Madrid Mr.&nbsp;Rodrigo Tena Arregui on
October&nbsp;10, 2023 under number 1,642 of his official records under which BBVA granted powers of attorney in favor of Ms.&nbsp;Luisa G&oacute;mez Bravo, such deed being duly registered with the Commercial Registry of Vizcaya under Volume 6,177,
Sheet 135, Page <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">BI-17-A,</FONT></FONT> entry 4569; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(xii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">an <FONT STYLE="white-space:nowrap">on-line</FONT> excerpt (<I>nota simple telem&aacute;tica</I>) of the data
of the Issuer issued by the Commercial Registry of Vizcaya on the date hereof; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(xiii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">search results on the date hereof for the Issuer on the website of the registers of the Bank of Spain, on the
CNMV website and on the online Public Register of Insolvency Decisions (<U>www.publicidadconcursal.es</U>). </P></TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><U>Assumptions underlying the opinion</U> </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On issuing this opinion we assume that: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the documents we have consulted and reviewed to issue this opinion and the signatures, stamps and seals
attached thereto are accurate, genuine and complete and have not been modified or rendered null and void by any documents other than those provided by, or publicly available in, the consulted and reviewed sources; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the photocopies of the documents provided to us in order to issue this opinion are true and complete copies of
their originals; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the signatures and seals appearing in the executed documents submitted to us are authentic;
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
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<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the Underwriters, the Paying Agent, the Trustee and any other party different from the Issuer have the
corporate power and authority to enter into and perform as provided for under the Agreements and have taken all respective and necessary corporate action to authorize the execution, delivery and performance of the Agreements, thereby becoming legal
and valid obligations binding on the parties thereto (except for the Issuer) (and are not subject to avoidance by any person) under all applicable laws and in all applicable jurisdictions (other than the laws of the Kingdom of Spain
(&#147;<B>Spain</B>&#148;)) and insofar as any of such Agreements and other documents is to be performed in any jurisdiction other than Spain, its performance will not be illegal or ineffective by virtue of the laws of that jurisdiction;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the individuals that execute the Agreements on behalf of the parties thereto (except for the Issuer), as the
case may be, have the power, and have been authorized by all necessary corporate action, to execute and deliver the Agreements; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(vi)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">all deeds, instruments, agreements and other documents in relation to the matters contemplated by the
Agreements are within the capacity and powers of, have been validly authorized, executed and delivered by the parties thereto (except for the Issuer); </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(vii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the absence of fraud and the presence of good faith on the part of the Issuer; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(viii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the representations and warranties (other than any representations and warranties as to which we are expressing
an opinion herein) given by each of the parties to the Agreements are in each case true, accurate and complete in all respects; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ix)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">without having made any investigation, that any provisions of the Agreements which are governed by the laws of
the State of New York or any other applicable laws other than the laws of Spain constitute legal, valid, binding and enforceable obligations of the respective parties thereto under such laws; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(x)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">there are no contractual or similar restrictions binding on any person which would affect the conclusions of
this opinion resulting from any agreement or arrangement not being a document specifically examined by us for the purposes of this opinion and there are no arrangements between any of the parties to the documents which modify or supersede any of the
terms thereof (it being understood that we are not aware of the existence of any such agreement or arrangement); </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(xi)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">insofar as any obligation under the documents examined is to be performed in, or is otherwise subject to, any
jurisdiction other than Spain, their performance will not be illegal or ineffective by virtue of any law of, or contrary to public policy in, that jurisdiction; and </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(xii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the Registration Statement, the Base Prospectus, the Preliminary Prospectus Supplement, the Final Prospectus
Supplement and the Pricing Term Sheet have each been filed with the Commission. </P></TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>3.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><U>Scope of the opinion</U> </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This opinion refers solely and exclusively to legal matters and is issued solely with respect to Spanish law in force on the date hereof. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>4.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><U>Opinion</U> </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Issuer is a limited liability company (<I>sociedad an&oacute;nima</I>) duly incorporated and validly
existing under the laws of Spain and has full power and capacity to conduct its businesses as described in the Disclosure Package and the Prospectus, to enter into the Agreements and the Public Deeds, to issue the Notes and to undertake and perform
its obligations established thereunder. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Issuer has all requisite power and authority to enter into and perform its obligations under the Agreements
and the Public Deeds, to issue and perform its obligations under the Notes and has taken all necessary actions to approve and authorize the execution and delivery of the Agreements and the Public Deeds and the issuance of the Notes and the
performance of its obligations thereunder. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Issuer, as a limited liability company (<I>sociedad an&oacute;nima</I>), has all the requisite corporate
power and authority to issue the Notes, as provided for in the Agreements and as described in the Disclosure Package and the Prospectus. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Issuer is not in liquidation, dissolution, insolvency or similar proceedings, and no liquidator,
administrator or receiver or analogous person under the laws of Spain has been appointed over all or any of the Issuer&#146;s assets. To the best of our knowledge and based on the information available at the online Public Register of Insolvency
Decisions (<U>www.publicidadconcursal.es</U>), no notice of commencement of insolvency proceedings has been filed in respect of the Issuer. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">e)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Save for the registration of the Public Deeds (<I>escrituras de emisi&oacute;n</I>) with the Commercial
Registry of Vizcaya, which has taken place, no other consents, approvals, authorizations, orders, regulations, qualifications or clearances of or with any court or governmental agency or regulatory body in Spain having jurisdiction over the Issuer
and its subsidiaries or any of their properties or of any stock exchange authorities in Spain is required for (i)&nbsp;the valid authorization, execution and delivery by the Issuer of the Agreements and the Public Deeds and the performance of its
obligations thereunder and the issuance, delivery and sale of the Notes (subject to the selling restrictions in Spain contained in the Pricing Agreement, the Disclosure Package and the Prospectus) and the performance of its obligations thereunder,
(ii)&nbsp;to effect distributions and any payments in United States of America dollars under the Notes or (iii)&nbsp;for the consummation by the Issuer of the other transactions contemplated by the Agreements, the Notes or the Public Deeds.
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">f)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Agreements, the Public Deeds and the Notes have been duly authorized, executed, issued and delivered by the
Issuer, as applicable, and constitute legal, valid, binding and enforceable obligations of the Issuer, enforceable against the Issuer in accordance with their terms, are in appropriate form to be admissible in evidence in the Courts of Spain and
contain no material provision that is contrary to law or public policy in Spain. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">g)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Each of the individuals signing the Agreements, the Public Deeds and the Notes in the name and on behalf of the
Issuer was, at the time of execution of the Agreements, the Public Deeds and the Notes, duly empowered to act in the name and on behalf of the Issuer. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">h)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The execution and delivery of the Agreements, the Public Deeds and the Notes and the consummation of the
transactions therein contemplated and compliance with the terms thereof do not conflict with or result in a breach of: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">any provision of the <FONT STYLE="white-space:nowrap">By-Laws;</FONT> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">any present law or regulation in force in Spain; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">any judicial or administrative order binding on the Issuer or its assets of which we are aware taking into
account that no review or investigation on this subject has been performed; or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the principles of public policy (&#147;<I>orden p&uacute;blico&#148;</I>) as these are construed in Spain as of
the date of this opinion. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Notes have been duly authorized and validly issued and fully
<FONT STYLE="white-space:nowrap">paid-in,</FONT> and no holder thereof is or will be subject to personal liability by reason only of being such a holder. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">j)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The statements made in the Disclosure Package and the Prospectus and any amendments thereto under the captions
&#147;Certain Terms of the Notes&#148;, &#147;Description of the Notes of BBVA&#148;, &#147;Enforcement of Civil Liabilities&#148; and &#147;Spanish Tax Considerations&#148;, &#147;Annex A Direct Refund from Spanish Tax Authorities Procedures&#148;,
and related to the ranking of the Notes and the effects of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power, to the extent that they relate to matters of Spanish law or taxation, are true and accurate and there are no facts the
omission of which from such statements would make the same misleading in any material respect. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">k)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">No filing or registration of the Registration Statement, the Disclosure Package, the Prospectus or any other
offering document or circular is necessary under Spanish law in connection with the issuance, sale or delivery of the Notes to the Underwriters, in the manner contemplated by the Prospectus and/or the Agreements, or the resale and delivery of such
Notes by the Underwriters in the manner contemplated by the Prospectus and/or the Agreements. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">l)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Insofar as matters of Spanish law are concerned, the Registration Statement, the Disclosure Package and the
Prospectus have been duly authorized by and on behalf of the Issuer. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">m)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Under the laws of Spain, neither the Issuer nor any of its assets (including properties) have any immunity from
service of process, suit or proceedings or from the enforcement of any judgment, including attachments (whether on the grounds of sovereign immunity or otherwise). </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">n)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The provisions contained in: (i)&nbsp;Section&nbsp;13.01 of the SP Base Indenture (as amended by the Third SP
Supplemental Indenture) and (ii)&nbsp;Section&nbsp;13.01 of the SNP Base Indenture (as amended by the Third SNP Supplemental Indenture), which are expressed to be governed by Spanish law, constitute legal, valid and binding obligations of the
Issuer, enforceable in accordance with their terms. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">o)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Additionally, the claims of the holders of Notes arising from any Note, the Agreements or the Public Deeds will
be subject, in accordance with their own terms as reflected in the Indenture, to the exercise of any power in compliance with any laws, regulations, rules or requirements in effect in the Spain, relating to the transposition of Directive 2014/59/EU
establishing a framework for the recovery and resolution of credit institutions and investment firms, as amended from time to time, including, but not limited to (i)&nbsp;Law 11/2015, as amended from time to time, (ii)&nbsp;Royal Decree 1012/2015 of
November&nbsp;6, as amended from time to time, (iii)&nbsp;Regulation (EU) No.&nbsp;806/2014 of the European Parliament and of the Council of July&nbsp;15, 2014 establishing uniform rules and a uniform procedure for the resolution of credit
institutions and certain investment firms in the framework of the Single Resolution Mechanism and the Single Resolution Fund and amending Regulation (EU) No.&nbsp;1093/2010, as amended from time to time, and (iv)&nbsp;any other instruments, rules or
standards made in connection with either (i), (ii) or (iii). </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">p)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">It is not necessary to ensure the legality, validity, enforceability or admissibility in evidence of the
Agreements, the Notes and the Public Deeds that any document be filed, recorded or enrolled with any government department or other authority in Spain, except for the filing and registration of the Public Deeds in the Commercial Registry of Vizcaya
(Bizkaia), which has been obtained. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">q)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Spanish courts will give effect to the choice of the State of New York as the governing law of the aspects
expressly stated into the Agreements and the Notes subject to the terms and conditions of Regulation (EC) No.&nbsp;593/2008 of the European Parliament and of the Council of June&nbsp;17, 2008 on the law applicable to contractual obligations (Rome I)
(with respect to the Agreements) and Article 10.3 of the Spanish Civil Code (<I>C&oacute;digo Civil</I>) and Article 405 of the Spanish Companies Law (<I>Ley de Sociedades de Capital) </I>(with respect to the Notes). </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">r)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Issuer can sue and be sued in its own name, and under the laws of Spain the irrevocable submission of the
Issuer, pursuant to Section&nbsp;1.16 (b) of the SP Base Indenture (as amended by the Third SP Supplemental Indenture), Section&nbsp;1.08 of the Third SP Supplemental Indenture, Section&nbsp;1.16 (b) of the SNP Base
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
Indenture and Section&nbsp;1.08 of the Third SNP Supplemental Indenture, to the <FONT STYLE="white-space:nowrap">non-exclusive</FONT> jurisdiction of the state and federal courts in the Borough
of Manhattan, The City of New York, New York (each a &#147;<B>New York Court</B>&#148;), and the waiver by the Issuer of any objection to the venue of a proceeding in a New York Court, in each case pursuant to the Agreements, are legal, valid and
binding; and service of process effected in the manner set forth in the Agreements, assuming their validity under New York law, will be effective, insofar as Spanish law is concerned, to confer valid personal jurisdiction over the Issuer before a
New York Court. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">s)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">A judgment duly obtained in a New York Court in connection with the Agreements and the Notes will be recognized
and enforceable, under the laws of Spain, against the Issuer by the courts of Spain without a retrial or <FONT STYLE="white-space:nowrap">re-examination</FONT> of the matters thereby adjudicated. The judicial courts of Spain will recognize and
enforce, without <FONT STYLE="white-space:nowrap">re-examination</FONT> of the merits of the case, as a valid judgment, any final judgment obtained against the Issuer in respect of the Agreements and the Notes, subject to full compliance with the
requirements set forth in the international treaties that may be applicable from time to time and, as the case may be, to Law 29/2015 of July&nbsp;30 on international cooperation in civil matters (<I>Ley 29/2015, de 30 de julio, de
cooperaci&oacute;n jur&iacute;dica internacional en materia civil</I>) (&#147;<B>Law 29/2015</B>&#148;). For the recognition and enforcement in Spain of a judgment or decision with executive force rendered by said courts, such judgement or decision
will have to be subject to the exequatur procedure, for which purpose, the requirements under Law 29/2015, among others, must be met, including that such judgment shall not fall within the circumstances set forth in Article 46 of Law 29/2015.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">t)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Any judgment obtained from a Spanish court against the Issuer by the holder of any Note or by any party to the
Agreements would be expressed in the currency set out in the enforcement title (<I>t&iacute;tulo ejecutivo</I>) upon which the enforcement judgment is based. Any judicial costs and expenses as well as any default interest shall always be payable in
the corresponding Spanish currency. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">u)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">It is not necessary under the laws of Spain (i)&nbsp;to enable any person to exercise or enforce its rights
under the Agreements and/or the Notes or (ii)&nbsp;by reason of any person being or becoming a party to the Agreements and/or the Notes or by reason of the performance of any person of its obligations or enforcement of its rights thereunder or in
respect thereof that such person should be licensed, qualified or otherwise entitled to carry on business in Spain (save in connection with the offer, sale and distribution of the Notes in Spain, which is subject to certain restrictions, as provided
for in the selling restrictions contained in the Pricing Agreement, the Disclosure Package and the Prospectus). </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


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

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>5.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><U>Qualifications</U> </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This opinion is subject to the following qualifications: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">We do not give any opinion to any laws other than the laws of the Spanish legal system in force as of the
present date. Accordingly, this opinion is confined to Spanish law only as currently in force and as construed in Spain. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Our opinion is subject to the effect of any applicable bankruptcy, temporary receivership, insolvency,
reorganization, administration, moratorium or similar laws (including but not limited to eventual fraudulent transactions and the preference of creditors) and other Spanish law provisions generally affecting the rights of creditors (including the
application of a claw-back period), as well as to any principles of public policy (<I>orden p&uacute;blico</I>). </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:11%; font-size:10pt; font-family:Times New Roman">It
should be noted that according to Articles 12.3 (related to the <FONT STYLE="white-space:nowrap">non-</FONT> application of foreign laws contrary to public policy) and 12.4 of the Spanish Civil Code (whereby fraud of law will be considered when a
conflict of law rule is used for the purpose of avoiding the application of a mandatory Spanish law) and related legislation, the laws other than those of Spain would not be applied by Spanish courts if submission to such laws is deemed to have been
made in order to avoid the application of mandatory Spanish laws, or to be contrary to public policy. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The term &#147;enforceable&#148; means that the obligations assumed by the relevant party under the Agreements,
the Public Deeds and the Notes are of a type that the Spanish courts would enforce and it does not mean that those obligations will be necessarily enforced in all circumstances in accordance with their terms. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Enforceability may be qualified by having regard to the general principle of good faith. In connection to this,
the Spanish courts may not accept the enforcement of a contractual obligation if they hold that a certain right has not been exercised in good faith or has been exercised as an abuse of the law (<I>abuso</I><I> de derecho</I>). Likewise, in
conformity with Article 6.4 of the Spanish Civil Code, acts performed pursuant to the wording of a provision and pursuing a result prohibited by or contrary to the law will be deemed to have been performed in circumvention of law (<I>fraude</I><I>
de ley</I>) and will not prevent the application of the provision sought to be avoided. Accordingly, Spanish courts may refuse to uphold the termination of an agreement based on an unreasonable, inequitable or bad faith interpretation of one of its
events of default. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Spanish law precludes an agreement from being terminated based on the breach of obligations, undertakings or
covenants which are merely ancillary or supplementary to the main undertakings of the relevant agreements and allows Spanish courts not to enforce any such termination. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">c.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Spanish law rules out any contractual obligations whose validity is left at the discretion of one of the
contracting parties. Therefore, Spanish courts may refuse to uphold and enforce terms and conditions of an agreement giving discretionary authority to one of the contracting parties. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


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

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">d.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">A Spanish court may issue an award of damages where specific performance is deemed impracticable.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">e.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Spanish law limits the enforcement of fixed-penalty provisions contained in agreements, allowing Spanish courts
to reduce the amount of the penalty payable when the main obligation has been partially or irregularly performed by the obligor. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">f.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The exercise of the rights arising from the relevant document and the enforcement thereof is limited by the
applicable statute of limitations. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">g.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">A counterparty can oppose to the enforcement of any right <I>in rem</I> before the relevant courts and obtain a
suspension, a different enforcement procedure to the ones agreed upon in the relevant agreement or even a dismissal of the enforcement action. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">h.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">In order for certain legal rights to be enforced in Spain, certain formalities must be met (e.g. notarization
of the document providing for such legal rights and the apostille of the 1961 Hague Convention). </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">i.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">A certified translation into Spanish by a sworn translator of any document not executed in Spanish will be
required to make such document admissible in evidence in Spain. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">j.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Private documents provide full evidence in trial of the terms set forth therein provided that their
authenticity is not contested by the party which may be harmed by them. Where the authenticity of a private document is contested, the party submitting such document may seek an expert&#146;s authentication of handwriting or any other means of
proof. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">k.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">In accordance with the general principles of Spanish civil procedural law (<I>Ley de Enjuiciamiento Civil</I>),
the rules of evidence in any judicial proceeding cannot be modified by agreement of the parties. Accordingly, provisions in an agreement in which determinations by a party are to be deemed to be conclusive may not be upheld by a Spanish court. A
determination, designation, calculation or certificate of one party as to any matter provided in an agreement might, in certain circumstances, be held by a Spanish court not to be final, conclusive and binding, if it could be shown to have an
unreasonable or arbitrary basis or in the event of manifest error despite any provision in the relevant agreement to the contrary. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Where obligations are to be performed in a jurisdiction outside Spain, they may not be enforceable in Spain to
the extent that performance would be illegal under the laws of the applicable jurisdiction. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


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

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Regarding opinion 4.s) and according to Article 3.2 of Law 29/2015, the Spanish Government may establish that
the Spanish authorities will not cooperate with another state&#146;s authorities when there has been a reiterated refusal of cooperation or there exists a legal prohibition precluding such cooperation by such other state&#146;s authorities.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(vi)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Spanish law does not allow leaving the validity and performance of contractual obligations at the discretion of
one of the contracting parties. Therefore, a Spanish court may not uphold or enforce terms and conditions in the Agreements, the Notes and the Public Deeds giving discretionary authority to one of the parties. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(vii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">It should be understood that we have not been responsible for investigating or verifying the accuracy of facts
or statements of foreign law, or the reasonableness of any statements of opinion, expectation, intention or belief contained in or represented by or in connection to the Issuer in the Registration Statement and the Disclosure Package as far as they
are not related to Spanish law or taxation. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(viii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">No opinion is expressed as to the financial ability of the Issuer to fulfil its obligations under the Notes
and/or the Agreements. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(ix)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">A Spanish court might not enforce any provision of the Agreements, the Public Deeds and/or the Notes which
requires any party thereto to pay any amounts on the grounds that such provision is a penalty within the meaning of Articles 1152 et seq. of the Spanish Civil Code, as the court could consider said amounts evidently excessive as a <FONT
STYLE="white-space:nowrap">pre-estimate</FONT> of damages, in case of partial or <FONT STYLE="white-space:nowrap">non-regular</FONT> compliance of the debtor. In this event, the Court may reduce the amount of damages, pursuant to Article 1154 of the
Spanish Civil Code. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(x)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Spanish courts have exclusive jurisdiction, <I>inter alia</I>, with respect to matters relating to the
incorporation, validity, nullity and dissolution of companies or legal entities domiciled in the Spanish territory, and to any decisions and resolutions of their corporate bodies, as well as with respect to the validity or nullity of any recordings
with a Spanish register, and the recognition and enforcement in Spain of any judgment or arbitration award obtained in a foreign country. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(xi)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Claims may be or become subject to defenses of <FONT STYLE="white-space:nowrap">set-off</FONT> or
counter-claim. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(xii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">A waiver of all defenses to any proceedings may not be enforceable. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(xiii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The ability of terminating an agreement is subject to judicial review and the Spanish courts may provide for a
different remedy for the <FONT STYLE="white-space:nowrap">non-defaulting</FONT> party. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(xiv)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Under the Insolvency Law (as defined in the Prospectus), the declaration of insolvency of a debtor does not by
itself affect the effectiveness of contracts with reciprocal outstanding obligations. Any outstanding obligations arising from said contracts, which the insolvency judge does not terminate, shall be paid from the insolvency estate (<I>masa
activa</I>). </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


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

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(xv)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Contract provisions that grant a party the right to terminate a contract in the event of insolvency are void.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(xvi)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The fact that the powers of the Trustee to act on behalf of the holders result from the Indenture may cause
certain delays in the process of enforcement of the Notes before the Spanish courts. Spain has not ratified the 1985 Hague Convention regarding trusts and their recognition as legal institutions and, therefore, there is a risk that (i)&nbsp;the
Trustee may have to be assigned all of the rights of the holders in order to claim in Spain the entirety of the amounts due on their behalf or (ii)&nbsp;the Spanish court may consider the powers of attorney of the Trustee under the trust instrument
are not sufficiently evidenced to the court and may require additional evidence of the empowerment, such as a sworn translation of the Indenture or other documents related to the granting of powers under New York law, which may result in a delay of
the enforcement process. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(xvii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">This legal opinion does not address the personal tax liability of the holders of the Notes deriving from the
issue, acquisition, ownership and disposition of the Notes. In addition, it does not analyze the issues regarding the general tax obligations of the Issuer that are different than the questions required for this opinion and the hypothetical
liabilities that could arise if those obligations are not fulfilled. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(xviii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Some of the legal concepts are described in English terms and not in their original terms. Such concepts may
not be exactly similar to the concepts described in English terms. This opinion may, therefore, only be relied upon the express condition that any issues of interpretation of Spanish legal concepts arising thereunder will be governed by Spanish law.
</P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:11%; font-size:10pt; font-family:Times New Roman">Without prejudice to the foregoing, for the purposes of the opinions in 4 above, we have considered that the terms (i)
&#147;validly issued&#148; means that (x)&nbsp;the Issuer is validly existing under the laws of Spain, and the Notes are duly authorized; (y)&nbsp;the actions required by Spanish corporation law to approve the issuance of the Notes have been taken;
and (z)&nbsp;the Notes have been issued in compliance with the requirements of Spanish law, the <FONT STYLE="white-space:nowrap">By-Laws</FONT> and the resolutions approving the issuance of the Notes; (ii) &#147;duly authorized&#148; means that the
Issuer, under applicable law and the <FONT STYLE="white-space:nowrap">By-Laws,</FONT> has the power to issue the Notes and has taken all corporate actions necessary to create that power; and (iii) &#147;fully paid in&#148; means that the
consideration received by the Issuer satisfies, in both type and amount, the requirements of Spanish corporation law, the <FONT STYLE="white-space:nowrap">By-Laws</FONT> and the resolutions approving the issuance, and any other applicable agreement
required under Spanish law. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman">This opinion is being furnished by us, as Spanish counsel to the Issuer, to you as a
supporting document in connection with the above referenced Registration Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman">We hereby consent to the filing of this opinion as an
exhibit to the Registration Statement and to the references to us under the caption &#147;Validity of the Securities&#148; contained in the Prospectus Supplement and in the Prospectus included in the Registration Statement. By so consenting, we do
not admit that we are in the category of persons whose consent is required under Section&nbsp;7 of the Securities Act of 1933. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yours faithfully, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ J&amp;A Garrigues S.L.P. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">J&amp;A Garrigues S.L.P. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>

</DIV></Center>

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