Balance Sheet at 31 December 2010 of BBVA

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Translation of financial statements originally issued in Spanish and prepared in accordance with generally accounting principles Spain (See Note 1 and 54). In the event of a discrepancy, the Spanish-language version prevails. debts to be carried out by Spanish credit institutions. The Bank of Spain has modified and updated certain parameters established in Appendix IX to said Circular in order to adapt them to the experience and information of the Spanish banking sector as a whole following the financial crisis of the past few years. The new requirements included in the Circular have changed the estimates for impairment losses on some financial assets and assets acquired in payment of debts carried out by the Bank. Given that they have been considered as changes in estimates, the impact of these changes, which is not significant, has been recognized in the income statement for 2010. 1.7. INTERNAL CONTROL OF FINANCIAL REPORTING AT BBVA The description of the BBVA's Internal Financial Reporting Control model is described in the Bank's financial statements for the year ended on December 31, 2010. 1.8. “FONDO DE GARANTIA DE DEPOSITOS” The Bank is part of the “Fondo de Garantía de Depósitos” (Deposit Guarantee Fund). The expense incurred by the contributions made to this Agency in 2010 and 2009 amounted to €46 and €47 million, respectively, which are recorded under the heading "Other operating expenses" of the income statement (see Note 39). 1.9. CONSOLIDATION The consolidated financial statements of the BBVA Group for the year ended on December 31, 2010 were prepared in accordance with the International Financial Reporting Standards adopted by the EU, taking into account Bank of Spain Circular 4/2004 and subsequent amendments. The board of directors approved these consolidated financial statements at its meeting on February 1, 2011. The management of the Group’s operations is carried out on a consolidated basis, independently of the individual allocation of the corresponding equity changes and its related results. Consequently, the Bank's annual financial statements have to be considered within the context of the Group, due to the fact that they do not reflect the financial and equity changes that result from the application of the consolidation policies (full consolidation or proportionate consolidation methods) or by the equity method. These changes are reflected in the consolidated financial statements of the Banco Bilbao Vizcaya Argentaria Group for the year 2010, which the Bank's Board of Directors has prepared as well. Appendix I includes the Group's consolidated financial statements. In accordance with the content of these consolidated financial statements prepared in accordance with International Financial Reporting Standards adopted by the European Union, the total amount of the BBVA Group’s assets and consolidated equity at the close of 2010 amounted to €552,738 and €37,475 million respectively, while the consolidated net profit for that year attributed to the parent company totaled €4,606 million. 2. ACCOUNTING POLICIES AND VALUATION CRITERIA APPLIED The Glossary (see Appendix XV) includes the definition of financial and economic terms used in Note 2 and subsequent explanatory notes. Accounting policies and valuation criteria used in preparing these financial statements were as follows: 2.1 FINANCIAL INSTRUMENTS a) Measurement of financial instruments and recognition of changes in fair value All financial instruments are initially accounted for at fair value which, unless there is evidence to the contrary, shall be the transaction price. All the changes during the year, except in trading derivatives, arising from the accrual of interest and similar items are recognized under the headings “Interest and similar income” or “Interest and similar expenses” (see Note 34), as appropriate, in the accompanying income statement for the year. The dividends accrued in the period are registered under the heading “Income from equity instruments” in the income statement (Note 35). 16
Translation of financial statements originally issued in Spanish and prepared in accordance with generally accounting principles Spain (See Note 1 and 54). In the event of a discrepancy, the Spanish-language version prevails. The changes in fair value after the initial recognition, for reasons other than those included in the preceding paragraph, are described below according to the categories of financial assets and liabilities: - “Financial assets held for trading” and “Other financial assets and liabilities designated at fair value through profit or loss” Assets and liabilities recognized under these headings in the accompanying balance sheets are valued at fair value. Changes arising from the measurement at fair value (gains or losses) are recognized at their net value under the heading “Net gains (losses) on financial assets and liabilities” in the accompanying income statements (see Note 38). On the other hand, valuation adjustments by changes in foreign exchange rates are recognized under the heading "Net exchange differences" in the income statements. The fair value of the standard financial derivatives included in the held for trading portfolios is equal to their daily listed price in an active market. If, under exceptional circumstances, their listed price cannot be established on a given date, these derivatives are measured using methods similar to those used to value over-the-counter (“OTC”) derivatives. The fair value of OTC derivatives ("present value" or "theoretical price") is equal to the sum of future cash flows arising from the instrument, discounted at the measurement date; these derivatives are valued using methods recognized by the financial markets: the net present value (NPV) method, option price calculation models, etc. (see Note 6). - “Available-for-sale financial assets” Assets and liabilities recognized under this heading in the accompanying balance sheets are measured at fair value. Changes arising from the measurement at fair value (gains or losses) are recognized temporarily, at the net amount, under the heading “Valuation adjustments - Available-for-sale financial assets” in the accompanying balance sheets. Valuation adjustments arising from non-monetary items by changes in foreign exchange rates are recognized temporarily under the heading “Valuation adjustments - Exchange differences” in the accompanying balance sheets. Valuation adjustments arising from monetary items by changes in foreign exchange rates are recognized under the heading “Net exchange differences” in the income statements. The amounts recognized in the headings “Valuation adjustments - Available-for-sale financial assets” and “Valuation adjustments - Exchange differences” remain in the equity until the asset is derecognized from the balance sheet or until the existence of an impairment loss is determined, at which time those amounts are recognized under the headings “Gains or losses on financial assets and liabilities” (Note 38) or “Net exchange differences” in the income statement. The net impairment losses in the available-for-sale financial assets during the period are recognized under the heading “Impairment losses on financial assets (net) – Other financial instruments not at fair value through profit or loss” in the income statements (Note 43). The gains from sales of other equity instruments considered strategic investments registered under “Available-for-sale Financial Assets” are recognized under the heading “Gains (losses) in non-current assets held-for-sale not classified as discontinued operations” in the income statement, even though they had not been classified in a previous balance sheet as non-current assets held for sale, as indicated in Rule 56 of Circular 4/2004 and subsequent amendments (Note 46). - “Loans and receivables”, “Held-to-maturity investments” and “Financial liabilities at amortized cost” Assets and liabilities recognized under these headings in the accompanying balance sheets are measured at “amortized cost” using the “effective interest rate” method, as the Bank has the intention to hold such financial instruments to maturity. Net impairment losses of assets under these headings arising in a particular year are recognized under the heading “Impairment losses on financial assets (net) – Loans and receivables” or “Impairment losses on financial assets (net) – Other financial instruments not valued at fair value through profit or loss” in the income statement for that year (Note 43). 17
Page 1: For the year ended December 31, 201
Page 4 and 5: Translation of financial statements
Page 56 and 57: The table below outlines the financ
Page 58 and 59: The breakdown, by transaction type
Page 60 and 61: 2009 Unrealized Gains Millions of E
Page 62 and 63: 11. LOANS AND RECEIVABLES 11.1. BRE
Page 64 and 65: Additionally, this heading of the a
Page 66 and 67: As of December 31, 2010 and 2009 th
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As of December 31, 2010 and 2009, t
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15. INVESTMENTS 15.1. INVESTMENTS I
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The changes in 2010 and 2009 in the
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16. TANGIBLE ASSETS As of December
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directives and regulations and by T
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In addition to the income tax recog
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20.2. DEPOSITS FROM CREDIT INSTITUT
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The changes in 2010 and 2009 in the
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This heading of the balance sheet i
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22. PENSION AND OTHER COMMITMENTS T
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The defined benefit commitments as
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• Other commitments with employee
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22.2.3. Summary of effects on profi
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24. SHARE PREMIUM The amounts under
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The percentages of treasury stock h
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29. FINANCIAL GUARANTEES AND DRAWAB
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The amounts recognized in equity in
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38. NET GAINS (LOSSES) ON FINANCIAL
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Equity-instrument-based employee re
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43. IMPAIRMENT LOSSES ON FINANCIAL
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48. ACCOUNTANT FEES AND SERVICES Th
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50. REMUNERATION OF THE BANK’S DI
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The number of “theoretical shares
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APPENDICES 112
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BANCO BILBAO VIZCAYA ARGENTARIA, S.
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APPENDIX II. Additional information
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Additional Information on Consolida
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APPENDIX III. Additional informatio
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APPENDIX V. Changes and notificatio
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APPENDIX V. Changes and notificatio
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APPENDIX VI. Fully consolidated sub
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APPENDIX VIII: Information on data
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B) DEBIT OPERATIONS Millions of Eur
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Appendix X. Balance sheets as of De
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APPENDIX XII. List of Agents 3U EMP
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ARCOS GONZALEZ, FELIX ARTEKARITZA A
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BARRIONUEVO VACA, JOSE LUIS BLANCO
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COLL PEREZ-GRIFO, ANA MARTA COOP. O
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EUROCONSULTING ECONOMISTAS, S.L. FE
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GESTION DE INVERSIONES Y PROMOCIONE
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INVERSIONES BARCARES 55, S.L. JAURE
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MARTINEZ FERNANDEZ, HECTOR MAYORDOM
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ORRIOLS GESE, JORDI PASOCORRECTO, S
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ROJAS ALBENDIN, S.L. RUIZ-ESTELLER
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SUBCONTAB, S.L. TORRICO Y SALMERON,
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APPENDIX XIII. Balance Sheet of Ban
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APPENDIX XIV. Years in which the di
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Deposits from customers Redeemable
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Mortgage-backed bonds Non-current a
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inflation, this is forcing the auth
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6. COMMON STOCK AND TREASURY STOCK
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The grievances and complaints handl
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Development of virtual banking In 2
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Development and coordination of Inn
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12. OTHER INFORMATION AND SUBSEQUEN
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Termination of Directorship Directo
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ANNUAL CORPORATE GOVERNANCE REPORT
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A.3. Complete the following tables
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24/MAY/2010 9/JUN/2010 24/JUN/2010
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Description of the legal restrictio
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B.1.3.Fill in the following tables
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Name of director (person or company
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B.1.8. List, where applicable, any
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c) Total remuneration by type of di
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Article 50 b of the BBVA bylaws est
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4. Propose the senior management re
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Should the board decide against the
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. Matters on which a tie-breaking v
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NO Identify, if applicable, the per
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Amount of non-audit work / Aggregat
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B.2. Committees of the Board of Dir
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Article 32. Composition The Appoint
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The Remuneration committee shall me
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egulators from Spain and abroad may
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established in the specific regulat
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Name of committee Brief description
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Bank or companies of its Group hold
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This organisational set-up is suppl
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MARKET RISK: This risk arises as a
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Liquidity risk. Liquidity risk is t
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Risk materialised in the financial
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During the first half of the year,
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On second summons, twenty-five perc
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the General Meeting as established
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Resolution Three adopted by 95.29%.
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a) The transformation of listed com
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See section: B.1.3 Complies 12. Amo
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See sections: B.1.28 and B.1.30 Com
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34. Directors who give up their pla
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4.- Propose the remuneration policy
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a) To monitor the preparation and t
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G OTHER INFORMATION OF INTEREST If
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(3) Roman Knörr Borrás, who stood
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The provisions registered as of Dec
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Balance Sheet at 31 December 2010 of BBVA

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