Balance Sheet at 31 December 2010 of BBVA

Bank or companies of its Group hold an interest, unless such interest was held prior to joining the
Board or the moment when the Group took out its interest in such business or enterprise, or unless such
companies are listed on domestic or international stock exchanges, or unless authorised to do so by the
Board of Directors.
Directors may not use their position in the Company to obtain material gain. Nor may they take advantage
directly for themselves or indirectly for persons related to them, from any business opportunity that they
have become aware of as a result of their Bank directorship, unless this opportunity has been previously
offered to the Bank and the Bank had decided not to take it up and the director has been authorised to
do so by its Board.
Directors must comply at all times with the applicable provisions of the BBVA Group code of conduct for
stock-exchange trading, with legislation and with any other internal codes regarding requests for loans,
bank bonds and guarantees made to the financial subsidiaries of the BBVA Group. They must refrain
from conducting or from suggesting to a third party any transaction involving shares of the Company
and/or its subsidiary, affiliated or associate companies when their directorship has led to possession of
privileged or confidential information before such information is known to the public.´
Since BBVA is a financial institution, it is subject to Act 31/1968 on incompatibilities and limitations of
chairmen, directors and senior managers in the non-State banking sector. This act states that
chairmen, deputy chairmen, directors and general managers or similar operating in the private-sector
banking industry in Spain may not obtain credits, bonds or guarantees from the bank on whose board or
management team they work, unless expressly authorised by the Bank of Spain.
All the members of the Board and the senior management are subject to the company’s code of conduct
on securities markets
The BBVA Group’s code of conduct on the securities markets is intended to control possible conflicts of
interest. It establishes that everyone subject to the code must notify the head of their area and the
Regulatory Compliance department of situations that could potentially and under specific circumstances
may entail conflicts of interest that could compromise their impartiality, before they engage in any
transaction or conclude any business in which they could arise.
The above notwithstanding, the parties subject to the code have a permanent form filed with the
Regulatory Compliance department, which they must keep up to date, with a standard declaration that
they are given, declaring certain economic and family affiliations specified in the code.
Where there is any doubt about the existence of conflicts of interest, any party subject to the code must
show maximum prudence and notify the head of his/her area and the Regulatory Compliance department
of the specific circumstances surrounding their case, so that they may judge the situation for themselves.
C.7.
Is more than one company of the Group listed in Spain?
Identify the subsidiaries listed in Spain:
NO
WARNING: The English version is only a translation of the original in Spanish for information purposes. In case of a discrepancy,
the Spanish original prevails.