Balance Sheet at 31 December 2010 of BBVA

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.
CONTENTS
FINANCIAL STATEMENTS
- BALANCE SHEETS 4
- INCOME STATEMENTS 7
- STATEMENTS OF RECOGNIZED INCOME AND EXPENSES 9
- STATEMENTS OF CHANGES IN EQUITY 10
- CASH FLOW STATEMENTS 12
NOTES TO THE FINANCIAL STATEMENTS
1. INTRODUCTION, BASIS OF PRESENTATION OF THE FINANCIAL STATEMENTS AND OTHER
INFORMATION 14
2. ACCOUNTING POLICIES AND VALUATION CRITERIA APPLIED 16
3. APPLICATION OF EARNINGS 31
4. EARNINGS PER SHARE 32
5. RISK EXPOSURE 33
6. FAIR VALUE OF FINANCIAL INSTRUMENTS 48
7. CASH AND BALANCES WITH CENTRAL BANKS 54
8. FINANCIAL ASSETS AND LIABILITIES HELD FOR TRADING 54
9. OTHER FINANCIAL ASSETS AND LIABILITIES DESIGNATED AT FAIR VALUE THROUGH PROFIT
OR LOSS 57
10. AVAILABLE-FOR-SALE FINANCIAL ASSETS 57
11. LOANS AND RECEIVABLES 60
12. HELD-TO-MATURITY INVESTMENTS 62
13. HEDGING DERIVATIVES (RECEIVABLE AND PAYABLE) AND FAIR VALUE CHANGES OF THE
HEDGED ITEMS IN PORTFOLIO HEDGES 63
14. NON-CURRENT ASSETS HELD FOR SALE AND LIABILITIES ASSOCIATED WITH NON-CURRENT
ASSETS HELD FOR SALE 65
15. INVESTMENTS 68
16. TANGIBLE ASSETS 72
17. INTANGIBLE ASSETS 73
18. TAX ASSETS AND LIABILITIES 73
19. OTHER ASSETS AND LIABILITIES 77
20. FINANCIAL LIABILITIES AT AMORTIZED COST 77
21. PROVISIONS 83
22. PENSION AND OTHER COMMITMENTS 84
23. COMMON STOCK 90
24. SHARE PREMIUM 92
25. RESERVES 92
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