Balance Sheet at 31 December 2010 of BBVA

The breakdown, by transaction type and shown the organized markets and non-organized markets, of the
balances of this heading in the balance sheet as of December 31, 2010 and 2009 is as follows:
Outstanding Financial Trading Derivatives. Breakdown by Markets and Transaction Types
Millions of Euros
2010 Currency Risk
Interest Rate
Risk
Equity Price
Risk
Precious
Metals Risk
Commodities
Risk
Credit Risk
Organized markets
Financial futures - - - - - - -
Options (3) - (27) (11) (6) - (47)
Other products - - - - - - -
Subtotal (3) - (27) (11) (6) - (47)
OTC markets
Credit institutions
Forward transactions (51) - - - - - (51)
Future rate agreements (FRAs) - (6) - - - - (6)
Swaps - (1,785) (4) 1 24 - (1,764)
Options (110) (275) 40 - - - (345)
Other products - - - - - (175) (175)
Subtotal (161) (2,066) 36 1 24 (175) (2,341)
Other financial institutions
Forward transactions 54 - - - - - 54
Future rate agreements (FRAs) - (1) - - - - (1)
Swaps - 1,171 31 - (5) - 1,197
Options (12) (56) (231) - - - (299)
Other products - - - - - 319 319
Subtotal 42 1,114 (200) - (5) 319 1,270
Other sectors
Forward transactions 385 - - - - - 385
Future rate agreements (FRAs) - - - - - - -
Swaps - 1,621 145 - (34) - 1,732
Options (41) 84 393 - - - 436
Other products - - - - - (5) (5)
Subtotal 344 1,705 538 - (34) (5) 2,548
Subtotal 225 753 374 1 (15) 139 1,477
Total 222 753 347 (10) (21) 139 1,430
of which: Asset Trading Derivatives 4,738 24,124 3,602 12 123 1,125 33,724
of which: Liability Trading Derivatives (4,516) (23,371) (3,255) (22) (144) (986) (32,294)
Total
2009
Currency
Risk
Interest Rate
Risk
Equity Price
Risk
Millions of Euros
Precious
Metals Risk
Commodities
Risk
Credit Risk
Organized markets
Financial futures - - - - - - -
Options - - (30) - - - (30)
Other products - - - - - - -
Subtotal - - (30) - - - (30)
OTC markets
Credit institutions
Forward transactions 337 - - - - - 337
Future rate agreements (FRAs) - (7) - - - - (7)
Swaps - (1,755) (125) 2 15 - (1,863)
Options (28) (279) (48) - (6) - (361)
Other products - - - - - (66) (66)
Subtotal 309 (2,041) (173) 2 9 (66) (1,960)
Other financial institutions
Forward transactions 24 - - - - - 24
Future rate agreements (FRAs) - (2) - - - - (2)
Swaps - 932 29 - 1 - 962
Options (1) (55) (341) - - - (397)
Other products - - - - - 345 345
Subtotal 23 875 (312) - 1 345 932
Other sectors
Forward transactions 343 - - - - - 343
Future rate agreements (FRAs) - - - - - - -
Swaps - 1,344 43 - (9) - 1,378
Options 46 155 310 - 3 - 514
Other products - - - - - (51) (51)
Subtotal 389 1,499 353 - (6) (51) 2,184
Subtotal 721 333 (132) 2 4 228 1,156
Total 721 333 (162) 2 4 228 1,126
of which: Asset Trading Derivatives 5,079 20,064 3,489 2 51 1,018 29,703
of which: Liability Trading Derivatives (4,358) (19,731) (3,651) - (47) (790) (28,577)
Total
56