Balance Sheet at 31 December 2010 of BBVA

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2009 Unrealized Gains Millions of Euros Unrealized Losses Fair Value Domestic Debt Securities Spanish Government and other government agency debt securities 262 (59) 15,353 Other debt securities 140 (115) 4,996 Subtotal 402 (174) 20,349 Foreign Debt Securities United States 86 (23) 858 Government securities 2 (2) 155 US Treasury and other US Government agencies 2 (2) 155 States and political subdivisions - - - Other debt securities 84 (21) 703 Other countries 279 (274) 9,403 Other foreign governments and other government agency debt securities 228 (225) 6,339 Other debt securities 51 (49) 3,064 Subtotal 365 (297) 10,261 Total 767 (471) 30,610 10.3. EQUITY INSTRUMENTS The breakdown of the balance of the heading “Equity instruments”, broken down by the nature of the financial instruments as of December 31, 2010 and 2009 is as follows: AFS-Equity Instruments. Breakdown by Type of Financial Instrument 2010 Unrealized Gains Millions of Euros Unrealized Losses Fair Value Equity instruments listed Listed Spanish company shares 1,086 (4) 4,292 Credit institutions - - - Other entities 1,086 (4) 4,292 Listed foreign company shares 4 (24) 184 United States 1 - 12 Other countries 3 (24) 172 Subtotal 1,090 (28) 4,476 Unlisted equity instruments Unlisted Spanish company shares - - 23 Credit institutions - - 1 Other entities - - 22 Unlisted foreign companies shares - - 82 United States - - 54 Other countries - - 28 Subtotal - - 105 Total 1,090 (28) 4,581 2009 Unrealized Gains Millions of Euros Unrealized Losses Fair Value Equity instruments listed Listed Spanish company shares 1,656 (8) 5,110 Credit institutions - - - Other entities 1,656 (8) 5,110 Listed foreign company shares 2 (25) 146 United States - (8) 8 Other countries 2 (17) 138 Subtotal 1,658 (33) 5,256 Unlisted equity instruments Unlisted Spanish company shares - - 23 Credit institutions - - 1 Other entities - - 22 Unlisted foreign companies shares - - 75 United States - - 51 Other countries - - 24 Subtotal - - 98 Total 1,658 (33) 5,354 58
The most significant change in 2009 in this heading was the reclassification of the investment in China National Citic Bank (hereinafter “CNCB”) to “Investments in associates” described in Note 15.1. During 2009, some credit institutions reached an agreement to restructure the Sacresa Group's debt. By virtue of that agreement, through Anida Operaciones Singulares, S.L. (subsidiary fully owned by BBVA) the Group received shares representing 9.1% of the common stock of Metrovacesa, S.A. as dation in repayment of debt amounting to €362 million, and also acquired an extra 1.8% in Metrovacesa's common stock from previous stockholders. In November 2009, the investment that Anida Operaciones Singulares, S.L held in Metrovacesa S.A. at the time, which was 11.4% of its common stock, was transfer to the Bank without this transfer generating any equity changes. 10.4. GAINS/LOSSES The changes in gains/losses, net of tax, in 2010 and 2009 were as follows: Millions of Euros Changes in Valuation Adjustments - Available-for- Sale Financial Assets 2010 2009 Balance at the beginning 1,567 937 Valuation gains and losses (1,756) 1,045 Income tax 510 (398) Amounts transferred to income (*) (282) (17) Balance at the end 39 1,567 Of which: Debt securities (909) 207 Equity instruments 948 1,360 (*) The amount transferred to 2010 and 2009 gains and losses was registered under the heading “Net gains (losses) on financial assets and liabilities” of the accompanying income statements (Note 38). The losses recognized under the heading “Impairment losses on financial assets (net) - Available for sale assets” in the income statement for the year ended December 31, 2010 and 2009 amounted to €131 and €183 million, respectively (see Note 43). The losses recognized in the "Valuation adjustments – Available-for-sale assets” as of December 31, 2010, were generated, principally, in a period of less than a year and mainly relate to debt securities No impairment has been estimated following an analysis of these unrealized losses, therefore it can be concluded that they are temporary, because: the interest payment periods of all the fixed-income securities have been satisfied; and because there is no evidence that the issuer will not continue to comply with payment obligations, and future payments of both principal and interests will be sufficient to recover the cost of the debt securities. 59
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For the year ended December 31, 201
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Translation of financial statements
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Page 10 and 11: Translation of financial statements
Page 56 and 57: The table below outlines the financ
Page 58 and 59: The breakdown, by transaction type
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Page 64 and 65: Additionally, this heading of the a
Page 66 and 67: As of December 31, 2010 and 2009 th
Page 68 and 69: As of December 31, 2010 and 2009, t
Page 70 and 71: 15. INVESTMENTS 15.1. INVESTMENTS I
Page 72 and 73: The changes in 2010 and 2009 in the
Page 74 and 75: 16. TANGIBLE ASSETS As of December
Page 76 and 77: directives and regulations and by T
Page 78 and 79: In addition to the income tax recog
Page 80 and 81: 20.2. DEPOSITS FROM CREDIT INSTITUT
Page 82 and 83: The changes in 2010 and 2009 in the
Page 84 and 85: This heading of the balance sheet i
Page 86 and 87: 22. PENSION AND OTHER COMMITMENTS T
Page 88 and 89: The defined benefit commitments as
Page 90 and 91: • Other commitments with employee
Page 92 and 93: 22.2.3. Summary of effects on profi
Page 94 and 95: 24. SHARE PREMIUM The amounts under
Page 96 and 97: The percentages of treasury stock h
Page 98 and 99: 29. FINANCIAL GUARANTEES AND DRAWAB
Page 100 and 101: The amounts recognized in equity in
Page 102 and 103: 38. NET GAINS (LOSSES) ON FINANCIAL
Page 104 and 105: Equity-instrument-based employee re
Page 106 and 107: 43. IMPAIRMENT LOSSES ON FINANCIAL
Page 108 and 109: 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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