Balance Sheet at 31 December 2010 of BBVA

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The defined benefit commitments as of December 31, 2010 and 2009 were as follows: Millions of Euros Pension commitments in defined-benefits plans 2010 2009 Commitmentsto retired employees 2,193 2,252 Vested contingencies in respect of current employees 80 82 Total 2,273 2,334 Heaging at the end of the year With insurances contracts to related companies 1,847 1,883 With insurances contracts to non-related companies 426 451 Total 2,273 2,334 The commitments mentioned in the previous table include commitments by defined benefit for which insurance contracts have been contracted with BBVA Seguros, S.A. de Seguros y Reaseguros, which is owned by the Group. The commitments are registered under the heading "Provisions - Pension funds and similar obligations" of the accompanying balance sheets (Note 21) and the insurance contract assets are recognized in the heading “Insurance contracts linked to pensions”. Insurance contracts have been contracted with insurance companies not related to the Bank. These commitments are covered by assets and therefore are presented in the accompanying balance sheets for the net amount commitment less plan assets. As of December 31, 2010 and 2009, the amount of the plan assets to the mentioned insurance contracts equaled the amount of the commitments covered, therefore its net value was zero in the accompanying balance sheets. The current contributions made by the Bank in relation to defined benefit retirement commitments are recorded with a charge to the “Personnel Expenses – Contributions to external pension funds” account of the accompanying income statement and amounted to €13 and €18 million in 2010 and 2009, respectively. • Early retirements The commitments to early retirees include the compensation and indemnities and contributions to external pension funds payable during the period of early retirement. The commitments relating to this group of employees after they have reached the age of effective retirement are included in the employee welfare system. In 2010 and 2009 the Bank offered certain employees the possibility of taking early retirement before reaching the age stipulated in the collective labor agreement in force. This offer was accepted by 670 and 845 employees, respectively. The total cost of these agreements amounts to €290 and €423 million and the corresponding provisions were recognized with a charge to the heading “Provisioning Expense (Net) - Transfers to Funds for Pensions and Similar Obligations - Early Retirements” in the accompanying income statement. 86
The changes in 2010 and 2009 in the present value of the vested obligations for commitments to early retirees were as follows: Millions of Euros Early retirements commitments Changes in the year 2010 2009 Current actuarial value at the begining of the year 3,290 3,408 + Contributions from merger transactions - 14 + Interest costs 126 134 + Early retirements in the period 290 423 - Payments and settelments (624) (709) +/- Other changes (5) 16 +/- Actuarial losses (gains) 6 4 Current actuarial value at the end of the year 3,083 3,290 Heading at the end of the year In internal funds (*) 3,083 3,290 (*) This funds are recognized under the heading "Provisions-Provisions for pension and similar obligation" in the accompanyng consolidated balance sheets • Post-employment welfare benefits On October 18, 2007, the Bank signed a Social Benefit Standardization Agreement for their employees in Spain. The agreement standardizes the existing welfare benefits for the different groups of employees and, in some cases when a service is provided, quantifies it as an annual amount in cash. These welfare benefits include post-employment welfare benefits and other commitments with employees. The breakdown of these commitments as of 31 December 2010 and 2009 is as follows: Millions of Euros Post-employment Welfare Benefits Commitments 2010 2009 Commitments to employees 179 182 Vested contingencies in respect of current employees 40 39 Total 219 221 Heaging at the end of the year In internal funds (*) 219 221 (*) This funds are recognized under the heading "Provisions-Provisions for pension and similar obligation" in the accompanyng consolidated balance sheets The changes in 2010 and 2009 in the present value of the vested obligation for post-employment welfare benefit commitments were as follows: Millions of Euros Post-employment Welfare Benefits Commitments Changes in the year 2010 2009 Balance at the beginning 221 219 + Interest costs 10 10 + Current service cost 2 2 - Payments and settelments (18) (19) +/- Past service cost - - +/- Other changes 5 12 +/- Actuarial losses (gains) (1) (3) Balance at the end 219 221 87
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For the year ended December 31, 201
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Translation of financial statements
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Page 38 and 39: Translation of financial statements
Page 56 and 57: The table below outlines the financ
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Page 60 and 61: 2009 Unrealized Gains Millions of E
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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
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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
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Page 86 and 87: 22. PENSION AND OTHER COMMITMENTS T
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
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Page 110 and 111: 50. REMUNERATION OF THE BANK’S DI
Page 112 and 113: The number of “theoretical shares
Page 114 and 115: APPENDICES 112
Page 116 and 117: BANCO BILBAO VIZCAYA ARGENTARIA, S.
Page 124 and 125: APPENDIX II. Additional information
Page 126 and 127: Additional Information on Consolida
Page 132 and 133: APPENDIX III. Additional informatio
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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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BANCO BILBAO VIZCAYA ARGENTARIA, S.
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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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