BANCO BILBAO VIZCAYA ARGENTARIA, S.A. AND ... - BBVA

Below is a breakdown by transaction type and market, of the fair value of outstanding financial trading
derivatives recognized in the accompanying consolidated balance sheets and held by the main companies in
the Group, divided into organized and non-organized (over-the-counter “OTC”) markets:
June 2010
Currency
Risk
Interest Rate
Risk
Equity Price
Risk
Millions of Euros
Precious
Metals Risk
Commodities
Risk
Credit Risk Other Risks Total
Organized markets - - - - - - - -
Financial futures - 7 9 - - - - 16
Options - - (388) - 1 - (1) (388)
Other products - - - - - - - -
Subtotal - 7 (379) - 1 - (1) (372)
OTC markets
Credit institutions
Forward transactions 2,182 - - - - - - 2,182
Future rate agreements (FRAs) - 35 - - - - - 35
Swaps (537) (2,771) 109 2 11 - - (3,186)
Options (169) (681) 519 - - - 1 (330)
Other products (2) 2 - - - (190) - (190)
Subtotal 1,474 (3,415) 628 2 11 (190) 1 (1,489)
Other financial institutions
Forward transactions 113 - - - - - - 113
Future rate agreements (FRAs) - - - - - - - -
Swaps - 611 17 - (1) - - 627
Options 32 (54) (169) - - - - (191)
Other products - - - - - 435 - 435
Subtotal 145 557 (152) - (1) 435 - 984
Other sectors
Forward transactions 648 - - - - - - 648
Future rate agreements (FRAs) - - - - - - - -
Swaps 16 2,655 259 - - - - 2,930
Options (7) 150 363 - - - - 506
Other products 2 10 (13) - - (77) - (78)
Subtotal 659 2,815 609 - - (77) - 4,006
Subtotal 2,278 (43) 1,085 2 10 168 1 3,501
Total 2,277 (36) 706 2 11 168 - 3,129
of which: Asset Trading Derivatives 9,597 27,274 4,640 2 89 1,312 16 42,930
of which: Liability Trading Derivatives (7,320) (27,309) (3,933) - (79) (1,144) (16) (39,801)
December 2009
Currency
Risk
Interest Rate
Risk
Equity Price
Risk
Millions of Euros
Precious
Metals Risk
Commodities
Risk
Credit Risk Other Risks Total
Organized markets - - - - - - - -
Financial futures - 2 7 - - - - 9
Options - - (143) - - - - (143)
Other products - - - - - - - -
Subtotal - 2 (136) - - - - (134)
OTC markets
Credit institutions
Forward transactions 251 - - - - - - 251
Future rate agreements (FRAs) - 30 - - - - - 30
Swaps (568) (1,559) (126) 2 18 - - (2,233)
Options (3) (243) (536) - (6) - 3 (785)
Other products - - - - - (66) - (66)
Subtotal (320) (1,772) (662) 2 12 (66) 3 (2,803)
Other financial institutions
Forward transactions 28 - - - - - - 28
Future rate agreements (FRAs) - (2) - - - - - (2)
Swaps - 932 29 - 1 - - 962
Options (1) (55) (341) - - - - (397)
Other products - - - - - 345 - 345
Subtotal 27 875 (312) - 1 345 - 936
Other sectors
Forward transactions 351 - - - - - - 351
Future rate agreements (FRAs) - (1) - - - - - (1)
Swaps 7 1,383 44 - (9) - - 1,425
Options 45 155 336 - 3 - 1 540
Other products - 18 (3) - - (51) - (36)
Subtotal 403 1,555 377 - (6) (51) 1 2,279
Subtotal 110 658 (597) 2 7 228 4 412
Total 110 660 (733) 2 7 228 4 278
of which: Asset Trading Derivatives 5,953 19,398 2,836 2 59 1,018 12 29,278
of which: Liability Trading Derivatives (5,843) (18,738) (3,569) - (52) (790) (8) (29,000)
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