BBVA in 2012

BBVA earnings figures presented in 2012 have, in general, been favorably received. At theoperational level, analysts took a positive view of the Bank’s strong revenue figures. The Grouponce more surprised by its capacity to generate earnings in its international businesses andits solvency and liquidity levels. In Spain, net interest income performance has been positivelyhighlighted. Analysts have also underlined the strength of earnings in South America and Mexico,and in particular the trend in recurring revenue. In addition, the announcement of the agreementsreached for the sale of Administradora de Fondos para el Retiro, Bancomer S.A. de C.V. in Mexico,BBVA Horizonte Sociedad Administradora de Fondos de Pensiones y Cesantías S.A. in Colombiaand Administradora de Fondos de Pensiones Provida S.A. in Chile, have in general been receivedpositively. From a strategic point of view, analysts consider that the sale of the pension businessmakes sense, since its synergies with the Group’s core business are very limited, and becauseinvestors have shown a strong buying interest.BBVA’s earningsare notable forthe strength ofrecurring revenueand the Group’sgood solvency andliquidity levels6BBVA’s share price fluctuated over the year between €4.31 and €7.35, and closed as of 31-Dec-2012at €6.96 per share (€6.68 a year earlier), which represents a market capitalization of €37,924m.The price/earnings ratio is 21.5, compared with 10.9 in December 2011 (both figures have beencalculated using the price and net attributable profit at the close of the year taken into account).The price/book value ratio is 0.9 (0.8 in 2011).The BBVA shareends the yearabove the pricelevels posted atthe end of 2011 7 Primary stakeholders21