BBVA in 2012

The BBVA share and share performance ratios31-12-12 31-12-11 31-12-10Number of shareholders 1,012,864 987,277 952,618Number of shares issued 5,448,849,545 4,903,207,003 4,490,908,285Daily average number of shares traded 68,701,401 60,363,481 68,197,775Daily average trading (million euros) 406 452 655Maximum price (euros) 7.35 9.49 13.27Minimum price (euros) 4.31 5.03 7.00Closing price (euros) 6.96 6.68 7.56Book value per share (euros) 8.04 8.35 8.17Market capitalization (million euros) 37,924 32,753 33,951Price/book value (times) 0.9 0.8 0.9PER (Price/earnings; times) 21.5 10.9 7.4Yield (Dividend/price; %) 6.0 6.3 5.6BBVA maintainsits shareholderremunerationpolicyShareholder remuneration for 2012 remains at €0.42 per share. In other words, both theamount registered in recent years and the current dividend scheme are being maintained. Thedecision by the Bank’s management to maintain the dividend paid in previous years sends outa clear statement of confidence despite the complicated setting. Two cash dividends have beenpaid out for a gross amount of €0.10 per share (on 10-Jul-2012 and 10-Jan-2013, respectively).In addition, payment of €0.10 per share has been made under the “dividend option” flexibleremuneration system agreed at the Annual General Meeting (AGM) on March 16, 2012. Thisprogram offers shareholders the option to receive the dividend in newly issued BBVA shares orin cash. Around 80% of shareholders opted to receive newly issued BBVA shares, which oncemore confirms the success of this new remuneration system. A proposal will also be made tothe next AGM to be held on March 15, 2013 in relation to the payment of a final dividend for agross amount of €0.12 per share. This dividend will mean a slight increase of the pay-out ratio,which will be 51% compared with 46% in the previous year (on the adjusted net attributableprofit), and a dividend yield of 6%, one of the most attractive in the sector. Finally, it is worthnoting that BBVA not only offers attractive and differential shareholder remuneration, but alsorenders to shareholders a variety of exclusive products and services under very advantageousconditions.8 22 Executive summary