Remuneration of structured deposits

Characteristics of deposit

Name of deposit	Depósito Dual Selecção Europa BBVA
Institution	BANCO BILBAO VIZCAYA ARGENTARIA, S.A., SUCURSAL EM PORTUGAL
Start date	29-12-2009
Maturity date	28-12-2012
Term	3 years
Underlying market	Shares
Currency	EUR
Document	Selecção Europa BBVA.pdf

Remuneration of deposit

Rate of return on maturity date
Rate of return	See components

Component 1
Type:	Fix
Start date:	29-12-2009
Maturity date :	30-03-2010
Underlying market:	Fixed interest rate
Rate of return :	3,000%

Component 2
Type:	Indexed
Start date:	29-12-2009
Maturity date :	28-12-2012
Underlying market:	Shares
Rate of return :	0,000%