Remuneration of structured deposits

Characteristics of deposit

Name of deposit	Depósito Dupla Garantia Europa BBVA
Institution	BANCO BILBAO VIZCAYA ARGENTARIA, S.A., SUCURSAL EM PORTUGAL
Start date	31-03-2011
Maturity date	31-03-2014
Term	3 years
Underlying market	Shares
Currency	EUR
Document	Depósito Dupla Garantia Europa.pdf

Remuneration of deposit

Rate of return on maturity date
Rate of return	See components

Component 1
Type:	Fix
Start date:	31-03-2011
Maturity date :	30-06-2011
Underlying market:	Fixed interest rate
Rate of return :	5,000%

Component 2
Type:	Indexed
Start date:	31-03-2011
Maturity date :	31-03-2014
Underlying market:	Shares
Rate of return :	1,478%