Remuneration of structured deposits

Characteristics of deposit

Name of deposit	Depósito Dual Investimento Europa BBVA
Institution	BANCO BILBAO VIZCAYA ARGENTARIA, S.A., SUCURSAL EM PORTUGAL
Start date	28-02-2012
Maturity date	28-02-2014
Term	2 years
Underlying market	Shares
Currency	EUR
Document	Investimento Europa BBVA.pdf

Remuneration of deposit

Rate of return on maturity date
Rate of return	See components

Component 1
Type:	Fix
Start date:	28-02-2012
Maturity date :	28-05-2012
Underlying market:	Fixed interest rate
Rate of return :	5,000%

Component 2
Type:	Indexed
Start date:	28-02-2012
Maturity date :	28-02-2014
Underlying market:	Shares
Rate of return :	1,654%