Remuneration of structured deposits

Characteristics of deposit

Name of deposit	Depósito Dual Oportunidade Europa
Institution	BANCO BILBAO VIZCAYA ARGENTARIA, S.A., SUCURSAL EM PORTUGAL
Start date	29-06-2012
Maturity date	30-06-2014
Term	2 years
Underlying market	Shares
Currency	EUR
Document	Dual Oportunidade Europa.pdf

Remuneration of deposit

Rate of return on maturity date
Rate of return	See components

Component 1
Type:	Fix
Start date:	29-06-2012
Maturity date :	28-09-2012
Underlying market:	Fixed interest rate
Rate of return :	4,000%

Component 2
Type:	Indexed
Start date:	29-06-2012
Maturity date :	30-06-2014
Underlying market:	Shares
Rate of return :	5,417%