Remuneration of structured deposits

Characteristics of deposit

Name of deposit	Depósito Dupla Garantia Europa América BBVA
Institution	BANCO BILBAO VIZCAYA ARGENTARIA, S.A., SUCURSAL EM PORTUGAL
Start date	30-09-2011
Maturity date	30-09-2014
Term	3 years
Underlying market	Shares
Currency	EUR
Document	Depósito Dupla Garantia Europa América BBVA.pdf

Remuneration of deposit

Rate of return on maturity date
Rate of return	See components

Component 1
Type:	Fix
Start date:	30-09-2011
Maturity date :	30-12-2011
Underlying market:	Fixed interest rate
Rate of return :	6,000%

Component 2
Type:	Indexed
Start date:	30-09-2011
Maturity date :	30-09-2014
Underlying market:	Shares
Rate of return :	11,911%