11.8. Quantitative information on the remuneration of the Identified Staff

[Note 1: The data in the tables below incorporate the best estimates with respect to:

• The remuneration in kind in 2014 (calculated based on the remuneration in kind in 2013)
• The amount of the bonus generated in 2014 in Argentina, Chile, Uruguay and Paraguay
• The pension benefits in some geographical areas such as the U.S., where average data have been used

Note 2: To calculate the economic value of the shares delivered in 2014, the listing price of €8.99/share has been taken, which is the valuation price of the 2014 IED.

Note 3: To calculate the economic value of the outstanding shares, the valuation price of the IED in the year of generation of the variable remuneration has been taken]

Below is a breakdown by area of activity of the total remuneration of the Identified Staff received in 2014, whose variable component will be paid according to the settlement and payment scheme established in section 10.3.2 c. Payment will be complete in 2017, subject to the aforementioned "malus clauses":

TABLE 68: Remuneration of the Identified Staff in 2014 (I)

(Thousand euros)

Remuneration of identified Staff 2014(1)	Total remuneration
Commercial Banking (2)	114,532
Investment Banking (3)	48,891
Asset Management (4)	9,301
Other (5)	92,361
Total for the Identified Staff	265,085

(1) Fixed remuneration received in 2014 and variable remuneration received in 2014 (2) Includes Retail and Commercial Banking, Corporate Banking and insurance Activities (3) Includes trading activities (4) Includes Asset Management and Private Banking Activities (5) Other activities. Executive and Non-executive Directors and other members of the Management Committee

The following table gives aggregate information on the remuneration of the Identified Staff in 2014, broken down by type of employee and senior executive:

TABLE 69: Remuneration of the Identified Staff in 2014 (II)

(Thousand euros)

Renumeration of the Identified Staff in 2014 (1)	Executive directors	Non-executive directors	Other senior executives	Rest of Identified Staff	Total Identified Staff
Total fixed fenumeration paid in 2014 (2)	4,568	3,668	9,848	134,147	152,231
Total variable renumeration paid in 2014 (3)	5,663	0	10,245	93,986	109,894
In cash	2,453	0	4,576	68,420	75,450
In shares or related instruments	3,210	0	5,669	25,565	34,444
In other instruments	0	0	0	0	0
Outstanding deferred variable renumeration (4)	5,872	0	10,707	32,915	49,495
Consolidated	0	0	0	0	0
Not consolidated	5,872	0	10,707	32,915	49,495
In cash	2,727	0	5,069	16,046	23,843
In shares or related instruments	3,145	0	5,638	16,869	25,652
In other instruments	0	0	0	0	0
Deferred remuneration granted and/or paid in 2014 (5)	2,983	0	4,762	14,608	22,532
Amount of explicit ex post performance adjustment applied in the year on remuneration paid in previous years	0	0	0	0	0
Number of beneficiaries	3	12	13	378	406
Number of employees receiving severance pay	0	0	0	0	0
Total severance pay paid in the year	0	0	0	16,920	16,920
Securitized positions	0	0	0	0	0

(1) Includes all the positions identified as Identified Staff in 2014. (2) Annual gross fixed remuneration as of December 31, 2014. (3) Includes the variable remuneration paid in 2014, both the part for 2013 and the deferred and updated part for previous years (one third of the AVR 11 deferred, one third of the AVR 12 deferred and one third of the ILP 2010-2011 deferred). (4) Includes the deferred annual remuneration for previous hears pending payment in 2014 (one third of the AVR 2011, one third of the ILP 2010-2011 deferred, two thirds of the AVR2012 and deferred percentage of the AVR 2013). (5) Includes the deferred variable remuneration for previous years paid in 2014 (one third of the AVR 2012 deferred, one third of the AVR 2011 deferred and one third of the ILP 2010-2011 deferred, as well as their update.

Of the total compensation paid, the highest paid to a single member amounts to €6,227,255, with a seniority in the company of 21.5 years at the time of departure.

The annual variable remuneration of the members of the Identified Staff for 2014 was determined at the close of that year.

In accordance with the settlement and payment system established for the Identified Staff for the annual variable remuneration in 2014, a percentage of the annual variable remuneration for 2014 will be paid in 2015 (50% in the case of executive directors and members of the Management Committee and 60% in the other cases). The rest will be deferred, to be paid in thirds in 2016, 2017 and 2018. This results in the following amounts:

TABLE 70: Remuneration of the Identified Staff in 2014 (III)

(Miles de euros)

Remuneration for the Identified Staff corresponding to 2014 (1)	Executive directors	Non-executive directors	Other senior executives	Rest of Identified Staff	Total for Identified Staff
Amount of variable remuneration corresponding to 2014 received in 2013	2,962	0	6,220	51,089	60,271
In cash	1,481	0	3,110	25,518	30,109
In shares or related instruments	1,481	0	3,110	25,571	30,162
In other instruments	0	0	0	0	0
Amount of variable remuneration corresponding to 2014 that has been deferred (2)	2,962	0	6,220	34,073	43,255
In cash	1,481	0	3,110	17,019	21,610
In shares or related instruments	1,481	0	3,110	17,054	21,645
In other instruments	0	0	0	0	0
Number of beneficiaries	3	12	13	378	406

(1) Includes all employees who have occupied positions defined as among the Identified Staff for more than 6 months in 2014. (2) It includes the amount corresponding to the deferred percentage of 2014 RVA.

The number of employees receiving remuneration of 1 million euros or more is as follows:

TABLE 71: Number of people with total remuneration in excess of €1 million in 2014

Total remuneration in 2014 (1)	Number of people
Between 5 million euros and 6 million euros	1
Between 4.5 million euros and 5 million euros	0
Between 4 million euros and 4.5 million euros	0
Between 3.5 million euros and 4 million euros	1
Between 3 million euros and 3.5 million euros	2
Between 2.5 million euros and 3 million euros	3
Between 2 million euros and 2.5 million euros	2
Between 1.5 million euros and 2 million euros	5
Between 1 million euros and 2 million euros	28

(1) Sum of the fixed remuneration for 2014 and the variable remuneration generated in 2014.