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Spain and Portugal

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Margins

(Year-on-year change)

Gross income

–5.5%

Operating income

–8.0%

Net attributable profit

–9.0%

Key ratios

Efficiency

39.0%

NPA

5.0%

Coverage

46%

Risk premium

0.6%

The key in 2010:

Increased market share and differential performance throughout the income statement.

Increased market share in key products for customer loyalty: residential mortgages and customer deposits.

Differential income performance.

Strict control of operating costs.

Positive trend of risk indicators, as a result of the proactive measures taken in 2009.

Best private bank in Spain according to Euromoney and The Banker.

“Plan Uno” launch, which has been a very important step in the area’s commercial strategy.

Outlook for 2011:

Pressure on margins, differential performance in risks and increased market share.

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