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APPENDIX I. Financial Statements of Banco Bilbao Vizcaya Argentaria, S.A.

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Balance sheets as of December 31, 2011 y 2010 of BBVA, S.A.

ASSETS Millions of Euros
December 2011 December 2010 (*)
CASH AND BALANCES WITH CENTRAL BANKS 13,629 4,165
FINANCIAL ASSETS HELD FOR TRADING 56,538 51,348
Loans and advances to credit institutions - -
Loans and advances to customers - -
Debt securities 7,898 13,016
Other equity instruments 997 4,608
Trading derivatives 47,643 33,724
OTHER FINANCIAL ASSETS DESIGNATED AT FAIR VALUE THROUGH PROFIT OR LOSS - -
Loans and advances to credit institutions - -
Loans and advances to customers - -
Debt securities - -
Other equity instruments - -
AVAILABLE-FOR-SALE FINANCIAL ASSETS 25,407 26,712
Debt securities 21,108 22,131
Other equity instruments 4,299 4,581
LOANS AND RECEIVABLES 262,923 264,278
Loans and advances to credit institutions 22,967 28,882
Loans and advances to customers 238,463 234,031
Debt securities 1,493 1,365
HELD-TO-MATURITY INVESTMENTS 10,955 9,946
FAIR VALUE CHANGES OF THE HEDGED ITEMS IN PORTFOLIO HEDGES OF INTEREST RATE RISK 146 40
HEDGING DERIVATIVES 3,681 2,988
NON-CURRENT ASSETS HELD FOR SALE 1,462 958
INVESTMENTS 27,954 24,368
Associates 4,159 3,612
Jointly controlled entities 3,933 14
Group entities 19,862 20,742
INSURANCE CONTRACTS LINKED TO PENSIONS 1,832 1,847
TANGIBLE ASSETS 1,504 1,459
Property, plants and equipment 1,503 1,458
For own use 1,503 1,458
Other assets leased out under an operating lease - -
Investment properties 1 1
INTANGIBLE ASSETS 567 410
Goodwill - -
Other intangible assets 567 410
TAX ASSETS 3,647 3,161
Current 282 324
Deferred 3,365 2,837
OTHER ASSETS 921 431
TOTAL ASSETS 411,166 392,111
(*) Presented for comparison purposes only
LIABILITIES AND EQUITY Millions of Euros
December
2011		 December
2010 (*)
FINANCIAL LIABILITIES HELD FOR TRADING 48,966 35,680
Deposits from central banks - -
Deposits from credit institutions - -
Customer deposits - -
Debt certificates - -
Trading derivatives 45,803 32,294
Short positions 3,163 3,386
Other financial liabilities - -
OTHER FINANCIAL LIABILITIES DESIGNATED AT FAIR VALUE THROUGH PROFIT OR LOSS - -
Deposits from central banks - -
Deposits from credit institutions - -
Customer deposits - -
Debt certificates - -
Subordinated liabilities - -
Other financial liabilities - -
FINANCIAL LIABILITIES AT AMORTIZED COST 323,518 320,592
Deposits from central banks 32,649 10,867
Deposits from credit institutions 44,676 42,015
Customer deposits 184,966 194,079
Debt certificates 46,559 56,007
Subordinated liabilities 9,895 13,099
Other financial liabilities 4,773 4,525
FAIR VALUE CHANGES OF THE HEDGED ITEMS IN PORTFOLIO HEDGES OF INTEREST RATE RISK - (2)
HEDGING DERIVATIVES 2,475 1,391
LIABILITIES ASSOCIATED WITH NON-CURRENT ASSETS HELD FOR SALE - -
PROVISIONS 6,397 6,613
Provisions for pensions and similar obligations 4,966 5,177
Provisions for taxes and other legal contingencies - -
Provisions for contingent exposures and commitments 159 177
Other provisions 1,272 1,259
TAX LIABILITIES 373 488
Current - -
Deferred 373 488
OTHER LIABILITIES 1,786 1,192
TOTAL LIABILITIES 383,515 365,954
(*) Presented for comparison purposes only
LIABILITIES AND EQUITY (Continued) Millions of Euros
December 2011 December 2010 (*)
STOCKHOLDERS' EQUITY 28,504 26,183
Common Stock 2,403 2,201
Issued 2,403 2,201
Less: Unpaid and uncalled (-) - -
Share premium 18,970 17,104
Reserves 6,817 5,114
Other equity instruments 29 23
Equity component of compound financial instruments - -
Other equity instruments 29 23
Less: Treasury stock (-) (19) (84)
Net Income 1,428 2,904
Less: Dividends and remuneration (-) (1,124) (1,079)
VALUATION ADJUSTMENTS (853) (26)
Available-for-sale financial assets (782) 39
Cash flow hedging (30) (62)
Hedges of net investments in foreign operations - -
Exchange differences (32) (3)
Non-current assets held-for-sale - -
Other valuation adjustments (9) -
TOTAL EQUITY 27,651 26,157
TOTAL LIABILITIES AND EQUITY 411,166 392,111



MEMORANDUM ITEM December 2011 December 2009 (*)
CONTINGENT EXPOSURES 60,760 57,764
CONTINGENT COMMITMENTS 55,450 58,885
(*) Presented for comparison purposes only

Income Statements for the years ended December,31 2011 and 2010 of BBVA,S.A.

  Millions of Euros
December 2011 December 2010 (*)
INTEREST AND SIMILAR INCOME 9,668 8,759
INTEREST AND SIMILAR EXPENSES (5,653) (3,718)
NET INTEREST INCOME 4,015 5,041
DIVIDEND INCOME 3,576 2,129
FEE AND COMMISSION INCOME 1,723 1,806
FEE AND COMMISSION EXPENSES (297) (270)
NET GAINS (LOSSES) ON FINANCIAL ASSETS AND LIABILITIES 490 738
Financial instruments held for trading 583 256
Other financial instruments at fair value through profit or loss - -
Other financial instruments not at fair value through profit or loss (93) 482
Rest - -
EXCHANGE DIFFERENCES (NET) 72 112
OTHER OPERATING INCOME 103 102
OTHER OPERATING EXPENSES (129) (106)
GROSS INCOME 9,553 9,552
ADMINISTRATION COSTS (3,641) (3,409)
Personnel expenses (2,278) (2,202)
General and administrative expenses (1,363) (1,207)
DEPRECIATION AND AMORTIZATION (322) (276)
PROVISION (NET) (792) (405)
IMPAIRMENT LOSSES ON FINANCIAL ASSETS (NET) (2,088) (1,925)
Loans and receivables (2,092) (1,794)
Other financial instruments not at fair value through profit or loss 4 (131)
NET OPERATING INCOME 2,710 3,537
IMPAIRMENT LOSSES ON OTHER ASSETS (NET) (1,510) (258)
Goodwill and other intangible assets - -
Other assets (1,510) (258)
GAINS (LOSSES) ON DERECOGNIZED ASSETS NOT CLASSIFIED AS NON-CURRENT ASSETS HELD FOR SALE 13 5
NEGATIVE GOODWILL - -
GAINS (LOSSES) IN NON-CURRENT ASSETS HELD FOR SALE NOT CLASSIFIED AS DISCONTINUED OPERATIONS (244) 129
INCOME BEFORE TAX 969 3,413
INCOME TAX 459 (509)
INCOME FROM CONTINUING TRANSACTIONS 1,428 2,904
INCOME FROM DISCONTINUED TRANSACTIONS (NET) - -
NET INCOME FOR THE YEAR 1,428 2,904
(*) Presented for comparison purposes only

Statements of Recognized Income and Expenses for the years ended December,31 2011 and 2010 of BBVA, S.A.

  Millions of Euros
December 2011 December 2010 (*)
NET INCOME FOR THE YEAR 1,428 2,904
OTHER RECOGNIZED INCOME (EXPENSES) (827) (1,669)
Available-for-sale financial assets (990) (2,038)
Valuation gains/(losses) (972) (1,756)
Amounts removed to income statement (18) (282)
Reclassifications - -
Cash flow hedging 32 (190)
Valuation gains/(losses) 2 (159)
Amounts removed to income statement 30 (31)
Amounts removed to the initial carrying amount of the hedged items - -
Reclassifications - -
Hedges of net investment in foreign operations - -
Valuation gains/(losses) - -
Amounts removed to income statement - -
Reclassifications - -
Exchange differences (44) -
Valuation gains/(losses) (47) (4)
Amounts removed to income statement 3 4
Reclassifications - -
Non-current assets held for sale - -
Valuation gains/(losses) - -
Amounts removed to income statement - -
Reclassifications - -
Actuarial gains and losses in post-employment plans (12) -
Rest of recognized income and expenses - -
Income tax 187 559
TOTAL RECOGNIZED INCOME/EXPENSES 601 1,235
(*) Presented for comparison purposes only

Statement of Changes in Equity for the years ended December 31, 2011 and 2010 of BBVA, S.A.

2011 Millions of Euros
Stockholder's Equity Valuation
Adjustments		 Total
Equity
Common
Stock		 Share
Premium		 Reserves Other Equity Instruments Less:
Treasury
Stock		 Profit
for the
Period		 Less: Dividends and Remunerations Total
Stockholders'
Equity
Balances as of January 1, 2011 2,201 17,104 5,114 23 (84) 2,904 (1,079) 26,183 (26) 26,157
Effect of changes in accounting policies - - - - - - - - - -
Effect of correction of errors - - - - - - - - - -
Adjusted initial balance 2,201 17,104 5,114 23 (84) 2,904 (1,079) 26,183 (26) 26,157
Total income/expense recognized - - - - - 1,428 - 1,428 (827) 601
Other changes in equity 202 1,866 1,703 6 65 (2,904) (45) 893 - 893
Common stock increase 68 - (68) - - - - - - -
Common stock reduction - - - - - - - - - -
Conversion of financial liabilities into capital 134 1,866 - - - - - 2,000 - 2,000
Increase of other equity instruments - - - 18 - - - 18 - 18
Reclassification of financial liabilities to other equity instruments - - - - - - - - - -
Reclassification of other equity instruments to financial liabilities - - - - - - - - - -
Dividend distribution - - - - - - (945) (945) - (945)
Transactions including treasury stock and other equity instruments (net) - - 10 - 65 - - 75 - 75
Transfers between total equity entries - - 1,837 (12) - (2,904) 1,079 - - -
Increase/Reduction due to business combinations - - - - - - - - - -
Payments with equity instruments - - - - - - - - - -
Rest of increase/reductions in total equity - - (76) - - - (179) (255) - (255)
Of which:









Acquisition of the free allotment rights - - - - - - (179) (179) -- (179)
Balances as of December 31, 2011 2,403 18,970 6,817 29 (19) 1,428 (1,124) 28,504 (853) 27,651

Statement of Changes in Equity for the years ended December 31, 2011 and 2010 of BBVA, S.A.

2010 Millions of Euros
Stockholder's Equity Valuation
Adjustments		 Total
Equity
(*)
Common
Stock		 Share
Premium		 Reserves Other
Equity
Instruments		 Less:
Treasury
Stock		 Profit
for the
Period		 Less: Dividends and Remunerations Total
Stockholders'
Equity
Balances as of January 1, 2010 1,837 12,453 3,893 10 (128) 2,981 (1,012) 20,034 1,643 21,677
Effect of changes in accounting policies - - - - - - - - - -
Effect of correction of errors - - - - - - - - - -
Adjusted initial balance 1,837 12,453 3,893 10 (128) 2,981 (1,012) 20,034 1,643 21,677
Total income/expense recognized - - - - - 2,904 - 2,904 (1,669) 1,235
Other changes in equity 364 4,651 1,221 13 44 (2,981) (67) 3,245 - 3,245
Common stock increase 364 4,651 - - - - - 5,015 - 5,015
Common stock reduction - - - - - - - - - -
Conversion of financial liabilities into capital - - - - - - - - - -
Increase of other equity instruments - - - 13 - - - 13 - 13
Reclassification of financial liabilities to other equity instruments - - - - - - - - - -
Reclassification of other equity instruments to financial liabilities - - - - - - - - - -
Dividend distribution - - - - - (562) (1,079) (1,641) - (1,641)
Transactions including treasury stock and other equity instruments (net) - - (88) - 44 - - (44) - (44)
Transfers between total equity entries - - 1,407 - - (2,419) 1,012 - - -
Increase/Reduction due to business combinations - - - - - - - - - -
Payments with equity instruments - - - - - - - - - -
Rest of increase/reductions in total equity - - (98) - - - - (98) - (98)
Balances as of December 31, 2010 2,201 17,104 5,114 23 (84) 2,904 (1,079) 26,183 (26) 26,157
(*) Presented for comparison purposes only

Cash Flows Statements for the years ended December,31 2011 and 2010 of BBVA, S.A.

  Millions of Euros
December 2011 December 2010 (*)
CASH FLOW FROM OPERATING ACTIVITIES (1) 18,867 5,867
Profit for the year 1,428 2,904
Adjustments to obtain the cash flow from operating activities: 2,060 (1,141)
Amortization 322 276
Other adjustments 1,738 (1,417)
Net increase/decrease in operating assets 4,547 (7,251)
Financial assets held for trading 5,190 (6,184)
Other financial assets at fair value through profit or loss - -
Available-for-sale financial assets (1,305) (9,252)
Loans and receivables (1,250) 7,963
Other operating assets 1,912 222
Net increase/decrease in operating liabilities 20,385 (3,656)
Financial liabilities held for trading 13,286 3,737
Other financial liabilities designated at fair value through profit or loss - -
Financial liabilities at amortized cost 6,046 (6,821)
Other operating liabilities 1,053 (572)
Collection/Payments for income tax (459) 509
CASH FLOWS FROM INVESTING ACTIVITIES (2) (7,135) (7,108)
Investment 8,588 8,329
Tangible assets 262 222
Intangible assets 290 260
Investments 5,034 1,864
Subsidiaries and other business units - -
Non-current assets held for sale and associated liabilities 1,185 1,014
Held-to-maturity investments 1,817 4,969
Other settlements related to investing activities - -
Divestments 1,453 1,221
Tangible assets 23 -
Intangible assets - -
Investments 238 12
Subsidiaries and other business units - -
Non-current assets held for sale and associated liabilities 384 749
Held-to-maturity investments 808 232
Other collections related to investing activities - 228
CASH FLOWS FROM FINANCING ACTIVITIES (3) (2,230) 2,121
CASH FLOWS STATEMENTS (Continued) Millions of Euros
December 2011 December 2010 (*)
CASH FLOWS FROM FINANCING ACTIVITIES (3) (2,230) 2,121
Investment 5,415 7,622
Dividends 1,038 1,237
Subordinated liabilities 1,626 1,524
Treasury stock amortization - -
Treasury stock acquisition 2,751 4,828
Other items relating to financing activities - 33
Divestments 3,185 9,743
Subordinated liabilities 339 -
Common stock increase - 4,914
Treasury stock disposal 2,776 4,829
Other items relating to financing activities 70 -
EFFECT OF EXCHANGE RATE CHANGES ON CASH OR CASH EQUIVALENTS (4) (38) (1)
NET INCREASE/DECREASE IN CASH OR CASH EQUIVALENTS (1+2+3+4) 9,464 879
CASH OR CASH EQUIVALENTS AT BEGINNING OF THE YEAR 4,165 3,286
CASH OR CASH EQUIVALENTS AT END OF THE YEAR 13,629 4,165
(*) Presented for comparison purposes only
COMPONENTS OF CASH AND EQUIVALENTS AT END OF THE YEAR Millions of Euros
December
2011		 December
2010 (*)
Cash 595 616
Balance of cash equivalent in central banks 13,034 3,549
Other financial assets - -
Less: Bank overdraft refundable on demand - -
TOTAL CASH OR CASH EQUIVALENTS AT END OF THE YEAR 13,629 4,165
(*) Presented for comparison purposes only
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