BBVA Corporate & Investment Banking As close as you need, as far as you go Institutional Presentation February 2016 - Figures as of 31st December 2015

Note

This presentation is both for internal and external use. Please contact your local or global Strategy & Business Development team to get a more detailed version of this document.

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Disclaimer

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GENERAL DETAILS Banco Bilbao Vizcaya Argentaria S.A. with registered address at Plaza de San Nicolás, 4 - 48005 Bilbao (Vizcaya), telephone (+34 902 18 18 18), contact email: (https://www.bbva.es/TLBS/tlbs/esp/sistema/form/via-email.jsp).

ENTRY IN THE COMPANY REGISTER Banco Bilbao Vizcaya Argentaria, S.A. is registered at the Vizcaya Mercantile Registry in volume 2,083, sheet 1, Hoja BI-17-A, 1st inscription.

4 Source: http://shareholdersandinvestors.bbva.com/

BBVA is a global financial group…

30,616

ATMs

66 million

customers

35 countries

9,145 branches

137,968

employees

€ 750 billion in total

assets

North America USA / Mexico

Europe Germany / Belgium/ Spain/ France / Holland / Italy /

Luxembourg / Malta / Portugal / U.K. / Romania / Russia / Switzerland / Turkey

Asia - Pacific Australia / China / UAE / Hong Kong /

India / Indonesia / Japan / South Korea/ Singapore / Taiwan

South America Argentina / Bolivia / Brazil / Chile / Colombia /

Paraguay / Peru / Uruguay / Venezuela

12M15 Figures

5 Source: BBVA’s 4Q15 Quarterly Report

BBVA’s sound performance and strong financials 12M15 Figures

Gross Income (€ Mm) 23,680

Operating income (€ Mm) 11,363

Net attributable profit (€ Mm) 2,642

Total assets (€ Mm) 750,078

Total equity (€ Mm) 55,439

Customer lending-gross (€ Mm) 432,855

Deposits from customers (€ Mm) 403,069

ROE 5,3%

ROA 0,46%

Efficiency ratio 52,0%

NPL ratio 5,4%

NPL coverage ratio 74%

Ratio CET 1 Ratio phased in 12,1%

Ratio CET 1 Ratio fully loaded 10,3%

Earnings

Balance

sheet

Efficiency/

Profitability

Risk

Management

Solvency

Banco Provincial (Venezuela) is rated by Fitch at CCC 6

BBVA’s ratings

BBVA

BBVA

Banco Francés BBVA BBVA

BBVA Banco

Continental

BBVA Banco

Provincial BBVA BBVA

BBVA

Bancomer

BBVA

Compass

Garanti

Bank

Group Argentina Chile Colombia Peru Venezuela Uruguay Paraguay Mexico USA Turkey

Stand Alone Rating baa2 n.r. baa3 baa2 n.r n.r. n.r ba2 baa1 baa2 ba1

Senior Unsecured Baa1 n.r. A3 Baa2 n.r n.r. n.r Ba1 A3 Baa3 Baa3

Long Term Deposits A3 n.r. A3 Baa2 n.r n.r. n.r Ba2 A3 A3 Baa3

Short Term Deposits P-2 n.r. P-2 P-2 n.r n.r. n.r NP P-2 P-2 P-3

Outlook Stable n.r. Stable Stable n.r n.r. n.r Stable Stable Stable Negative

SACP bbb+ 0 bbb 0 bbb 0 bbb- bb- bbb+ bbb + bb+

Long Term BBB + S.D BBB+ n.r BBB n.r BBB BB BBB+ BBB + BB+

Short Term A-2 S.D A-2 n.r A-2 n.r A-2 B A-2 A-2 n.r.

Outlook Stable S.D Stable n.r Stable n.r Stable Stable Stable Stable Negative

Support rating 5 5 n.r 2 2 n.r n.r n.r. 2 2 2

Viability rating a- ccc n.r bbb a- n.r n.r n.r. a- bbb bbb-

Long Term A- n.r. n.r BBB+ A- n.r n.r n.r. A- BBB+ BBB

Short Term F2 n.r. n.r F2 F1 n.r n.r n.r. F1 F2 F2

Perspective Stable n.r. n.r Stable Stable n.r n.r n.r. Positive Stable Stable

Updated as for 28th January 2016

n.r: no rating; NP: Not prime; S.D: selective default;

(*) Under Fitch methodology there is no outlook after ccc

*RWP: rating watch positive; *RWN: rating watch negative

Rating shown = Operational subsidiary rating (which usually issues)

MOODY'S

STAN

DARD &

POORS

FIT

CH

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BBVA has a geographically balanced presence supported by its strong global franchises Geographic Mix1

With a strong global franchise: Corporate & Investment Banking (BBVA CIB)

Gross Income 12M15 (%)

30

28 11

10

19 2

Rest of Eurasia

Mexico

Spain

USA

Turkey

South America

Source: BBVA’s 4Q15 Quarterly Report 1) Excludes Corporate Center

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BBVA CIB is an integral part of BBVA Group

Strategy & Control

Execution & Performance

• Corporate & Investment Banking Juan Asúa

• Country Networks Vicente Rodero

Spain: Cristina de Parias Mexico: Eduardo Osuna USA: Manuel Sánchez Peru: Eduardo Torres-Llosa Chile: Manuel Olivares Colombia: Oscar Cabrera Argentina: Martín Zarich Venezuela: Pedro Rodríguez Turkey: Fuat Erbil Others1

New Core Competences

• Talent & Culture Donna DeAngelis

• Customer Solutions Derek White • Global Marketing & Digital

Sales Javier Escobedo

• Engineering Ricardo Moreno

• New Digital Business Teppo Paavola

Risk & Finance

• Finance Jaime Saénz de Tejada

• Global Risk Management Rafael Salinas

• Global Economics Regulation & Public Affairs

José Manuel González-Páramo

• Legal & Compliance Eduardo Arbizu

• Strategy & M&A Javier Rodríguez Soler

• Global Accounting & Information Management Ricardo Gómez Barredo

• Communications Paul G. Tobin

• General Secretary Domingo Armengol

• Internal Audit José Luis de los Santos

Business Development

• Spain: David Puente

• USA: José Olalla

• Growth Markets2: Ricardo Forcano

CEO Carlos Torres Villa

Group Executive Chairman Francisco González

(1) Others include Paraguay, Uruguay & Switzerland / (2) Growth markets include Mexico, Argentina, Colombia, Chile, Peru, Venezuela and Turkey Source: http://shareholdersandinvestors.bbva.com/

12M15 Figures (Banking Business1)

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BBVA CIB’s contribution to the Group

BBVA Group BBVA CIB % CIB/Group

= Customer Lending 432,855 57,189 13%

= Deposits from customers 403,069 52,813 13%

= Economic Risk Capital 32,278 4,558 14%

= Gross Income 23,680 2,844 12%

= Operating Income 11,363 1,853 16%

= Employees (#) 137,968 3,745 3%

= Efficiency 52,0% 34,8%

Balance Sheet (€ Mm)

Income Statement (€ Mm)

Others

(1) Banking Business excludes Citic / (2) BBVA CIB Business Activity figures consider also GM figures Source: BBVA’s 4Q15 Quarterly Report. Figures as of 12M15 (all figures in this section including Venezuela)

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BBVA CIB’s worldwide presence: As close as you need, as far as you go

3,745 employees...

Americas 1,603

employees

Europe 1,949

employees

Asia 193

employees

… with a presence in 26 countries

Sources: BBVA’s 4Q15 Quarterly Report & BBVA CIB HR, figures as of 31ST December 2015

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BBVA CIB provides a full range of financial products and services

Global Transaction Banking

• Cash & Liquidity Management • Securities Services • Working Capital • Trade Finance

Day to day transactions and services

Global Markets

• Fixed Income • FX • Equity

Risk hedging and investment activities

Global Finance

• Project Finance • Syndicated Loans • Acquisition Finance • DCM • Financial Advisory

Long term financing solutions

Corporate Finance

• ECM • M&A

Advisory on capital structure and M&A deals

BBVA CIB serves large corporate and institutional clients, as well as other BBVA client segments

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SME’s & Retail

-

Sop

histica

tion

Size / Global needs

LOCAL CORPORATES & BUSINESSES Large/medium businesses with local wholesale banking product needs (advisory, hedging, capital markets products, …)

GLOBAL CORPORATES Large businesses with multi-geography and/or multi-currency needs: advisory, financing, risk hedging, capital markets, …

Wealth Management

INSTITUTIONAL CLIENTS & GOVERNMENTS Pension funds, insurance companies, banks, regulated global institutions with sophisticated balance management and investment needs

FINANCIAL SPONSORS Private Equity, Infrastructure or Energy Funds

BBVA CIB enjoys a solid client franchise, an adequate portfolio diversification and prudent cost and risk management models

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1 Customer-centric strategy

3 Strong cost control processes

2 Geographic and product diversification

4 Low risk model

Clients are the focus of BBVA CIB strategy

Client Centric model, where the client sets the agenda to follow

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Full Coverage

• Adequate segmentation of

clients and Industry expertise

• Coverage teams across all

geographies, coordinated

with product specialist teams

• Solid relationship with those

clients from our internal

networks

Ad-hoc Product Offer

• Value added products and

advisory services

• Cross-selling opportunities and

diversification of revenues

Client Service Excellence

• Coordination of client interaction

inside the organization (Client

Service Team)

• Presence in e-commerce

channels: www.bbvacib.com

Customer Centric Strategy

Global client coverage model increases product offering and enhances strategic dialogue with clients

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Solutions

Financial Advisory Acquisition Finance

Project Finance Syndicated Loans

Derivatives DCM

Trade Finance

FX Cash Management

Deposits Working Capital

Securities Services

M&A ECM

CEO

Touch points

CFO

Treasurer HR Manager

Purchase Manager

BBVA CIB Client Service Team

Corporate Finance

Global Finance

Global Markets

Transaction Banking

INDUSTRY BANKERS

GLOBAL BANKERS

LOCAL BANKERS

TRANSACTION BANKERS

COVERAGE PRODUCT

SPECIALISTS

Geographic Mix1

(EFAN Gross Income %, Banking Business2) Product Mix (EFAN Gross Income3 %, Banking Business2)

(1)Turkey not included (2) Banking Business excludes Citic; (3) Complement Account figures not considered Source: BBVA CIB Finance, figures as of 12M15

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GTB 30%

CF 2%

SSL 26%

GM 42%

S. America 23%

Mexico 18%

USA 12% Asia

2%

R. Europe 9%

Spain 36%

BBVA CIB’s business enjoys a good geographic and product diversification

Gross Income1

(€Mm, Banking Business2)

17 (1) At constant Exchange Rate; (2) Banking Business excludes Citic Source: BBVA CIB Finance, figures as of 12M15

2,754 2,741

2,712

12M13

2,625

12M15

2,844

12M14

2,753

EFAN

MtM

+0%

+5%

Maintaining growth in a challenging environment

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66

33

66

35

31 p.p.

BBVA CIB1 Industry ex-BBVA*

12M14 12M15 12M14 12M15 12M14 12M15

1,793 1,753

+3%

12M13

1,853

Efficiency Ratio (%)

Operating Income1

(EFAN, €Mm, Banking Business2)

(1) At constant Exchange Rates; (2) Banking Business excludes Citic Sources: Efficiency Ratio Analysis - BBVA CIB Strategy & Business Intelligence Analysis as for 12M15; Operating Income - BBVA CIB Finance, figures as of 12M15 * Industry ex-BBVA: BAML, Citi, BNPP, DB, GS, ISP, JPM, MS, NOM, SAN, UBS, WF

Highly efficient business model ensuring recurrence in PBT generation

Complete product catalogue adapted to the needs of BBVA clients

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Origination, structuring and execution of equity and equity-linked financings such as initial

public offerings, follow on offerings, equity block

transmissions, convertible bonds and preferred stocks

ECM

Origination, structuring and allocation to investors of

financing solutions through bonds and other structured

debt products

DCM

Advisory, origination, structuring and execution of

financing solutions (leveraged finance, asset finance, corporate

lending,…)

Global Finance

Investing in international financial markets, structuring and risk hedging services on

equity, fixed income and foreign exchange

Global Markets

Advisory and execution of mergers, acquisitions,

divestitures, privatizations, corporate restructurings…

M&A

Provides solutions for the efficient payments, collections & liquidity management, trade finance, security services and working capital needs through

different channels and specialized services

Transaction Banking

We are well positioned in our core markets

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LatAm ex-Brazil

Mexico

Spain

DCM (EUR / USD)

ECM Syndicated

Loans (ex PF)

Project Finance

DCM (local

currency) M&A

1 5 2 2 - - 14

8 2 2 1 1 12

9 6 3 2 1 18

FY14

2015 vs. 2014

= # Ranking FY15

Ranking by Volume

Source: Dealogic. Rankings by volume. Queries done by January 2015 • M&A: Advisory role in deals announced during the period and with involvement within the regions. Excludes FIG. There is no BBVA Corporate Finance presence in Europe and US and therefore ranking doesn't report it. • ECM: Global coordinator & bookrunner role; Spain: IPOs, follow-ons & convertibles; Mexico, LatAm and LatAm ex-Brazil: IPOs & follow-ons. This analysis does not reflect the rest of deals where BBVA acts within more junior roles,

BBVA has participated in important deals as Cellnex & Talgo IPOs and capital increase in Merlín Properties with a co-lead manager role, that is not included in the analysis. Search criteria used: Deals value above 50 € Mn • DCM: Excluding MBS and ABS in Europe/USA and MM&ST in all geographies. In USA ranking for Corporates and in Europe ranking for Platinum/Gold clients • Syndicated loans: Bookrunner role • Project Finance: MLA role

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We are well positioned in our core markets

Ranking by # of deals

LatAm ex-Brasil

Mexico

Spain

DCM (EUR / USD)

ECM Syndicated

Loans (ex PF)

Project Finance

DCM (local

currency) M&A

1 9 2 2 - - 1

10 2 2 2 1 1

9 8 2 1 1 1

FY’14

Source: Dealogic. Rankings by number of deals. Queries done by January 2015 • M&A: Advisory role in deals announced during the period and with involvement within the regions. Excludes FIG. There is no BBVA Corporate Finance presence in Europe and US and therefore ranking doesn't report it. • ECM: Global coordinator & bookrunner role; Spain: IPOs, follow-ons & convertibles; Mexico, LatAm and LatAm ex-Brazil: IPOs & follow-ons. This analysis does not reflect the rest of deals where BBVA acts within more junior roles,

BBVA has participated in important deals as Cellnex & Talgo IPOs and capital increase in Merlín Properties with a co-lead manager role, that is not included in the analysis. Search criteria used: Deals value above 50 € Mn • DCM: Excluding MBS and ABS in Europe/USA and MM&ST in all geographies. In USA ranking for Corporates and in Europe ranking for Platinum/Gold clients • Syndicated loans: Bookrunner role • Project Finance: MLA role

Latest Awards

Our achievements have been recognized by the industry

More information at BBVA CIB website: www.bbvacib.com

Global Transaction Banking • Best Cash Management Provider for Non Financial Institutions

in Colombia (2015, 2014, 2013) by Euromoney

• Best Cash Management Provider for Non Financial Institutions in Venezuela (2015, 2014, 2013, 2012) by Euromoney

• Best Cash Management Provider for Non Financial Institutions in Peru (2015, 2014) by Euromoney

• Country winner at the World’s Best Internet Banks Awards in Mexico (2015) by Global Finance

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Global Finance • Best Road Financing (Rutas de Lima), Best infrastructure

Financing Andes (Rutas de Lima), Best Local Currency Financing (Rutas de Lima), Best Transport Financing (Metro de Santiago) by LatinFinance Project & Infrastructure Finance Awards (2015)

• Americas Infrastructure & PFI 2015 (Freeport LNG's $11bn refinancing) by The Banker Deals of the Year 2015 (2015).

• 1 Project Finance Deal of the Year (Cameron LNG) by Trade and Export Finance’s Perfect 10 (2014).

Global Markets • House of the Year in Latin America (2015, 2014,2013) & Best

Bank in Spain (2013) by Structured Products Awards

• Most Active Trading House in Derivatives Market (2015) in NYSE and Portugal

• Best Foreign Exchange Providers in Mexico, Spain & Argentina by Global Finance (2015)

• Best Debt Bank in Latin America by Global Finance (2015)

• 2nd Best Bank in Latam for FX by FX week

Global Advisory • Best Investment Bank in Spain (2015, 2014, 2013, 2012) &

Best Investment Bank in Mexico (2015) by Global Finance • Top Bank for Mexico Transportation Investment Banking by

Dealogic (2014) • M&A Advisor of the Year in Iberia by Financial Times (2014) • M&A Advisor of the Year in Spain by Mergermarket (winner

2014 & 2011; finalist 2013&2012)

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Project Bonds

2015 Italy

Bookrunner & Mandated Lead Arranger

Loan EUR 430 Mn Bond EUR 150 Mn

Lima Metro Line 2 Finance Limited

2015 Peru

USD 1.2 Bn

Joint Book-runner

2034 Bonds

2015 Mexico

Certificados Bursátiles

MXN 6.5 Bn

20 years

2015 USA

Joint Lead Arranger, Joint Lead Bookrunner,

USD 13.1 Bn Sabine Pass Liquefaction

2015 Spain

Joint Bookrunner

EUR 184.5 Mn Project Bond

Financial Advisory

2015 Spain

Financial Advisor & Mandated Lead Arranger

EUR 48,5 Mm

A-52 Celanova Highway

Refinancing Ruta del Maule

2015 Chile

UF 2,3 Mm

Financial Advisor& Liability Manager

RUTA DEL MAULE

Financial Advisor & Mandated Lead Arranger

EUR 114,000,000

Autoestrada Costa da Morte PPP

USD 140,000,000 Acquisition of Oil Transport and Wastewater Disposal

Pipelines Coordinating Lead

Arranger, Sole Bookrunner, Interest Rate Hedge Syndicating Bank, Lender, Administrative Agent, Collateral Agent,

Depository Bank

2015 USA 2014-2015 Chile

USD +1.000.00.000

Financial Advisor

Interchile

Highlights of BBVA CIB’s strategic client deals (I)

More information at BBVA CIB website: www.bbvacib.com

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Project Finance

2015 France

Bookrunner & Mandated Lead Arranger

EUR 3.3 Bn

Term Loan and RCF Acquisition Facilities

Refinancing

2015 Spain

Mandated Lead Arranger

EUR 245.6 Mn

N636 Highway Gerediaga-Elorrio

Corporate Loans

Joint Lead Arranger & Bookrunner

USD 5.25 Bn

2015 Mexico

Joint Lead Arranger & Bookrunner

USD 1.9 Bn

2015 Colombia

USD 2 Bn

2015 USA

Joint Lead Arranger Joint Bookrunner

Senior Credit Facilities

EUR Bn

2015 Spain

Bookrunner, Documentation & Facility Agent

Acquisition Financing

Joint Underwriter

2015 Switzerland

EUR 3.6 Bn

DCM

5, 10 & 30 Year

Joint Bookrunner

USD 6,000 Mm

A3/BBB+/BBB+

2015 Mexico

USD 2,500 Mm

10Y/20Y/30Y

Joint Bookrunner

2015 USA

Bookrunner

PNC 6Y & PNC 5.5Y

EUR 600 Mm &

GBP 750 Mm

2015 UK

Bookrunner

2Y FRN / 3Y FRN / 3Y FXD / 5Y FXD

USD 3,000 Mm

2015 Germany

Bookrunner

15Y

EUR 7,000 Mm

2015 Spain

Baa2/BBB/BBB+

2015 USA

Joint Lead Arranger, Bookrunner, Co-Structuring Lead , Syndication Agent,

and Hedge Provider

USD 3,692,000,000

Freeport Train 3

2015 Chile

Financial Advisor. MLA. Admin Agent and

Hedge Provider

USD 100.000.000

Alto Jahuel Transmisora de Energía S.A.

2015 México

CLA, Underwriter and Bookrunner

USD 646,979,202

Waha – Presidio

Highlights of BBVA CIB’s strategic client deals (II)

More information at BBVA CIB website: www.bbvacib.com

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M&A Financial Advisor and

Fairness Opinion provider in the sale of a 24.99%

Stake in OPI to

2015

EUR 507 Mm

to

Financial advisor in the sale of a 100% stake in

2015

EUR 1.0 Bn

Sole financial advisor in the sale of 100% of

2015

Confidential

to

Fairness Opinion Provider of the merger

between

USD 127 Mn

2015

and

2015

Sole financial advisor in the sale

Gasoductos de Chihuahua to

USD 1,325 Mn

ECM

Highlights of BBVA CIB’s strategic client deals (III)

More information at BBVA CIB website: www.bbvacib.com

As close as you need, as far as you go

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BBVA Corporate & Investment Banking As close as you need, as far as you go Institutional Presentation February 2016 - Figures as of 31st December 2015