BBVA EAGLEsEmerging and GrowthLeading Economies 2013The role of ‘emerging people’Annual Report 2013March 2013
EAGLEs Annual Report 2013Key messages about EAGLEs EAGLEs & Nest       • EAGLEs & Nest succeeded again in managing a chall...
EAGLEs Annual Report 2013A guide to the 2013 Report1. EAGLEs and Nest key takeaways in 2012   • A challenging external env...
EAGLEs Annual Report 2013SummarySection 1A challenging external environmentSection 2BBVA EAGLEs in 2013: results for the 2...
EAGLEs Annual Report 2013A challenging external environmentA challenging external environment: central bankssucceeded supp...
EAGLEs Annual Report 2013A challenging external environmentThis creates some tensions but EAGLEs and Nestare now better pr...
EAGLEs Annual Report 2013A challenging external environmentWeakness in developed economies extended toEM in 2012 and the ‘...
EAGLEs Annual Report 2013A challenging external environmentSome signs of recovery in world trade areappearing and South-So...
EAGLEs Annual Report 2013SummarySection 1A challenging external environmentSection 2BBVA EAGLEs in 2013: results for the20...
EAGLEs Annual Report 2013BBVA EAGLEs in 2013: results for the 2012-2022 periodCriteria for the 2012-2022 period:the new th...
EAGLEs Annual Report 2013BBVA EAGLEs in 2013: results for the 2012-2022 periodEAGLEs and Nest 2013: geographically balance...
EAGLEs Annual Report 2013BBVA EAGLEs in 2013: results for the 2012-2022 periodChina and Indiacontinue playing in another l...
EAGLEs Annual Report 2013 BBVA EAGLEs in 2013: results for the 2012-2022 period Other relevant players in Asia, as well as...
EAGLEs Annual Report 2013 BBVA EAGLEs in 2013: results for the 2012-2022 period And there are more candidates, some of the...
EAGLEs Annual Report 2013BBVA EAGLEs in 2013: results for the 2012-2022 periodA robust and “fair” approach: countries deci...
EAGLEs Annual Report 2013SummarySection 1A challenging external environmentSection 2BBVA EAGLEs in 2013: the changing map ...
EAGLEs Annual Report 2013BBVA EAGLEs in 2013: the changing map of world growthEmerging world to lead growth in the next de...
EAGLEs Annual Report 2013BBVA EAGLEs in 2013: the changing map of world growthThe Pacific connection: Asia and AmericaIncr...
EAGLEs Annual Report 2013BBVA EAGLEs in 2013: the changing map of world growthIncreasing South-South tradeEAGLEs and Nest ...
SummarySection 1A challenging external environmentSection 2BBVA EAGLEs in 2013: results for the 2012-2022 periodSection 3S...
EAGLEs Annual Report 2013Supporting factors for long-term growth: the role of ‘emerging people’Aging is not exclusive of d...
EAGLEs Annual Report 2013Supporting factors for long-term growth: the role of ‘emerging people’However,there are significa...
EAGLEs Annual Report 2013Supporting factors for long-term growth: the role of ‘emerging people’The population premiumwill ...
EAGLEs Annual Report 2013Supporting factors for long-term growth: the role of ‘emerging people’The reduction in thehouseho...
EAGLEs Annual Report 2013Supporting factors for long-term growth: the role of ‘emerging people’EM population is moving to ...
EAGLEs Annual Report 2013Supporting factors for long-term growth: the role of ‘emerging people’With an increasing numberof...
EAGLEs Annual Report 2013Supporting factors for long-term growth: the role of ‘emerging people’Emerging middle class alrea...
EAGLEs Annual Report 2013Supporting factors for long-term growth: the role of ‘emerging people’EM middle classeswill chang...
EAGLEs Annual Report 2013Supporting factors for long-term growth: the role of ‘emerging people’Some industries to benefit ...
EAGLEs Annual Report 2013DISCLAIMERThis document and the information, opinions, estimates and recommendations expressed he...
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Presentation BBVA EAGLEs Annual Report 2013

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1. EAGLEs and Nest key takeaways in 2012
• A challenging external environment
• How did EAGLEs and Nest fare?
2. New forecasts for the next decade
• Box: EAGLEs methodology and membership robustness
• Long-term vulnerability assessment
3. The role of ‘emerging people’ in sustainable growth
• Aging is not exclusive of developed economies
• Declining household size
• Migration to cities: rapid urbanization process
• The growing middle class: wealthier and wealthier
• New middle class not only to drive global consumption but to change composition

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Presentation BBVA EAGLEs Annual Report 2013

  1. 1. BBVA EAGLEsEmerging and GrowthLeading Economies 2013The role of ‘emerging people’Annual Report 2013March 2013
  2. 2. EAGLEs Annual Report 2013Key messages about EAGLEs EAGLEs & Nest • EAGLEs & Nest succeeded again in managing a challenging external key takeaways environment in 2012. Western central banks’ actions reinforced capital inflows and In 2012 challenges for policy-makers in emerging markets (‘managing success’) • The dependency on Western countries is still high. There is no room for complacency despite historical low vulnerability levels across the EAGLEs BBVA EAGLEs: a • The nine emerging countries which had been classified as EAGLEs last year remained this robust group year after revising their long-term projections, namely: China, India, Indonesia, Brazil, Russia, Korea, Turkey, Mexico and Taiwan. • The Nest group is formed by 14 countries, most of them in Asia and Latin America. The role of • Big shifts are already underway for people in emerging countries. Investment and ‘emerging people’ productivity gains are needed to face an aging population in some of them. • Rapid urbanization, declining household size and a growing middle class will radically change consumption patterns in these countries. 2
  3. 3. EAGLEs Annual Report 2013A guide to the 2013 Report1. EAGLEs and Nest key takeaways in 2012 • A challenging external environment • How did EAGLEs and Nest fare?2. New forecasts for the next decade • Box: EAGLEs methodology and membership robustness • Long-term vulnerability assessment3. The role of ‘emerging people’ in sustainable growth • Aging is not exclusive of developed economies • Declining household size • Migration to cities: rapid urbanization process • The growing middle class: wealthier and wealthier • New middle class not only to drive global consumption but to change composition 3
  4. 4. EAGLEs Annual Report 2013SummarySection 1A challenging external environmentSection 2BBVA EAGLEs in 2013: results for the 2012-2022 periodSection 3Supporting factors for long-term growth: the role of ‘emerging’ people 4
  5. 5. EAGLEs Annual Report 2013A challenging external environmentA challenging external environment: central bankssucceeded supporting capital inflows to EM Capital inflows into EAGLEs countriesBBVA US Financial Tension Index (unweighted average in %GDP) (1980-2011)Source: BBVA Research Source: BBVA Research and IMF 3.0 9 8 2.5 7 2.0 6 1.5 5 1.0 4 3 0.5 2 0.0 1 -0.5 0 -1.0 -1 -2 -1.5 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12(e) 2007 2008 2009 2010 2011 2012 2013 FDI Portfolio Other investment 5
  6. 6. EAGLEs Annual Report 2013A challenging external environmentThis creates some tensions but EAGLEs and Nestare now better prepared (‘new risk normal’) Sovereign rating* for EAGLEs and Nest countriesPublic and private debt-to-GDP ratios (end of period) (2000-2012)(2012) *Numerical average for Fitch, S&P and Moody’s ratings, rounded-up to zero decimalsSource: BBVA Research Source: BBVA Research and rating agencies160140120100 80 60 40 20 0 Public debt Private debt: Private debt: External debt Households Non-final corporations G7 EAGLEs&Nest 6
  7. 7. EAGLEs Annual Report 2013A challenging external environmentWeakness in developed economies extended toEM in 2012 and the ‘level gap’ widenedG7, EAGLEs and Nest: GDP levels GDP growth(net balance in percentage points) (0-100 range) (unweighted average of %yoy change)Source: BBVA Research and Haver Source: BBVA Research and Haver150 10140 9 8130 7120 6110 5100 4 90 3 80 2 70 1 60 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2013(f) 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2010 2011 2012 G7 EAGLEs Nest G7 EAGLEs Nest 7
  8. 8. EAGLEs Annual Report 2013A challenging external environmentSome signs of recovery in world trade areappearing and South-South trade dominatesExports momentum 2010-2012 EAGLEs and Nest: exports destination(sa %yoy moving average 3monts) (% of total EAGLEs and Nest exports)Source: BBVA Research and CPB Source: BBVA Research and CPB25 2000 201220 16% 15% 25%15 42%10 43% 5 59% 0-5 EMU Other DMs EMs Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 World exports Advanced Economies Emerging Economies World exports (annual avg.) 8
  9. 9. EAGLEs Annual Report 2013SummarySection 1A challenging external environmentSection 2BBVA EAGLEs in 2013: results for the2012-2022 periodSection 3Supporting factors for long-term growth: the role of ‘emerging people’ 9
  10. 10. EAGLEs Annual Report 2013BBVA EAGLEs in 2013: results for the 2012-2022 periodCriteria for the 2012-2022 period:the new thresholds Incremental GDP between 2012 and 2022 measured in PPP- adjusted 2012 USD EAGLEs G6 economies - average 446 bn G6 USD avg. NEST countries G6 economies - minimum 194 bn Italy USD Rest of emerging economies candidates 10
  11. 11. EAGLEs Annual Report 2013BBVA EAGLEs in 2013: results for the 2012-2022 periodEAGLEs and Nest 2013: geographically balanced EAGLEs Nest China Egypt Nigeria India Thailand Colombia Indonesia Vietnam Brazil Malaysia Poland Russia Bangladesh Korea South Africa Philippines Turkey Peru Mexico Argentina Pakistan Taiwan Chile 11
  12. 12. EAGLEs Annual Report 2013BBVA EAGLEs in 2013: results for the 2012-2022 periodChina and Indiacontinue playing in another leagueIncremental GDP between 2012 and 2022(% share of world growth and bn USD for the 3 big players)Source: BBVA Research and IMF/WEO 27500 Other DMs 25000 5% 22500 RoW 8% 20000 12971 17500 4092 15000 G7 12500 17% EAGLEs 10000 57% 15727 7500 5036 12428Other 5000EMs Nest 2500 4756 3% 10% 0 China USA India 2012 2012-2022 12
  13. 13. EAGLEs Annual Report 2013 BBVA EAGLEs in 2013: results for the 2012-2022 period Other relevant players in Asia, as well as in Latin America and Europe Incremental GDP between 2012 and 2022 and GDP level in 2012 [EAGLEs] (bn USD) (incremental GDP in y-axis and 2012 level below country labels) (bubbles are proportional to 2012 level) Source: BBVA Research and IMF/WEO1300 Indonesia 1219 Brazil1200 Russia 2363 252011001000 Korea Japan900 4623 1618 Turkey Germany800 1126 3207 Mexico700 1768 UK G6 avg. 2335 Taiwan600 2620 905500400300 13
  14. 14. EAGLEs Annual Report 2013 BBVA EAGLEs in 2013: results for the 2012-2022 period And there are more candidates, some of them really close to the threshold Incremental GDP between 2012 and 2022 and GDP level in 2012 [Nest] (bn USD) (incremental GDP in y-axis and 2012 level below country labels) (bubbles are proportional to 2012 level) Source: BBVA Research and IMF/WEO500 G6 avg. 2620 Nigeria450 453 Australia France 967 2260400 Colombia 500 Malaysia Spain Egypt Thail.350 540 655 498 1415 S.Africa S.Arabia 580 744 Canada Iraq300 1451 Vietnam 156 Argentina G6 min. 745 Iran (Italy)250 322 Poland Bang. 806 307 Philip. 1002 1808 425200 Peru 328 Pakistan150 Chile 517 322100 14
  15. 15. EAGLEs Annual Report 2013BBVA EAGLEs in 2013: results for the 2012-2022 periodA robust and “fair” approach: countries decideGrowth forecasts and thresholds over the 2012-2022 period(annual average growth in %)Source: BBVA Research, IMF/WEO, OECD and Consensus10 9 8 7 6 5 4 3 2 1 0 Turkey Brazil Russia Peru France Taiwan Germany Korea Thailand Canada US Nigeria Philippines Chile S.Africa UK Italy India Egypt Colombia Argentina Malaysia Poland Japan China Mexico Indonesia Bangladesh Vietnam Pakistan EAGLE Nest G6 BBVA To be an EAGLE To be a Nest IMF OECD Consensus 15
  16. 16. EAGLEs Annual Report 2013SummarySection 1A challenging external environmentSection 2BBVA EAGLEs in 2013: the changing map ofworld growthSection 3Supporting factors for long-term growth: The role of Emerging People 16
  17. 17. EAGLEs Annual Report 2013BBVA EAGLEs in 2013: the changing map of world growthEmerging world to lead growth in the next decadeContribution to GDP world growth(percentage points) (over PPP-adjusted 2012 USD)Source: BBVA Research and IMF/WEO 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 80s 90s 00s pre-crisis Global crisis 2012-2022 RoW G6 US Nest EAGLEs WORLD 17
  18. 18. EAGLEs Annual Report 2013BBVA EAGLEs in 2013: the changing map of world growthThe Pacific connection: Asia and AmericaIncremental GDP between 2012 and 2022 by region (%)Source: BBVA Research and IMF/WEO Western Europe Eastern Europe Asia (ex.Japan) 6.8 North America 10.9 6.4 56.4 4.5 1.7 Japan 4.9 Latin America Middle East 7.5 Africa 1.0 Australia + New Zealand 18
  19. 19. EAGLEs Annual Report 2013BBVA EAGLEs in 2013: the changing map of world growthIncreasing South-South tradeEAGLEs and Nest export share by country groupsSource: BBVA Research and IMF Jan-Sep/12 2000 EMU; 14,9 EMU; EMs; 15,8 25,4 EMs; 41,7 Other Other DMs; DMs; 58,8 43,5 19
  20. 20. SummarySection 1A challenging external environmentSection 2BBVA EAGLEs in 2013: results for the 2012-2022 periodSection 3Supporting factors for long-term growth: therole of ‘emerging people’
  21. 21. EAGLEs Annual Report 2013Supporting factors for long-term growth: the role of ‘emerging people’Aging is not exclusive of developed countriesWorking-age population growth (1980-2040)(average annual % change)Source: BBVA Research and UN 3.0 2.5 2.0 1.5 1.0 0.5 0.0 -0.5 -1.0 -1.5 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025 2030 2035 2040 WORLD G7 China&Korea Eastern Europe Asia exChina&Korea, LatAm, Turkey and Africa 21
  22. 22. EAGLEs Annual Report 2013Supporting factors for long-term growth: the role of ‘emerging people’However,there are significant differences across countriesPopulation pyramids (2010)(% of total population)Source: BBVA Research and UNChina, Russia and Korea India, Indonesia, Brazil, Mexico & Turkey G7 countries Female Male Female Male Female Male 22
  23. 23. EAGLEs Annual Report 2013Supporting factors for long-term growth: the role of ‘emerging people’The population premiumwill still be relevant for most EMsStage of demographic transition referenced to working-age populationSource: BBVA Research and UN 3.0 Nigeria 2.5Expected annual change of working age population Pakistan Bangladesh Philippines 2.0 Malaysia Egypt Mexico India between 2010 and 2020 (%) 1.5 Colombia Peru Turkey Indonesia WORLD 1.0 Brazil Vietnam Chile Argentina S.Africa 0.5 US Canada Thailand France UK China 0.0 Italy Korea -0.5 Germany Poland Russia -1.0 Ukraine Japan -1.5 1985 2070 1975 1980 1990 1995 2000 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050 2055 2060 2065 2075 2080 2085 2090 2095 2100 Approximate year when the share of population aged 15-64 years reaches a peak 23
  24. 24. EAGLEs Annual Report 2013Supporting factors for long-term growth: the role of ‘emerging people’The reduction in thehousehold size will soften the effects of agingIncome per capita and household size (c.2000) World Household sizeSource: BBVA Research, IMF, UN and WB 8 7.0 7 6.5 6.0 6 5.5Household size 5 5.0 4.5 4 4.0 3 3.5 3.0 2 2.5 1 2.0 Bosnia and… Ireland Canada Turkey Cameroon Yemen India Bahrain United Kingdom Chile Czech Republic Bulgaria Slovak Republic Jamaica Chad Norway Georgia FYR Macedonia Belize Finland Croatia Uganda Italy Slovenia Botswana Bangladesh 0 6 7 8 9 10 11 12 Real PPP-adjusted GDP per capita (in logs) 24
  25. 25. EAGLEs Annual Report 2013Supporting factors for long-term growth: the role of ‘emerging people’EM population is moving to cities… very fastPopulation according to residence area(millions of people)Source: BBVA Research and UNDeveloped economies Emerging economies1400 65001300 60001200 55001100 50001000 4500 900 4000 800 3500 700 3000 600 500 2500 400 2000 300 1500 200 1000 100 500 0 0 1995 2015 1980 1985 1990 2000 2005 2010 2020 2025 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025 Rural Urban Rural Urban 25
  26. 26. EAGLEs Annual Report 2013Supporting factors for long-term growth: the role of ‘emerging people’With an increasing numberof urban agglomerationsPercentage of urban population and agglomerations by size class (2025)Source: BBVA Research and UN Percentage Urban City population 0-25% 1-5 million 25-50% 5-10 million 50-75% 10 million or more 75-100% 26 Percentage Urban City population
  27. 27. EAGLEs Annual Report 2013Supporting factors for long-term growth: the role of ‘emerging people’Emerging middle class already in ‘fast trackmode’ since the beginning of this centuryPopulation according to GDP per capita range* in EAGLEs and Nest countries(millions of people and % share)**Affluent are over 40,000 PPP-adjusted 2010 USD per year, High Middle Class between 25,000 and 40,000, Medium Middle Class 15,000-25,000, Low Middle Class 5,000-15,000, Low Income1,000-5,000 and Poor below 1,000.Source: BBVA Research 5000 100% 4500 90% 4000 80% 3500 70% 3000 60% 2500 50% Slow Motion Fast Track Slow Motion Fast Track 2000 40% 1500 30% 1000 20% 500 10% 0 0% 1982 1990 1980 1984 1986 1988 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 1986 2002 2018 1980 1982 1984 1988 1990 1992 1994 1996 1998 2000 2004 2006 2008 2010 2012 2014 2016 2020 Poor Low Income Poor Low Income Low Middle Class Medium Middle Class Low Middle Class Medium Middle Class High Middle Class Affluent High Middle Class Affluent 27
  28. 28. EAGLEs Annual Report 2013Supporting factors for long-term growth: the role of ‘emerging people’EM middle classeswill change consumption patterns… significantlyConsumption patterns and income transition* in EMs(% of CPI basket and GDP per capita)*Low-income include countries with GDP per capita between 2,000 and 8,000 PPP-adjusted 2010 USD (up to 9 in log terms), medium-income comprise the income range between 8,000 and 22,000USD (between 9 and 10 in log terms) and high-income countries are those above 22,000 USD.Source: BBVA Research and Haver 11.0 High income 45 Korea 40 10.5 Poland 35 Russia/Chile 30 10.0 Med.-income Argent./Malaysia Turkey 25 China Mexico Brazil/Peru 20 9.5 Thail./Colomb./S.Africa Ukraine 15 2020 9.0 10 Indonesia Egypt India 5 Vietnam Philipp. 8.5 0 Nigeria Food Comm. Health Recr.&Culture Housing Transport Alc.&Tobacco Cloth.&Footw. Rest.&Hotels Equipment Misc. Education 8.0 Pakistan Bangl. Medium- High income 7.5 income Low-income Low-income Medium-income High-income (OECD) 7.0 7.0 7.5 8.0 8.5 9.0 9.5 10.0 10.5 11.0 2010 28
  29. 29. EAGLEs Annual Report 2013Supporting factors for long-term growth: the role of ‘emerging people’Some industries to benefit from booming demand…generating some challengesWorld markets according to annual growth of the car fleet between 2010 and 2020Source: BBVA Research 0% 2% 4% 6% ≥8% 29
  30. 30. EAGLEs Annual Report 2013DISCLAIMERThis document and the information, opinions, estimates and recommendations expressed herein, have been prepared by Banco Bilbao Vizcaya Argentaria, S.A. (hereinafter called “BBVA”) to provide itscustomers with general information regarding the date of issue of the report and are subject to changes without prior notice. BBVA is not liable for giving notice of such changes or for updating the contentshereof.This document and its contents do not constitute an offer, invitation or solicitation to purchase or subscribe to any securities or other instruments, or to undertake or divest investments. Neither shall thisdocument nor its contents form the basis of any contract, commitment or decision of any kind.Investors who have access to this document should be aware that the securities, instruments or investments to which it refers may not be appropriate for them due to their specific investment goals,financial positions or risk profiles, as these have not been taken into account to prepare this report. Therefore, investors should make their own investment decisions considering the said circumstances andobtaining such specialized advice as may be necessary. The contents of this document is based upon information available to the public that has been obtained from sources considered to be reliable.However, such information has not been independently verified by BBVA and therefore no warranty, either express or implicit, is given regarding its accuracy, integrity or correctness. BBVA accepts no liabilityof any type for any direct or indirect losses arising from the use of the document or its contents. Investors should note that the past performance of securities or instruments or the historical results ofinvestments do not guarantee future performance.The market prices of securities or instruments or the results of investments could fluctuate against the interests of investors. Investors should be aware that they could even face a loss of theirinvestment. Transactions in futures, options and securities or high-yield securities can involve high risks and are not appropriate for every investor. Indeed, in the case of some investments, thepotential losses may exceed the amount of initial investment and, in such circumstances, investors may be required to pay more money to support those losses. Thus, before undertaking anytransaction with these instruments, investors should be aware of their operation, as well as the rights, liabilities and risks implied by the same and the underlying stocks. Investors should also be awarethat secondary markets for the said instruments may be limited or even not exist.BBVA or any of its affiliates, as well as their respective executives and employees, may have a position in any of the securities or instruments referred to, directly or indirectly, in this document, or in any otherrelated thereto; they may trade for their own account or for third-party account in those securities, provide consulting or other services to the issuer of the aforementioned securities or instruments or tocompanies related thereto or to their shareholders, executives or employees, or may have interests or perform transactions in those securities or instruments or related investments before or after thepublication of this report, to the extent permitted by the applicable law.BBVA or any of its affiliates´ salespeople, traders, and other professionals may provide oral or written market commentary or trading strategies to its clients that reflect opinions that are contrary to the opinionsexpressed herein. Furthermore, BBVA or any of its affiliates’ proprietary trading and investing businesses may make investment decisions that are inconsistent with the recommendations expressed herein. Nopart of this document may be (i) copied, photocopied or duplicated by any other form or means (ii) redistributed or (iii) quoted, without the prior written consent of BBVA. No part of this report may be copied,conveyed, distributed or furnished to any person or entity in any country (or persons or entities in the same) in which its distribution is prohibited by law. Failure to comply with these restrictions may breachthe laws of the relevant jurisdiction.In the United Kingdom, this document is directed only at persons who (i) have professional experience in matters relating to investments falling within article 19(5) of the financial services and markets act 2000(financial promotion) order 2005 (as amended, the “financial promotion order”), (ii) are persons falling within article 49(2) (a) to (d) (“high net worth companies, unincorporated associations, etc.”) Of the financialpromotion order, or (iii) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the financial services and markets act 2000) may otherwiselawfully be communicated (all such persons together being referred to as “relevant persons”). This document is directed only at relevant persons and must not be acted on or relied on by persons who are notrelevant persons. Any investment or investment activity to which this document relates is available only to relevant persons and will be engaged in only with relevant persons. The remuneration systemconcerning the analyst/s author/s of this report is based on multiple criteria, including the revenues obtained by BBVA and, indirectly, the results of BBVA Group in the fiscal year, which, in turn, include theresults generated by the investment banking business; nevertheless, they do not receive any remuneration based on revenues from any specific transaction in investment banking.BBVA is not a member of the FINRA and is not subject to the rules of disclosure affecting such members.“BBVA is subject to the BBVA Group Code of Conduct for Security Market Operations which, among other regulations, includes rules to prevent and avoid conflicts of interests with the ratings given,including information barriers. The BBVA Group Code of Conduct for Security Market Operations is available for reference at the following web site: www.bbva.com / Corporate Governance”.BBVA is a bank supervised by the Bank of Spain and by Spain’s Stock Exchange Commission (CNMV), registered with the Bank of Spain with number 0182. 30
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