BBVA demonstrated the recurrent nature and sustainability of its business model in 2008. In the first quarter of 2009, BBVA continued its strong performance with recurrent operating income supported by recurrent revenues and greater efficiency. Risk management also remained prudent with lower entries to NPAs, provisioning in line with the second half of 2008, and ample generic provisions to cover losses.

1. BBVA Group Results
First quarter 2009
Recurrence and sustainability
Madrid, 28th April 2009

2. Disclaimer
This document is only provided for information purposes and does not constitute, nor must it be interpreted as, an offer to sell or exchange
or acquire, or an invitation for offers to buy securities issued by any of the aforementioned companies. Any decision to buy or invest in
securities in relation to a specific issue must be made solely and exclusively on the basis of the information set out in the pertinent
prospectus filed by the company in relation to such specific issue. Nobody who becomes aware of the information contained in this report
must regard it as definitive, because it is subject to changes and modifications.
This document contains or may contain forward looking statements (in the usual meaning and within the meaning of the US Private
Securities Litigation Act of 1995) regarding intentions, expectations or projections of BBVA or of its management on the date thereof, that
refer to miscellaneous aspects, including projections about the future earnings of the business. The statements contained herein are based
on our current projections, although the said earnings may be substantially modified in the future by certain risks, uncertainty and others
factors relevant that may cause the results or final decisions to differ from such intentions, projections or estimates. These factors include,
without limitation, (1) the market situation, macroeconomic factors, regulatory, political or government guidelines, (2) domestic and
international stock market movements, exchange rates and interest rates, (3) competitive pressures, (4) technological changes, (5) alterations
in the financial situation, creditworthiness or solvency of our customers, debtors or counterparts. These factors could condition and result in
actual events differing from the information and intentions stated, projected or forecast in this document and other past or future documents.
BBVA does not undertake to publicly revise the contents of this or any other document, either if the events are not exactly as described
herein, or if such events lead to changes in the stated strategies and intentions.
The contents of this statement must be taken into account by any persons or entities that may have to make decisions or prepare or
disseminate opinions about securities issued by BBVA and, in particular, by the analysts who handle this document. This document may
contain summarised information or information that has not been audited, and its recipients are invited to consult the documentation and
public information filed by BBVA with stock market supervisory bodies, in particular, the prospectuses and periodical information filed with
the Spanish Securities Exchange Commission (CNMV) and the Annual Report on form 20-F and information on form 6-K that are disclosed to
the US Securities and Exchange Commission.
Distribution of this document in other jurisdictions may be prohibited, and recipients into whose possession this document comes shall be
solely responsible for informing themselves about, and observing any such restrictions. By accepting this document you agree to be bound
by the foregoing Restrictions.
2

3. Contents
Main features of the Group’s results
Summary by business area
Conclusions
3

4. 2008: a year in which BBVA demonstrated the
recurrent nature and sustainability of its
business model
+
Superior performance Sustainable profit
Net attributable profit Net attributable profit
Peer group aggregate excluding BBVA Group BBVA Group
(€bn) Excl. one-offs
(€m)
83.1 5,403 5,414
75.2
63.1
60.8 4,580
3,806
31.4
21.7
2,923
2,227
1,719
-28.6
2002 2003 2004 2005 2006 2007 2008
2002* 2003* 2004 2005 2006 2007 2008
Peers: Barclays, BNPP, Crédit Agricole S.A., Credit Suisse, Deutsche
Bank, HBOS, Intesa Sanpaolo, Lloyds, RBS, Santander, Société
Net attributable profit 2008 including one-offs is €5,020m
Générale, UBS and Unicredit
4

5. First quarter 2009: confirmation of 2008
strengths
Gross income
BBVA Group
(€m)
+2.5%
Net attrib. profit
4,889
4,772 BBVA Group excluding one-offs
4,559
(€m)
+7.2%
-14.2%
1Q08 4Q08 1Q09
1,442
1,238
Operating income 1,093
BBVA Group
(€m)
+13.2%
+4.9%
1Q08 4Q08 1Q09
2,819
2,688
2,356
+19.7%
One-offs in 4Q08:
One-offs in 1Q08:
-€575m (Early
+€509m
1Q08 4Q08 1Q09
retirements and Madoff)
(Bradesco)
5

6. Despite the persistent complex environment ...
Good start to the year with a very positive
first quarter supported by ...
1 Recurrent nature of operating income
1.1 Recurrent revenues
1.2 Greater efficiency
2 Prudent risk management
Sustainability: Organic generation of capital
3
7

7. 1 Recurrent operating income
Operating income
BBVA Group
(€m)
+4.9%
2,819
2,784 2,696
2,688
2,483 2,356
2,306
+19.7%
+8.3% in constant €
3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09
Recurrent operating income:
the key in today’s environment
8

8. Strong growth of net interest income ...
1.1
Net interest income / ATAs
BBVA Group
Net interest income (%)
2.42
BBVA Group
2.26
(€m)
2.09
2.06
+20.1%
2006 2007 2008 1Q09
3,272
3,043 3,087
2,726 2,830
2,697 Lending and customer funds
2,433
BBVA Group
Year-on-year growth
(Average balances)
+6.0% 12.4
5.3
3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09
Lending Customer funds
Appropriate management of the slowdown
and focus on pricing 9

9. ... that supports high quality growth in
Gross Income
Gross income Breakdown of gross income
BBVA Group BBVA Group
(€m) (€m)
NII + fees & commissions
NTI + Other operating income & expenses
+2.5%
11.0%
19.2%
4,630 4,772 4,853 4,794 4,559 4,889
4,196
89.0%
80.8%
+8.2 pp
+7.2%
1Q08 1Q09
3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09
Improvement in the quality of revenues
and limited variability
10

10. Spain & Portugal: focus on pricing ...
Net interest income
Lending and customer funds
(€m)
Year-on-year growth
(Average balances)
7.1% +5.6%
1.3%
1,210
1,146
Lending Customer funds*
Front book spreads
+31.9% on € balance
BBVA Spain
sheet
8.75
(%) 8,66
8.97
6.31
5.81 7.6
5.59 5.55
1Q08 1Q09
5.19
5.38
4.67 1.32
4.43
3.74
3.5
1.02
Gross income: €1,747m
0.94
0.88 0.88
0.85
0.84
(+1.0% on 1Q08)
Sep.07 Dec.07 Mar.08 Jun.08 Sep.08 Dec.08 Mar.09
Consumer Business Mortgages
11
* Liquid funds + time deposits

11. In Mexico: good levels of business activity and
prices maintained with lower-risk mix
Lending and cust. funds Net interest income / ATAs
Year-on-year growth (%)
(Average balances) 6.31 6.32
5.94 5.65
5.53
19.4%
11.9%
1Q08 2Q08 3Q08 4Q08 1Q09
Lending Customer funds
Net interest income
(Constant €m) +6.0%
Lending mix
(%)
816
770
39.5% 41.9%
30.1% 32.9%
30.4% 25.2%
1Q08 1Q09
1Q08 1Q09
SMEs, Corporate & Public Sector
Mortgages
Gross Income: €1,225m
Consumer & Cards
+1.0% vs 1Q08 | +8.4% vs 1Q08 excl. VISA IPO
12

12. And in the other areas
Gross income
WB&AM
Lending and customer funds
(€m)
Year-on-year growth +7.7%
(Average balances) 30.1%
518
481
17.1%
Lending Customer funds 1Q08 1Q09
USA
Lending and customer funds Net interest income
Year-on-year growth (Constant €m)
(Average balances) +3.6%
8.3%
379
366
2.2%
G. Income: -5.3%
Lending Customer
funds 1Q08 1Q09
South America Net interest income
Lending and customer funds
(Constant €m)
Year-on-year growth
+16.2%
(Average balances)
26.3%
589
12.3% 507
Gross Income: +19.1%
Lending Customer
funds 1Q08 1Q09
13

13. And on the other hand, a very efficient
1.2 distribution network in our main markets
...
Spain South America
Mexico
Market share Market share Market share
(%) (%) (%)
+33% +61% +46%
11.2%* 29.0%* 12.7%*
18.0%
8.4% 8.68%
Branches Business Branches Business Branches Business
Efficient networks are essential given
their weight in the cost structure
14
* Lending + cust. funds; Dec 08 figures

14. ... as a consequence of the Group’s
transformation plan ...
Strict cost control
Total expenses Total expenses
BBVA Group Excl. Compass and one-offs BBVA Group
(€m)
Year-on-year growth
(%)
-0.7%
4.8
3.4 3.0 2.6
2,084 2,070
-1.9
3M08 6M08 9M08 12M08 3M09
1Q08 1Q09
Estimated growth of expenses in 2009: +0%
15

15. ... that started in Spain & Portugal and
spread to the other business areas ...
Total expenses Spain & Portugal Total expenses Mexico
Year-on-year growth Year-on-year growth
(%) (%)
10.8
1.8 1.7 8.3
7.1 6.5
-0.9 -1.3
2.1
-6.5
3M08 6M08 9M08 12M08 3M09 3M08 6M08 9M08 12M08 3M09
Total expenses Total expenses Total expenses
WB&AM USA South America
Year-on-year growth Quarter by quarter Year-on-year growth
(Constant €m)
(%) (%)
17.0
16.6
Adjusted inflation: +16.2%
384 379
377
363
13.3 339
10.8
18.6
18.4
17.5 17.4
7.8
13.3
3M08 6M08 9M08 12M08 3M09 1Q08 2Q08 3Q08 4Q08 1Q09
3M08 6M08 9M08 12M08 3M09
16

16. ... and our ongoing obsession with improving
efficiency
Efficiency incl. depreciation Efficiency incl. depreciation
BBVA Group excluding one-offs Business Areas
(%) (%)
Efficiency Y/Y growth
1Q09/1Q08
(%)
-1.3 p.p.
Spain &
35.0% -2.8 p.p.
Portugal
43.7 42.3
WB&AM 25.4% 0.0 p.p.
Incl. one-offs 42.3% (-1.3 p.p.) Mexico 32.3% +0.4 p.p.
USA 62.5% -0.9 p.p.
3M08 3M09
South
40.7% -3.0 p.p.
America
17

17. In summary, recurrent operating income
Operating income
BBVA Group
(€m)
+4.9%
2,819
2,784 2,696
2,688
2,483 2,356
2,306
+19.7%
+8.3% in constant €
3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09
Recurrent operating income:
the key in today’s environment
18

18. Despite the persistent complex environment ...
Good start to the year with a very positive
first quarter supported by ...
1 Recurrent operating income
1.1 Recurrent revenues
1.2 Greater efficiency
2 Prudent risk management
3 Sustainability: Organic generation of capital
19

19. 2 Prudent risk management
A Lower entries to NPAs
B Provisioning in line with 2H08
C Preservation of generic provisions
Ample coverage by provisions and
D collateral
Operating income: an excellent buffer
E
for cost of risk
20

20. Lower entries to NPAs and higher
A efficiency with recoveries...
Net entries to NPAs Recoveries / entries to NPA
BBVA Group BBVA Group
(€m) (%)
32.4%
3,001
2,559 29.6%
2,262
27.9%
3Q08 4Q08 1Q09 3Q08 4Q08 1Q09
Net entries to NPAs down 15% in quarter
21

21. ... with special relevance in the case of
Spain & Portugal ...
Net entries to NPAs
NPA spread vs. the system
Spain & Portugal
BBVA Spain vs. banks and saving banks
(€m)
BBVA vs. banks 89
+ saving banks
1,966 47
1,493 1,497
31
6
Dec.07 Jun.08 Dec.08 Feb.09
3Q08 4Q08 1Q09
... which enables us to continue improving
our relative position
22

22. B Provisioning starts to stabilise ...
Loan-loss provisioning
BBVA Group
Quarter by quarter
(€m)
892
853 802
596
584 545
452
3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09
23

23. ... at all units
Cost of risk Spain & Portugal Cost of risk in Mexico
Quarter by quarter Quarter by quarter
(%) (%)
4.92 4.81
3.75
0.45 0.38 0.38
3Q08 4QT08 1Q09
3Q08 4Q08 1Q09
Cost of risk in South America
Cost of risk USA
Quarter by quarter
Quarter by quarter
(%)
(%)
2.30
1.70 1.55
1.37 1.60
1.08
3Q08 4Q08 1Q09
3Q08 4Q08 1Q09
Provisioning starts to stabilise
24

24. Limited release of generic provisions to
C preserve a balance for future quarters ...
Generic provisions Breakdown of variations in generic
(€m) provisions Mar 09 vs. Dec 08
(€m)
-€225m
Risk and
Variation Mar Transfer to activity
09-Dec 08 specific +€57m
Exchange
-€66m rates
€4,334m
€4,558m -€216m
-€225m
Dec 08 Mar 09
Release of €216m in 1Q09 (vs. €300m in 4Q08) to offset the
charge for specific provisions
25

25. Ample coverage by provisions and
D collateral
Doubtful assets and property acquired
(€m)
€2,744m
Specific prov
€3,009m
Total
Value of
doubtful
collateral
€10,543M Net doubtful €10,278m €11,177m
€7,534m
€8,433m
Property (net)
Property Property (net)
€899m
€1,119m €899m
Collateral exceeds net value of doubtful assets by €2,744m
In addition, about €4,991m of generic and substandard provisions
26

26. Recurrent operating profit is the most
important competitive advantage in the
E
industry in the present context
Operating profit1 as
Cost of risk Additional cost of risk
maximum cost of risk 2
Peer Group supported by operating
(%, Dec 08) profit 3
Peer Group
(%, Dec 08) Peer Group
(%, Dec 08)
BBVA 2.6
Peer 1 BBVA
0.34 3.5
Peer 9 2.1
Peer 2 Peer 9
0.41 3.1
Peer 4 1.3
Peer 3 Peer 4 2.3
0.62
Peer 3 1.1
Peer 4 0.69 Peer 12 2.2
Peer 5 1.0
Peer 5 0.75 Peer 10 2.0
Peer 12 0.8
Peer 5
BBVA 0.86 1.8
Peer 10 0.7
Peer 11 1.7
Peer 6 0.89
Peer 11 0.4
Peer 7 Peer 3 1.7
0.96
Peer 8 0.3
Peer 8 Peer 8 1.3
1.01
-1.0 Peer 7
Peer 13
Peer 9 0.5
1.05
-1.8 Peer 13
Peer 7
Peer 10 1.22 0.0
-1.6 Peer 2
Peer 11 1.32 Peer 2 n.a.
-5.9 Peer 1
Peer 12 1.35 Peer 1 n.a.
n.a.
2.24 -7.1
Peer 13 Peer 6 Peer 6
Peers: Barclays, BNPP, Crédit Agricole S.A., Credit Suisse, Deutsche Bank, HBOS,
1. Operating profit as old account
27
Intesa Sanpaolo, Lloyds, RBS, Santander, Société Générale, UBS and Unicredit
2. Maximum cost of risk supported by operating profit without generating losses
3. Maximum cost of risk – Current cost of risk

27. Despite the persistent complex environment ...
Good start to the year with a very positive
first quarter supported by ...
1 Recurrent operating income
1.1 Recurrent revenues
1.2 Greater efficiency
2 Prudent risk management
3 Sustainability: Organic generation of capital
28

28. 3 Sustainable profits ...
(€m, excl. one-off items)
Annual Growth Annual Growth
Accum.
1Q09/1Q08 1Q09/4Q08
BBVA Group
1Q09 Abs. % Abs. %
3,272 20.1% + 185 6.0%
+ 547
Net Interest Income
4,889 + 117 2.5% + 330 7.2%
Gross Income
2,819 + 131 4.9% + 463 19.7%
Operating Income
1,834 - 222 -10.8% + 385 26.6%
Income Income Tax
1,354 - 182 -11.9% + 163 13.6%
Net Income
1,238 - 204 -14.2% + 144 13.2%
Net Attributable Profit
One-offs in 1Q08 after tax: One-offs in 4Q08 after tax: -
+€509m €575m
(Bradesco) (early retirements & Madoff)
29

29. Sustainable profits ...
(€m)
Annual Growth Annual Growth
Accum.
1Q09/1Q08 1Q09/4Q08
BBVA Group
1Q09 Abs. % Abs. %
3,272 + 547 20.1% + 185 6.0%
Net Interest Income
4,889 + 117 2.5% + 330 7.2%
Gross Income
2,819 + 131 4.9% + 463 19.7%
Operating Income
1,834 - 949 -34.1% + 1,206 n.s.
Income Income Tax
1,354 - 691 -33.8% + 737 n.s.
Net Income
1,238 - 713 -36.6% + 719 n.s.
Net Attributable Profit
30

30. ... that allow us to continue generating capital
organically
Core capital Tier I and Capital ratio
BIS II BIS II
(%) (%)
Tier I 7.7%
6.4
6.2
Capital 11.5%
ratio
Dec. 08 Mar.09
Organic generation of capital: +20 b.p.
31

31. Superior profitability levels
(%)
ROA: 1.00% RoRWA: 1.88%
ROE: 19.4% ROTE: 26.7%
32

32. Despite the persistent complex environment ...
Good start to the year with a very positive
first quarter supported by ...
1 Recurrent operating income
1.1 Recurrent revenues
1.2 Greater efficiency
2 Prudent risk management
3 Sustainability: Organic generation of capital
34

33. Contents
Main features of the Group’s results
Summary by business area
Conclusions
35

34. Spain & Portugal: 1Q09 highlights
Customer spread
(%)
3.36
3.29
3.12
3.09 3.06
Better price management
1Q08 2Q08 3Q08 4Q08 1Q09
Total expenses
Year-on-year growth
(%)
1.8 1.7
Decrease in expenses
-0.9 -1.3
-6.5
3M08 6M08 9M08 12M08 3M09
Net entries to NPAs
(€m)
1,966
1,497
1,493
Lower entries to NPAs
3Q08 4Q08 1Q09
36

35. Spain & Portugal: 1Q09 highlights
Euro balance sheet
Net interest income / ATAs Net interest income
Euro balance sheet Euro balance sheet
(%) (€m)
31.9%
1,585
1,306
2.36
1,136 1,163 1,202 1,207 1,225
1.89
1.84 1.82
1.80 1.80
1.79
3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09
37

36. Spain & Portugal: 1Q09 results
(€m)
Annual Growth Annual Growth
Accum.
1Q09/1Q08 1Q09/4Q08
Spain & Portugal
1Q09 Abs. % Abs. %
1,210 + 64 5.6% - 47 -3.7%
Net Interest Income
1,747 + 18 1.0% - 64 -3.5%
Gross Income
1,135 + 61 5.6% -5 -0.4%
Operating Income
947 - 25 -2.5% + 13 1.4%
Income Income Tax
657 - 16 -2.4% +8 1.3%
Net Income
657 - 16 -2.4% +8 1.3%
Net Attributable Profit
ROE: 37.0%
38

37. Wholesale Banking & Asset Management:
1Q09 highlights
Lending and customer funds
y-o-y growth WB&AM
(Average balances) 30.1%
17.1%
Corporate &
Lending Customer funds
Investment Banking: Operating income +25.1%
(€m)
capitalising on opportunities
173
138
1Q08 1Q09
Market share of mutual funds in Spain
(y/y growth) 20.14
19.98
19.78
Asset Management:
18.71
gaining mkt share in mutual 17.92
funds
Feb.08 Jun.08 Dec.08 Jan.09 Feb.09
40

38. Wholesale Banking & Asset Management:
1Q09 results
(€m)
Annual Growth Annual Growth
Accum.
Wholesale Banking & 1Q09/1Q08 1Q09/4Q08
Asset Management
1Q09 Abs. % Abs. %
518 + 37 7.7% + 296 n.s.
Gross Income
386 + 27 7.6% + 293 n.s.
Operating Income
365 + 45 14.2% + 328 n.s.
Income Income Tax
269 +0 0.1% + 237 n.s.
Net Income
-0.1% + 237 n.s.
268 -0
Net Attributable Profit
ROE: 25.3%
41

39. Mexico: 1Q09 highlights
Operating income
Quarter by quarter
(Constant €m) +0.4%
+11.7%
829
825 790 781
765
VISA IPO 83
1Q08 2Q08 3Q08 4Q08 1Q09
Good operating income performance
43

40. Mexico: 1Q09 highlights
Lending and customer funds
19.4%
Year-on-year growth
(Average balances)
Good business and 11.9%
change of mix
Lending Customer funds
Total expenses 10.8
Year-on-year growth 8.3
7.1
(%) 6.5
Cost control 2.1
3M08 6M08 9M08 12M08 3M09
Cost of risk
(%)
4.9 4.8
3.8
3.0 2.9
Cost of risk contained
1Q08 2Q08 3Q08 4Q08 1Q09
Net attrib. profit: €363m (-16.1% vs -2.4% without VISA IPO)
44

41. Mexico: 1Q09 results
(Constant €m)
Annual Growth Annual Growth
Accum.
1Q09/1Q08 1Q09/4Q08
Mexico
1Q09 Abs. % Abs. %
816 + 46 6.0% - 18 -2.1%
Net Interest Income
1,225 + 12 1.0% + 31 2.6%
Gross Income
829 +4 0.4% + 48 6.1%
Operating Income
+5 1.2%
465 - 136 -22.6%
Income Income Tax
363 - 70 -16.1% - 15 -3.9%
Net Income
363 - 70 -16.1% - 15 -3.9%
Net Attributable Profit
Net attrib. profit: €363m (-16.1% vs -2.4% without VISA)
45

42. USA: 1Q09 highlights
Total expenses
Quarter by quarter
(Constant €m)
384
381 379
377
363 339
Cost control
4Q07 1Q08 2Q08 3Q08 4Q08 1Q09
Operating income
Quarter by quarter
(Constant €m) 215
210 204
181
179
Stabilisation of operating 173
income
4Q07 1Q08 2Q08 3Q08 4Q08 1Q09
Provisions
Quarter by quarter 150
(Constant €m) 126
112
78
Stabilisation of provisioning 54 54
4Q07 1Q08 2Q08 3Q08 4Q08 1Q09
Stabilisation of net attrib. profit:
3Q08: €23m | 4Q08: €23m | 1Q09: €42m 47

43. USA: 1Q09 results
(Constant €m)
Annual Growth Annual Growth
Accum.
1Q09/1Q08 1Q09/4Q08
USA
%
1Q09 Abs. Abs. %
379 + 13 3.6% +0 0.0%
Net Interest Income
543 - 31 -5.3% -9 -1.6%
Gross Income
204 -6 -3.0% + 31 17.9%
Operating Income
62 - 85 -57.7% + 30 93.2%
Income Income Tax
42 - 54 -56.0% + 20 86.8%
Net Income
42 - 54 -56.0% + 20 86.8%
Net Attributable Profit
Net attrib. profit: €63m
(without amortisation of intangibles)
48

44. South America: 1Q09 highlights
Lending and customer funds 26.3%
Year-on-year growth
(Average balances)
12.3%
Good level of business activity
Lending Customer funds
Gross income +19.1%
(Constant €m)
924
776
Dynamic generation of income
1Q08 1Q09
Total expenses
Year-on-year growth 18.6
18.4
17.5 17.4
(%) 13.3
Cost control Adjusted
inflation:
+16.2%
3M08 6M08 9M08 12M08 3M09
Cost of risk by quarter
(%)
2.3
1.6
Cost of risk contained 1.5 1.1
1.0
1Q08 2Q08 3Q08 4Q08 1Q09
50

45. South America: 1Q09 results
(Constant €m)
Annual Growth Annual Growth
Accum.
1Q09/1Q08 1Q09/4Q08
South America
1Q09 Abs. % Abs. %
589 + 82 16.2% -5 -0.8%
Net Interest Income
924 + 148 19.1% + 21 2.3%
Gross Income
548 + 104 23.4% + 39 7.6%
Operating Income
445 + 70 18.5% + 94 26.7%
Income Income Tax
343 + 55 19.1% + 58 20.2%
Net Income
225 + 37 19.5% + 38 20.2%
Net Attributable Profit
ROE: 40.3%
51

46. Contents
Main features of the Group’s results
Summary by business area
Conclusions
53

47. In 1Q09 we confirmed the strengths
demonstrated in 2008 ...
A Recurrent earnings: operating income
+ Strict cost control
Recurrent revenues
Improvement of efficiency
in dire times
B Superior risk management
Increase in the gap with competitors
C Sustainability of earnings
Organic generation of capital
54

48. BBVA Group Results
First quarter 2009
Recurrence and sustainability
Madrid, 28th April 2009