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Page 1: Home - Inversiones en Bolsa, Analistas de Mercados y ... · 734 970 2011 AND 2010 (Notes 1 to (Thousand Euros) CASH FLOW FROM OPERATING ACTIVITIES (l) profit]Loss for the year before
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DISCLAIMER: The English version is only a translation of the original in Spanish for information purposes. In case of a discrepancy, the Spanish original prevails.

DECLARATION OF RESPONSIBILITY FOR THE ANNUAL FINANCIAL REPORT

The members of the BBVA SUBORDINATED CAPITAL, S.A. UNIPERSONAL Board of Directors hereby declare that, insofar as they know, the annual financial statements for 2011, filed at the meeting, 13th March 2012, drawn up under the applicable accounting standards, offer a faithful image of the net assets, financial situation and results of BBVA SUBORDINATED CAPITAL, S.A. UNIPERSONAL, and that the management reports include a faithful analysis of the business earnings and the positions of BBVA SUBORDINATED CAPITAL, S.A. UNIPERSONAL, along with the description of the main risks and uncertainties facing them.

Madrid, 13th March 2012

SIGNED BY ALL MEMBERS OF THE BOARD