TIDM49AF 
 
RNS Number : 7432S 
BBVA International Pref S.A 
15 September 2010 
 

 
                 BBVA International Preferred, S.A. Unipersonal 
CUSIP: 05530RAB4 
 Record Date: October 3, 2010 
 Payment Date: October 18, 
                                      2010 
Pursuant to Law 13/1985 as amended by Law 19/2003, 23/2005 and 4/2008, Royal 
Decree 1065/2007 and article 59.q or 59.s of the Corporate Income Tax Regulation 
approved by Royal Decree 1777/2004 of July 30, 2004, distributions received from 
the above securities by a non-Spanish resident holder who does not act with 
respect to such securities through a permanent establishment in Spain or by a 
Spanish resident corporation (including a non-Spanish resident holder acting, 
with respect to the securities, through a permanent establishment in Spain) will 
not be subject either to the 19% Non-Resident Income Tax (NRIT) in Spain or to a 
19% withholding rate on account of the Spanish Corporate Income Tax (CIT) unless 
the non-Spanish resident holder, or the Spanish resident corporation, as the 
case may be, fails to comply with the relevant tax residency certification 
procedures as described below. 
Participants requesting exemption from Spanish NRIT or from withholding on 
account of Spanish CIT via DTC's Elective Dividend Service (EDS/Tax Relief SM) 
are required to provide beneficial owner information in support of their 
elections. The Issuer, the Guarantor and the Fiscal and Paying Agent have 
arranged certain procedures with DTC and Acupay System to facilitate the 
collection from participants of such information concerning the identity and 
residence of beneficial owners of the securities. Failure to certify via EDS/Tax 
Relief SM, provide beneficial owner information via Acupay, or to follow the 
required procedures, will result in 19% withholding from the distribution 
payment. 
Further information on Spanish withholding tax requirements can be found 
starting on pages 1, 62, A-1 and B-1 of the Prospectus for the Series C 
Preferred Securities, which can be downloaded 
from www.acupaysystem.com/BBVAPreferred. 
IMPORTANT: Participants that clear for downstream correspondents on an omnibus 
basis are subject to revised operational requirements regarding entering 
beneficial owner information into the Acupay System. To comply with Spanish tax 
regulations and "Know Your Customer" policies mandated by the USA PATRIOT Act, 
Participants may not enter beneficial owner information into the Acupay System 
on behalf of their omnibus downstream correspondents. Omnibus downstream 
correspondents are required to enter their beneficial owner client information 
directly and Participants must confirm their downstream correspondents' 
aggregate omnibus positions. Please read the following procedures carefully. 
Participants requesting exemption from Spanish NRIT or from withholding on 
account of Spanish CIT via DTC's Elective Dividend Service (EDS/Tax Relief SM) 
are also required to provide information concerning the identity and country of 
residence of beneficial owners in the manner described below: 
+----------------------------------------------------------------+--------+----------------------------------------------------------------+ 
| 1.                                                             | Beginning on                                                            | 
|                                                                | October 4, 2010                                                         | 
|                                                                | (the first New                                                          | 
|                                                                | York Business                                                           | 
|                                                                | Day following                                                           | 
|                                                                | the Record                                                              | 
|                                                                | Date) and until                                                         | 
|                                                                | 8 p.m. (New                                                             | 
|                                                                | York time) on                                                           | 
|                                                                | October 12,                                                             | 
|                                                                | 2010 (the                                                               | 
|                                                                | Standard                                                                | 
|                                                                | Deadline), DTC                                                          | 
|                                                                | participants                                                            | 
|                                                                | must enter                                                              | 
|                                                                | certain                                                                 | 
|                                                                | information                                                             | 
|                                                                | into the Acupay                                                         | 
|                                                                | System                                                                  | 
|                                                                | regarding the                                                           | 
|                                                                | beneficial                                                              | 
|                                                                | owners of the                                                           | 
|                                                                | Series C                                                                | 
|                                                                | Preferred                                                               | 
|                                                                | Securities by                                                           | 
|                                                                | completing                                                              | 
|                                                                | these required                                                          | 
|                                                                | steps:                                                                  | 
+----------------------------------------------------------------+-------------------------------------------------------------------------+ 
|                                                                | A.     | DTC                                                            | 
|                                                                |        | participants                                                   | 
|                                                                |        | must visit                                                     | 
|                                                                |        | the Acupay                                                     | 
|                                                                |        | System                                                         | 
|                                                                |        | website at                                                     | 
|                                                                |        | www.acupaysystem.com                                           | 
|                                                                |        | and register (i)                                               | 
|                                                                |        | their institution,                                             | 
|                                                                |        | (ii) one or more                                               | 
|                                                                |        | authorized employees                                           | 
|                                                                |        | who will be                                                    | 
|                                                                |        | responsible for                                                | 
|                                                                |        | making tax                                                     | 
|                                                                |        | certifications on                                              | 
|                                                                |        | the behalf of the                                              | 
|                                                                |        | DTC participant and                                            | 
|                                                                |        | (iii) financial                                                | 
|                                                                |        | intermediaries (i.e.                                           | 
|                                                                |        | "downstream                                                    | 
|                                                                |        | correspondents") for                                           | 
|                                                                |        | which the DTC                                                  | 
|                                                                |        | participants provide                                           | 
|                                                                |        | clearing                                                       | 
|                                                                |        | arrangements on an                                             | 
|                                                                |        | "omnibus" basis. If                                            | 
|                                                                |        | the participant, its                                           | 
|                                                                |        | downstream                                                     | 
|                                                                |        | correspondents, or                                             | 
|                                                                |        | members of their                                               | 
|                                                                |        | respective teams,                                              | 
|                                                                |        | were previously                                                | 
|                                                                |        | registered to use                                              | 
|                                                                |        | the Acupay System                                              | 
|                                                                |        | (for this or any                                               | 
|                                                                |        | other securities                                               | 
|                                                                |        | issue), there is no                                            | 
|                                                                |        | need to register                                               | 
|                                                                |        | again - their                                                  | 
|                                                                |        | existing login                                                 | 
|                                                                |        | details should still                                           | 
|                                                                |        | work.                                                          | 
+----------------------------------------------------------------+--------+----------------------------------------------------------------+ 
|                                                                |        | NOTE:                                                          | 
|                                                                |        | DTC                                                            | 
|                                                                |        | participants                                                   | 
|                                                                |        | or their                                                       | 
|                                                                |        | downstream                                                     | 
|                                                                |        | correspondents                                                 | 
|                                                                |        | which are                                                      | 
|                                                                |        | located in                                                     | 
|                                                                |        | countries that                                                 | 
|                                                                |        | are not OECD                                                   | 
|                                                                |        | (Organisation                                                  | 
|                                                                |        | for Economic                                                   | 
|                                                                |        | Co-operation                                                   | 
|                                                                |        | and                                                            | 
|                                                                |        | Development)                                                   | 
|                                                                |        | member                                                         | 
|                                                                |        | countries                                                      | 
|                                                                |        | (OECD                                                          | 
|                                                                |        | Countries) nor                                                 | 
|                                                                |        | countries with                                                 | 
|                                                                |        | which Spain                                                    | 
|                                                                |        | has entered                                                    | 
|                                                                |        | into a Treaty                                                  | 
|                                                                |        | for the                                                        | 
|                                                                |        | Avoidance  of                                                  | 
|                                                                |        | Double                                                         | 
|                                                                |        | Taxation (Tax                                                  | 
|                                                                |        | Treaty                                                         | 
|                                                                |        | Countries)                                                     | 
|                                                                |        | (including                                                     | 
|                                                                |        | countries and                                                  | 
|                                                                |        | territories                                                    | 
|                                                                |        | classified as                                                  | 
|                                                                |        | tax havens by                                                  | 
|                                                                |        | Spanish law)                                                   | 
|                                                                |        | are                                                            | 
|                                                                |        | non-Qualified                                                  | 
|                                                                |        | Participants                                                   | 
|                                                                |        | and as such                                                    | 
|                                                                |        | will be                                                        | 
|                                                                |        | allowed to                                                     | 
|                                                                |        | register in                                                    | 
|                                                                |        | the Acupay                                                     | 
|                                                                |        | System but                                                     | 
|                                                                |        | will not be                                                    | 
|                                                                |        | eligible to                                                    | 
|                                                                |        | participate in                                                 | 
|                                                                |        | the                                                            | 
|                                                                |        | "Relief-at-Source                                              | 
|                                                                |        | Procedures". Such                                              | 
|                                                                |        | entities may,                                                  | 
|                                                                |        | however, follow                                                | 
|                                                                |        | the "Quick Refund                                              | 
|                                                                |        | Procedures for                                                 | 
|                                                                |        | DTC participants                                               | 
|                                                                |        | or their                                                       | 
|                                                                |        | downstream                                                     | 
|                                                                |        | correspondents                                                 | 
|                                                                |        | which are                                                      | 
|                                                                |        | non-Qualified                                                  | 
|                                                                |        | Participants"                                                  | 
|                                                                |        | discussed below.                                               | 
|                                                                |        | Please refer to                                                | 
|                                                                |        | Annex A, B and C                                               | 
|                                                                |        | respectively for                                               | 
|                                                                |        | a list of Tax                                                  | 
|                                                                |        | Haven Countries                                                | 
|                                                                |        | and Territories,                                               | 
|                                                                |        | OECD Countries                                                 | 
|                                                                |        | and Tax Treaty                                                 | 
|                                                                |        | Countries.                                                     | 
+----------------------------------------------------------------+--------+----------------------------------------------------------------+ 
|                                                                |        |                                                                | 
+----------------------------------------------------------------+--------+----------------------------------------------------------------+ 
|                                                                | B.     | Once                                                           | 
|                                                                |        | registered,                                                    | 
|                                                                |        | participants                                                   | 
|                                                                |        | and                                                            | 
|                                                                |        | downstream                                                     | 
|                                                                |        | correspondents                                                 | 
|                                                                |        | must provide                                                   | 
|                                                                |        | tax                                                            | 
|                                                                |        | certifications                                                 | 
|                                                                |        | on behalf of                                                   | 
|                                                                |        | their clients                                                  | 
|                                                                |        | who are the                                                    | 
|                                                                |        | ultimate                                                       | 
|                                                                |        | beneficial                                                     | 
|                                                                |        | holders. This                                                  | 
|                                                                |        | should be done                                                 | 
|                                                                |        | using either                                                   | 
|                                                                |        | the                                                            | 
|                                                                |        | "one-by-one"                                                   | 
|                                                                |        | method, the                                                    | 
|                                                                |        | "bulk method"                                                  | 
|                                                                |        | or the "renew                                                  | 
|                                                                |        | previous                                                       | 
|                                                                |        | submissions                                                    | 
|                                                                |        | method", as                                                    | 
|                                                                |        | detailed on                                                    | 
|                                                                |        | www.acupaysystem.com.                                          | 
+----------------------------------------------------------------+--------+----------------------------------------------------------------+ 
|                                                                | C.     | DTC                                                            | 
|                                                                |        | participants                                                   | 
|                                                                |        | that provide                                                   | 
|                                                                |        | clearing                                                       | 
|                                                                |        | arrangements                                                   | 
|                                                                |        | for                                                            | 
|                                                                |        | downstream                                                     | 
|                                                                |        | correspondents,                                                | 
|                                                                |        | irrespective of                                                | 
|                                                                |        | whether such                                                   | 
|                                                                |        | downstream                                                     | 
|                                                                |        | correspondents                                                 | 
|                                                                |        | are Qualified                                                  | 
|                                                                |        | Intermediaries                                                 | 
|                                                                |        | (as described                                                  | 
|                                                                |        | by the US IRS                                                  | 
|                                                                |        | in Revenue                                                     | 
|                                                                |        | Procedure                                                      | 
|                                                                |        | 2000-12 found                                                  | 
|                                                                |        | in Cumulative                                                  | 
|                                                                |        | Bulletin 2000-1                                                | 
|                                                                |        | of Internal                                                    | 
|                                                                |        | Revenue                                                        | 
|                                                                |        | Bulletin                                                       | 
|                                                                |        | 2000-4) should:                                                | 
|                                                                |        | i. Register                                                    | 
|                                                                |        | their                                                          | 
|                                                                |        | downstream                                                     | 
|                                                                |        | correspondents                                                 | 
|                                                                |        | in the Acupay                                                  | 
|                                                                |        | System by                                                      | 
|                                                                |        | entering the                                                   | 
|                                                                |        | details of such                                                | 
|                                                                |        | downstream                                                     | 
|                                                                |        | correspondents                                                 | 
|                                                                |        | directly into                                                  | 
|                                                                |        | the "Add a New                                                 | 
|                                                                |        | Registered                                                     | 
|                                                                |        | Downstream                                                     | 
|                                                                |        | Correspondent"                                                 | 
|                                                                |        | section of                                                     | 
|                                                                |        | their Acupay                                                   | 
|                                                                |        | System account,                                                | 
|                                                                |        | or by allowing                                                 | 
|                                                                |        | such downstream                                                | 
|                                                                |        | correspondents                                                 | 
|                                                                |        | to register                                                    | 
|                                                                |        | themselves by                                                  | 
|                                                                |        | providing them                                                 | 
|                                                                |        | with the Acupay                                                | 
|                                                                |        | Registration                                                   | 
|                                                                |        | Code found                                                     | 
|                                                                |        | within the                                                     | 
|                                                                |        | "View                                                          | 
|                                                                |        | Downstream                                                     | 
|                                                                |        | Correspondent                                                  | 
|                                                                |        | Registrations"                                                 | 
|                                                                |        | section of the                                                 | 
|                                                                |        | Acupay System.                                                 | 
|                                                                |        | * Once                                                         | 
|                                                                |        | registered the                                                 | 
|                                                                |        | downstream                                                     | 
|                                                                |        | correspondents                                                 | 
|                                                                |        | will be able to                                                | 
|                                                                |        | process Acupay                                                 | 
|                                                                |        | tax                                                            | 
|                                                                |        | relief-at-source                                               | 
|                                                                |        | client                                                         | 
|                                                                |        | certifications                                                 | 
|                                                                |        | for their own                                                  | 
|                                                                |        | clients. Since                                                 | 
|                                                                |        | downstream                                                     | 
|                                                                |        | correspondents                                                 | 
|                                                                |        | are required to                                                | 
|                                                                |        | "know their                                                    | 
|                                                                |        | clients", it is                                                | 
|                                                                |        | logical that                                                   | 
|                                                                |        | they are the                                                   | 
|                                                                |        | entities, which                                                | 
|                                                                |        | should enter                                                   | 
|                                                                |        | client                                                         | 
|                                                                |        | information                                                    | 
|                                                                |        | regarding their                                                | 
|                                                                |        | clients into the                                               | 
|                                                                |        | Acupay System -                                                | 
|                                                                |        | not the upstream                                               | 
|                                                                |        | clearer (which                                                 | 
|                                                                |        | is a DTC                                                       | 
|                                                                |        | participant).                                                  | 
|                                                                |        | ii. Confirm the                                                | 
|                                                                |        | downstream                                                     | 
|                                                                |        | correspondent's                                                | 
|                                                                |        | omnibus                                                        | 
|                                                                |        | position. The                                                  | 
|                                                                |        | DTC participant                                                | 
|                                                                |        | should confirm                                                 | 
|                                                                |        | the aggregate                                                  | 
|                                                                |        | position in the                                                | 
|                                                                |        | securities held                                                | 
|                                                                |        | on the behalf of                                               | 
|                                                                |        | each of its                                                    | 
|                                                                |        | downstream                                                     | 
|                                                                |        | correspondents.                                                | 
|                                                                |        | This                                                           | 
|                                                                |        | confirmation is                                                | 
|                                                                |        | made ONLY with                                                 | 
|                                                                |        | regard to the                                                  | 
|                                                                |        | aggregate                                                      | 
|                                                                |        | omnibus amount                                                 | 
|                                                                |        | held by the                                                    | 
|                                                                |        | downstream                                                     | 
|                                                                |        | correspondents,                                                | 
|                                                                |        | NOT with regard                                                | 
|                                                                |        | to the identity                                                | 
|                                                                |        | or details of                                                  | 
|                                                                |        | the end investor                                               | 
|                                                                |        | clients of the                                                 | 
|                                                                |        | downstream                                                     | 
|                                                                |        | correspondents.                                                | 
|                                                                |        | These aggregate                                                | 
|                                                                |        | position                                                       | 
|                                                                |        | confirmations                                                  | 
|                                                                |        | should be kept                                                 | 
|                                                                |        | updated through                                                | 
|                                                                |        | 9:45 a.m. on the                                               | 
|                                                                |        | Distribution                                                   | 
|                                                                |        | Payment Date                                                   | 
|                                                                |        | (just like all                                                 | 
|                                                                |        | other                                                          | 
|                                                                |        | information                                                    | 
|                                                                |        | entered in the                                                 | 
|                                                                |        | Acupay System).                                                | 
|                                                                |        | iii. Make the                                                  | 
|                                                                |        | necessary                                                      | 
|                                                                |        | EDS/Tax Relief                                                 | 
|                                                                |        | SM elections, to                                               | 
|                                                                |        | match the total                                                | 
|                                                                |        | amount of Acupay                                               | 
|                                                                |        | certifications                                                 | 
|                                                                |        | made by the                                                    | 
|                                                                |        | downstream                                                     | 
|                                                                |        | correspondent(s).                                              | 
+----------------------------------------------------------------+--------+----------------------------------------------------------------+ 
|                                                                | D.     | The                                                            | 
|                                                                |        | Acupay                                                         | 
|                                                                |        | System                                                         | 
|                                                                |        | may                                                            | 
|                                                                |        | only                                                           | 
|                                                                |        | be                                                             | 
|                                                                |        | used                                                           | 
|                                                                |        | to                                                             | 
|                                                                |        | submit                                                         | 
|                                                                |        | the                                                            | 
|                                                                |        | details                                                        | 
|                                                                |        | of                                                             | 
|                                                                |        | beneficial                                                     | 
|                                                                |        | owners who                                                     | 
|                                                                |        | are exempt                                                     | 
|                                                                |        | from                                                           | 
|                                                                |        | Spanish                                                        | 
|                                                                |        | withholding                                                    | 
|                                                                |        | tax.                                                           | 
|                                                                |        | Therefore,                                                     | 
|                                                                |        | participants                                                   | 
|                                                                |        | may not                                                        | 
|                                                                |        | enter into                                                     | 
|                                                                |        | the Acupay                                                     | 
|                                                                |        | System                                                         | 
|                                                                |        | details of                                                     | 
|                                                                |        | beneficial                                                     | 
|                                                                |        | owners who                                                     | 
|                                                                |        | are subject                                                    | 
|                                                                |        | to                                                             | 
|                                                                |        | withholding                                                    | 
|                                                                |        | (such as                                                       | 
|                                                                |        | beneficial                                                     | 
|                                                                |        | owners who                                                     | 
|                                                                |        | are physical                                                   | 
|                                                                |        | persons                                                        | 
|                                                                |        | located in                                                     | 
|                                                                |        | Spain).                                                        | 
+----------------------------------------------------------------+--------+----------------------------------------------------------------+ 
|                                                                | E.     | Once                                                           | 
|                                                                |        | beneficial                                                     | 
|                                                                |        | owner                                                          | 
|                                                                |        | information                                                    | 
|                                                                |        | has been                                                       | 
|                                                                |        | entered                                                        | 
|                                                                |        | into the                                                       | 
|                                                                |        | Acupay                                                         | 
|                                                                |        | System, the                                                    | 
|                                                                |        | Acupay                                                         | 
|                                                                |        | System will                                                    | 
|                                                                |        | produce, as                                                    | 
|                                                                |        | applicable,                                                    | 
|                                                                |        | tax                                                            | 
|                                                                |        | certificate                                                    | 
|                                                                |        | I, II or                                                       | 
|                                                                |        | III which                                                      | 
|                                                                |        | must be                                                        | 
|                                                                |        | reviewed,                                                      | 
|                                                                |        | printed,                                                       | 
|                                                                |        | signed (if                                                     | 
|                                                                |        | accurate),                                                     | 
|                                                                |        | scanned and                                                    | 
|                                                                |        | emailed (by                                                    | 
|                                                                |        | the                                                            | 
|                                                                |        | participant                                                    | 
|                                                                |        | or                                                             | 
|                                                                |        | downstream                                                     | 
|                                                                |        | correspondent,                                                 | 
|                                                                |        | as relevant)                                                   | 
|                                                                |        | to                                                             | 
|                                                                |        | certify@acupay.com or                                          | 
|                                                                |        | faxed to Acupay at                                             | 
|                                                                |        | +1-646-383-9489 or                                             | 
|                                                                |        | +44-207-067-8453.                                              | 
+----------------------------------------------------------------+--------+----------------------------------------------------------------+ 
|                                                                | F.     | Certifying                                                     | 
|                                                                |        | parties                                                        | 
|                                                                |        | (i.e.                                                          | 
|                                                                |        | participants                                                   | 
|                                                                |        | or                                                             | 
|                                                                |        | downstream                                                     | 
|                                                                |        | correspondents)                                                | 
|                                                                |        | MUST use the                                                   | 
|                                                                |        | tax                                                            | 
|                                                                |        | certificates                                                   | 
|                                                                |        | that are                                                       | 
|                                                                |        | generated by                                                   | 
|                                                                |        | the Acupay                                                     | 
|                                                                |        | System (showing                                                | 
|                                                                |        | the official                                                   | 
|                                                                |        | Acupay bar                                                     | 
|                                                                |        | code) as no                                                    | 
|                                                                |        | other form of                                                  | 
|                                                                |        | tax certificate                                                | 
|                                                                |        | will be                                                        | 
|                                                                |        | accepted.                                                      | 
+----------------------------------------------------------------+--------+----------------------------------------------------------------+ 
|                                                                |        | NOTE:                                                          | 
|                                                                |        | Acupay                                                         | 
|                                                                |        | submissions                                                    | 
|                                                                |        | will not be                                                    | 
|                                                                |        | processed                                                      | 
|                                                                |        | until                                                          | 
|                                                                |        | Acupay has                                                     | 
|                                                                |        | received                                                       | 
|                                                                |        | signed tax                                                     | 
|                                                                |        | certificates,                                                  | 
|                                                                |        | as described                                                   | 
|                                                                |        | above.                                                         | 
+----------------------------------------------------------------+--------+----------------------------------------------------------------+ 
|                                                                | G.     | Certifying                                                     | 
|                                                                |        | parties                                                        | 
|                                                                |        | will then                                                      | 
|                                                                |        | be                                                             | 
|                                                                |        | required                                                       | 
|                                                                |        | to send                                                        | 
|                                                                |        | via post                                                       | 
|                                                                |        | or courier                                                     | 
|                                                                |        | to Acupay                                                      | 
|                                                                |        | the                                                            | 
|                                                                |        | original,                                                      | 
|                                                                |        | signed tax                                                     | 
|                                                                |        | certificates                                                   | 
|                                                                |        | I, II and                                                      | 
|                                                                |        | III that                                                       | 
|                                                                |        | were faxed                                                     | 
|                                                                |        | or emailed                                                     | 
|                                                                |        | above. These                                                   | 
|                                                                |        | original                                                       | 
|                                                                |        | paper,                                                         | 
|                                                                |        | signed tax                                                     | 
|                                                                |        | certificates                                                   | 
|                                                                |        | MUST be                                                        | 
|                                                                |        | received by                                                    | 
|                                                                |        | Acupay by no                                                   | 
|                                                                |        | later than                                                     | 
|                                                                |        | 5:00 p.m.                                                      | 
|                                                                |        | London time                                                    | 
|                                                                |        | (12:00 noon                                                    | 
|                                                                |        | NY time) on                                                    | 
|                                                                |        | November 15,                                                   | 
|                                                                |        | 2010 at the                                                    | 
|                                                                |        | following                                                      | 
|                                                                |        | address:                                                       | 
+----------------------------------------------------------------+--------+----------------------------------------------------------------+ 
|                                                                |        |                                                 Acupay         | 
|                                                                |        |                                                 System         | 
|                                                                |        |                                                 LLC            | 
|                                                                |        |                                                 Certifications | 
|                                                                |        |                                                 Attn: Maria    | 
|                                                                |        |                                                 Mercedes       | 
|                                                                |        |                                                 28 Throgmorton | 
|                                                                |        |                                                 St - First     | 
|                                                                |        |                                                 Floor          | 
|                                                                |        |                                                 London EC2N    | 
|                                                                |        |                                                 2AN            | 
|                                                                |        |                                                 United Kingdom | 
+----------------------------------------------------------------+--------+----------------------------------------------------------------+ 
|                                                                |        | NOTE:                                                          | 
|                                                                |        | A                                                              | 
|                                                                |        | participant                                                    | 
|                                                                |        | or                                                             | 
|                                                                |        | downstream                                                     | 
|                                                                |        | correspondent                                                  | 
|                                                                |        | that obtains                                                   | 
|                                                                |        | favorable tax                                                  | 
|                                                                |        | treatment                                                      | 
|                                                                |        | through the                                                    | 
|                                                                |        | relief at                                                      | 
|                                                                |        | source                                                         | 
|                                                                |        | procedure and                                                  | 
|                                                                |        | fails to                                                       | 
|                                                                |        | submit the                                                     | 
|                                                                |        | original                                                       | 
|                                                                |        | physical                                                       | 
|                                                                |        | certificates                                                   | 
|                                                                |        | as described                                                   | 
|                                                                |        | above may be                                                   | 
|                                                                |        | prohibited by                                                  | 
|                                                                |        | the issuer                                                     | 
|                                                                |        | from using                                                     | 
|                                                                |        | the procedure                                                  | 
|                                                                |        | to obtain                                                      | 
|                                                                |        | favorable tax                                                  | 
|                                                                |        | treatment for                                                  | 
|                                                                |        | future                                                         | 
|                                                                |        | payments. In                                                   | 
|                                                                |        | such event,                                                    | 
|                                                                |        | the                                                            | 
|                                                                |        | certifying                                                     | 
|                                                                |        | party will                                                     | 
|                                                                |        | receive any                                                    | 
|                                                                |        | future                                                         | 
|                                                                |        | distribution                                                   | 
|                                                                |        | payment on                                                     | 
|                                                                |        | their entire                                                   | 
|                                                                |        | position net                                                   | 
|                                                                |        | of 19% NRIT                                                    | 
|                                                                |        | and relief                                                     | 
|                                                                |        | will need to                                                   | 
|                                                                |        | be obtained                                                    | 
|                                                                |        | directly from                                                  | 
|                                                                |        | the Spanish                                                    | 
|                                                                |        | tax                                                            | 
|                                                                |        | authorities                                                    | 
|                                                                |        | by following                                                   | 
|                                                                |        | the standard                                                   | 
|                                                                |        | refund                                                         | 
|                                                                |        | procedure                                                      | 
|                                                                |        | established                                                    | 
|                                                                |        | by Spanish                                                     | 
|                                                                |        | tax law.                                                       | 
+----------------------------------------------------------------+--------+----------------------------------------------------------------+ 
| 2.                                                             | Beginning at 9                                                          | 
|                                                                | a.m. on October                                                         | 
|                                                                | 4, 2010 and                                                             | 
|                                                                | continuing                                                              | 
|                                                                | until 8 p.m.                                                            | 
|                                                                | (New York time)                                                         | 
|                                                                | on October 12,                                                          | 
|                                                                | 2010 (the                                                               | 
|                                                                | Standard                                                                | 
|                                                                | Deadline), DTC                                                          | 
|                                                                | direct                                                                  | 
|                                                                | participants                                                            | 
|                                                                | must also make                                                          | 
|                                                                | an election via                                                         | 
|                                                                | EDS/Tax Relief                                                          | 
|                                                                | SM stating                                                              | 
|                                                                | their aggregate                                                         | 
|                                                                | positions that                                                          | 
|                                                                | are exempt from                                                         | 
|                                                                | Spanish                                                                 | 
|                                                                | withholding tax                                                         | 
|                                                                | -- including                                                            | 
|                                                                | positions                                                               | 
|                                                                | certified                                                               | 
|                                                                | directly and                                                            | 
|                                                                | also positions                                                          | 
|                                                                | certified by                                                            | 
|                                                                | their                                                                   | 
|                                                                | downstream                                                              | 
|                                                                | correspondents.                                                         | 
+----------------------------------------------------------------+-------------------------------------------------------------------------+ 
| 3.                                                             | The aggregate                                                           | 
|                                                                | amounts                                                                 | 
|                                                                | certified                                                               | 
|                                                                | through the                                                             | 
|                                                                | Acupay System                                                           | 
|                                                                | and those                                                               | 
|                                                                | elected through                                                         | 
|                                                                | DTC EDS/Tax                                                             | 
|                                                                | Relief SM must                                                          | 
|                                                                | be in synch. It                                                         | 
|                                                                | is the                                                                  | 
|                                                                | responsibility                                                          | 
|                                                                | of each                                                                 | 
|                                                                | participant to                                                          | 
|                                                                | ensure that the                                                         | 
|                                                                | principal                                                               | 
|                                                                | amount of                                                               | 
|                                                                | Series C                                                                | 
|                                                                | Preferred                                                               | 
|                                                                | Securities                                                              | 
|                                                                | which they and                                                          | 
|                                                                | their                                                                   | 
|                                                                | downstream                                                              | 
|                                                                | correspondents                                                          | 
|                                                                | have certified                                                          | 
|                                                                | via Acupay, is                                                          | 
|                                                                | equal to the                                                            | 
|                                                                | principal                                                               | 
|                                                                | amount of                                                               | 
|                                                                | Series C                                                                | 
|                                                                | Preferred                                                               | 
|                                                                | Securities for                                                          | 
|                                                                | which they have                                                         | 
|                                                                | made EDS/Tax                                                            | 
|                                                                | Relief SM                                                               | 
|                                                                | elections at                                                            | 
|                                                                | the exempt                                                              | 
|                                                                | rate. Data                                                              | 
|                                                                | introduced in                                                           | 
|                                                                | both DTC                                                                | 
|                                                                | EDS/Tax Relief                                                          | 
|                                                                | SM and Acupay                                                           | 
|                                                                | may be modified                                                         | 
|                                                                | (in either                                                              | 
|                                                                | system) until 8                                                         | 
|                                                                | p.m. (New York                                                          | 
|                                                                | time) on                                                                | 
|                                                                | October 15,                                                             | 
|                                                                | 2010.                                                                   | 
+----------------------------------------------------------------+-------------------------------------------------------------------------+ 
| 4.                                                             | Acting on a                                                             | 
|                                                                | best efforts                                                            | 
|                                                                | basis, Acupay                                                           | 
|                                                                | staff will warn                                                         | 
|                                                                | participants of                                                         | 
|                                                                | any                                                                     | 
|                                                                | misalignments                                                           | 
|                                                                | between DTC                                                             | 
|                                                                | EDS/Tax Relief                                                          | 
|                                                                | SM elections                                                            | 
|                                                                | and Acupay                                                              | 
|                                                                | certifications                                                          | 
|                                                                | and will seek                                                           | 
|                                                                | to assist in                                                            | 
|                                                                | reconciling                                                             | 
|                                                                | them until 9:45                                                         | 
|                                                                | a.m. (New York                                                          | 
|                                                                | time) on                                                                | 
|                                                                | October 18,                                                             | 
|                                                                | 2010. DTC                                                               | 
|                                                                | participants                                                            | 
|                                                                | whose EDS/Tax                                                           | 
|                                                                | Relief SM                                                               | 
|                                                                | elections and                                                           | 
|                                                                | Acupay                                                                  | 
|                                                                | certifications                                                          | 
|                                                                | are not aligned                                                         | 
|                                                                | by 9:45 a.m.                                                            | 
|                                                                | (New York time)                                                         | 
|                                                                | on October 18,                                                          | 
|                                                                | 2010 will                                                               | 
|                                                                | receive the                                                             | 
|                                                                | distribution                                                            | 
|                                                                | payment on                                                              | 
|                                                                | their entire                                                            | 
|                                                                | position net of                                                         | 
|                                                                | 19% NRIT, or on                                                         | 
|                                                                | account of                                                              | 
|                                                                | Spanish CIT, as                                                         | 
|                                                                | the case may                                                            | 
|                                                                | be. DTC                                                                 | 
|                                                                | participants                                                            | 
|                                                                | who receive net                                                         | 
|                                                                | treatment due                                                           | 
|                                                                | to misalignment                                                         | 
|                                                                | of their DTC                                                            | 
|                                                                | EDS/Tax Relief                                                          | 
|                                                                | SM elections                                                            | 
|                                                                | and Acupay                                                              | 
|                                                                | certifications                                                          | 
|                                                                | may request                                                             | 
|                                                                | relief through                                                          | 
|                                                                | the Quick                                                               | 
|                                                                | Refund                                                                  | 
|                                                                | Procedures                                                              | 
|                                                                | described                                                               | 
|                                                                | below.                                                                  | 
+----------------------------------------------------------------+--------+----------------------------------------------------------------+ 
                                    IMPORTANT 
DTC participants must ensure that EDS/Tax Relief SM elections entered into DTC 
and beneficial owner data entered into the Acupay System are synchronized and 
updated to reflect any changes to beneficial ownership or DTC positions 
occurring prior to 9:45 a.m. on October 18, 2010 (the Distribution Payment 
Date). 
If at 9:45 a.m. New York time on October 18, 2010 there are any inconsistencies 
concerning the beneficial owner information supplied by a participant and its 
downstream correspondents to Acupay, that participant's EDS/Tax Relief 
SM elections and its position listed at DTC, payments will be made net of 
Spanish taxes on the entire position held by such DTC participant. 
DTC PARTICIPANTS WHOSE ACUPAY CERTIFICATIONS AND EDS/TAX RELIEF SM ELECTIONS ARE 
OUT OF ALIGNMENT ON THE MORNING OF THE DISTRIBUTION PAYMENT DATE MAY REQUEST 
THAT DTC MANUALLY MODIFY EDS/TAX RELIEF SM ELECTIONS TO BRING THEM INTO 
ALIGNMENT BY SENDING AN EDS/TAX RELIEF SM CHANGE REQUEST TO DTC VIA EMAIL AT 
SBOLLERS@DTCC.COM NO LATER THAN 9:45 A.M. NEW YORK TIME ON OCTOBER 18, 2010 WITH 
A COPY TO ABRUNTON@DTCC.COM, PSOREZZA@DTCC.COM, ADEVAUX@DTCC.COM, 
DRUGGIERO@DTCC.COM, INTERNATIONALTAX@DTCC.COM AND ATEAM@ACUPAY.COM. LIKEWISE, IT 
IS THE RESPONSIBILITY OF DTC PARTICIPANTS AND THEIR DOWNSTREAM CORRESPONDENTS TO 
UPDATE BENEFICIAL OWNER INFORMATION ENTERED IN THE ACUPAY SYSTEM AS NECESSARY TO 
KEEP IT IN SYNCH WITH CLIENTS' ACTUAL POSITIONS. UPDATING MUST CONTINUE UNTIL 
9:45 A.M. NEW YORK TIME ON OCTOBER 18, 2010. 
Quick Refund Procedure 
Beneficial owners who received distributions net of 19% NRIT or on account of 
Spanish CIT, as the case may be, due to a misalignment of their EDS/Tax Relief 
SM elections and Acupay certifications may qualify for a refund through the 
Quick Refund procedure. To utilize this procedure, participants must have 
submitted valid EDS/Tax Relief SM elections during the Relief at Source EDS/Tax 
Relief SM window. Relief may be obtained only up to the amount of securities as 
to which the relevant participant has requested DTC to make an exempt election 
via EDS/Tax Relief SM. Participants may use the Acupay System to request relief 
through the Quick Refund Procedures on behalf of their clients beginning October 
19, 2010 until November 10, 2010. 
Quick Refund Procedure for DTC participants or their downstream correspondents 
which are not located in OECD Countries or in Tax Treaty Countries 
The Quick Refund Procedure for non-qualified DTC participants requires the 
submission, among other documentation, of a Government Tax Certificate from the 
beneficial owner's country of tax residence instead of tax certificate I or II. 
Direct Refund from Spanish Tax Authorities 
If investor holdings have not been certified for any reason through the Relief 
at Source or Quick Refund procedure and have received unfavorable tax treatment, 
eligible investors may request a tax refund from the Spanish tax authorities by 
following the standard refund procedure established by Spanish tax law. 
By submitting EDS/Tax Relief SM elections DTC participants agree that they will 
indemnify BBVA International Preferred, S.A. Unipersonal and its agents for any 
liability which they may incur as a result of reliance upon information provided 
by such participant on such EDS/Tax Relief SM elections. The DTC participant 
also agrees to return any funds erroneously received (including any interest, 
penalties and additions to tax thereon) arising from its EDS/Tax Relief SM 
elections. 
Questions regarding the EDS/Tax Relief SM process should be directed to Sean 
Bollers or Alastair Brunton of DTC's International Services at (212) 855-4706 or 
(813) 470-1254 respectively. 
Questions regarding relief entitlements, obtaining relief directly from the 
Spanish Tax Authorities, or the Acupay System should be directed to Rosa Lopez 
at +1-212-422-1222 or Maria Mercedes at +44-207-382-0340 or by emailing 
info@acupay.com. 
Annex A 
                        Tax-Haven Countries & Territories 
+--------------+----------------+-------------+ 
| Andorra,     | Gibraltar      | Montserrat  | 
| Principality | Grenada        | Nauru,      | 
| of           | Guernsey,      | Republic    | 
| Anguila, The | Channel        | of          | 
| Island of    | Islands        | Oman,       | 
| Antigua and  | Hong Kong      | Sultanate   | 
| Barbuda,     |                | of          | 
| Islands of   | Isle of        | Panama,     | 
| Bahamas, The | Man            | Republic    | 
| Bahrain,     | Jersey,        | of          | 
| Kingdom of   | Channel        | Saint       | 
| Barbados,    | Islands        | Lucia       | 
| The Island   | Jordan,        | Saint       | 
| Bermuda      | Hashemite      | Vincent     | 
| Islands, The | Kingdom        | and the     | 
| Brunei,      | of             | Grenadines  | 
| Sultanate of | Lebanon,       | San         | 
| Cayman       | Republic       | Marino,     | 
| Islands      | of             | Republic    | 
| Cook         | Liberia,       | of          | 
| Islands, The | Republic       | Seychelles, | 
| Cyprus,      | of             | Republic of | 
| Republic of  | Liechtenstein, | Singapore,  | 
| Dominica,    | Principality   | Republic of | 
| The Republic | of             | Solomon     | 
| of           | Macao          | Islands     | 
| Falkland     | Mariana        | Turks and   | 
| Islands      | Islands        | Caicos      | 
| Fiji Islands | Mauritius      | Islands     | 
|              | Monaco,        | Vanuatu,    | 
|              | Principality   | Republic of | 
|              | of             | Virgin      | 
|              |                | Islands,    | 
|              |                | British     | 
|              |                | Virgin      | 
|              |                | Islands, of | 
|              |                | the United  | 
|              |                | States      | 
+--------------+----------------+-------------+ 
Annex B 
                                 OECD Countries 
+-----------+-------------+-------------+ 
| Australia | Hungary     | Poland      | 
| Austria   | Iceland     | Portugal    | 
| Belgium   | Ireland     | Slovak      | 
| Canada    | Italy       | Republic    | 
| Chile     | Japan       | Slovenia    | 
| Czech     | Korea,      | Spain       | 
| Republic  | Republic    | Sweden      | 
| Denmark   | of          | Switzerland | 
| Finland   | Luxembourg  | Turkey      | 
| France    | Mexico      | United      | 
| Germany   | Netherlands | Kingdom     | 
| Greece    | New Zealand | United      | 
|           | Norway      | States      | 
+-----------+-------------+-------------+ 
Annex C 
                          Spanish Tax Treaty Countries 
+-----------+-------------+---------------+ 
| Algeria   | Iceland     | Poland        | 
| Argentina | India       | Portugal      | 
| Australia | Indonesia   | Romania       | 
| Austria   | Iran,       | Russia        | 
| Belarus*  | Islamic     | Saudi         | 
| Belgium   | Republic    | Arabia        | 
| Bolivia   | of          | Serbia,       | 
| Brazil    | Ireland     | Republic      | 
| Bulgaria  | Israel      | of            | 
| Canada    | Italy       | Slovakia      | 
| Chile     | Jamaica     | Slovenia      | 
| China     | Japan       | South         | 
| Colombia  | Korea,      | Africa        | 
| Croatia   | Republic    | Sweden        | 
| Cuba      | of          | Switzerland   | 
| Czech     | Kyrgyzstan* | Tajikistan*   | 
| Republic  | Latvia      | Thailand      | 
| Ecuador   | Lithuania   | Trinidad      | 
| Egypt     | Luxembourg  | and Tobago,   | 
| El        | Macedonia,  | Republic of   | 
| Salvador  | The Former  | Tunisia       | 
| Estonia   | Yugoslav    | Turkey        | 
| Finland   | Republic of | Turkmenistan* | 
| France    | Malaysia    | Ukraine*      | 
| Germany   | Malta,      | United Arab   | 
| Greece    | Republic of | Emirates      | 
| Hungary   | Mexico      | United        | 
|           | Moldova,    | Kingdom       | 
|           | Republic of | United States | 
|           | Morocco     | Uzbekistan*   | 
|           | Netherlands | Venezuela     | 
|           | New Zealand | Vietnam       | 
|           | Norway      |               | 
|           | Philippines |               | 
+-----------+-------------+---------------+ 
* The countries of the former USSR are covered together under treaty (Russia, 
Estonia, Lithuania, Moldova and Latvia covered under separate treaties). 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCBGGDCCUBBGGU 
 

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