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The information contained herein is only provided for informative purposes, and it does not constitute an offer, invitation or incitement to sell, buy or subscribe shares, nor should it be interpreted as such. For legal reasons, in some states this information cannot be divulged to persons with nationality or legal residence in a state where the admission of the products described herein is limited. The prices of the products described herein may rise or fall. References to past returns do not presuppose, predispose or condition returns in the future.

The return does not take account of the fees and rates charged when buying and selling the investment. The return from a particular portfolio may differ from that of the aggregate for numerous reasons, therefore said returns are stated merely for guidance and are under no way a guarantee of the return to be attained. Likewise, past returns do not assure future returns. Further information will be provided upon request. As compensation for its services or for other motives, BBVA SA may receive one-off or repeated remunerations (for example, issue premiums or placement fees). In certain circumstances the interests of BBVA SA may enter into conflict with those of the investor. Please contact your Investment Advisor for further information.

The publication or distribution of all or part of this documentation is prohibited unless prior written authorisation is granted by BBVA SA. Furthermore, certain information herein is based on or derives from information that is generally available to the public at large and from sources we consider to be reliable; however, no guarantee is offered with regard to its exactness. The sale of some of the investments in the portfolio may be restricted in the United States or to citizens from that country. This information cannot be sent, taken to or distributed in the United States nor can it be supplied to any person from the USA. It does not constitute a public securities offering, controlled, supervised or regulated by Central Banks, Authorities or Regulators from certain overseas countries, such as the United Kingdom, Peru, Turkey, El Salvador, Uruguay, Paraguay or Costa Rica.