DISCLAIMER BBVA Quantitative Investment Strategies        

The Indexes are not calculated, sponsored, administered or published in any manner by Banco Bilbao Vizcaya Argentaria, S.A. nor any of its affiliates (hereinafter, “BBVA”). BBVA does not act as an administrator or a contributor of the Indexes. BBVA does not offer any express or implicit guarantee or assurance with regard to the calculation, publication or results of using the Indexes and/or Indexes trade mark or the Indexes prices or levels at any time or in any other respect. There is no corporate ownership relationship between Solactive AG and BBVA, being independent companies. BBVA is not responsible for the Indexes in any case.

BBVA makes no representations or warranties, either explicit or implied, as to the accuracy, reliability or completeness of the matters stated in this marketing communication (hereinafter, the “Document”). All statements, information and data in this Document are merely indicative and subject to change without notice and shall not in any case be deemed to constitute an offer, invitation, solicitation, investment advice or a recommendation to enter into any transaction or to trade, nor shall they form the basis of any contract, commitment or investment decision of any kind. Historical performance of securities, instruments, products or indexes (including the Indexes) or the historical results of investments do not guarantee future performance. This Document and its content do not constitute, and shall not be deemed to in any way offer, invitation or solicitation to purchase or subscribe any securities or other instruments, or to undertake investments or divestments and they are therefore not intended to form the basis of any contract or commitment. The document does not constitute investment advice, legal advice, tax advice or personal recommendation. You acknowledge that the products described herein may not be appropriate for you due to your specific investment or risk management goals, financial positions or risk profiles. Therefore, before entering into a transaction, you should independently evaluate the financial, market, legal, regulatory, credit, tax and accounting risks and consequences involved and consult your own advisors. BBVA is not providing any such advice. The performance by BBVA of any of the tasks mentioned in this Document is conditional upon all of the definitive legal documentation being entered into between itself and a potential client, and BBVA having access to any of the third party platforms or services mentioned in it. BBVA does not accept any liability for any action taken by you or any third party in reliance on the matters stated in this Document, nor for any direct or indirect damage, cost or loss of any nature whatsoever arising out of any error or inaccuracy in it. If you are a U.S. person (as defined in Regulation S under the Securities Act of 1933), the information presented here is provided to you by BBVA Securities Inc. (“BSI”), the U.S. broker-dealer of the BBVA Group. You should directly contact your representative at BSI for further information should you have any questions. Under Section 871(m) of the IRS, trading on U.S. underlyings could be restricted. This Document is not intended for distribution to, or to be used by, any person or entity in any jurisdiction or country which distribution or use would be contrary to law or regulation.

No part of this Document may be (i) copied, photocopied or duplicated by any other form or means (ii) redistributed or (iii) quoted, without the prior written consent of BBVA. It is understood that you accept all of the warnings and conditions contained herein in its entirety.

DISCLAIMER IHS Markit 

This Index (or the “Index”) referenced herein is the property of Banco Bilbao Vizcaya Argentaria, S.A. (“BBVA” or “Index Owner”) and the Index is solely calculated, administered and published by IHS Markit Benchmark Administration Limited and/or its affiliates (“Index Administrator”).  For the avoidance of doubt, BBVA does not act as an administrator or as a contributor of the Index. 

Each user and party acknowledges and agrees that the Index is not supported, endorsed or promoted by the Index Administrator or the Index Owner. Neither the Index Administrator nor the Index Owner make any representation whatsoever, whether express or implied, and hereby expressly disclaim all warranties (including, without limitation, those of merchantability or fitness for a particular purpose or use), with respect to the Index or any data included therein or relating thereto, and in particular disclaim any warranty either as to the quality, accuracy and/or completeness of the Index or any data included therein, the results obtained from the use of the Index and/or the composition of the Index at any particular time on any particular date or otherwise and/or the creditworthiness of any entity, or the likelihood of the occurrence of a credit event or similar event (however defined) with respect to an obligation, in the Index at any particular time on any particular date or otherwise. Neither the Index Administrator nor the Index Owner shall be liable (whether in negligence or otherwise) to the parties or any other person for any error in the Index, and they are under no obligation to advise the parties or any person of any error therein.

Neither  the Index Administrator nor the Index Owner make any representation whatsoever, whether express or implied, as to the advisability of, the ability of the Index to track relevant markets’ performances, or otherwise relating to the Index or any transaction or product with respect thereto, or of assuming any risks in connection therewith. Neither the Index Administrator nor the Index Owner has no obligation to take the needs of any party into consideration in determining, composing or calculating the Index. Neither the Index Owner, nor the Index Administrator, shall have any liability to any party for any act or failure to act by the Index Administrator in connection with the determination, adjustment, calculation or maintenance of the Index.

For the avoidance of doubt, there is no corporate ownership relationship between the Index Administrator and the Index Owner, which are separate and independent companies.

DISCLAIMER VIX S&P

The BBVA SMART INDEX uses as a component thereof the VIX®, which is a product of S&P Dow Jones Indices LLC, its affiliates (“S&P DJI”) and Cboe Exchange, Inc. (“CBOE”) under license. S&P®, S&P 500®, US 500®, The 500®, iBoxx®, iTraxx®, and CDX® are registered trademarks of S&P Global Inc. or its affiliates (“S&P”), Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”), and VIX® and CBOE® are registered trademarks of CBOE. The trademarks have been licensed to S&P DJI and have been sublicensed for use for certain purposes by BBVA. The VIX® is not owned, endorsed, or approved by or associated with BBVA. The INDEX is not owned, endorsed, or approved by or associated with S&P DJI or CBOE. It is not possible to invest directly in the VIX®. The INDEX is not sponsored, endorsed, sold or promoted by S&P DJI, Dow Jones, S&P, any of their respective affiliates (collectively, S&P Dow Jones Indices”) or CBOE. S&P Dow Jones Indices and CBOE makes no representation or warranty, express or implied, to the owner of the INDEX or any member of the public regarding the advisability of investing in securities generally or in the INDEX particularly or the ability of the VIX® and/or the INDEX or the Product to track general market performance. Past performance of an index is not an indication or guarantee of future results. S&P Dow Jones Indices’ only relationship to BBVA with respect to the VIX® and/or INDEX is the licensing of the VIX® and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and CBOE. The VIX® is determined, composed and calculated by S&P Dow Jones Indices or CBOE without regard to BBVA or the Product referenced to the INDEX. S&P Dow Jones Indices and CBOE have no obligation to take the needs of BBVA or the owners of the Product referenced to the INDEX into consideration in determining, composing or calculating the VIX®. Neither S&P Dow Jones Indices nor CBOE are responsible for and have not participated in the determination of the prices, and amount of the Product referenced to the INDEX or the timing of the issuance or sale of such Product or in the determination or calculation of the equation by which the Product is to be converted into cash, surrendered or redeemed, as the case may be. Neither S&P Dow Jones Indices nor CBOE has any obligation or liability in connection with the administration, marketing or trading of the Product referenced to the INDEX. There is no assurance that investment products based on, either directly or indirectly, the VIX® will accurately track index performance or provide positive investment returns. Neither S&P Dow Jones Indices nor CBOE is an investment or tax advisor. A tax advisor should be consulted to evaluate the impact of any tax-exempt securities on portfolios and the tax consequences of making any particular investment decision. Inclusion of a security within an index is not a recommendation by S&P Dow Jones Indices or CBOE to buy, sell, or hold such security, nor is it considered to be investment advice.

S&P DOW JONES INDICES AND ITS THIRD PARTY LICENSORS DO NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE VIX® OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES AND ITS THIRD PARTY LICENSORS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN.

S&P DOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY BBVA, THE OWNERS OF THE PRODUCT REFERENCED TO THE INDEX OR ANY OTHER PERSON OR ENTITY FROM THE USE OF, EITHER DIRECTLY OR INDIRECTLY, THE VIX® AND/OR THE INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND BBVA, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES. 

CME GROUP MARKET DATA IS USED UNDER LICENSE AS A SOURCE OF INFORMATION FOR THE INDEX. CME GROUP HAS NO OTHER CONNECTION TO

THE INDEX OR ANY RELATED PRODUCTS AND SERVICES AND DOES NOT SPONSOR, ENDORSE, RECOMMEND OR PROMOTE THE INDEX. CME GROUP HAS NO OBLIGATION OR LIABILITY IN CONNECTION WITH THE INDEX OR ANY RELATED PRODUCTS AND SERVICES. CME GROUP DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF ANY MARKET DATA LICENSED TO BBVA AND SHALL NOT HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. THERE ARE NO THIRD-PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN CME GROUP AND BBVA.

DISCLAIMER CME

CME group market data is used under license as a source of information for certain BBVA products. CME group has no other connection to BBVA products and services and does not sponsor, endorse, recommend or promote any BBVA products or services. CME group has no obligation or liability in connection with the BBVA products and services. CME group does not guarantee the accuracy and/or the completeness of any market data licensed to BBVA and shall not have any liability for any errors, omissions, or interruptions therein. There are no third-party beneficiaries of any agreements or arrangements between CME group and BBVA.