DISCLAIMER BBVA Indices

“This website includes information relating to one or more indices created by BBVA (each, an “Index”). Each Index is the exclusive property of BBVA.

BBVA may act in a number of different capacities in relation to the Index and/or products linked to the Index, which may include, but not be limited to, acting as market-maker, issuer or offeror, hedging counterparty, index administrator and index calculation agent. Such activities could result in potential conflicts of interest that could influence the price or value of a Product. BBVA has policies and procedures to identify, consider and manage potential conflicts of interest that may arise in such circumstances.

The methodology of and rules governing the relevant Index are proprietary and may not be disclosed or disseminated without the permission of BBVA. The use of Indices may be subject to licensing restrictions. A license may be required from BBVA to use, display, create derivatives works of and/or develop or create any transaction and/or distribute any product or service that uses, is based on, and/or developed and/or refers to any indices and/ or index data owned by BBVA. BBVA does not sponsor, endorse, sell or promote any transaction and makes no representation regarding the advisability of investing in any such transaction.

BBVA does not 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. BBVA has no obligation to take the needs of any party into consideration in determining, composing or calculating the Index. BBVA shall not have any liability to any party for any act or failure to act in connection with the determination, adjustment, calculation or maintenance of the Index.

For further important notices, please see the general Disclaimer contained in the home page of this website.”

DISCLAIMER S&P

The BBVA Gold Shield US Equities Index (the “Derived Indices”) is a product of Banco Bilbao Vizcaya Argentaria, S.A. (“Licensee”) and use as a component thereof the Cboe Volatility Index® (VIX®), which is a product of S&P Dow Jones Indices LLC, its affiliates and/or third party licensors (“S&P DJI”) 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 Exchange, Inc. (“CBOE”). The trademarks have been licensed to S&P Dow Jones Indices and have been sublicensed for use for certain purposes by Licensee. The Derived Indices are not owned, endorsed, or approved by or associated with S&P Dow Jones Indices. The Derived Index Product is not sponsored, endorsed, sold or promoted by S&P DJI, S&P, Dow Jones, CBOE and S&P DJI, S&P, Dow Jones and CBOE does not make any representation regarding the advisability of investing in the Derived Index Product.