Disclaimer - Milan

“The information set forth in this piece of correspondence (and, where applicable, in its attachments) (hereinafter, this piece of correspondence and its attachments will be referred to as the “Correspondence”) is of a purely illustrative nature and has been prepared by Banco Bilbao Vizcaya Argentaria, S.A. (“BBVA”), an entity authorised and supervised by the Bank of Spain, without taking into account the personal circumstances of the recipient included in article 72 of Royal Decree 217/2008.

This Correspondence contains general commercial information about a financial product or instrument available at the time of writing. BBVA makes no commitment to communicate changes or to update the content of this Correspondence. The contents of this Correspondence have not been drawn up in accordance with the regulations aimed at promoting the independence of investment reports, it does not contain objective explanations, nor has it been submitted to independent verification. The recipient of this Correspondence must be aware of the following:

(i) Prior to taking an investment decision, the recipient must be fully aware of and have no uncertainties regarding the workings of the product or instrument outlined in this Correspondence, and must be aware of the obligations and risks associated with the contracting of this product or instrument. If the recipient has any uncertainties about any of these aspects, he/she must not contract the transaction until these uncertainties have been resolved.

(ii) Transactions in financial products or instruments such as those presented in this Correspondence can imply significant risks and are not suitable for all investors. In fact, the price of stocks or instruments or the results of investments can fluctuate and go against investor interests, and can lead to high levels of losses (even higher than the initial investment, if this outlay was made), and in these cases additional funds will need to be made available to cover the entirety of the losses. BBVA assumes no responsibility for any loss, direct or indirect, which could arise from the use of this Correspondence or its contents.

(iii) Neither the present Correspondence nor its content constitute, on BBVA’s part, an offer or invitation to buy susceptible to the acceptation or adhesion by the recipient, nor the realisation or cancellation of investments.

(iv) The sending of this Correspondence must never be seen as an investment advisory service, as it does not contain a personalised investment recommendation, nor to carry out any type of transaction such as that described in this Correspondence. Under no circumstances can the receipt of this Correspondence imply that BBVA is qualifying or presenting the product as ideal for the recipient,as it has not taken into account the latter’s personal circumstances (his/her investment objectives, financial positions or risk profile) when preparing this Correspondence. The recipient of this Correspondence must take his/her own investment decisions, obtaining any necessary specialised and specific non-BBVA investment advice.

(v) BBVA, or any other entity of the BBVA Group, as well as its respective directors or employees, can have a position in any of the stocks or instruments referred to in this Correspondence,directly or indirectly, or in any others related to them. They can trade with these stocks or instruments, either directly or indirectly, provide advisory services or other services to the issuer of these stocks or instruments to related companies or their shareholders, directors or employees, and can have stakes or carry out any transactions in these stocks or instruments or related investments, prior to or subsequent to the preparation of this Correspondence, in accordance with applicable law.

The Entity has a Conflict of Interest policy, which aims to identify the circumstances which can give rise to a conflict of interest and establish measures for its prevention and management. A summary of this policy is available on BBVA’s corporate website: www.bbva.es.

(vi) The employees of other BBVA departments or another entity of the BBVA Group can provide recipients with market commentaries, verbal or written, or investment strategies which reflect opinions contrary to those expressed in this Correspondence. Moreover, BBVA or any other entity of the BBVA Group can take direct investment decisions which are inconsistent with the contents of this Correspondence.

(vii) No part of this Correspondence can be (a) copied, photocopied or duplicated in any manner,form, or means, (b) redistributed, (c) divulged, quoted, communicated, nor (d) supplied to any other person or entity subject to the legislation or jurisdiction of countries where this could be prohibited, limited or subject to requirements of authorisation, registration or communication of any kind.

(viii) In addition to the payments inherent to the product described in the Correspondence, the possible commissions or costs associated with the transactions linked to the present product (eg, cash movements, communications, etc.) are included in the Entity’s tariff leaflet, available at www.bbva.es. There is the possibility of other costs arising for the client, including the payment of taxes as a result of the transactions linked to instrument outlined in this Correspondence and which are not paid through BBVA, nor are stipulated by BBVA.”