DISCLAIMER IHS Markit

The BBVA SMART Index (the “Index”) referenced herein is the property of Banco Bilbao Vizcaya Argentaria, S.A. (“BBVA” or “Index Owner”), however the Index is solely calculated, administered and published by IHS Markit Benchmark Administration Limited and/or its affiliates (“Index Administrator” or “Markit”). For the avoidance of doubt, BBVA does not act as an administrator or as a contributor of the Index nor does BBVA and the Index Administrator offer any express or implicit guarantee or assurance with regard to the calculation, publication or results of using the Index and/or Index trade mark or the Index Price at any time or in any other respect . There is no corporate ownership relationship between the Index Administrator and BBVA, which are separate and independent companies.

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 disclaims 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 any person for any error in the Index, and they are under no obligation to advise any person of any error therein.”

DISCLAIMER S&P

The BBVA Systematic Multi Asset Regional Trend 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.