BBVA understands corporate responsibility to be a wholehearted commitment to providing the utmost value possible in a balanced manner to all its direct stakeholders -shareholders, customers, employees and suppliers- and to the sum of societies in which it operates.

The main aim of the Group´s corporate responsibility policy is to outline the commitments and drive the processes that will lead to the creation of value for both stakeholders (social value) and BBVA itself (reputational value and direct economic value)

Accordingly, it is essential for such commitments and processes to simultaneously express BBVA´s vision and principles, respond in the best possible way to stakeholder expectations and reinforce the company´s business strategy.

The prevailing commitments that the Group seeks to fulfil through its corporate responsibility (CR) policy are as follows:

• Uphold excellence at all times in our core business operations

• Minimize the negative impacts caused by our business activity

• Develop "social business opportunities" that generate both social value and value for BBVA

• Invest in those societies in which the Group is present through support for social projects, especially those involving education.

The Corporate Responsibility and Reputation (CRR) committee is the body in charge with driving the integration of CR criteria, processes and policies throughout the Group´s business and support areas. In 2007, this body, comprising representatives from the main business and support areas and coordinated by the Corportate Responsibility and Reputation department, has embarked upon the necessary procedures to develop the BBVA Group´s Strategic CRR Plan, with this work scheduled for completion in the first half of 2008. In addition, one of the committee´s main achievements in 2007 has been the formal assumption of CR policy by the board of directors, which therefore means the definitive consolidation and integration of corporate responsibility within the Group´s strategy.

The main international agreements in the field of CR to which he Group adheres are the United Nations Gloabl Compact, the United Nations Environment Programme - Finance Initiative (UNEP-FI) and the Equator Principles. BBVA also upholds the UN´s Universal Declaration of Human Rights and the Fundamental Principles and Rights of the International Labour Organization.

BBVA likewise has a Code of Conduct for the Group as whole, designed to ensure probity in all facets of its operations, as well as a strict System of Corporate Governance and an array of specific codes for essential duties.