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DISCLAIMER - HONG-KONG

The information set forth in this document (and, where applicable, in the
appendices) (hereinafter, this document and its appendices will be referred to
as the “Document”) 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 Document 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 Document. The contents of
this Document 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 Document 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 Document, 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 Document 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 Document or its
contents.

(iii) Neither the present Document 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 Document 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 Document. Under
no circumstances can the receipt of this Document 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 Document. The recipient
of this Document 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 Document, 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 Document, 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
Document. Moreover, BBVA or any other entity of the BBVA Group can take direct
investment decisions which are inconsistent with the contents of this Document.

(vii) No part of this Document 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
Document, 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
Document and which are not paid through BBVA, nor are stipulated by BBVA.

(ix) Banco Bilbao Vizcaya Argentaria, S.A. (“BBVA”) is a Spanish Bank.  Banco
Bilbao Vizcaya Argentaria, S.A., Hong Kong Branch operates as a branch of Banco
Bilbao Vizcaya Argentaria, S.A. (a bank incorporated in Spain
with limited liability).

Solutions

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 * Corporate investment banking solutions and services
 * Capital markets services

BBVA CIB

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Find out more

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Solutions

 * Global transaction banking and transactional services
 * Corporate investment banking solutions and services
 * Capital markets services

BBVA CIB

 * Sustainability
 * News
 * Awards
 * CIB Branches
 * BBVA Careers

Find out more

 * Contact us
 * CIB Regulation
 * Pretrade
 * Due Diligence
 * Global Market Strategy

BBVA Research

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 * Personal Data
 * Cookies
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 * BBVA Shareholders & Investors

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