Excluding sovereigns and financial institutions, there are 135 holding groups in BBVA Group’s clients (138 in 2010), with risk drawn (loans, contingent liabilities, credit derivatives and fixed-income issues) exceeding €200 million, of which 61% hold investment grade rating. Credit risk (loans plus contingent liabilities) accounted for 19% of BBVA Group’s total risk (20% in 2010). This risk can be broken down as follows: 82% in Europe and 15% in the Americas (7% in Mexico. Risk is diversified away amongst the main activity sectors, with the most important being institutions 28%, utilities 16%, construction and infrastructure 15%, energy 9% and telecommunications 8%, as shown in Chart 24.

24. Concentration. Distribution by sectors in the BBVA Group

(Risks above €200 million. 31-12-2011)