November 16th, 2020 Sale of BBVA’s U.S. subsidiary to PNC

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Sale of BBVA’s U.S. subsidiary to PNC Financial Services Group Purchase price Transaction perimeter Expected closing $11.6bn (€9.7bn1) fixed price at closing, 100% in cash. Sale of BBVA USA Bancshares, excluding Propel Venture Partners and BBVA Securities ($0.4bn BV).  Transaction perimeter2: $102bn Assets, 637 Branches, $587mn 2019FY Results. BBVA CIB business in the US to continue through the NY branch. Mid 2021, subject to regulatory approvals. (1) Based on EUR/ USD exchange rate of 1.20 (2) Assets and branches as of Sep-20. FY 2019 Net Attributable Profit excluding local goodwill impairment of $470mn

A large transaction at very attractive multiples, that creates value for shareholders and generates significant excess capital 19.7x  P/E 2019 1.34x P/TBV  as of Sep’20 Price ~50% of BBVA’s market cap  for <10% of 2019 Group’s earnings1 +€8.5bn BBVA Group CET1 FL generation2  (+c. 300 bps) (1) Market Capitalization as of Nov 13th, 2020 and 2019 FY results excluding Corporate Center. (2) CET1 FL generation based on post-deal figures.

Unique opportunity to divest at a premium valuation and for 100% cash, unlocking hidden value RECOGNITION OF THE VALUE OF BBVA USA OPERATIONS Value assigned to BBVA USA business in analysts’ SoP valuation (€ bn) (1) Based on latest analysts’ Sum of the Parts valuation from BofA, Barclays, CaixaBank, CS, Fidentiis, JBC, JPM, RBC, Sabadell, SG, UBS.  (2) For comparability purposes, transaction price here includes 100% of BBVA USA Bancshares (including Propel Venture Partners and BBVA Securities) and based on a EUR/ USD exchange rate of 1.20. This is a conservative comparison as analysts’ valuation includes BBVA NY branch, not part of the transaction price. (3) Market Capitalization as of Nov 13th, 2020. Transaction Price2 €6.2bn Analysts1 Analysts’ average: 3.8 Equivalent to c.30% of BBVA’s Market Cap3

Significant excess capital generation CET1 FULLY-LOADED Transaction impact (%, bps) CET1 FL Sep 2020 Net Capital Gain Other CET1 impacts1 RWA release Pro-Forma CET1 FL post deal Sep 2020 14.46% (1) Includes mainly the deconsolidation of goodwill and other intangibles (+59 bps), Other Comprehensive Income (OCIs) (-34 bps) and tax losses carried forward (+11 bps). (2) Calculated based on post-deal figures € billion CET1 39.7 0.6 1.5 - 41.7 RWA 344.2 - - (55.7) 288.5 + 294 bps €8.5bn capital generation2 +€1.4bn TBV increase

The transaction shows BBVA's disciplined value-based approach to capital allocation and provides strategic optionality Significant EPS and TBV per share accretion potential Enhancing our already strong financial position. To profitably deploy capital in our markets and  To increase distributions to shareholders, with a sizeable buyback1 as an attractive option at current share prices. High level of optionality to continue creating value for shareholders: (1) Any potential repurchase would, at the earliest, take place after the expected close of the transaction in mid 2021. Any proposed repurchase would (i) take into consideration share prices, among other factors and (ii) require Shareholders and Supervisory approvals and the lifting of the ECB’s recommendation on distributions to shareholders.

November 16th, 2020 Sale of BBVA’s U.S. subsidiary to PNC