BBVA: accelerating profitable growth

CARLOS TORRES VILA, CHAIRMAN ONUR GENÇ, CEO

Disclaimer

This document is only provided for information purposes and does not constitute, nor should it be interpreted as, an offer to sell or exchange or acquire, or an invitation for offers to buy securities issued by any of the aforementioned companies. Any decision to buy or invest in securities in relation to a specific issue must be made solely and exclusively on the basis of the information set out in the pertinent prospectus filed by the company in relation to such specific issue. No one who becomes aware of the information contained in this report should regard it as definitive, because it is subject to changes and modifications.

This document contains or may contain forward looking statements (in the usual meaning and within the meaning of the US Private Securities Litigation Reform Act of 1995) regarding intentions, expectations or projections of BBVA or of its management on the date thereof, that refer to or incorporate various assumptions and projections, including projections about the future earnings of the business. The statements contained herein are based on our current projections, but the actual results may be substantially modified in the future by various risks and other factors that may cause the results or final decisions to differ from such intentions, projections or estimates. These factors include, without limitation, (1) the market situation, macroeconomic factors, regulatory, political or government guidelines, (2) domestic and international stock market movements, exchange rates and interest rates, (3) competitive pressures, (4) technological changes, (5) alterations in the financial situation, creditworthiness or solvency of our customers, debtors or counterparts. These factors could cause or result in actual events differing from the information and intentions stated, projected or forecast in this document or in other past or future documents. BBVA does not undertake to publicly revise the contents of this or any other document, either if the events are not as described herein, or if such events lead to changes in the information contained in this document.

This document may contain summarised information or information that has not been audited, and its recipients are invited to consult the documentation and public information filed by BBVA with stock market supervisory bodies, in particular, the prospectuses and periodical information filed with the Spanish Securities Exchange Commission (CNMV) and the Annual Report on Form 20-F and information on Form 6-K that are filed with the US Securities and ExchangeCommission.

Distribution of this document in other jurisdictions may be prohibited, and recipients into whose possession this document comes shall be solely responsible for informing themselves about, and observing any such restrictions.By accepting this document you agree to be bound by the foregoing restrictions.

01 Economic recovery in an age of opportunity

The economic recovery continues despite short term

pressures

CONSUMPTION INDEX GDP GROWTH (%) ¹

(7D CUMULATIVE VS. SAME PERIOD IN 2019)

PRIVATE INVESTMENT INDEX3 (28D CUMULATIVE VS. SAME PERIOD IN 2019)

INFLATION⁵ (%)

Source: BBVA Research. (1) Considers spending at BBVA Point of Sale (POS) by BBVA and non-BBVA customers and spending by BBVA customers at non-BBVA POS. (2) Average data for BBVA's footprint: Spain, Mexico, Turkey, Peru, Colombia and Argentina. (3) Proxied by total inflows received by firms classified by NACE codes from the current account transfers on daily basis. (4) Average data for footprint: Spain, Mexico, Turkey, Peru and Colombia. (5) Average annual inflation.

Covid has accelerated pre-existing trends

DIGITAL ADOPTION BY INDUSTRY IN EUROPE AND US

PERCENTAGE OF USERS WHO USED DIGITAL OR REMOTE CHANNELS (6 MONTHS PRIOR TO APRIL 2021 VS. 6 MONTHS PRIOR TO APRIL 2020)

Source: McKinsey Global Digital Sentiment Insights survey.

We are living disruptive times, an age of opportunity

ESTIMATED IMPACT OF TECHNOLOGY AND INNOVATION ON ECONOMIC PRODUCTIVITY

Disruptive innovation driven by digitalization and decarbonization
Deep impact in all sectors of the economy
Technological disruptions have traditionally boosted economic growth and productivity

Source: ARK Investment Management LLC (https://ark-invest.com/white-papers/innovation-why-now-white-paper/).

Decarbonization is king among these trends

Source: Lenaerts, Tagliapietra and Wolff (2021).

Source: Based on data from International Energy Agency (2021) Net Zero by 2050: Net Zero by 2050 Scenario - Data product - IEA; as modified by BBVA Research.

(1) Exajoule (EJ) equals 1018 Joules. (2) Excluding China, IEA, Financing Clean Energy Transitions in Emerging and Developing Economies, 2021.

Emerging markets should be among those leading the race, relative to GDP, with over \$1 trillion investment annually², seven times current levels

02 BBVA is uniquely positioned in this age of opportunity

Leading franchises in very attractive markets

	STRONG POSITION		LEADING PROFITABILITY
Sep-21	Market share1 Ranking1 (%)		ROE (%) vs. industry2 (bps)
Spain	13.1%	#3	12.3% (+350 bps)
Mexico	23.8%	#1	22.2%(+1,070 bps)
Turkey	18.2%	#2	19.1% (+840 bps)
Colombia	10.5%	#4	16.4% (+530 bps)
Peru	21.3%	#2	12.6% (+270 bps)

(1) Latest available market shares, Ranking among peer group. Turkey among private banks.

(2) ROE under local criteria as of 9M21, except Colombia 8M21. Excludes Corporate Center expenses.

(1) According to 'The Forrester Digital Experience Review™: European Mobile Banking Apps, Q3 2021'. (2) According to Dow Jones Sustainability Index.

Digital experience leader five years in a row¹

Most sustainable European bank²

Differential culture and mindset 3

AGILE

We think big

We are one team

Started in 2014 in Digital area in Spain, extended in 2018 across areas and countries
Over 30,000 employees working under Agile

To bring the age of opportunity to everyone

Proven track record of solid financial returns 4

STRONG PRE-PROVISION PROFIT AND BEST-IN-CLASS EFFICIENCY

OUTPERFORMING OUR PEERS ON PROFITABILIY

Clear commitment to shareholder value creation

Excess capital for shareholders distributions and growth 6

A CLEAR FOCUS ON VALUE CREATION

(1) CET1 as of September 2021 excluding restructuring costs in Spain. (2) Considering the maximum amount of €3.5 Bn of the share buyback program. (3) Assuming 100% acceptance on voluntary takeover bid on Garanti BBVA shares currently not owned by BBVA (50.15%).

Shareholders distributions increase

NEW DISTRIBUTION POLICY¹

SHARE BUYBACK²

(1) Includes the possibility of combining cash distributions with share buybacks. (2) The execution of the €3.5 Bn share buyback program scheme (including its first tranche) is considered an extraordinary shareholder distribution and is therefore not included in the scope of the new distribution policy. We will start shortly after the Investor Day with the execution of the first €1.5 Bn tranche which will not be subject to any maximum share price. We estimate the execution will take 3 to 4 months.

BBVA is uniquely positioned in this age of opportunity

KEY STRENGTHS

Leading franchises in very attractive markets

Trend setters in Digital and Sustainability

Differential culture and mindset

Proven track record of solid financial returns

Disciplined capital allocation

Excess capital for shareholder's distributions and growth

03 Our ambitious long-term goals

COST TO INCOME

ROTE

(2016-9M21 BBVA, 9M21 PEER AVG, %)

TANGIBLE BOOK VALUE PER SHARE + DIVIDENDS

Peers PEERS1

HISTORICAL TREND (2018-9M21, % CAGR) 7% 6% BBVA European

NEW TARGET CUSTOMERS¹

CUMULATIVE NEW TARGET CUSTOMERS (2018-9M21, MN CUSTOMERS)

2024 GOAL (MN CUSTOMER GROWTH)

(1) Target customers refers to those customers in which the bank wants to grow and retain, as they are considered valuable due to their assets, liabilities and/or transactionality with BBVA.

SUSTAINABLE FINANCE

CUMULATIVE FINANCING (2018-9M21, €BN)

2025 GOAL (€ BN)

Our ambitious long-term goals

2021-2024 2018-2025

(1) Target customers refers to those customers in which the bank wants to grow and retain, as they are considered valuable due to their assets, liabilities and/or transactionality with BBVA.

We remain committed to our 11.5-12% CET1 target range

04 Taking profitable growth to a new level

Executing on our strategic priorities to capture the opportunities of the new era and achieve our goals

Differentiation Superior performance Accelerators

Improving our clients' financial health

Reaching more clients

The best and most engaged team

Helping our clients transition towards a sustainable future

Driving operational excellence

A clear focus on our objectives

A larger and more profitable bank

A distinctive bank for our clients based on a unique value proposition

Continue leading efficiency through operational excellence

A clear focus on our objectives

A larger and more profitable bank

New customer acquisition
Higher growth in attractive value pockets
Invest in disruption

A distinctive bank for our clients based on a unique value proposition

Continue leading efficiency through operational excellence

New customer acquisition in the open market

/ 28

Conviction: Scale is a competitive advantage in our traditional banking business

(1) Gross customer acquisition through own channels for retail segment

Prioritization of high value business verticals

Conviction: Banking is the combination of distinct businesses with different return-growth profiles

C. ASSET MANAGEMENT D. INSURANCE

Global value proposition for Private Banking clients
Capture the opportunities of the affluent segment
Digital products and contextualized sales
Distribution of leading third party products

Corporate & Investment Banking: great upside potential

(1) European Peer Group: BARC, BNPP, CASA, CMZ, CS, DB, HSBC, ISP, LBG, NWG, SAN, SG, UBS, UCG. Peers' last data point as of 6M21.

Investing in disruption and financing innovators

Conviction: All businesses, including ours, are gradually being disrupted by technologically focused players

A clear focus on our objectives

A larger and more profitable bank

A distinctive bank for our clients based on a unique value proposition

Next level of financial advice
Transition to a sustainable world

Continue leading efficiency through operational excellence

Uniquely positioned to capture value from the entire digital journey, from servicing to advice Servicing Sales Customer acquisition Advice DIGITAL ACQUISITION (% THROUGH DIGITAL CHANNELS) DIGITAL SALES² (%, UNITS AND VALUE3) 16% 54% 25% 72% 2016 9M21 DIGITAL TRANSACTIONS¹ (% OVER TOTAL) 85% 75% 2018 9M21 4% 37% 2016 9M21 UNITS VALUE

(1) Includes monetary and non-monetary transactions related to servicing. It excludes product sales and information inquiries. Includes ATMs transactions. (2) Excludes units sold in USA, Venezuela, Chile and Paraguay. (3) Product Relative Value as a proxy of lifetime economic representation of units sold.

Sustainability: a significant business growth opportunity

SUSTAINABILITY AS A GROWTH LEVER

Sustainability-linked finance over Group's new business1 origination

OF WHICH:

Incremental business2 driven by sustainable products offering

PIONEERING SUSTAINABLE PRODUCTS

WHOLESALE AND RETAIL

2021 A sustainable alternative for most of our core products …

Carbon footprint calculator: world's 1st bank …

1st gender loan worldwide

1st green project finance worldwide …

1st social bond worldwide

2007 1st Green Bond worldwide

A CLEAR COMMITMENT IN PORTFOLIO ALIGNMENT TOWARDS NET ZERO 2050

2030 decarbonization goals set in CO2 selected intensive industries Advice our clients in the transition

(1) Includes lending, project finance, bonds, refinancing; excludes asset management business (2) Based on incremental market shares and new business pools (e.g. NGEU funds).

…

A clear focus on our objectives

A larger and more profitable bank

A distinctive bank for our clients based on a unique value proposition

Continue leading efficiency through operational excellence

Transformation of the relationship model
Disciplined capital management

Relationship model transformation to support growth with a significantly lower cost-to-serve and sell

(1) Includes monetary and non-monetary transactions related to servicing. It excludes product sales and information inquiries (2) Total sales. Product Relative Value as a proxy of lifetime economic representation of units sold

Disciplined capital management

MECHANISMS TO IMPROVE PRICING AND OPTIMIZE CAPITAL ALLOCATION

NEW PRODUCTION MAPPED BASED ON CLIENT AND TRANSACTION PROFITABILITY THRESHOLDS

NEW PRODUCTION MATRIX, SPAIN - COMMERCIAL BANKING (2Q 2021; % REGULATORY CAPITAL ALLOCATED)

MANAGEMENT OF EXCEPTION POOL CLIENTS TO IMPROVE PROFITABILITY, MAINLY THROUGH CROSS-SELL

VINTAGE ANALYSIS, SPAIN - COMMERCIAL BANKING (2Q 2021;# OF CLIENTS WITH AT LEAST ONE TRANSACTION IN EXCEPTION POOL)

(1) Regulatory capital allocated to transactions in each matrix section

Profitability metrics embedded in admission process decisions

Evolving the organization to capture the opportunities of the new era

(1) Sustainability data available since 2019. (2) Time-to-market measured by number of days since a scrum starts developing a feature to implementation. (3) Increase in feature releases in BBVA mobile app vs. traditional methodology.

05 Countries' strategies designed to accelerate profitable growth

Market position already strong and further improving

CORE REVENUES MARKET SHARE¹ (%)

Profitable organic growth with a disciplined capital approach

Constant €. CAGR 2017-Sep.21

Peru

• Focus on growing the retail franchise leveraging payroll growth

• Increase the franchise scale across the board, especially in wholesale banking

Countries' strategies and goals fully aligned

	REVENUE GROWTH (%, CAGR, € CONSTANT)		(%, AVERAGE)	COST TO INCOME		COST OF RISK (BPS, AVERAGE)
	2015-9M2021 annualized	2021-24 CAGR Goal	2015-9M2021	2024 Goal	2015-9M2021	Avg. 2022-24 Goal
Spain	-1.9	Slight growth	54.3	45	36	< 35
Mexico	+6.2	Close to double digit1	34.2	Low 30's	319	< 300
Turkey	+17.7	c High teens1	34.2	c Low 30's	170	c < 150
South America	+7.0	Mid teens1	43.8	Low 40's	166	< 200
Corporate Center			Expenses continue to decline

(1) In local currency

(1) Target customers refers to those customers in which the bank wants to grow and retain, as they are considered valuable due to their assets, liabilities and/or transactionality with BBVA.

Management incentives fully aligned with long-term goals

Takeaways

BBVA is uniquely positioned to accelerate profitable growth

Leading franchises in very attractive markets
Trend-setters in digital and sustainability
Differential culture and mindset
Proven track record of solid financial results
Disciplined capital allocation
Excess capital for shareholders' distributions and growth

We are executing on our strategic plan with clear objectives

A larger and more profitable bank
A distinctive bank for our clients based on a unique value proposition
Continue leading efficiency through operational excellence

We have set ambitious long-term goals to accelerate profitable growth and value for our shareholders

BBVA Investor Day

Leading the Industry Transformation

DAVID PUENTE. HEAD OF CLIENT SOLUTIONS

Disclaimer

This document is only provided for information por should it be interpreted as an offer to sellir e ranim, or an invitation for offer to by searchs issued by any of the afternetioned on princes in securities in scurities in a specific sose muscle made soley on the aass of the perfirent prosects field by the company in relation to such specific issue. It one in the infrimation contained in this report should regard it subject to changes and modifications.

This document contain to may contain for assal nearing and within the meaning of the US Private Securities Libertion Reform Ad of 1995 regarding or projections of BBN or chilis naragement on the casemplions and projections and projections and the fiture earnings of the business. The statements contained herein are based on our our results may be subscribily modified in the future ty various risks and other for may case the results of included in to first lections t suchiritorions, priections and rindes These for since (1) the mariet situation, marceconomicators, regaldor, political or goverment gridents, (2) domestic and international stock nrade trovements, exchange rates, (3) competitie pressures, (4) technologial charges, (5) atteration in the financial situation conservation of our custor or ourterparts. These fature could case or result in a interiors stated, prieted or freedor his bournent or in other past of this cournents BBV-Cores rol undertake to publicy revise the content, either if the events are not as described herein, of I such events lead to changes in the information contained in this bourned.

This document may continue is chipmation that has ot been audited, and its resipents and the documentation and public information field by BBV-will stool market superior botics, in anticular the prospective with the Spanish Scounties Excludies Excluding Scountes on Form 25-F and rithmation on Form 2-F and riformation on Form 6-F and are filed with the US Securities and Exchange Commission.

Distribution of the courted in the pincibitis not recommiss in oversession this courner or minestial dessible for inoming hemselves about, and ocerning any soci restrictions. By accepting this document you agree to be bound by the foregoing restrictions.

We launched our transformation anchored on two pillars

Value Proposition Mobile as the centre of gravity

Relationship Mode A new way of interacting with our clients

CONVENIENCE

Mobile as remote control of the bank

TRANSPARENT & SIMPLE OFFER

Very simple product catalogue and one click processes

ADVICE

Helping clients control day-to-day life and their financial health

REMOTE MODEL

Human assistance beyond face to face interactions

DIGITAL SALES

Digital channels as a sales engine, beyond pure servicing

CUSTOMER INTERACTION ORCHESTRATION

Multichannel, automated and data based sales & servicing orchestration

And we have delivered

Differential Value Proposition

Digital Experience Leader 5 years in a row ("Forrester Digital Experience review")

Brandpower

Leading position in our main geographies

Source Brandpower: Kantar

Leading position in our main geographies, widening distance vs peers in 7pps in the last 5 years

Note: As of FY 2020

And we have delivered

A clear focus on our objectives

A larger and more profitable bank

| | A distinctive bank for our clients |

| | through operational excellence

A larger and more profitable bank

Growth in Value Segments & Products
New Customer Acquisition

A distinctive bank for our clients based on a unique value proposition

Continue leading efficiency through operational excellence

Value Segments: SMEs

Impact	Drivers
SMEs ACCOUNTS FOR	DISTRIBUTION MODEL	Efficient coverage & high capillarity · Dedicated manager for c90% of high value SMEs = Low value SMEs manager role in every BBVA branch · Promoting remote capabilities
REVENUES	RISK	Solid risk models support proactive & seamless approach to our clients 173 of BBVA clients have received a proactive offer
NUMBER OF CLIENTS	DIGITAL	Digital onboarding & core products digitally available Digital Penetration of / 5% 4 · Digital onboarding and products (23% digitally onboarded clients, one-click digital loans, etc)

Value Segments: Private Banking & Affluent

Drivers Impact DISTRIBUTION Specialized investment advisory & hybrid relationship model AM & WM ACCOUNTS FOR MODFI = 34% Remote Capabilities -REVENUES SOLUTIONS +16% 21evs 19* and wide range of Global Solutions (i.e. ESG, funds of funds) DIGITAL · Bringing specific solutions to digital channel (BBVA Invest, NEW CLIENTS GROWTH Investment Funds supermarket, portfolio management, etc.) x | · Proactive selling, advice and servicing digitally and data based 21e vs 19

*Growth in constant euros

Value Segments: Cross-Border Banking (CIB & Commercial)

Impact
CROSS-BORDER ACCOUNTS FOR over total	DISTRIBUTION MODEL	Global and local client needs covered by international specialists
25% BBVA Gross Margin	SOLUTIONS	Leverage our Global Banking footprint in 24 countries
REVENUES +25% 21e vs 19*		Global Treasury Management Platform with comprehensive multi channel offering
		(eg. Payments & Collections, Supply Chain Finance, Commercial Cards, reporting & agent, Sustainability solutions)
NUMBER OF CLIENTS CROSS-BORDER +26% 21e vs 19	DIGITAL	Global Transactional Banking Solutions through BBVA Pivot, with one single contract

*Growth in constant euros

Value Products: Payments

60,000€

Drivers Impact PAYMENTS ISSUING Differential Value Proposition ACCOUNTS FOR around "Digital First" 4% over total BBVA Gross Margin Top security: No PAN, BBVA Dynamic CVV 17 REVENUES Loyalty +10% 21e vs 19* E2E Digital Funnels Integrated PFM Sustainable CREDIT CARDS GROWTH (2) ACQUIRING One Stop Shop for Merchants ×4 21e vs 19 Openpa ▪ Core payments innovative solutions: e-commerce, in-store (mobile POS), QRs POS GROWTH = Value Added Services (business intelligence, POS linked 21e vs 19 x O financing, BNPL) Digital onboarding

*Growth in constant euros

Value Products: Insurance

New Customer Acquisition

Drivers

』 E2E digital sales of all key entry products for non customers
Automated fraud & risk prevention .
New Acquisition Strategies Fallback products & User Space .
Early engagement of customers ए
= Embedded financial services through Partnerships
』 where and when the client operates

A larger and more profitable bank

A distinctive bank for our clients based on a unique value proposition

Enriched Advice
Helping transition in Sustainability

Continue leading efficiency through operational excellence

Centered around improving our clients' financial health

Day-to-day Control

Help control my day to day income and expenses
Awareness of future expenses

Help to Save

Help optimizing monthly expenses
Create a safety net and automate periodic contributions

Help to Invest

Put money to work A
Optimize investments

Financial Planning

Holistic advice and planning
Achieving specific life goals

Data based - Personalized, Proactive and Actionable

Sizable impact on customer engagement and business generation

A larger and more profitable bank

A distinctive bank for our clients based on a unique value proposition

Continue leading efficiency through operational excellence

Deeper Digital & Remote
Leveraging Globality

Deepening our Relationship Model transformation...

Optimizing Relationship Model to support customer growth with a significantly lower cost to serve & sell

... taking advantage of every interaction to "talk" with the customer

KE) STRATEGIES	Re- channelling	Roles Evolution @	Remote as a channel	Productivity transformation
	Low value traffic towards DIY channels	Mass Branch Roles towards one stop shop & multifunctionality while reinforcing Value Segment salesforces	Enabling remote for everyone as an additional channel	efficiency	> Smart Call to action for every interaction Smartly routed prioritizing probability of sales over

... is further accelerating efficiency

Remote as a channel

Clients with Remote Service 2019-2021e

×3

NPS

September 21

+15% Personalised client coverage Branch Roles evolution & Productivity Transformation

+24% to 1,110 in 2021e

Active Customers per Salesforce 2019-2021e

+21% to 147,000€ in 2021e

Sales Value per Salesforce 2019-2021e

Leveraging Globality to deliver global products & platforms

Global Retail Mobile App (GLOMO)

Reutilization by design

Top 1 (in 12 apps out of 14)

Average rating 4.5 (out of 5)

Global Enterprise Mobile App (GEMA)

Multi-segment global co-creation

IN SUMMARY, we will continue delivering on our transformation to amplify the impact

Differential Value Proposition

Sustained Profitable Growth

Lower Cost to Sell and Serve our clients

BBVA Investor Day

Sustainability as a business opportunity

JAVIER RODRÍGUEZ SOLER HEAD OF SUSTAINABILITY

BBVA Investor Day

Disclaimer

This document is only provided for internation porcharding or chault it be interpreted as and the creative or an invitation for offes in by searchs sound on of the aforementioned on prines in securities in scurrities in edition to aspective on the basis of the information set on in the perfirent prosects flect of the cornany in relation to such specific issue. No one who in this report should read it a definitive, because it s subject to changes and modifications.

This document contain for ward boling statements (in the usual meaning of the US Prixte Securities Liggtion Reform Add of 1995) regarding or projections of BBN a r of its naragement on the concerner on one assumplions and projections about the four-earnings of the business. The statements contained heein are bosed on our current may be substantially modified in the bure by winus risks and other factors that may case the results of firal decisions to firer form such interiors, prestimates. These factors in the market situation, marcesonomic factors, egaldor, collical or geverment guidition proverment guidines, (2) domestic and memat stock market novements, echange rates (1) competitie pressures, (4) ethnological changes, (5) atteritires or shenry of our user users of our user users of our user un counterparts. These fatur atual evers difeinig from the internation and interiors stated, projected on the pourments. BBV coeser of the exounters. BBV coeser of undertake to publicy revise of this or any other fi the events are not as described herein, or if such events lead to charges in the information contained in this dourned.

This counter may contain unmation that ras other and ted, and is recients are inited to onentation and public information filled by BBC will show market superisor bodies, in pricited internation filed with the Spanish Securities Excharge Commission (CMV) and the Arnual Report on Form 20-F and information on Form Porm Porm Por are filed with the US Securities and Exchange Commission.

Distribution of the courter in other jurisitions may be into whose possession this doumert comes that be inforning themselves about, and observing any such restrictions. By accepting this document you agree to be bound by the foregoing restrictions.

Sustainability, the biggest transformation in human history

At the top of the agenda... ... requiring big investments... ... in all geographies

196 countries

with new or updated NDCs (Nationally Determined Contributions)

40% of the world's financial assets pledged to meet the goals of the Paris Agreement

Global Temperature increase target +1.5°C by 2050

Worldwide annual investment to limit global warming until 2030

\$ Tro

European Union

Extensive policy responses geared to sustainability for 2021-2024

NGFU €75()Bn(2)

LatAm & Turkey

Emerging countries will invest more, relative to GDP, in low-emissions assets during a net-zero transition

€ | Tr/year(3)

in emerging economies (ex-China)

(1) "Financing climate futures: rethinking infrastructure", (2) Next Generation EU Plan to build a digital, sustainable and inclusive future (3) excluding China, "The big emerging question", Blackrock Investment Institute

A great business opportunity in BBVA's footprint

THE OPPORTUNITY

Banks play a key role in the transition to a more sustainable world

The future of banking is financing the Future

channeling agent for public funds while encouraging private investment

Develop sustainable financial solutions both in climate change and inclusive growth

Manage impacts

(direct and indirect emissions) of banks' activities

In this new environment, BBVA has been a first mover taking advantage of this relevant business opportunity OUR DIFFERENTIAL POSITIONING

BBVA has generated significant traction in sustainable finance origination

(1) Includes lending, project finance, bonds, refinancings but excludes asset management business (2) Based on incremental market shares and new business pools (eg. NGEU funds)

Inves

Sustainable and successful transition leveraging BBVA's digital edge

OUR DIFFERENTIAL POSITIONING

Designing and launching new sustainable solutions to market...

270%

9M Yol

232

9M Yol

isits YT

New sustainable solutions ...

Energy-efficient linked mortgages

Hybrid and electric vehicles loans

Carbon footprint calculator for retail and corporates

Energy efficiency advisory for enterprise clients

BBVA offers a sustainable alternative for most of its main products

Inves

World's 1st bank to use data analytics to calculate companies' carbon footprint

OUR DIFFERENTIAL POSITIONING

...and pioneering in sustainable activity

OUR DIFFERENTIAL POSITIONING

Net Zero 2050: Implementing portfolio alignment and excelling in managing emissions

Portfolio alignment strategy well underway

2030 decarbonization goals set in CO2 selected intensive industries

Sector(1)	Metric	(2020)	BBVA Baseline Benchmark vs scenario baseline effort by 2030	Absolute
	4 Power Kg CO2e/Mwh	249	»	(52%)
Auto	g CO2e/km	220		(46%)
TT Steel	Kg CO2e/Tsteel	665		(23%)
	Cement Kg CO2e/Tcement	695		(17%)
	Coal Coal Portfolio trend (€Mn)		Phase out plan: 2030 developed markets and 2040 globallv

Very solid starting point and strong commitment to help our clients in their transition

Ambitious targets to reduce BBVA's environmental footprint

Starting point:

& Aligned with scenario baseline

100% renewable energy by 2030

in line with SBTI & RE 100 Initiative

Carbon neutral since 2020

in Scope 1 and 2 and travel emissions, leveraging carbon offsetting

(1) Power, Auto, Steel and Cement benchmark scenario according to IFA NFT Zero 2050

(9 Below scenario baseline

Growth as the cornerstone of our sustainability strategy

Growth

Doubling our target of channeling sustainable financing under a transversal action plan with pre defined areas of focus

Enablers C

Superior risk management capabilities integrating transition risk into banking processes while enabling portfolio alignment

Creation of a Sustainability area, at the highest level of the organization, to drive growth:

· Supporting the integration of sustainability across all area's day-to day activities
•

Bringing sustainability financing to the next level

2X our target of channeling sustainable financing

Sustainability as growth lever: ~20% of the sustainable business originated is incremental (€40Bn by 2025)

Leading bank in sustainable finance commitment ANNUALISED TARGET AS SHARE OF TOTAL ASSETS (%) Peer 1 50 BBVA 4.0 3.6 Peer 2 3.4 Peer 3 2.9 Peer 4 Peer 5 25 23 Peer 6 1.6 Peer 7

dit Suisse, Deutsche Bank, HSBC, NatWest, Santander, Societé.Générale and Standa

Prioritizing 12 transition themes for business execution

Themes have been prioritized looking for a balance between

Size: topics concentrating short term value

Growth: emerging technologies with room for exceptional long term expansion

Right to win: potential alignment with BBVA portfolio and/ or footprint

BBVA is building the capabilities to capture incremental opportunities early on taking advantage of its geographical footprint and innovation capabilities

SECTORS	TRANSITION THEMES
Power	Hydrogen production and use Renewables (utility-scale)
Transport	Electric vehicles Infrastructure for electric vehicles
Industry and O&G	O&G product transformation Electrification (and hydrogen) for industrial heating
Buildings	Distributed solar generation Energy efficiency, electrification and insulation
Agriculture	Agricultural innovation/ adaptation (for resiliency and higher yield) Decarbonization of on-farm energy
Circularity	Circular product and upcycle design
Carbon Markets	Carbon offset marketplaces/ exchanges

Leveraging differential sustainable opportunities in emerging markets

Emerging countries will invest more, relative to GDP, in low-emissions assets

BBVA will lead the transition in emerging markets leveraging on its know-how of sustainability transition in developed economies

INVESTMENTS IN LOW EMISSIONS TECHNOLOGY (as % of GDP under NGFS net-zero 2050 scenario 2020-2050)

Latin America		/%
Europe	5%
Source: Mckinsey

Creating specialized sectoral knowledge

Creation of tools to strategically steer business origination

Development of a transition risk indicator as a scoring tool to support clients' transition and align our portfolio

Reflects clients' awareness and preparedness to decarbonization

Incorporates all dimensions of carbon transition risk

Fnables differentiation among clients and specialized advisory

BBVA's sustainable edge

Outstanding track record channeling sustainable finance

ତ

Throughout 2021 BBVA will have channeled €35Bn in sustainable origination (+72% vs 2020)

€ / 5Bn

Sustainable origination

already channeled

Ambitious growth strategy

In June '21, BBVA doubled its commitment to channel sustainable finance by 2025

€200Bn

Sustainable finance commitment by 2025

Leading the market with innovative solutions. which allows to capture incremental business

~ € 40 Bn

Incremental sustainability

business bv 2025

Engaging with our clients' transition

Specialized sectoral knowledge and development of transition tools to engage with clients towards better transition outcomes

Rewarded internationally for its sustainability focus: once again Europe's most sustainable bank and second worldwide, according to the Dow Jones Sustainability Index 2021

BBVA Investor Day

Accelerating profitable growth in our main markets: Spain

PEIO BELAUSTEGUIGOITIA, COUNTRY MANAGER SPAIN

Disclaimer

Index 01 Competitive environment

02 Achievements 2016-21

03 Strategy 2022-24

04 Conclusions

BBVA Investor Day

Source: BBVA Research

In a low interest rate environment, we can glimpse better prospects for the banking industry, as deleveraging comes to an end

Relevant achievements in last 5 years

Customer growth

Capital allocation in the most profitable products

CUSTOMER ACQUISITION

3.5 million new customers 2016-21e
50% through digital channels in 2021 (vs. 9% in 2016)
18% market share in new customer acquisition in 20211

Relevant achievements in last 5 years

Non interest income growth

Leading efficiency ratio

As a result, BBVA Spain enjoys a differential position

Efficiency and Profitability (9M21, %)

Retail banking Net Promoter Score* (9M21, %)

Leading the industry profitability and achieving superior client satisfaction

Looking forward, with a clear focus on our objectives:

A larger and more profitable bank

│

③ | Continue leading efficiency
3 = through onerational excellence | through operational excellence

1 | A LARGER AND MORE PROFITABLE BANK New customer acquisition both in own channels and through third parties agreements

LEVERAGING ON OUR DIGITAL CAPABILITIES

Own channels

Best in class onboarding process
Excellence Bank change Service

A PLATFORM FOCUSED ON ENGAGEMENT

70% Engaged clients in six months

MAIN LINES OF ACTION

Third parties agreement

Tech players agreements
Buy-now-pay-later value proposition
Financing through partnerships

niw.es

( ml

ASPIRATION 2021-24

+3.6 MILLION

×2 New customer acquisition yearly average 2016-21

1 | A LARGER AND MORE PROFITABLE BANK Translating sustainability into a tangible growth opportunity

Our aim is to target different business

RETAII

Standardized solutions: self-consumption, energy efficiency, and more
Tailor-made financing solutions

WHOLESAI F

Tailor-made solutions around power
Large scale renewable projects
Support our client's transition with advice and financing
Industry coverage & new clients

Growing new l above o 161

(>15% market share)

And all this supported by a dedicated and committed team covering all the business lines and fully integrated into existing origination and risk processes / 10

1 | A LARGER AND MORE PROFITABLE BANK Loan growth in the most profitable segments: Consumer

Consumer loans market share (%)

14.9%

Sep21

+400

bps

10.9%

Sep16

Main lines of action

Strong risk models support pre approved loans to our customers
- Best in class digital capabilities A
- A Data capabilities & business intelligence to maximize cross-sell
- Standardized turnkey solutions together with key partners, both own channels and third parties

ASPIRATION 2021-24

+30% (+9% CAGR)

1 | A LARGER AND MORE PROFITABLE BANK Very Small Business & Mid-Size Companies

Commercial* Loans (€Billions, %)

28.2

Dec16

34.7

Sep21

Very Small Business

Growing in pre approved loans
- Proactive offering
- Intelligence Customer Relationship Management
- Standardized green solutions together with key partners

Mid-Size Companies, focus on

( Sustainability

Financing solutions for each asset
· Project finance
Coverage for companies throughout energy value chain
International solutions

Transactional engagement

ASPIRATION 2021-24

+20% (+6% CAGR)

(*) Very Small Business + Mid-Size companies

+4% CAGR

Pricing policies aligned with return on capital to ensure profitability

1 | A LARGER AND MORE PROFITABLE BANK Strengthen diversification, prioritizing high value verticals: Payments

Sep-20 launched Aqua credit card

Issuing

Strengthen Aqua value proposition

Acquiring

·
Value added services
Specialized e-commerce salesforce
Taking advantage of new rails opportunities

ASPIRATION 2021-24

Growing above our natural market share

Total control of payments experience Security reinforced

Leading the payments transformation

1 | A LARGER AND MORE PROFITABLE BANK Asset Management and Insurance as high value verticals

Asset management and insurance key products to increase cross sell

2 | A DISTINCTIVE BANK FOR OUR CLIENTS BASED ON A UNIQUE VALUE PROPOSITION Build differentiation based on advice, allowing us to increase sales

Customers user advice

tools vs. non user (Sep21)

-38%

+39%

ATTRITION

DIGITAL SALES

in the last 6 months

RATE

NPS

Monthly client interactions

with advisory tools (Millions)

30%

5.2

Jan20

6.8

Sep21

BBV Investo

Main advisory

C INVEST

17% Mutual Funds

® VALORA

using BBVA VALORA

tools (Sep21)

(*) BBVA is an overall digital experience leader five year in a row according to "The Forrester Digital Experience Review'

3 | CONTINUE LEADING EFFICIENCY, THROUGH OPERATIONAL EXCELLENCE

model with a focus on remote assistance

BBVA leading the transformation of the relationship

Digital experience leader five years in a row*

/ 16

Inves

Takeaways & Guidance

Continue focusing on profitable growth, based on three-pillars:

▄ Increase the customer base

Maintaining an efficient allocation of our capital keeping up strict price and risk management policies

Working on digitalization evolution driving productivity, efficiency and flexibility

Revenues 2021 / 2024 Slight growth

Efficiency goals for 2024 To reach 45%

CoR 2022 / 2024 < 35 bps on average

BBVA Investor Day

Accelerating profitable growth in our main markets: Mexico

EDUARDO OSUNA. COUNTRY MANAGER MEXICO

Disclaimer

This document is only provided for internation porcharding or chault it be interpreted as and the creative or an invitation for offes in by searchs sound on of the aftrementioned ocuparies. Any decision to buy or investing to a specific issue must be mate soley and exable in the pertirent progents field by the cornany in relation to such specific issue. No one who in this report should read it a definitive, because it s subject to changes and modifications.

Index

02 BBVA Mexico: Leading growth

03 Final remarks (ambitions)

01 Macroeconomic Environment

Favorable Perspectives for Mexico

Solid Economic Recovery

Source: INEGI and BBVA Research Mexico.

Privileged

geographic location

Opportunity to continue boosting banking penetration

LOANS TO PRIVATE SECTOR 0/0

ATMs / 10k HABITANTS

10.6

Spain

6.2

Mexico

5.0

Chile

2019 figures

21.4

Canada

INFORMAL EMPLOYMENT 2019. %

BRANCHES / 100k HABITANTS 2019 figures

Source: Organization for Economic Co-operation and Development (DECD), calculated as the sum of sub-index in financial knowledge, behavior and attitudes. World Bank, CNBV and INEGI. Figures as of 2020

02 BBVA Mexico Leading growth

BBVA Mexico | BBVA MX COMPETITIVE STRENGTHS

Solid and sound growth with a profitable mix

Source: CNBV Public information. Note G6 includes Banorte, Santander, Citibanamex, Scotiabank, HSBC and Inbursa

We constantly transformed ourselves to lead the banking industry in Mexico

A larger and more profitable bank

Continue leading efficiency, through operational excellence

A larger and more profitable bank

We are people's bank
We are enterprises & government's bank

A distinctive bank for our clients based on a unique value proposition

Continue leading efficiency, through operational excellence

We're the people's bank, outperforming in every product line

We're also the enterprise and government bank

Consolidating our leadership position (Market Shares as of Sep.21)

Well positioned in corporate segments

(Market Shares (% Share of Wallet as of Ago.21)

1 st	DCM	ECM	Syndicated Structured Loans	Notes
	C	67	25	60

BOOSTING BUSINESS COMMERCE (Sep. 21)

33.0% Market Share POS enrollment

A larger and more profitable bank

A distinctive bank for our clients based on a unique value proposition

Leading growth with innovation
Financial inclusion and Sustainability

Continue leading efficiency, through operational excellence

RRVA Investor

Leading growth with innovation and services beyond branches

App BBVA

The reference in FI FCTRONIC PAYMENTS AND FINANCING

14.1м Mobile clients Sep.21

Card Experience

AQUA & INFINITE BIOMETRIC

Maximum

Security

Aqua

Infinite

First biometric contactless credit card

6.3M clients with digital card

(Sep.21, e-commerce, CC+DC)

DIY approach and better service

for SMEs and Companies

7 DIY Servicing 2 Biometric Auth. 7 FX sales/transf. Balance mngmt.

Best experience for our customers

( Digital customers vs non-digital customers Sep.21)

Promoting financial inclusion and sustainability

Increase financial inclusion

Boost CoDi

5.7M FNROLLED BRVA ACCOUNTS 61% MARKET SHARE as of Sep. 21 3.2M TXNS 38% MARKET SHARE as of Sep.21

A Specific product solutions

48,200

NEW CARDS 9M21

Link Card DEBIT CARD <18 YFARS

Credit Card Crea (clients w/o credit history) 1ST CREDIT CARD (18-30 YEARS)

Mobilize sustainable financing

Use of recycled plastic in the new Aqua Cards
Granting of credit with special conditions to individuals and companies

€104M RETAIL 9M21

€1,875M WHOLESALE I OANS & BOND UNDERWRITER 9M21

First Private Bank to issue a Green Bond in the mkt

Issuance for clients of Social Bonds €316M 9M 2021

Mkt Share Green Bond underwriter (Sep. 21, %) 28.0

< Next peer 21.2

A larger and more profitable bank

A distinctive bank for our clients based on a unique value proposition

Continue leading efficiency, through operational excellence

Continue leading efficiency through operational excellence

Note Goincludes Banorte, Santander, Scotiabank, HSBC and Inbursa (Financial Group Reports). Local Information

Consolidating our profitable growth

Source: CNBV information ( local information). Note G6 includes Banorte, Scotiabank, HSBC and Inbursa ( Financial Group Reports)

Our results reflect our market leadership

Final Remarks

STRATEGY

A clear strategic path around our purpose and priorities to continue growing in profitable segments.

EXECUTION

Constant transformation journey, leveraged on data and technology to support our customers in their life and business, while continue providing the best service.

EARNINGS POWER

Uniquely positioned to take advantage of the market opportunities despite changing and challenging macroeconomic conditions, and continue to focus on having "the best in class efficiency" model.

Investo

OUR AMBITIOUS GOALS

Revenues

CAGR 21-24 close to double digit

Efficiency low 30's in 2024

BBVA Investor Day

Accelerating profitable growth in our main markets: Turkey

RECEP BASTUĞ, COUNTRY MANAGER TURKEY

Disclaimer

Index

Market Dynamics 01

03 Strategy Going Forward

01 Market Dynamics

Turkey: A Country with Strong Fundamentals and Long-Term Potential Despite Short-term Volatility

02 Competitive Overview

Outstanding Performance Among Peers

Leadership in TL Lending & Sustainable Funding Base

avg.

Note: Market shares among private banks (1) 9M21

Note : Adjusted with write-downs in 2020 and 9M 2021

Outstanding Performance Among Peers

Unrivaled Leadership in All Financial Indicators

Main Competitive Advantages Leading to Outstanding Results

Competitive Advantages 1) Highest Network Productivity & Efficiency

HIGH GROWTH BRINGING PRODUCTIVITY & EFFICIENCY GAINS

Note: Banking Revenues = NII = Swap Cost + Net Fees & Commissions

OPEX excluding currency impact is used in the calculation of efficiency ratios. Income defined and manne + Subsidiary Income + Subsidiary Income + Net Trading Income + Net Tr (excludes swaps & currency hedge) + Other income (net of prov. Reversals)

2A) Leadership in Payment System Business

2B) Integrated Financial Services with High Value Verticals

3) Best-in Class Technology / Digital Experience

(1) Active: login in last 3 months

(2) Based on Top Transactions (i.e. Bill payment, Money transfer and FX transactions) that make up 90% of total transactions

Invest

Note:

Net Pronder Sone resert is condicied in the production in tre eservices (carafitBSM). Comments (caraft Bell Promote Specer of production on the marks and any site pastmes in other and this proposition with includes bark, Warkers and 08 BFF material Resept was contraction in the contract of the contract with the cast on the contracts we using online panel and telephone techniques by quota sampling.

Brad Power reach is crimines of bagers; Kranti Grand (1974). And (1974) by resercon resus (sam BB) Anadle (1984) by Parkar) (18) (1998) (1997) (1992) 1985 (19) 1986) 1981 (19 Finansan, Valifaank, NG, Reearch was conducted throughou. 2221. Dur laget autines: is main bank customers: Ne were conducting surveys wa criling annel by gobl a comping.

03 Strategy Going Forward

A clear focus on our objectives

A larger and more profitable bank

A distinctive bank for our clients based on a unique value proposition

Continue leading efficiency through operational excellence

Boost Customer Growth on Profitable Segments

1) A larger and more profitable bank fostering profitable growth

Tapping "Unbanked" Potential

BBVA

Investo

Sustain Leadership in Profitable Products / Segments

1) A larger and more profitable bank fostering profitable growth

KEY LEVERS

Leveraging Digital Capabilities E2E commercial lending

Boost Cross-Sell

Unique Value Proposition

2) A distinctive bank with a unique value proposition

Sustainability

MANY FIRSTS IN THE MARKET AND IN THE WORLD > First & only bank in Turkey to join Net Zero Banking Alliance KEY PROGRESS > Carbon Neutral Bank as of 2020 > First bank in Turkey with coal phase-out plan Market Leader 100% renewable energy 24.7% share financing in new Project Finance loans since 2014 in wind farm financing STRATEGIC > New / Innovative Solutions Advisory Role FOCUS / Women Entrepreneurship Diversify sustainable KEY LEVERS Support finance portfolio #5 in Europe in renewable #2 in new capacity TURKEY energy installed capacity additions (2016-20)

Financial Health / Advice

New tools and features on Mobile
New advertising platform focused on Financial Health

1 Banc Maker St. I December 1 marks for any contract of them	Accuses of assess
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WANT ALL PARTY Property La	BOUNDER SANTARIA SUITE THE CHANT

BONUS CHECK-UP

Reasons for decline & tips for improvement

More personalized, proactive, impactful guidance
Focus both on savings and lending solutions

Capture Growth Opportunities

3) Continue leading efficiency, through operational excellence

STRATEGIC FOCUS Constantly Improving Business > Model with Efficiency Focus Optimizing > Relationship Model Ongoing Digital Migration -> Position Mobile as "Center of Experience"

Leveraging Digital as Primary Growth Area for Sales

KEY LEVERS

Process Focus / Robotic Process Automation

Further Re-Channeling & Digital Sales Boost

Key Takeaways

Unrivaled leadership

Looking ahead

Turkey's best bank with a distinctive value proposition and leaderships in key areas
Proven track record of solid financial results
Sustainable Profit Generation and robust growth

Focus on customer growth
Sustain leadership in key
products without compromising risk and price disciplines

Operational excellence - leverage digital capabilities

Unique Value Propositionsfinancial health and sustainability OUR AMBITIOUS GOALS (consolidated)

REVENUE (2022-2024) CAGR: High-teens

COST / INCOME (2024) Low 30's

COR (Avg., 2022-2024) <150 bps

AI Terminal

Banco Bilbao Vizcaya Argentaria S.A.

1796_iss_2021-11-18_acd86836-3350-4c4b-8cf9-55cdced5d2ae.pdf

BBVA: accelerating profitable growth

Disclaimer

01 Economic recovery in an age of opportunity

The economic recovery continues despite short term

pressures

CONSUMPTION INDEX GDP GROWTH (%) 1

PRIVATE INVESTMENT INDEX3 (28D CUMULATIVE VS. SAME PERIOD IN 2019)

Covid has accelerated pre-existing trends

DIGITAL ADOPTION BY INDUSTRY IN EUROPE AND US

We are living disruptive times, an age of opportunity

ESTIMATED IMPACT OF TECHNOLOGY AND INNOVATION ON ECONOMIC PRODUCTIVITY

Decarbonization is king among these trends

Emerging markets should be among those leading the race, relative to GDP, with over \$1 trillion investment annually2, seven times current levels

Leading franchises in very attractive markets

Digital experience leader five years in a row1

Most sustainable European bank2

Differential culture and mindset 3

AGILE

Proven track record of solid financial returns 4

STRONG PRE-PROVISION PROFIT AND BEST-IN-CLASS EFFICIENCY

OUTPERFORMING OUR PEERS ON PROFITABILIY

Excess capital for shareholders distributions and growth 6

A CLEAR FOCUS ON VALUE CREATION

Shareholders distributions increase

SHARE BUYBACK2

BBVA is uniquely positioned in this age of opportunity

KEY STRENGTHS

03 Our ambitious long-term goals

ROTE

TANGIBLE BOOK VALUE PER SHARE + DIVIDENDS

CUMULATIVE NEW TARGET CUSTOMERS (2018-9M21, MN CUSTOMERS)

Our ambitious long-term goals

We remain committed to our 11.5-12% CET1 target range

04 Taking profitable growth to a new level

A clear focus on our objectives

A larger and more profitable bank

A clear focus on our objectives

A larger and more profitable bank

New customer acquisition in the open market

Prioritization of high value business verticals

C. ASSET MANAGEMENT D. INSURANCE

Corporate & Investment Banking: great upside potential

Investing in disruption and financing innovators

A clear focus on our objectives

A larger and more profitable bank

Sustainability: a significant business growth opportunity

SUSTAINABILITY AS A GROWTH LEVER

PIONEERING SUSTAINABLE PRODUCTS

WHOLESALE AND RETAIL

2007 1st Green Bond worldwide

A CLEAR COMMITMENT IN PORTFOLIO ALIGNMENT TOWARDS NET ZERO 2050

A clear focus on our objectives

Continue leading efficiency through operational excellence

Relationship model transformation to support growth with a significantly lower cost-to-serve and sell

Disciplined capital management

MECHANISMS TO IMPROVE PRICING AND OPTIMIZE CAPITAL ALLOCATION

NEW PRODUCTION MAPPED BASED ON CLIENT AND TRANSACTION PROFITABILITY THRESHOLDS

NEW PRODUCTION MATRIX, SPAIN - COMMERCIAL BANKING (2Q 2021; % REGULATORY CAPITAL ALLOCATED)

MANAGEMENT OF EXCEPTION POOL CLIENTS TO IMPROVE PROFITABILITY, MAINLY THROUGH CROSS-SELL

Profitability metrics embedded in admission process decisions

Evolving the organization to capture the opportunities of the new era

05 Countries' strategies designed to accelerate profitable growth

CORE REVENUES MARKET SHARE1 (%)

Profitable organic growth with a disciplined capital approach

Peru

Countries' strategies and goals fully aligned

Management incentives fully aligned with long-term goals

Takeaways

BBVA is uniquely positioned to accelerate profitable growth

We are executing on our strategic plan with clear objectives

BBVA Investor Day

Leading the Industry Transformation

DAVID PUENTE. HEAD OF CLIENT SOLUTIONS

Disclaimer

We launched our transformation anchored on two pillars

Relationship Mode A new way of interacting with our clients

CONVENIENCE

CONSUMPTION INDEX GDP GROWTH (%) ¹

Emerging markets should be among those leading the race, relative to GDP, with over \$1 trillion investment annually², seven times current levels

Digital experience leader five years in a row¹

Most sustainable European bank²

SHARE BUYBACK²

CORE REVENUES MARKET SHARE¹ (%)