Board of directors of Banco Bilbao Vizcaya Argentaria, S.A. (BME:BBVA) decided to increase voluntary takeover bid price offered in cash for each share of Turkiye Garanti Bankasi A.S. (IBSE:GARAN) from initially announced price (TRY 12.20) to TRY 15.00. Accordance with Turkish takeover bid regulations, the voluntary takeover bid price cannot be amended during the two week period extension. Maximum aggregate amount of consideration payable by BBVA is TRY 31,595 million assuming all Garanti BBVA's shareholders sell their shares.

Financial impacts for BBVA of voluntary takeover bid will depend on percentage of Garanti BBVA shareholders that decide to accept bid and sell their shares. Estimated maximum impact of about minus 34 basis points in common equity tier 1 (fully loaded) ratio 4, assuming all Garanti BBVA shareholders accept offer. Acceptance period of the voluntary takeover bid is extended for a period of 2 weeks (the last day of the acceptance period of the voluntary takeover bid will be May 18, 2022.