Banco Bilbao Vizcaya Argentaria S.A. : BBVA unifies its network in Catalonia

• BBVA and Unnim networks are to be integrated, thus completing the acquisition process of Unnim Banc
• The branch network unification process will take place next weekend, once the merger document has been registered in the Biscay Companies Registry
• This process runs parallel with the integration of the Unnim IT platform in the BBVA systems, which will take place from 24 to 26 May
• Holders of Unnim preferred stock or perpetual subordinated bonds will receive their return once again

On May 27, BBVA will have unified its branches network in Catalonia, after the process of acquisition of Unnim Banc by the BBVA Group is completed. This unification will complete the integration of Unnim and BBVA, which from next Monday on will operate under the same brand. Because of the merger, all issues made by Unnim and its subsidiaries of preferred stock or perpetual subordinated bonds will resume yield payments.

The BBVA and Unnim branches are to be integrated following the agreement reached with the staff of Unnim and the collaboration agreement with the social projects department of Unnim Caixa. BBVA will now carry out the last phase of the acquisition process with the unification of the two networks under the BBVA brand. It thus successfully completes the acquisition process of Unnim Banc, which began on July 27 2012.

On May 24, 25 and 26, the IT platform used in all Unnim branches will be integrated to the BBVA platform. From that moment on, all Unnim customers will be able to use the wider range of functions on this platform, as well as the BBVA ATM network and on-line banking services.

From May 27 on - once the integration process is completed - the BBVA Group will have a single network of branches in Catalonia, operating under the BBVA brand and providing a service to over 2 million customers. BBVA is the leading bank in Catalonia in institutional banking, corporate banking and large corporations, and ranked third in personal, business and SME banking.

Because of the merger by absorption between BBVA and Unnim, all issues made by Unnim and its subsidiaries of preferred stock or perpetual subordinated bonds will resume return and interest payments.

From now on, BBVA will take responsibility for paying the return and coupons to holders of Unnim preferred stock and subordinated bonds. In the case of perpetual subordinated bonds, as stipulated in the terms and conditions of these issues, BBVA shall reimburse the amount of the interests accrued and not paid which were suspended by Unnim.

Unnim suspended the payment of the return and interests on the preferred stock and perpetual subordinated bonds in the first half of 2012, due to reporting losses on its balance sheet. Once integrated in BBVA, the bank will once again be reporting profits, and therefore the payment of the remuneration and interests on these hybrid products will be reinstated.

Since its successful bid for Unnim, BBVA has gone to great lengths to improve the position of holders of preferred stock and bonds affected by the past situation of Unnim.

In September 2012, BBVA offered to swap issues made to retail customers in the Unnim network for BBVA treasury stock shares. This transaction was very well received by Unnim customers: in fact 99.3% of the volume of issues of preferred stock and 82% of issues of subordinated bonds accepted this advantageous solution, which consisted of swapping the products at 95% of their face value for the same amount in BBVA shares.

Now, by virtue of the merger by absorption between BBVA and Unnim, all owners of preferred stock or perpetual subordinated bonds will be treated equally as holders of similar instruments issued by BBVA.