BBVA buy back programme

Banco Bilbao Vizcaya Argentaria SA
28 June 2005



'BBVA, S.A.', pursuant to the provisions of article 82 of the Spanish
Securities Market Act, proceeds by means of the present document to notify the
following:



RELEVANT EVENT

In connection with the buy back programme of BBVA shares announced by means of
the relevant event number 56415 on March 29, 2005, and pursuant to article 4.4.
of Regulation (CE) No 2273/2003 of the European Commission, Banco Bilbao
Vizcaya Argentaria, S.A. announces that the company Corporacion Industrial y de
Servicios, S.L., fully owned subsidiary of the group BBVA, has conducted the
following trades in shares of Banco Bilbao Vizcaya Argentaria, S.A. on June 27,
2005:



         Date       Buy / Sell             No of shares           Price

      27/06/2005        Buy                    30,000             12.48

      27/06/2005        Buy                    30,000             12.49

      27/06/2005        Buy                   120,000             12.50

      27/06/2005        Buy                   150,000             12.51

      27/06/2005        Buy                   220,000             12.52

      27/06/2005        Buy                   220,000             12.53

      27/06/2005        Buy                   300,000             12.54

      27/06/2005        Buy                   915,000             12.55

      27/06/2005        Buy                   510,000             12.56

      27/06/2005        Buy                   235,000             12.57

      27/06/2005        Buy                    35,000             12.58

      27/06/2005        Buy                    35,000             12.59

      27/06/2005        Buy                    35,000             12.60





                                                          Madrid, June 28, 2005



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