BBVA buy back programme

Banco Bilbao Vizcaya Argentaria SA
04 July 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 July 1,
2005:

          Date                Buy / Sell             No of shares            Price

       01/07/2005               Sell                          75,000           12.77
       01/07/2005               Sell                          25,000           12.78
       01/07/2005               Sell                          25,000           12.79
       01/07/2005               Sell                         230,000           12.80
       01/07/2005               Sell                          80,000           12.81
       01/07/2005               Sell                          30,000           12.82
       01/07/2005               Sell                          30,000           12.83
       01/07/2005               Sell                          30,000           12.84
       01/07/2005               Sell                          30,000           12.85
       01/07/2005               Sell                          30,000           12.86
       01/07/2005               Sell                          80,000           12.87
       01/07/2005               Sell                         330,000           12.88
       01/07/2005               Sell                         300,000           12.89
       01/07/2005               Sell                          10,000           12.90


Madrid, July 4, 2005



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