BBVA buy back programme

Banco Bilbao Vizcaya Argentaria SA
08 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 7,
2005:

Date                Buy / Sell                 No of shares           Price

07/07/2005              Buy                           76,488           12.31
07/07/2005              Buy                          100,000           12.32
07/07/2005              Buy                          100,000           12.33
07/07/2005              Buy                          100,000           12.34
07/07/2005              Buy                          100,000           12.35
07/07/2005              Buy                          100,000           12.36
07/07/2005              Buy                          100,000           12.37
07/07/2005              Buy                          100,000           12.38
07/07/2005              Buy                          100,000           12.39
07/07/2005              Buy                          100,000           12.40
07/07/2005              Buy                           50,000           12.41
07/07/2005              Buy                           50,000           12.42
07/07/2005              Buy                           50,000           12.43
07/07/2005              Buy                           50,000           12.44
07/07/2005              Buy                           50,000           12.45
07/07/2005              Buy                           50,000           12.46
07/07/2005              Buy                           50,000           12.47
07/07/2005              Buy                           50,000           12.48
07/07/2005              Buy                           50,000           12.49
07/07/2005              Buy                           50,000           12.50
07/07/2005              Buy                           50,000           12.51
07/07/2005              Buy                           50,000           12.52
07/07/2005              Buy                           50,000           12.53
07/07/2005              Buy                           30,000           12.54
07/07/2005              Buy                           56,853           12.55
07/07/2005              Buy                            7,338           12.56
07/07/2005              Buy                           25,809           12.57
07/07/2005              Buy                           52,790           12.58
07/07/2005              Buy                            7,210           12.59
07/07/2005              Buy                           50,000           12.60
07/07/2005              Buy                           50,000           12.61
07/07/2005              Buy                           50,000           12.62
07/07/2005              Buy                           50,000           12.63
07/07/2005              Buy                           50,000           12.64
07/07/2005              Buy                           50,000           12.65
07/07/2005              Buy                           50,000           12.66
07/07/2005              Buy                          100,000           12.67
07/07/2005              Buy                          100,000           12.68
07/07/2005              Buy                          100,000           12.69
07/07/2005              Buy                          100,000           12.70



Madrid, July 8, 2005



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