BBVA buy back programme

Banco Bilbao Vizcaya Argentaria SA
18 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 15,
2005:


            Date        Buy / Sell     No of shares        Price

         15/07/2005        Buy           250,896           13.18
         15/07/2005        Sell           30,000           13.15
         15/07/2005        Sell           70,000           13.16
         15/07/2005        Sell           40,000           13.17
         15/07/2005        Sell          100,000           13.18
         15/07/2005        Sell           20,000           13.19
         15/07/2005        Sell          100,000           13.20
         15/07/2005        Sell           20,000           13.21
         15/07/2005        Sell           20,000           13.22
         15/07/2005        Sell            5,000           13.23


                                                           Madrid, July 18, 2005


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