BBVA buy back programme

Banco Bilbao Vizcaya Argentaria SA
27 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:

                              SIGNIFICANT 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 26,
2005:


      Date               Buy / Sell          No of shares              Price

26/07/2005                  Sell                  380,000              13.65
26/07/2005                  Sell                   40,000              13.66
26/07/2005                  Sell                   55,000              13.67
26/07/2005                  Sell                   25,000              13.68
26/07/2005                  Sell                   25,000              13.69
26/07/2005                  Sell                   25,000              13.70
26/07/2005                  Sell                   50,000              13.71
26/07/2005                  Sell                   25,000              13.72
26/07/2005                  Sell                   85,000              13.73
26/07/2005                  Sell                  110,000              13.74
26/07/2005                  Sell                  125,000              13.75
26/07/2005                  Sell                   75,000              13.76
26/07/2005                  Sell                  139,531              13.77
26/07/2005                  Sell                   75,469              13.78
26/07/2005                  Sell                   75,000              13.79
26/07/2005                  Sell                   25,000              13.80
26/07/2005                  Sell                   25,000              13.81
26/07/2005                  Sell                   25,000              13.82



                                                         Madrid, July 27, 2005



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