BBVA buy back programme

Banco Bilbao Vizcaya Argentaria SA
28 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 27,
2005:


         Date                Buy / Sell              No of shares          Price

    27/07/2005             Sell                            890,000         13.75
    27/07/2005             Sell                             20,000         13.77
    27/07/2005             Sell                             20,000         13.78
    27/07/2005             Sell                             20,000         13.79
    27/07/2005             Sell                             20,000         13.80
    27/07/2005             Sell                             70,000         13.81
    27/07/2005             Sell                             45,000         13.82
    27/07/2005             Sell                             45,000         13.83
    27/07/2005             Sell                             20,000         13.84
    27/07/2005             Sell                             60,000         13.85
    27/07/2005             Sell                             20,000         13.86
    27/07/2005             Sell                             20,000         13.87
    27/07/2005             Sell                             20,000         13.88
    27/07/2005             Sell                             20,000         13.89
    27/07/2005             Sell                             45,000         13.90
    27/07/2005             Sell                             25,000         13.91
    27/07/2005             Sell                             25,000         13.92
    27/07/2005             Sell                            115,000         13.93
    27/07/2005             Sell                             25,000         13.94
    27/07/2005             Sell                             25,000         13.95
    27/07/2005             Sell                             25,000         13.96
    27/07/2005             Sell                             25,000         13.97
    27/07/2005             Sell                             25,000         13.98



Madrid, July 28, 2005



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