BBVA-communication to the CNE

Banco Bilbao Vizcaya Argentaria SA
02 June 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

BBVA has notified today to the (Spanish) National Energy Commission that, in
compliance with the contents of such Commission's decision of April 28, 2005,
BBVA has opted for the maintenance of its full political rights regarding its
stake and the presence of institutional directors in Iberdrola S.A., the
principal operator in the production and distribution market of natural gas.

In compliance with said decision and as a consequence of the option above
mentioned, the institutional directors appointed -following BBVA's suggestion -
to the board of directors of REPSOL YPF, S.A., the other operator in the natural
gas market in which BBVA has a stake greater than 5%,  have  filed today their
resignation as directors of said company.

Additionally, the voting rights corresponding to the stake of BBVA in REPSOL
YPF, S.A. exceeding 3% of the share capital may not be exercised except in
connection with the approval of the annual accounts, the management report and
the proposal of income distribution.  BBVA may not enter into any agreement of
reciprocal participation in the share capital or voting rights  with any
shareholder of REPSOL YPF, S.A. BBVA may not exercise the information rights
that may be recognised to shareholders with a participation greater than 3%.
Finally, BBVA may not enter into any agreement with other shareholders whose
object is to approve or block the approval of corporate agreements in the
general shareholders meeting of REPSOL YPF, S.A.



Madrid, June 2, 2005



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