Exercise of the put option

Banco Bilbao Vizcaya Argentaria SA
05 March 2008


Banco Bilbao Vizcaya Argentaria, S.A., (BBVA) 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 the controlling shareholders of Banco Bradesco, S.A. (Fundacao
Bradesco y Cidade de Deus Companhia Comercial de Participacoes) the exercise of
the put option on 5,01% ordinary shares of the share capital, as provided in the
agreement signed with them on June 9, 2003.

The market value of such stake is approximately 976 million euros. Through this
sale, BBVA will obtain a gross capital gain of approximately 740 million euros.



                                                           Madrid, March 5, 2008



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