Issue of Equity

Banco Bilbao Vizcaya Argentaria SA
04 February 2004



                                 Material Fact


Banco Bilbao Vizcaya Argentaria, S.A.'s board of directors approved today a
capital increase in a nominal amount of €95,550,000 through the issuance of
195,000,000 ordinary shares of the company. The offering will be structured as
an accelerated book-building transaction not involving a public offering and
directed solely at institutional investors within and outside of Spain.



                                   Madrid, February 3, 2004





The information contained herein does not constitute an offer or sale of
securities in the United States or any other jurisdiction. The securities of
Banco Bilbao Vizcaya Argentaria, S.A. have not been and will not be registered
under the United States Securities Act of 1933, as amended, and may not be
offered or sold in the United States absent registration or an applicable
exemption from the registration requirements of such Act. No money, securities
or other consideration is being solicited, and, if sent in response to the
information contained herein, will not be accepted.


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