Remunerations in stock option

Banco Bilbao Vizcaya Argentaria SA
03 January 2003

                               SIGNIFICANT EVENT

Banco Bilbao Vizcaya Argentaria, S.A. in relation to the system of remuneration
index-linked to the values of BBVA stock, which was notified by means of
significant events on 25th July 2000 and 11th December 2001, consisting of a
programme of variable earnings applied to executive directors and members of the
bank's top management, complemented with the award of loans or credits whose
sums were allocated to the market acquisition of BBVA stock, with security
against a loss in value of stock of more than 5% of the purchase price, notifies
the following:

 1. That on 31st December 2002 the period has expired as established in the
    programme of earnings index-linked to the value of the stock and that, in
    view of the fact that at the moment of expiry of the same on the
    aforementioned date the quoted value of BBVA stock was below the value set
    at the beginning of the programme (that is, 15 euros plus 10%) there is no
    right befalling the beneficiaries of the programme to receive any payment
    whatsoever as a consequence of the same.


 2. That regarding the loans or credits granted to executive directors or members
    of the bank's top management for the acquisition of BBVA stock with cover,
    these have been settled in accordance with the terms and conditions notified
    previously.


                                                In Madrid, on 31st December 2002



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