Sale of holdings in Acerinox

Banco Bilbao Vizcaya Argentaria SA
21 June 2004

 

'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
                              

CORPORACION INDUSTRIAL Y DE SERVICIOS, S.L., wolly owned subsidiary of Banco
Bilbao Vizcaya Argentaria, S.A. has undertaken irrevocably to sell its holdings
of 5,006% in ACERINOX, S.A. , 3.293.901 shares, at a price of 44,5 euro per
share, obtaining a surplus value of 35.000.000 euro.

After this sale, BBVA doesn't hold any permanent interest in ACERINOX, S.A.
 

                                                                  June 18th 2004



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