Underwriting and Distribution Agreement

Banco Bilbao Vizcaya Argentaria, S.A. (BBVA), in compliance with the Securities Market legislation, hereby files the following

RELEVANT EVENT

Regarding the BBVA rights issue announced on 2nd November 2010, we inform you that the Underwriting and Distribution Agreement signed between Morgan Stanley & Co. International PLC, Goldman Sachs International, Citigroup Global Markets Ltd, Credit Suisse Securities (Europe) Ltd, J.P. Morgan Securities Ltd, Nomura International PLC, Société Générale and UBS Ltd as Underwriters and BBVA on 30th October 2010, whose content and workings are described in detail in the Securities Note registered on 2nd November by the National Securities Market Commission (CNMV), is available to the public at the Securities and Exchange Commission website:

http://www.sec.gov/Archives/edgar/data/842180/000095010310003215/dp19792_6k.htm

Madrid, 3rd November 2010