EARNINGS FORECAST TABLE: BBVA 3Q 2011

The following is a summary of analysts' forecasts for Banco Bilbao Vizcaya Argentaria SA (BBVA) third-quarter results, based on a poll of seven analysts conducted by Dow Jones Newswires (figures in million euros, EPS, dividend and target price in EUR, according to IFRS). Earnings figures are scheduled to be released October 26.

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                                     Net 
                Gross  Net int.   attrib. 
3rd Quarter    income   income    profit    EPS 
 
AVERAGE         4,936    3,218       840   0.20 
Prev. Year      5,084    3,245     1,140   0.30 
+/- in %         -2.9     -0.8       -26    -34 
 
MEDIAN          4,885    3,214       848   0.19 
Maximum         5,218    3,282       906   0.24 
Minimum         4,851    3,159       780   0.18 
Amount (a)          6        7         7      4 
 
Banesto            --    3,276       780     -- 
Bankia          5,218    3,282       906   0.19 
BPI             4,875    3,229       842     -- 
Citigroup       4,912    3,159       855   0.18 
Deutsche Bank   4,868    3,192       851     -- 
Nomura          4,851    3,214       848   0.24 
 
 
         Target price  Rating               DPS 2011 
 
AVERAGE          7.78  positive  1  AVERAGE     0.44 
Prev. Quarter    9.49  neutral   3  Prev. Year  0.42 
+/- in %          -18  negative  0  +/- in %    +4.8 
 
MEDIAN           7.80               MEDIAN      0.43 
Maximum          8.80               Maximum     0.48 
Minimum          6.75               Minimum     0.42 
Amount (a)          3               Amount         4 
 
Bankia             --  Buy                      0.42 
Citigroup        6.75  Hold                     0.44 
Deutsche Bank    8.80  Hold                     0.42 
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Year-earlier figures are as reported by the company.

(a) Including anonymous estimates from one more institute.