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I15th September 2006

BBV ASeníor Finance, S.A. Unipersona1

Issue oí GBP 165,000,000 Floating Rate to UK Inflation Linked Notes due 2036

Guaranteed by Banco Bilbao Vizcaya Argentaria, S.A;

under tbe E40,000,000,000

Global Mediurn Terrn ~ote Prograrnrne

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T énns used h~rein sha11 be deemed to be defined as suchfor fue purposes of fue Conditions set forthin the Offering Circular dated.13th June,. 2006 which constitutes a basé prospectus for the purposes ofthe Prospectus Directive (Directive 2003/71/EC) (the Prospectos Directive), as supplemented by aSupplement dated 4th 'August 2006 constituting ,a supplementary prospeptus for fue purposes ofSection8?G of the Financial Services and Markets Act 2000. This document cónstitutes the FinalTenns ofthe Notes describedherein Sor fue purposes of ~icle 5.4 of fue PrOSPéctus Directive andmust be read in conjunction with the Offering Circular, as supplemented by fue Supplement.. Fúllinfonnation on the Issuer and fue offer of the Notes is only av~ilable on the basis ofthe combinationoí these Final Tenns and the Offering Cir~ular, as supplemented by fue Supplement. The OfferingCircular is available for viewing at the office ofthe Issuer at Gran Vía, 1, Bilbao, Spain and Paseo dela Caste¡lana,81, 28046, Madrid, Spainand copies may,be obtained fromthe Principal Paying Agentat WinchesterHouse, 1 Great Wirichester Street, Lóndon EC2N2DB.

1, (aY Issuer:

(b) Guarantor:

2. (a) Series Number: 29

(b) Tr~nche Number: 1

3. Specified Currencyor Currencies:- GBP

4. '. Aggregate Nominal Amount:

(a) Series:

(b) Tranche:

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5. Issue Price pfTranche: 1.00.00 per cent. of the Aggiegate NominalAmount I

6. Specifi~d Denomination~: ", GBP 100,000

7. (a) 3 October 2006

(b)

8. 3 October 2036, subjectto adjustment inaccordance with the Business Day Conventionspecified be10w.

9, i F10atingRate to Index LinkedRate

(furiher particu1ars specified be10w)

10. Redemption at par

11.

12.

13. (a) Senior

Senior

Date Board approyal forissuance of Notes andGuarantee obtaihed:

14.

~ PROVISIONS RELATING TOINTEREST (IF ANY) PAYABLE

15. Not Applicab1e

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16. Floating Rate Note Provisions App1icab1e..

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(a) Specified Period(s )/Specified Interest Specified Period means, the annuat period fromPaymentDates: 3rd Oc,tober ~n eac~ year to the next year, from

Iand mcludmg 3 d October 2006 to and

exc,luding 3rd October 2009.

Specified Interest Payment Dates means,annually, the 3rd October in. each year fromand including 3rd .October, 2007 to butincluding 3rd October 2009, subject toadjustment, for payment purposes only, inaccordance with the Business Day Conventionspecified below

.(b) BusinessDay Conv~ntion: FollowÍ11gBusiness Day Convention

(c) Additional BusinessC¿ntre(s): Not Applicable

(d) Manner in which the.Rate of Interestand Interest Amount is to bedetermined: Screen Rate Determination

(Further partiéulars specified below)"

e' (e} Party responsible for calculating the

Rate of Interest and Interest Amount (ifnot fue Principal Paying Agent): Credit Suiss~ Intemational

(t) Screen Rate Determinatio~: Applicable

-Reference Rate: 12 month -GBP LIBOR which is the rate fordeposits Í11 GBP for a period of 12 monthswhjchappears on Reuters Page LIBORO 1

-InterestDetermination Date(s): The first Business Day of fue relevant InterestPeriodo

~ RelevantSére~n Page: ReutersPage LIB9RO 1

{g) ISDA Deter11linatiop: : ! Not Applicable

(h) Margin(s): plus 1 per cent. per annum

(i) Minimum Rate ofIriterest: Not Applicabte

(j) Maximum Rate oflnterest: Not Applicable

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(k) Day Count Fraction: Actual/365 (fixed)

3.

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(1) Fall back provisions, roundingprovisions and any other tenns relating

Ito fue method of calculating interest onFloating Rate Notes, if different fromthose set out in the Conditions: Not Applicable "

17. Not Applicable

18. Index Linked Interest Note Provisions Applicable

(a) The Rat~ of Interest in respect of each InterestPeriod (in respect of whith fueTe shall be noadjustment by way of any business darconvention that would otherwise beapplicable), payable annually in arrear, shall bethe rate (expressed as a percentage on a perannum basis) calculated by fue CalculationAgentas follows:

Mío (1.29 x Libor; 3 x Real Rate)

provided that fue minimun Rate of Interestshall be O per cent. per annum.

Where:

"Libor" means, in respect of an InterestPeriod, the rate for deposits in GBP for aperiod of 12 months which appears on ReutersPage ; LIBORO 1 on fue dar that is the firstBusiness Day of fue relevant Interest Periodo

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'\Real Rate" means ~: Libor -Inflationyoy I"Inflation " means

yoy

UKRPIRecent. / UKRPIprevious- 1

.(rounded up to 6 decimal places);

, "UKRPI" means the "non.-revised Retail Price

Index AlI Items in the United Kingdom", or

relevant successor Index, measuring the allitems rate ofinflation in the United Kingdomexpressed as an index and published by the

Office of National Statistics and quoted on¡ Blóombergpage UKRPI (or such other page

as may replace that page on that source, or, ifthere is no such replacement page on that

,: / source, such other recognised electronic source! used for the purpose of displaying the levelof

the Index).

The flfst publication or announcement of alevel of such index for fue relevant month shallbe final and conclusive and later reyisions tothe level for such month will not be used by theCalculation Agent in anycalculations.

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~"UKRPIRecent" means UKRPI published orannounced .in relationto the third calendar Imonth pnor to the relevant InterestDetennination Date;

"UKRPIprevious" mea,ns UKRPI published ór.announced in relation to the calendar monthfalling one year prior to fue publication of fuerelevant U¡(RPIRecent

"Interest Determination Date" means tlie firstBusiness Day of each relevant SpecifiedInterest Periodo

The Calculation Agent will notifythe PrincipalPaying Agent and fue Issuer of the Rate ofInterest for the relevant Interest Period as soonas practicable after calculating the same.

.,(b) Any Calculation Agent responsible for Credit Suisse Intemational (the "

calculating the interestdue: Agent").

...( c ) ~rovisions for detenniping Couponwhere calculation by reference to Index If the UKRPI does not appear as aforesaid, theand/or Fonnula is impossible or UKRPIRecent and/or UKRPIprevious (as the caseimpracticable: may be) will be detennined by the Calculation

Agent using the relevant provision of ISDA2Ó06 Inflation Derivatives Definitions

(d) Specified Périod( s)/Specified Interest Specified Period means the annual period fromdPayrnent Dates: 3r October ineach year to the ne~t year, from

andincluding 3rd October 2009 to fue MaturityDate.

I Specified lnterest Payrnent Dates means the 3rdOctober in each year. fromand including 3rdOctober 2010, to and including {he MatUrityDate (subject to adjustmeni, for 'payrnentp~osesonly, in accordance withthe BusinessDay Convention specified below).

(e) BusinessDay Convention: Following Business Day Convention:

(f) Additional Business Centre(s): Not Applicable

(g) Minimum ~ate of Interest; O per cent. per annum.

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Maximum Rate ofltiterest: Not Applicable -

Day Count Fraction: Actual/365 (fixed)

Interest Note

20. Other structured Notes: Not Applicable

PROVISIONS RELATING TO REDEMPTION

21. Issuer CaU

22. Investor Pút

Final Redemption Amount of each Note: Redemption at Par

24. Early Redemption Amount of each Notepayable on recdemption for taxationreasons or on event of default and/or themethod of calculating the same (ifréquired or if different from that set out

inCondition 7(e)):

GENERAL PROVISIONS APPLICABLE TO THE NOTES

25. BearerNotes:

Temporary Bearer Global Note exchangeable..fOJ a Permanent Bearer Global Note which is

ex¿hangeable for Definitive Notes only uponan Exchange Event including the exchangeevent described in paragraph (iii) of fuedefinition in the Permanent Global Note

26.

27. Additional Financial Centre(s) or otherspecial provisions relating to Payment

Dates:

28. Talo1}s for future Coupons ~r Receipts Yes, ifthe Notes go into Definitive forro

to be attached to Definitive BearerNotes (and dates on which such Talons

matuTe):

29. Details relating to PartIr Paid Notes:amount of each payment comprising theIssue Price and date on which each

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payment to be made and ~consequences of failure to pay,including any right of fue Issuer to

Iforfeit theNotes and interest due on late.payment:

Details relating to Instalmen~Notes:

(a)

(b) Not Applicable

Redenomination not applicable

(b),

Credit Suisse Securities (Europe) Limited

35.

36. TEFRA D

The regulations ofthe syndicate of the holders of the Not~s are scheduled to the Amended andRestated Agency Agre~ment dateq 13th June, 2006 and ie1ating to the Issuer's ~40,000,000,000Global Medium TermNoteProgramme.

LISTING ANO ADMISSIONTO TRÁDINGAPPLICATION,

These Fina) Terms comprise the final terms required to 1ist the issue of Not~s described hereinpursuant to fue E40,000,000,OOO Global Medium Term Note Programme ofthe Issuer.

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RES~ONSIBILITY , ~ I

The Issuer and the Guarantor accept responsibility for the infom1ationcontained in these Final Ten:ns.

Signed on behalf of the Issuer: Signed on behalf of the Guarantor:

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B o .o o o o o o o o o o By:... o.. o.. o.. o o ...o o o..

D .Dulyauthorised

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P ART B- OTHER INFoRMA TION

I1. 1::;1STING

(i) Listing: London

(ii) Admission 10 trading: Application has been made for theNotes to beadinitted to trading on fue London StockExchange's Gilt-Edged arid Fixed Interest Mark~twitheffect from 3 October 2006.

(iii) Estimate -oí total expenses GBP 4,200related to adnlission to trading:

2. RATINGS

Ratings: TheNotes tobe issuedhave been rated:"S & P: AA-Moody's: Aa2 ,Fitch: AA-

3. INTERESTSOF NATURALANDLEGAL PERSONS INVOLVED IN TREISSUE" ,

Save for any fees payable to the Manager, so far as fue Issuer is aware, no person involved inthe issue ofthe Notes hagan interestmaterial to the offer.

4. PERFORMANCE OFUNDERL YING, EXPLANATIONOFEFFECT ON V ALUE OFINVESTMENT AND ASSOCIATED RISKS AND OTHER INFORMATIONCONCERNINGTHE UNDERLYING(Structured Notes, including Index Linked Note~ andDua[ Curr~ncy Notes)

Details of past performance of UKRPI can be obtained from Bloomberg.

5. OPERATIONALINFORMATION,.'

10

I~~(i) Intended to be held in a No -

manner which would allow IEurosysterri eligibility:

(ii) ISIN Cacle: XSO267586617 '"

(iii)

Euroclear/Clearstream, Luxembourg

Names and addresses oíadditional PayingAgent(s) {irany):

6. ADDITIONALPROVISIONS