BCL International Finance: Issuer SUBSTITUTION

SUBSTITUTION OF BCL INTERNATIONAL FINANCE LIMITED WITH BBVA GLOBAL FINANCE LTD.

On 23 March 2010 (the "Effective Date") the following liabilities of BCL International Finance Limited will become liabilities of BBVA Global Finance Ltd. and BBVA Global Finance Ltd. shall be viewed as the issuer of these securities:

(a) an issue of €21,000,000 Senior Multi-Call Notes due 2039 issued on 29 September 1999 (ISIN: XS0101928892) under its euro medium term note programme; and

(b) an issue of €1,500,000 Floating Rate Notes due 2015 issued on 30 June 2000 (ISIN: XS0112825806) under its euro medium term note programme.

Each of the above liabilities will continue to benefit from the guarantee of Banco Bilbao Vizcaya Argentaria, S.A.

For further information, please contact:

BBVA GLOBAL FINANCE LTD.

Paseo de la Castellana, 81 planta 18

28046 Madrid

Spain