EARNINGS FORECAST TABLE: BBVA 4Q 2011

The following is a summary of analysts' forecasts for Banco Bilbao Vizcaya Argentaria SA (BBVA.MC) fourth-quarter results, based on a poll of eight analysts conducted by Dow Jones Newswires (figures in million euros, EPS and target price in EUR, core tier 1-ratio in percent, according to IFRS). Earnings figures are scheduled to be released February 2.

=== 
                                  Net          Core 
               Gross   Net int. attrib.       tier 1- 
4th Quarter   income   income   profit   EPS  ratio 
 
AVERAGE        5,122   3,288     152    0.14    9.7 
Prev. Year     4,946   3,138     939    0.23   10.5 
+/- in %        +3.6    +4.8     -84     -39   -8.1 
 
MEDIAN         5,091   3,293     -77    0.20    9.7 
Maximum        5,328   3,349     944    0.25   10.8 
Minimum        4,967   3,204    -167   -0.03    8.5 
Amount (a)         8       8       8       3      4 
 
BPI            5,328   3,293      19      --     -- 
Citigroup      5,096   3,297    -156   -0.03   10.8 
Credit Suisse  5,086   3,258    -137      --     -- 
Deutsche Bank  5,072   3,288    -106      --    9.1 
ING            4,967   3,292     944    0.20   10.2 
J.P. Morgan    4,989   3,204    -167      --     -- 
Nomura         5,111   3,349     864    0.25     -- 
 
 
 
           Target price  Rating 
 
AVERAGE            6.87  positive 1 
Prev. Quarter      7.78  neutral  3 
+/- in %            -12  negative 2 
 
MEDIAN             6.85 
Maximum            8.20 
Minimum            5.70 
Amount                6 
 
Citigroup          6.50  Neutral 
Credit Suisse      7.10  Neutral 
Deutsche Bank      8.20  Hold 
ING                7.10  Buy 
J.P. Morgan        6.60  Underweight 
WestLB             5.70  Reduce 
=== 

Year-earlier figures are as reported by the company.

(a) Includes anonymous estimates from one more institute.

DJG/voi