IRISH STOCK EXHANGE

28 Anglesea Street

Dublin 2, Ireland

24 November 2009

BOIRO FINANCE B.V.

Series 187 EUR 5,000,000 Credit-Linked Secured and Limited Recourse Notes due 2011  (ISIN CODE: XS0242297850)

(the "Notes")

admitted to trading and listed on the Official List of the Irish Stock Exchange

Dear Sirs/Madams,

We write in connection with Boiro Finance B.V. Series 187 EUR 5,000,000 Credit-Linked Secured and Limited Recourse Notes due 2011, admitted to trading and listed on the Official List of the Irish Stock Exchange. (ISIN CODE: XS0242297850).

On 20 November 2009, the Issuer has repurchased and thereupon, as contemplated in Condition 7(g) of the Base Prospectus, cancelled EUR 500,000 nominal amount of the series referred to above. Consequently, following the repurchase of EUR 1,000,000 on 13 July 2006 the new principal amount shall be EUR 3,500,000. May we kindly ask you to reflect this new principal in your records.

Thank you very much for your kind cooperation.

Banco Bilbao Vizcaya Argentaria, S.A.

c/o Maurice Brietenstein (Listing Agent)

Vía de los Poblados s/n

28033 Spain

This announcement has been issued through the Companies Announcement Service of

The Irish Stock Exchange

ENDISEBRBDBXUDGGCS

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