The Repsol YPF S.A. Board of Directors has today approved several appointments to the company�s executive bodies.

A year on from the merger between Repsol and YPF, resulting in one of the world�s top eight oil companies, we can say that integration has been successfully completed.

The company�s new dimension and the increasing competitive environment in which it operates has made it necessary to re-structure the Management System. The foregoing changes are the first stage of this more extensive process, entitled RYS XXI (Repsol YPF Siglo XXI), which addresses the following goals:

• A cultural change towards XXI century management

• More efficient management bodies and processes, closely linked with the business reality of each area

• Renewal of human resources, through manpower adjustment, promotion, staff exchange, and staff loyalty programmes, etc., providing opportunities for the professional development of the best and not those holding a position longest.
• Corporate re-sizing and re-orientation towards a business service model.

The following appointments are the first steps in this trasnformation process.

The Board of Directors has decided to appoint a new Corporate Vice President, in the person of Mr. Ram�n Blanco, currently Member of the Repsol YPF Board of Directors. Ram�n Blanco will cease as Board Member to take up this executive position.

The Repsol YPF Group top executives will now be as follows:

Executive Vice President of Exploration and Production: Miguel Angel Rem�n

Executive Vice President of Refining and Marketing: Juan Sancho

Executive Vice President of Gas and Power: Antonio Gonz�lez-Adalid

Executive Vice President of Chemicals: Juan Badosa

The following changes have been made in Repsol YPF Corporate Structure:

• The Corporate Director of Finance (Chief Financial Officer), position held by Carmelo de las Morenas, will answer directly to the Chairman.

The other Corporate Directors will be co-ordinated by the Corporate Vice Presidents, and are as below:

• Corporate Director of Planning and Control: Luis Ma�as
• Corporate Director of Human Resources: Jes�s Fern�ndez de la Vega
• Corporate Director of Legal Affairs: Rafael Piqueras
• Corporate Director of External Relations: Antonio Gomis
• Corporate Director of Institutional and Corporate Affairs: Jos� Antonio Ortega y D�az Ambrona
• Corporate Director of Real Estate and General Services: Fernando Cid
• Corporate Director of Shared Services, which includes Information Systems, Engineering, Purchases, Single Administration, R+D, Safety and Environment: Enrique Locutura
• Corporate Director of e-Business (a new activity under which all e-business will be co-ordinated at Group level): Bernard Gremillet.

The Executive Committee will now comprise the following Members:

• Alfonso Cortina, Chairman

• Ram�n Blanco

• Miguel �ngel Rem�n

• Juan Sancho

• Antonio Gonz�lez-Adalid

• Juan Badosa

• Carmelo de las Morenas

• Jos� Manuel Revuelta, who will act as Secretary.

The former Executive Vice President of Exploration and Production, Mr. Roberto Monti, having reached retirement age will relinquish his executive duties, retaining his link with the Group via his position as Member of the YPF S.A. Board of Directors.

The former Executive Vice President of Gas and Power, Guzm�n Solana, will be proposed at the next Board Meeting of Enagas by Repsol YPF and La Caixa as Chief Executive Officer of Enagas.