At yesterday�s meeting, the Repsol YPF Board of Directors resolved to propose to the Annual General Shareholders� Meeting a gross overall dividend against 1999 net income of 0.42 euros per share. An interim dividend of 0.16 euros per share was paid last January, and the final dividend will therefore be 0.26 euros, 4.7% up on that for 1998.

This proposed dividend is equivalent to 49.4% of Repsol YPF net income for 1999, which is a higher payout ratio than in previous years, and in line with the company�s good prospects for the future.

Repsol Ypf�s net income for 1999 was 1,011 million euros, showing a 15.6% rise on the previous year. The overall dividend to be paid against 1999 will be 499 million euros, which is a year-on-year rise of 25.8% in comparison to 1998. This means that Repsol YPF shareholders will receive almost the same gross dividend per share as last year, despite a capital increase from 900 million to 1,188 million shares.