Repsol YPF has been chosen by FORBES Global MAGAZINE as the best company in the energy sector in "The A list- The 400 Best Companies" for the year 1999. The list includes the 400 companies (clasified by industrial sectors and selected out of a universe of more than 1,200) , whose managers are doing an outstanding job for their shareholders, in the opinion of the magazine.

The ranking is based on five criteria: last five years' average return on equity, last year stock performance, estimated EPS growth for the coming year, last five years' annualized sales growth, and last five years' annualized growth in earnings before interest, taxes, depreciation and amortization (EBITDA).

FORBES Global magazine analysis points out that the acquisition of the Argentine company YPF has been very different to other operations in the energy sector that took place during the last 18 months due to its strategic and growth consideration.

1999 Repsol YPF's stock price closed at 23.02 euros per share, showing a 53.7% increase over 1998.

_________________

Anex: Energy ranking