The aforementioned dividend will be paid from January 13th, 2000, through the institutions in which shares are deposited. The final dividend will be presented for approval at the Annual General Shareholders� Meeting to be held in the first half of the year 2000.

It was also announced that Marcelino Oreja Aguirre has joined the Repsol YPF Board of Directors as representative of the corporate member, Repsol Exploraci�n, S.A. The company, Pemex Internacional Espa�a, S.A., has replaced Sociedad Pemex Services Europe Limited on said Board of Directors, and will be represented (as was the latter) by Pablo Espresate. There will therefore be sixteen Board Members, as agreed at the Ordinary Annual General Shareholders� Meeting held in March, 1999.

Repsol reported a net income of 98,861 million pesetas for the first three quarters of 1999. Net cash flow for the same period was 345,290 million pesetas.