The role played by Repsol in the public tender offer on the Argentine company YPF has also recently been rewarded with two international prizes. The latest of these was conceded by the top magazine "Corporate Finance", and was for the best "Acquisition and merger operation in 1999". This award classified the acquisition as the world�s best, most original and most influential operation of the year. Also, last November, Repsol obtained the "Financial Times Global Energy Award 1999" for the "Best Strategic Merger".

The acquisition of YPF was judged very positively by the market and, since the announcement of the Public Share Offering, Repsol�s share price has increased by more than 64%. The integration has created value for the shareholders of both companies, and their complimentary nature and the strategy followed in their integration has resulted in a multinational company ranked among the world�s top ten oil companies, with important growth prospects for the future.

In contrast with most operations of this kind in the oil sector, the main goal here was not cost reduction, but growth. The integration has quadrupled Repsol�s production and reserves, achieved a better balance between the company�s upstream and downstream activities, and resulted in the creation of the only integrated gas company in the Southern Cone market.

In addition to the foregoing, Mr. Cortina, as Repsol YPF Chairman, has also received this year the Premio Futuro 1999 for the "Best Spanish Management", and the Premio al Dirigente del A�o, awarded by the Spanish business magazines "Futuro" and "Dirigentes", respectively.