Alfonso Cortina, Chairman and CEO of Repsol YPF, today announced that ordinary Repsol YPF shares will be traded on the Buenos Aires Stock Exchange from next Tuesday, November 30th, onwards.

On September 1st last, an application for admission was submitted to the Argentine Comisi�n Nacional de Valores, and the Bolsa de Comercio de Buenos Aires (BCBA) was requested to authorise trading of Repsol YPF shares on that Stock Exchange

Risk analysts Standard and Poor�s Argentine affiliate gave these Repsol YPF shares to be traded on the Argentine stock market a group one global classification.

Repsol YPF had voluntarily promised to take this step in view of the company�s large institutional presence on the Argentine market, in order to increase the liquidity of the national Stock Market

Since May 1989, Repsol YPF shares have been quoted on the Continuous Market of the four Spanish Stock Exchanges, and in the form of American Depositary Shares (ADSs) on the New York Stock Exchange (NYSE). From now onwards, Buenos Aires will be the third stock market to trade Repsol YPF shares.

Repsol YPF stock capitalisation surpasses 26 billion dollars, and the company has a capital stock of 1,188 million shares, at a par value of 1 euro each. In 1999, 4.5 million Repsol YPF shares were traded per day in Spain and New York together.

The Chairman and CEO of Repsol YPF also reported that today, November 23rd, a campaign to promote corporate image will be launched to raise awareness amongst the Argentine general public of the new institution resulting from the merger between the two companies.

Additionally, Alfonso Cortina announced that tomorrow, November 24th, there will be a Repsol YPF Board of Directors Meeting in Buenos Aires. This Board Meeting in Buenos Aires responds to the new integrated structure of Repsol YPF, which has become a larger corporation on a truly world scale, with two central offices, in Madrid and Buenos Aires.