The Repsol S.A. Board of Directors, at the meeting held yesterday, approved a series of resolutions referring to the new corporate structure of the REPSOL-YPF Group.

With this advance in corporate organization the first line of management for the new REPSOL-YPF Group has been established, and this signifies a substantial progress within a very short space of time in the process to integrate the assets and human resources of both companies. One of the main goals in designing the new structure was to identify those who, in terms of professional experience and technical skill, were most suited to occupy positions of management responsibility in each business area. The company members thus appointed come from YPF, Repsol, S.A., or affiliate companies.

1. Executive Committee. It was agreed that Roberto Monti and Carmelo de las Morenas should join this Committee, the members of which are therefore as follows:

   Alfonso Cortina, Chairman

   Miguel Angel Rem�n

   Roberto Monti

   Juan Sancho

   Antonio Gonz�lez-Adalid

   Guzm�n Solana

   Jes�s Fern�ndez de la Vega

   Carmelo de las Morenas

   Jos� Manuel Revuelta, who will act as Secretary to the Committee.

2. Corporate Directors. The following Corporate Directors of REPSOL-YPF, all responsible to the Chairman and CEO, were appointed, in addition to those already published on July 7th:

• Bernard Gremillet, Corporate Director of R&D, Environment and Engineering
• Ram�n P�rez Simarro: Corporate Director of Information Systems.

The REPSOL-YPF Executive Committee, in response to a proposal from the Integration Committee, yesterday also decided to create certain Director and Management positions responsible to the five REPSOL-YPF Executive Vice-Presidents, appointed at the last Board of Directors meeting on July 6^th. The following Directors were appointed, under the relevant Vice-Presidents:

1. Executive Vice-President of Exploration and Production

This Vice-President will be in charge of the REPSOL-YPF exploration and production activities throughout the world, and will have the following Directors:

• Mario Rosso, Director for Europe, North Africa and the Rest of the World.
• Rub�n Patritti, Director for Latin America.

2. Executive Vice-President of Refining and Marketing

This Vice-President will be responsible for REPSOL-YPF refining and marketing, logistics, and liquefied petroleum gas (LPG) activities, including trading and transport, throughout the world.

• In the refining and marketing area, the following Directors were appointed:

• Jorge Segrelles, Director for Europe
• Juan Pedro Maza, Director for Latin America

• Regarding logistics in Spain, Miguel Boyer was recently appointed President of CLH by that company�s Board of Directors, in response to a proposal by Repsol. Eduardo Llorens was confirmed in his position as Managing Director of the company.

• Juan Badosa was appointed Director in charge of the LPG sector world-wide.