As part of the integration process within the new Repsol-YPF Group and in order to improve management efficiency, the Repsol, S.A. Board of Directors yesterday passed the following resolutions:

1.- Change of name

The company will take on the new name of REPSOL-YPF, S.A., thus portraying the company�s new status following the acquisition of YPF.

2.- Changes in the Board of Directors

The Repsol, S.A. Board of Directors agreed to appoint two new Vice-Chairmen. This positions will be occupied by:

- Jos� Vilarasau Salat.

- Antonio Hern�ndez-Gil.

The Board will now have one Chairman and three Vice-Chairmen, as follows:

Chairman

Alfonso Cortina

Vice-Chairmen

Emilio de Ybarra y Churruca.

Jos� Vilarasau Salat.

Antonio Hern�ndez-Gil.

In addition, the Board of Directors agreed to appoint Antonio Hern�ndez-Gil and Enrique de Aldama y Mi��n new members of the Delegate Commission.

Consequently, the Delegate Commission to the Board of Directors now has the following members:

Chairman

Alfonso Cortina

Members

Emilio de Ybarra y Churruca

Jos� Vilarasau Salat

Antonio Hern�ndez-Gil

P.M.I. Holdings B.V.

Juan Molins Amat

Enrique de Aldama y Mi��n.

3.- REPSOL-YPF Integration Committee

The Board of Directors approved the creation of an Integration Committee

Ram�n Blanco Bal�n, Board Member of Repsol and YPF, and Chairman of the Auditing Committee to the Repsol Board of Directors, has been appointed Co-ordinator of the aforementioned Committee.

Roberto Monti, Miguel Angel Rem�n and Juan Sancho Rof, will also be members of this Integration Committee.

4.- New structure.

Following the acquisition of YPF, it has become necessary to set up a new fully integrated corporate structure world-wide, with a single corporate decision-making centre and two head offices, in Madrid and Buenos Aires. The Board of Directors decided to appoint five executive Vice-Presidents, four operating Vice-Presidents and one corporate Vice-President. Top management for the new Repsol-YPF Group is, therefore, as follows:

Chairman and CEO of the Repsol-YPF Group

Alfonso Cortina.

Executive Vice-President for Exploration and Production

Roberto Monti

Executive Vice-President for Refining and Marketing

Juan Sancho Rof

Executive Vice-President for Chemicals

Antonio Gonz�lez-Adalid.

Executive Vice-President for Natural Gas and Electricity

Guzm�n Solana

Senior Vice-President for Planning, Control and Strategic Development

Miguel Angel Rem�n.

The following Corporate Directors, all directly responsible to the CEO, were also appointed:

Director, Legal Affairs

Francisco Carballo Cotanda

Director, Finance

Carmelo de las Morenas

Director, Human Resources

Jes�s Fern�ndez de la Vega

Director, External and Investor Relations

Jorge Segrelles

Director, Engineering, Systems and Environment

Ram�n P�rez Simarro

Director, Corporate Affairs

Juan Antonio Ortega y D�az Ambrona.

Director, Real Estate Activities

Fernando Cid.

Repsol�s Chairman and CEO will also have a Director, Assistant to the Chairman�s Office, position occupied by Jos� Manuel Revuelta.