At its meeting on February 24^th last, the Repsol, S.A. Board of Directors approved the re-denomination of its capital stock in euros. As a result, the former Repsol, S.A. capital stock of 150 billion pesetas has become 901,518,156.58 euros. The company�s shares, which previously had a par value of 500 pesetas per share, now have a nominal value of approximately 3.005 euros per share.

In order to round off the par value per share to the nearest full euro, the Repsol, S.A. Board of Directors will propose to the Annual General Shareholders Meeting to be held on March 24^th next a reduction in capital stock of 1,518,156.58 euros. Following this operation, the par value of each share will become 3 euros.

The Board of Directors will also propose to the Annual General Shareholders Meeting a reduction in the par value of each share from 3 euros to 1 euro, whilst multiplying the number of outstanding shares by three. The purpose of the foregoing is to establish a more appropriate relationship between the nominal value and the market price, similar to that maintained by other Spanish companies, and thereby increase the liquidity of Repsol shares.

If the Annual General Shareholders Meeting approves the aforementioned proposals by the Board of Directors, the company�s capital stock will stand at 900 million euros, and will be made up of 900 million shares with a par value of 1 euro each.