Mr. Alfonso Cortina, who was appointed Member of the Board of Directors at the meeting held yesterday, June 6th, took possession of his post as Chairman of Repsol.

In describing the new Chairman, Mr. Oscar Fanjul said, "Mr. Alfonso Cortina, is amply recognised and professionally well considered, with a wide experience in finance and industry. His appointment guarantees the future expansion of our company and permits us all, shareholders, management and employees in general, to contemplate the future hopefully and confidently. I call upon you to give him the same cooperation as I have received."

At the end of the Board Meeting, Repsol's new Chairman expressed his immense satisfaction at presiding a company such as Repsol, because of its great prestige in Spain and on an international scale. "Repsol is a solid company which, doubtlessly," said Alfonso Cortina, "will continue to be so in the future. To this end, we will continue to apply a strategy which will, as in the past, ensure the Group's growth. Concentration in the energy business, the demand for profitability on investment and a permanent cost control will be the pillars sustaining the company's activities".