Repsol YPF, through its affiliate Astra C.A.P.S.A. and jointly with the other partners in the venture, has reached an agreement for the sale of INVERDER S.A. to the American company PSEG Americas Ltd. at a total price of approximately $ 200 million.

Under the terms of the agreement, PSEG will acquire approximately 45% of INVERDER before the end of 2000, and will acquire the remaining 55% in May 2001.

INVERDER holds a 90% interest in Empresa Distribuidora de Electricidad de Entre R�os S.A. (EDEERSA), which has a concession to distribute electricity throughout the Argentine province of Entre R�os, supplying more than 230.000 customers, with an annual turnover of approximately $ 108 million. Astra has a 21% stake in INVERDER.

This operation is part of the divestment plan drawn up by Repsol YPF following Repsol�s acquisition of the Argentine company YPF, last year.

The transaction is subject to certain legal processes, and approval by the Comisi�n Nacional de Defensa de la Competencia (Argentine Federal Trade Commission). It must then be notified to the Ente Provincial Regulador de la Energ�a de Entre Rios (Entre R�os Provincial Regulatory of Energy Authority).