The Board of Directors of Repsol YPF has approved payment of a gross interim dividend of 0.19 euros per share against the 2000 financial year. This represents an 18.75% rise over the interim dividend against 1999.

The aforementioned dividend will be transferred to the Depository, Bank of New York, on January 11^th, 2001. Owners of records of ADSs at the closing of business of January 10^th, 2001 will be entitled to receive such dividend when payable by the Bank of New York which is expected to be on January 22^nd, 2001. The final dividend will be presented for approval at the Annual General Shareholders� Meeting to be held in the first half of the year 2001.

This year�s interim dividend fulfils two targets: a substantial increase over last year�s figure as well as complying with the company�s debt reduction programme.