At yesterday�s meeting, the Repsol YPF Board of Directors resolved to propose to the Annual General Shareholders� Meeting a gross overall dividend against 2000 of 0.5 euros per share. An interim dividend of 0.19 euros per share was paid last January, and the final dividend will therefore be 0.31 euros, 19.23% up on that against 1999.

This proposed dividend is equivalent to 25.1% of Repsol YPF net income for 2000, which was 2,429 million euros, and showed a year-on-year rise of 140.2%. The overall dividend payout against 2000 will be 610 million euros, which is a rise of 22.33% in comparison to 1999.

This proposed dividend against 2000 successfully addresses two corporate targets: to substantially raise shareholder earnings, whilst complying with the financial debt reduction programme.