Repsol YPF has launched through its affiliate company, Repsol International Capital, an issue of preference shares, in the amount of 600 million euros.

This is the first issue by a non-financial company in Spain and, having the same characteristics as the equity, it will contribute to make stronger the financial structure of Repsol YPF.

The period of subscription began this Tuesday, April 24, and will continue until this May 10th. The issue, which is backed by Repsol YPF�s guarantee, is directed towards all types of investors, and subscription orders can be made for a minimum of 1 share up to a maximum of 150 shares, whose nominal value is 1,000 euros each.

The bearers of these preference shares will have the right to earn a dividend will be equivalent to the Euribor rate, with a minimum of 4% and a maximum of 7% BEY.

BBVA and "la Caixa" will act as placing entities and will guarantee the issue.