Repsol YPF Increases Dividend 39%

Repsol YPF's Board of Directors has resolved to propose a total gross dividend against 2007 of 1 Euro per share, representing a 39% increase with respect to the previous year's total dividend.

The final gross dividend against 2007 (0.50 Euros per share) will be transferred to the Depositary, Bank of New York, on July 9th 2008. Owners of record of ADS's at the closing of business of July 8th 2008 will be entitled to receive such dividend when payable by the Bank of New York which is expected to be on July 21st 2008.

With this proposal, the total dividend for 2007 will increase to 1.221 billion Euros, in line with the shareholder returns growth policy, announced by Repsol YPF's Chairman and CEO, Antonio Brufau, and in the Strategic Plan 2008-2012.