Market - 04/30/2012

The minority shareholders of Repsol shall bring legal actions in Argentina against the expropriation of YPF

The Spanish  Minority Shareholders Association of Listed Companies (AEMEC), in the light of the Argentinean's government decision to expropriate the shares of YPF owned by REPSOL, considers that:

1.- We find ourselves before an arbitrary and illegitimate act which is causing serious damages to all Repsol's shareholders, and especially to it's minority shareholders, who are seeing the value of their shares drop in the different international markets up to a 30%,

2.- Most of the current minority shareholders of Repsol bought their securities counting on the majority shareholding in YPF, which represents 50% of its crude oil production, 40% of its reserves and 25% of its benefits. The expropriation or loss of strength of the majority in YPF involves an expropriation of hundreds of thousands of minority shareholders worth billions of Euros.

3.- In defence of their interests, the minority shareholders of Repsol shall initiate different legal actions in Argentina aimed at obtaining a compensation for the damages that this irresponsible conduct is causing them.

4.- In particular, they shall bring a protective action (amparo) before the ordinary jurisdiction, as well conciliating actions before the Argentinean government. The initiation of proceedings before the international arbitration jurisdiction, requiring the compensation for the damages caused, is not to be excluded.

5.- The minority shareholders wish to especially highlight that any act of plunder, not of expropriation with the payment of the corresponding fair value, shall be fought against firmly and brought to justice, as it represents the most serious attack that any small investor can suffer.

6.- To ensure the legal defence of their interests, the minority shareholders, through AEMEC, shall count with the support of Cremades&Calvo-Sotelo, as well as with the support of the prestigious jurist Dr. Rodolfo Barra, former Minister of Justice in Argentina.