The Spanish Association of Minority Shareholders of Listed Companies (AEMEC: Spanish acronym), en view of the Argentine government harassment and next expropriation interventions of YPF shares owned by Repsol, thinks that:

1. We are under an arbitrary and illegitimate action, which is causing serious damage to every Repsol shareholders, and especially their minority shareholders, who are observing how the action value is falling down in different international markets.

2. To defence their interests, Repsol minority will initiate various legal proceedings in Argentina in order to obtain compensation due to the damage that the government irresponsibly is causing.

3. Particularly Repsol minority will sue before the ordinary courts, and a conciliatory management before the Argentine government. Starting proceedings before international arbitral jurisdiction, claiming compensation for the damage caused are not discarding.

4. Especially the minority wishes to emphasize that any act of spoliation, not expropriation with a fair compensation price, will be firmly defended before justice, since it represents the most serious attack, any small investor can be suffered.