Repsol YPF - Hardvard

Rick,

This is the presentation and talking points Ken Lay will be using at the
Repsol YPF Harvard Conference in Spain this Saturday. He will be speaking
for 50 minutes and then the floor will be open for discussion. He has been
asked to talk about what to do after California.. how there is still a case
for liberalization and the lessons for Europe.

We are expecting comments from Europe regarding the talking points by
tomorrow morning. But because Ken will need this tomorrow by noon, I did not
want to wait until Europe's comments come back to show you this. Please, let
me know if you have any comments.

Regards,

Ursula Brenner