Exhibit 8.1

LIST OF SIGNIFICANT SUBSIDIARIES



|                                                                    |  |                   |  |                                                  |  |                                                             |  |                                                    |  |                         |  |                      |  |                             |                   |       |  |                 |   |  |              |   |  |        |   |  |         |  
|------------------------------------------------------------------- |  | ----------------- |  | ------------------------------------------------ |  | ----------------------------------------------------------- |  | -------------------------------------------------- |  | ----------------------- |  | -------------------- |  | --------------------------- | ----------------- | ----- |  | --------------- | - |  | ------------ | - |  | ------ | - |  | ------- | -
|Name                                                                |  | Country           |  | Parent                                           |  | Other Shareholders                                          |  | Line of Business                                   |  | ConsolidationMethod (4) |  | % of Total Ownership |  | Amount in Millions of Euros |                  
|                                                                    |  |                   |  |                                                  |  | % of DirectOwnership                                        |  | % of Control                                       |  | Share Capital           |  | Reserves             |  |                             | 2006 Profit(Loss) |       |  | InterimDividend |   |  | Assets Owned |  
|Repsol Petróleo, S.A.                                               |  | Spain             |  | Repsol YPF, S.A.                                 |  | -                                                           |  | Refining                                           |  | F.C.                    |  | 99.97                |  | 99.97                       |                   | 217.6 |  | 583.1           |   |  | 746.6        |   |  | (520.0 | ) |  | 1,027.0 |  
|Repsol YPF Lubricantes y Especialidades, S.A.                       |  | Spain             |  | Repsol Petróleo, S.A.                            |  | Repsol Comercial de Productos Petrolíferos, S.A.            |  | Production and marketing of derivative products    |  | F.C.                    |  | 100.00               |  | 100.00                      |                   | 5.4   |  | 26.8            |   |  | (53.0        | ) |  |       |   |  | (20.8   | )
|Euroboxes, S.A.                                                     |  | Spain             |  | Repsol YPF Lubricantes y Especialidades, S.A.    |  | Repsol Comercial de Productos Petrolíferos, S.A.            |  | Operation of workshops and other activities        |  | E.M.                    |  | 100.00               |  | 100.00                      |                   | 0.1   |  |                |   |  | 0.08         |   |  |       |   |  | 0.1     |  
|Repsol YPF Productos y Servicios Petrolíferos, S.A.                 |  | Spain             |  | Repsol YPF Lubricantes y Especialidades, S.A.    |  | Repsol Comercial de Productos Petrolíferos, S.A.            |  | Airport services                                   |  | F.C.                    |  | 100.00               |  | 100.00                      |                   | 0.1   |  | 0.3             |   |  | 0.8          |   |  |       |   |  | 1.2     |  
|Repsol Eléctrica de Distribución, S.L.                              |  | Spain             |  | Repsol Petróleo, S.A.                            |  | Repsol YPF, S.A.                                            |  | Electric power distribution and supply             |  | F.C.                    |  | 100.00               |  | 100.00                      |                   | 0.1   |  | 1.1             |   |  | 0.8          |   |  |       |   |  | 2.0     |  
|Asfaltos Españoles, S.A.                                            |  | Spain             |  | Repsol Petróleo, S.A.                            |  | -                                                           |  | Asphalts                                           |  | P.C.                    |  | 50.00                |  | 50.00                       |                   | 8.5   |  | 9.0             |   |  | 0.3          |   |  |       |   |  | 8.9     |  
|Proyectos Integrados Energéticos, S.A.                              |  | Spain             |  | Repsol Petróleo, S.A.                            |  | -                                                           |  | Electricity and natural gas                        |  | F.C.                    |  | 100.00               |  | 100.00                      |                   | 6.0   |  | 9.0             |   |  | 2.0          |   |  |       |   |  | 17.0    |  
|Servicios de seguridad Mancomunados (SESEMA)                        |  | Spain             |  | Repsol Petróleo, S.A.                            |  | Repsol Butano, S.A. and Repsol Química, S.A.                |  | Security                                           |  | F.C.                    |  | 100.00               |  | 100.00                      |                   | 0.4   |  | (0.1            | ) |  | (0.1         | ) |  |       |   |  | 0.2     |  
|Compañía Auxiliar de Remolcadores y Buques Especiales, S.A. (CARSA) |  | Spain             |  | Repsol Petróleo, S.A.                            |  | Repsol Comercial de Productos Petrolíferos, S.A./PETRONOR   |  | Tug boats                                          |  | F.C.                    |  | 100.00               |  | 100.00                      |                   | 0.1   |  | (2.5            | ) |  | 4.9          |   |  |       |   |  | 2.5     |  
|Repsol YPF Trading y Transportes, S.A. (RYTTSA)                     |  | Spain             |  | Repsol YPF, S.A.                                 |  | Repsol Petróleo, S.A.                                       |  | Trading of oil products                            |  | F.C.                    |  | 100.00               |  | 100.00                      |                   | 0.1   |  | 24.5            |   |  | 32.5         |   |  |       |   |  | 57.1    |  
|RYTTSA Singapore                                                    |  | Cayman Islands    |  | Repsol YPF Trading y Transportes, S.A.           |  | -                                                           |  | Trading of oil products                            |  | F.C.                    |  | 100.00               |  | 100.00                      |                   | 0.1   |  | (0.7            | ) |  | (0.7         | ) |  |       |   |  | (1.3    | )
|Repsol Overzee Finance, B.V.                                        |  | Netherlands       |  | Repsol YPF, S.A.                                 |  | -                                                           |  | Portfolio company                                  |  | F.C.                    |  | 100.00               |  | 100.00                      |                   | 119.1 |  | (20.9           | ) |  | 22.0         |   |  |       |   |  | 120.1   |  
|Atlantic 2/3 Holdings, LLC.                                         |  | Trinidad & Tobago |  | Repsol Overzee Finance, B.V.                     |  | -                                                           |  | Portfolio company                                  |  | P.C.                    |  | 25.00                |  | 25.00                       |                   | 105.7 |  |                |   |  | 139.3        |   |  | (139.3 | ) |  | 26.4    |  
|Atlantic LNG 2/3 Company of Trinidad & Tobago (2)                   |  | Trinidad & Tobago |  | Atlantic 2/3 Holdings, LLC.                      |  | -                                                           |  | Gas supply and/or logistics                        |  | P.C.                    |  | 25.00                |  | 100.00                      |                   | 105.7 |  | 110.6           |   |  | 49.7         |   |  | (124.1 | ) |  | 35.5    |  
|Atlantic 4 Holdings, LLC.                                           |  | Trinidad & Tobago |  | Repsol Overzee Finance, B.V.                     |  | -                                                           |  | Portfolio company                                  |  | E.M.                    |  | 22.22                |  | 22.22                       |                   | 191.3 |  |                |   |  |             |   |  |       |   |  | 42.5    |  
|Atlantic 4 LNG Company of Trinidad & Tobago(3)                      |  | Trinidad & Tobago |  | Atlantic 4 Holdings, LLC.                        |  | -                                                           |  | Construction of liquefaction plant                 |  | E.M.                    |  | 22.22                |  | 100.00                      |                   | 191.3 |  | (2.7            | ) |  | (78.6        | ) |  |       |   |  | 24.5    |  
|Repsol LNG T & T, Ltd.                                              |  | Trinidad & Tobago |  | Repsol Overzee Finance, B.V.                     |  | -                                                           |  | Marketing of natural gas                           |  | F.C.                    |  | 100.00               |  | 100.00                      |                   | 4.1   |  | (3.8            | ) |  | 2.7          |   |  |       |   |  | 3.0     |  
|Repsol E&P T&T Limited                                              |  | Trinidad & Tobago |  | Repsol Overzee Finance, B.V.                     |  | -                                                           |  | Oil and gas exploration and production             |  | F.C.                    |  | 100.00               |  | 100.00                      |                   | 57.6  |  | 0.7             |   |  | (14.9        | ) |  |       |   |  | 43.4    |  
|Repsol LNG, S.L.                                                    |  | Spain             |  | Repsol YPF, S.A.                                 |  | Repsol comercializadora de Gas, S.A.                        |  | Marketing of gas                                   |  | F.C.                    |  | 100.00               |  | 100.00                      |                   | 0.1   |  | 0.3             |   |  | 2.6          |   |  |       |   |  | 3.0     |  
|Gastream México S.A. de C.V.                                        |  | Mexico            |  | Repsol YPF, S.A.                                 |  | Repsol LNG, S.L.                                            |  | Other                                              |  | F.C.                    |  | 100.00               |  | 100.00                      |                   | 9.9   |  | (3.0            | ) |  | (3.2         | ) |  |       |   |  | 3.7     |  
|Pacific LNG Bolivia S.R.L.                                          |  | Bolivia           |  | Repsol YPF, S.A.                                 |  | -                                                           |  | Oil and gas exploration and production             |  | E.M.                    |  | 37.50                |  | 37.50                       |                   | 1.2   |  | (1.2            | ) |  |             |   |  |       |   |  |        |  
|Repsol Comercializadora de Gas, S.A.                                |  | Spain             |  | Repsol YPF, S.A.                                 |  | Repsol Petróleo, S.A.                                       |  | Marketing of natural gas                           |  | F.C.                    |  | 100.00               |  | 100.00                      |                   | 0.4   |  | 0.4             |   |  | 2.3          |   |  |       |   |  | 3.1     |  
|Repsol Butano, S.A.                                                 |  | Spain             |  | Repsol YPF, S.A.                                 |  | Repsol Petróleo, S.A.                                       |  | L.P.G. marketing                                   |  | F.C.                    |  | 100.00               |  | 100.00                      |                   | 58.7  |  | 321.5           |   |  | 30.4         |   |  |       |   |  | 410.6   |  
|Repsol Maroc, S.A.                                                  |  | Morocco           |  | Repsol Butano, S.A.                              |  | -                                                           |  | Marketing of gas                                   |  | E.M.                    |  | 100.00               |  | 100.00                      |                   | 1.3   |  | (1.9            | ) |  |             |   |  |       |   |  | (0.6    | )
|National Gaz                                                        |  | Morocco           |  | Repsol Butano, S.A.                              |  | -                                                           |  | L.P.G. marketing                                   |  | E.M.                    |  | 100.00               |  | 100.00                      |                   | 0.5   |  | 1.5             |   |  | (0.2         | ) |  |       |   |  | 1.8     |  
|Repsol YPF Gas, S.A.                                                |  | Argentina         |  | Repsol Butano, S.A.                              |  | -                                                           |  | L.P.G. marketing                                   |  | F.C.                    |  | 85.00                |  | 85.00                       |                   | 20.0  |  | 3.8             |   |  | 7.0          |   |  |       |   |  | 26.2    |  
|Comsergas, Compañía Servicios Industriales de Gas Licuado, S.A.     |  | Argentina         |  | Repsol YPF Gas, S.A.                             |  | -                                                           |  | Gas installation work                              |  | F.C.                    |  | 52.70                |  | 62.00                       |                   | 0.5   |  | (0.1            | ) |  | 0.0          |   |  |       |   |  | 0.2     |  
|Gas Austral, S.A.                                                   |  | Argentina         |  | Repsol YPF Gas, S.A.                             |  | -                                                           |  | L.P.G. marketing                                   |  | E.M.                    |  | 42.50                |  | 50.00                       |                   |      |  | 0.6             |   |  | 0.1          |   |  | (0.1   | ) |  | 0.3     |  
|Mejorgas, S.A.                                                      |  | Argentina         |  | Repsol YPF Gas, S.A.                             |  | Poligas Luján, S.A.                                         |  | L.P.G. marketing                                   |  | E.M.                    |  | 75.73                |  | 100.00                      |                   | 0.2   |  | (0.6            | ) |  | (0.0         | ) |  |       |   |  | (0.3    | )
|Duragas, S.A.                                                       |  | Ecuador           |  | Repsol Butano, S.A.                              |  | -                                                           |  | L.P.G. marketing                                   |  | F.C.                    |  | 100.00               |  | 100.00                      |                   | 5.6   |  | 9.0             |   |  | 3.6          |   |  |       |   |  | 18.1    |  
|Servicio de Mantenimiento y Personal - SEMAPESA                     |  | Ecuador           |  | Repsol Butano, S.A.                              |  | -                                                           |  | Maintenance and personnel services                 |  | F.C.                    |  | 100.00               |  | 100.00                      |                   |      |  | 0.2             |   |  | (0.1         | ) |  |       |   |  | 0.1     |  
|Repsol Gas Portugal, S.A.                                           |  | Portugal          |  | Repsol Butano, S.A.                              |  | -                                                           |  | L.P.G. marketing                                   |  | F.C.                    |  | 100.00               |  | 100.00                      |                   | 0.9   |  | 40.3            |   |  | 15.7         |   |  |       |   |  | 56.9    |  
|Spelta Soc. Unipessoal Lda.                                         |  | Portugal          |  | Repsol Gas Portugal, S.A.                        |  | -                                                           |  | L.P.G. marketing                                   |  | E.M.                    |  | 100.00               |  | 100.00                      |                   |      |  | 0.8             |   |  | 0.6          |   |  |       |   |  | 1.4     |  
|Saaga, S.A.                                                         |  | Portugal          |  | Repsol Gas Portugal, S.A.                        |  | -                                                           |  | L.P.G. marketing                                   |  | E.M.                    |  | 25.07                |  | 25.07                       |                   | 1.0   |  | 4.5             |   |  | 0.3          |   |  |       |   |  | 1.5     |  
|Repsol Butano Chile, S.A.                                           |  | Chile             |  | Repsol Butano, S.A.                              |  | Repsol YPF Chile, Limitada                                  |  | Portfolio company                                  |  | F.C.                    |  | 100.00               |  | 100.00                      |                   | 104.9 |  | 19.4            |   |  | 14.3         |   |  |       |   |  | 138.7   |  
|Empresas Lipigas, S.A.                                              |  | Chile             |  | Repsol Butano Chile, S.A.                        |  | -                                                           |  | L.P.G. marketing                                   |  | P.C.                    |  | 45.00                |  | 45.00                       |                   | 76.1  |  | 0.1             |   |  | 29.6         |   |  | (15.7  | ) |  | 40.5    |  
|Repsol YPF Comercial del Perú, S.A.                                 |  | Peru              |  | Repsol Butano, S.A.                              |  | -                                                           |  | L.P.G. marketing                                   |  | F.C.                    |  | 99.61                |  | 99.61                       |                   | 43.3  |  | (7.7            | ) |  | 10.2         |   |  |       |   |  | 45.6    |  
|Limagás, S.A.                                                       |  | Peru              |  | Repsol YPF Comercial Perú, S.A.                  |  | -                                                           |  | L.P.G. distribution                                |  | E.M.                    |  | 29.85                |  | 29.97                       |                   | 3.9   |  | 4.7             |   |  | 0.7          |   |  |       |   |  | 2.8     |  
|Repsol YPF Comercial de la Amazonia, SAC                            |  | Peru              |  | Repsol YPF Comercial Perú, S.A.                  |  | Grupo Repsol YPF del Perú                                   |  | L.P.G. distribution                                |  | F.C.                    |  | 99.61                |  | 100.00                      |                   | 0.9   |  | (0.5            | ) |  | (0.2         | ) |  |       |   |  | 0.2     |  
|Repsol YPF GLP de Bolivia, S.A.                                     |  | Bolivia           |  | Repsol Butano, S.A.                              |  | R. YPF E&P de Bolivia, S.A./R. YPF Bolivia, S.A.            |  | L.P.G. marketing                                   |  | F.C.                    |  | 100.00               |  | 100.00                      |                   | 1.9   |  | 6.9             |   |  | 0.8          |   |  |       |   |  | 9.7     |  
|Repsol YPF Gas de Bolivia, S.A.                                     |  | Bolivia           |  | Repsol YPF GLP de Bolivia S.A.                   |  | Repsol YPF E&P S.A.                                         |  | L.P.G. marketing                                   |  | F.C.                    |  | 51.00                |  | 51.00                       |                   | 1.4   |  | 2.9             |   |  | 0.9          |   |  |       |   |  | 2.7     |  
|Repsol France                                                       |  | France            |  | Repsol Butano, S.A.                              |  | Repsol Química, S.A./Repsol YPF, S.A./Repsol Petróleo, S.A. |  | Distribution and marketing of oil products         |  | F.C.                    |  | 100.00               |  | 100.00                      |                   | 11.9  |  | (0.9            | ) |  | (1.6         | ) |  |       |   |  | 9.4     |  
|Repsol Gas Brasil, S.A.                                             |  | Brazil            |  | Repsol Butano, S.A.                              |  | Repsol YPF Brasil, S.A.                                     |  | L.P.G. marketing                                   |  | F.C.                    |  | 100.00               |  | 100.00                      |                   | 7.3   |  | (2.1            | ) |  | (2.1         | ) |  |       |   |  | 3.2     |  
|Solgas Distribuidora de Gas, S.L.                                   |  | Spain             |  | Repsol Butano, S.A.                              |  | Repsol Comercial de Productos Petrolíferos, S.A.            |  | L.P.G. marketing                                   |  | F.C.                    |  | 100.00               |  | 100.00                      |                   | 1.1   |  | (0.2            | ) |  | 0.3          |   |  |       |   |  | 1.2     |  
|Vía Red Servicios Logísticos, S.A.                                  |  | Spain             |  | Repsol Butano, S.A.                              |  | -                                                           |  | Natural gas supply and/or logistics                |  | E.M.                    |  | 51.00                |  | 51.00                       |                   | 2.5   |  | (1.4            | ) |  | (1.8         | ) |  |       |   |  | (0.4    | )
|Repsol Comercial de Productos Petrolíferos, S.A.                    |  | Spain             |  | Repsol Petróleo, S.A.                            |  | Repsol YPF, S.A./PETRONOR                                   |  | Marketing of oil products                          |  | F.C.                    |  | 96.65                |  | 99.76                       |                   | 334.8 |  | 532.2           |   |  | 179.5        |   |  | (51.3  | ) |  | 961.8   |  
|Repsol Directo, S.A.                                                |  | Spain             |  | Repsol Comercial de Productos Petrolíferos, S.A. |  | Campsa Estaciones de Servicio, S.A. - CAMPSARED             |  | Distribution and marketing of oil products         |  | F.C.                    |  | 96.65                |  | 100.00                      |                   | 0.1   |  | (0.2            | ) |  | 1.3          |   |  |       |   |  | 1.2     |  
|Campsa Estaciones de Servicio, S.A. - CAMPSARED                     |  | Spain             |  | Repsol Comercial de Productos Petrolíferos, S.A. |  | Repsol Petróleo, S.A.                                       |  | Operation and management of service stations       |  | F.C.                    |  | 96.65                |  | 100.00                      |                   | 8.4   |  | 18.6            |   |  | 37.8         |   |  | (26.0  | ) |  | 37.5    |  
|Societat Catalana de Petrolis, S.A. (PETROCAT)                      |  | Spain             |  | Repsol Comercial de Productos Petrolíferos, S.A. |  | Repsol Petróleo, S.A.                                       |  | Distribution and marketing of oil products         |  | E.M.                    |  | 43.68                |  | 45.00                       |                   | 15.1  |  | (5.6            | ) |  | (1.0         | ) |  |       |   |  | 3.7     |  
|Air Miles España, S.A.                                              |  | Spain             |  | Repsol Comercial de Productos Petrolíferos, S.A. |  | -                                                           |  | Loyalty-building programs                          |  | E.M.                    |  | 21.75                |  | 22.50                       |                   | 0.1   |  | 1.5             |   |  | 0.5          |   |  |       |   |  | 0.4     |  
|Carburants i Derivats, S.A. (CADESA)                                |  | Andorra           |  | Repsol Comercial de Productos Petrolíferos, S.A. |  | -                                                           |  | Distribution of oil derivative products            |  | E.M.                    |  | 32.14                |  | 33.25                       |                   | 0.1   |  | 0.9             |   |  | 0.4          |   |  |       |   |  | 0.5     |  
|Euro 24, S.L.                                                       |  | Spain             |  | Autoclub Repsol S.L.                             |  | -                                                           |  | Automotive services                                |  | F.C.                    |  | 48.33                |  | 100.00                      |                   |      |  | 0.2             |   |  | 1.0          |   |  |       |   |  | 0.6     |  
|Noroil, S.A.                                                        |  | Spain             |  | Repsol Comercial de Productos Petrolíferos, S.A. |  | PETRONOR                                                    |  | Distribution and marketing of oil products         |  | F.C.                    |  | 67.66                |  | 70.00                       |                   | 1.5   |  | 0.4             |   |  | 0.2          |   |  |       |   |  | 1.4     |  
|Solred, S.A.                                                        |  | Spain             |  | Repsol Comercial de Productos Petrolíferos, S.A. |  | Repsol YPF, S.A.                                            |  | Management of means of payment at service stations |  | F.C.                    |  | 96.65                |  | 100.00                      |                   | 7.3   |  | 6.5             |   |  | 15.4         |   |  |       |   |  | 28.2    |  
|Gestión de Puntos de Venta, Gespevesa, S.A.                         |  | Spain             |  | Repsol Comercial de Productos Petrolíferos, S.A. |  | -                                                           |  | Management of service stations                     |  | P.C.                    |  | 48.33                |  | 50.00                       |                   | 15.4  |  | 3.6             |   |  | 0.6          |   |  |       |   |  | 9.5     |  
|Terminales Canarios, S.L.                                           |  | Spain             |  | Repsol Comercial de Productos Petrolíferos, S.A. |  | -                                                           |  | Storage and distribution of oil products           |  | P.C.                    |  | 48.33                |  | 50.00                       |                   | 20.8  |  | 1.8             |   |  | 1.8          |   |  |       |   |  | 11.8    |  
|Servicios Logísticos de Combustibles de Aviación, SLU               |  | Spain             |  | Terminales Canarios, S.L.                        |  | -                                                           |  | Warehousing and distribution of aviation products  |  | P.C.                    |  | 48.33                |  | 100.00                      |                   | 1.0   |  | (0.8            | ) |  | 0.6          |   |  |       |   |  | 0.4     |  
|Compañía Logística de Hidrocarburos CLH, S.A.                       |  | Spain             |  | Repsol YPF, S.A.                                 |  | PETRONOR                                                    |  | Transport and storage of oil products              |  | E.M.                    |  | 24.25                |  | 25.00                       |                   | 84.1  |  | 164.8           |   |  | 332.8        |   |  | (100.2 | ) |  | 116.8   |  
|CLH Aviación, S.A.(3)                                               |  | Spain             |  | CLH, S.A.                                        |  | -                                                           |  | Transport and storage of oil products              |  | E.M.                    |  | 24.25                |  | 100.00                      |                   | 31.7  |  | 26.1            |   |  | 6.0          |   |  |       |   |  | 15.5    |  
|Carbon Black Española, S.A. (CARBESA)                               |  | Spain             |  | Repsol YPF, S.A.                                 |  | Repsol Química, S.A.                                        |  | No activity                                        |  | F.C.                    |  | 100.00               |  | 100.00                      |                   | 0.2   |  | 2.7             |   |  | 10.5         |   |  |       |   |  | 13.4    |  
|The Repsol Company of Portugal Ltd.                                 |  | Portugal          |  | Repsol YPF, S.A.                                 |  | Carbon Black Española, S.A. (CARBESA)                       |  | Marketing of oil products                          |  | F.C.                    |  | 100.00               |  | 100.00                      |                   | 0.2   |  | 2.9             |   |  | 0.1          |   |  |       |   |  | 3.2     |  
|Repsol Portuguesa, S.A.                                             |  | Portugal          |  | Repsol YPF, S.A.                                 |  | Carbon Black Española, S.A. (CARBESA)                       |  | Distribution and marketing of oil products         |  | F.C.                    |  | 100.00               |  | 100.00                      |                   | 59.0  |  | 277.1           |   |  | 14.9         |   |  |       |   |  | 351.0   |  
|Concha I - Combustiveis e Lubrificantes, Lda                        |  | Portugal          |  | Repsol Portuguesa, S.A.                          |  | -                                                           |  | Distribution and marketing of oil products         |  | F.C.                    |  | 51.00                |  | 51.00                       |                   | 0.0   |  | 0.1             |   |  | (0.1         | ) |  |       |   |  | 0.0     |  
|Gespost                                                             |  | Portugal          |  | Repsol Portuguesa, S.A.                          |  | -                                                           |  | Marketing of oil products                          |  | F.C.                    |  | 100.00               |  | 99.67                       |                   | 0.0   |  | 0.3             |   |  | 0.2          |   |  |       |   |  | 0.5     |  
|Caiageste - Gestao de Areas de Servicios Ltda.                      |  | Portugal          |  | Gespost                                          |  | -                                                           |  | Operation and management of service stations       |  | E.M.                    |  | 50.00                |  | 50.00                       |                   | 0.0   |  | 0.2             |   |  | (0.1         | ) |  |       |   |  | 0.1     |  
|Tecnicontrol y Gestión Integral, S.L.                               |  | Spain             |  | Repsol YPF, S.A.                                 |  | Repsol Exploración, S.A.                                    |  | Property development                               |  | F.C.                    |  | 100.00               |  | 100.00                      |                   | 3.5   |  | 28.0            |   |  | 0.4          |   |  |       |   |  | 31.9    |  
|Bahía Bizkaia Electricidad, S.L.                                    |  | Spain             |  | Repsol YPF, S.A.                                 |  | -                                                           |  | Energy production                                  |  | P.C.                    |  | 25.00                |  | 25.00                       |                   | 3.6   |  | 104.9           |   |  | 79.1         |   |  | (32.0  | ) |  | 38.9    |  
|Bahía Bizkaia Gas, S.L.                                             |  | Spain             |  | Repsol YPF, S.A.                                 |  | -                                                           |  | Maintenance of gasification plants                 |  | P.C.                    |  | 25.00                |  | 25.00                       |                   | 6.0   |  | 78.6            |   |  | 15.1         |   |  | (12.0  | ) |  | 21.9    |  
|Petróleos del Norte, S.A. (PETRONOR)                                |  | Spain             |  | Repsol YPF, S.A.                                 |  | -                                                           |  | Refining                                           |  | F.C.                    |  | 85.98                |  | 85.98                       |                   | 120.5 |  | 360.7           |   |  | 260.3        |   |  | (80.0  | ) |  | 568.8   |  
|Asfalnor, S.A.                                                      |  | Spain             |  | PETRONOR                                         |  | -                                                           |  | Distribution and marketing of asphalt products     |  | F.C.                    |  | 85.98                |  | 100.00                      |                   | 0.1   |  |                |   |  | 0.1          |   |  |       |   |  | 0.2     |  
|Repsol Exploración, S.A.                                            |  | Spain             |  | Repsol YPF, S.A.                                 |  | Repsol Petróleo, S.A.                                       |  | Oil and gas exploration and production             |  | F.C.                    |  | 100.00               |  | 100.00                      |                   | 24.6  |  | 867.3           |   |  | 270.8        |   |  | (200.0 | ) |  | 962.7   |  
|Repsol Exploración Trinidad, S.A.                                   |  | Spain             |  | Repsol Exploración, S.A.                         |  | Repsol YPF, S.A.                                            |  | Oil and gas exploration and production             |  | F.C.                    |  | 100.00               |  | 100.00                      |                   | 1.8   |  | 12.4            |   |  | 0.2          |   |  |       |   |  | 14.4    |  
|Repsol YPF Cuba, S.A.                                               |  | Spain             |  | Repsol Exploración, S.A.                         |  | Repsol YPF, S.A.                                            |  | Oil and gas exploration and production             |  | F.C.                    |  | 100.00               |  | 100.00                      |                   | 1.9   |  | (0.7            | ) |  | 7.5          |   |  |       |   |  | 8.8     |  
|Repsol Exploración Colombia, S.A.                                   |  | Spain             |  | Repsol Exploración, S.A.                         |  | Repsol YPF, S.A.                                            |  | Oil and gas exploration and production             |  | F.C.                    |  | 100.00               |  | 100.00                      |                   | 1.9   |  | (0.7            | ) |  | (1.3         | ) |  |       |   |  | 0.0     |  
|Repsol Exploración Argelia, S.A.                                    |  | Spain             |  | Repsol Exploración, S.A.                         |  | Repsol YPF, S.A.                                            |  | Oil and gas exploration and production             |  | F.C.                    |  | 100.00               |  | 100.00                      |                   | 4.0   |  | 262.2           |   |  | (27.0        | ) |  |       |   |  | 239.1   |  
|El Andalus LNG Spa.                                                 |  | Spain             |  | Repsol Exploración Argelia, S.A.                 |  | Gas Natural Exploración, S.L.                               |  | Oil and gas exploration and production             |  | P.C.                    |  | 57.87                |  | 80.00                       |                   | 79.4  |  | (2.3            | ) |  | (41.5        | ) |  |       |   |  | 20.6    |  
|Repsol Exploración Murzuq, S.A.                                     |  | Spain             |  | Repsol Exploración, S.A.                         |  | Repsol YPF, S.A.                                            |  | Oil and gas exploration and production             |  | F.C.                    |  | 100.00               |  | 100.00                      |                   | 7.8   |  | 453.0           |   |  | 448.2        |   |  |       |   |  | 909.0   |  
|Repsol Oil Operations AG                                            |  | Libya             |  | Repsol Exploración Murzuq, S.A.                  |  | -                                                           |  | Oil and gas exploration and production             |  | F.C.                    |  | 100.00               |  | 100.00                      |                   | 0.1   |  | 0.9             |   |  | 0.4          |   |  |       |   |  | 1.4     |  
|Repsol Inco AG                                                      |  | Switzerland       |  | Repsol Exploración Murzuq, S.A.                  |  | -                                                           |  | Oil and gas exploration and production             |  | E.M.                    |  | 40.00                |  | 40.00                       |                   | 0.1   |  | 0.3             |   |  |             |   |  |       |   |  | 0.1     |  
|Repsol YPF Ecuador, S.A.                                            |  | Spain             |  | Repsol Exploración, S.A.                         |  | Repsol Petróleo, S.A.                                       |  | Oil and gas exploration and production             |  | F.C.                    |  | 100.00               |  | 100.00                      |                   | 4.7   |  | (1.6            | ) |  | (24.2        | ) |  |       |   |  | (21.0   | )
|Repsol YPF OCP de Ecuador, S.A.                                     |  | Spain             |  | Repsol YPF Ecuador, S.A.                         |  | Repsol Exploración Tobago, S.A.                             |  | Portfolio company                                  |  | F.C.                    |  | 100.00               |  | 100.00                      |                   | 0.1   |  | 16.8            |   |  | 2.5          |   |  |       |   |  | 19.4    |  
|Oleoducto de Crudos Pesados, Ltd.                                   |  | Cayman Islands    |  | Repsol YPF OCP de Ecuador, S.A.                  |  | -                                                           |  | Other                                              |  | E.M.                    |  | 29.66                |  | 29.66                       |                   | 76.3  |  | (12.2           | ) |  | 2.8          |   |  |       |   |  | 19.8    |  
|Repsol Exploración Securé, S.A.                                     |  | Spain             |  | Repsol Exploración, S.A.                         |  | Repsol YPF, S.A.                                            |  | Oil and gas exploration and production             |  | F.C.                    |  | 100.00               |  | 100.00                      |                   | 1.9   |  | (0.5            | ) |  |             |   |  |       |   |  | 1.4     |  
|Repsol Exploración Perú, S.A.                                       |  | Spain             |  | Repsol Exploración, S.A.                         |  | Repsol YPF, S.A.                                            |  | Oil and gas exploration and production             |  | F.C.                    |  | 100.00               |  | 100.00                      |                   | 15.8  |  | 111.6           |   |  | 10.6         |   |  |       |   |  | 138.0   |  
|Perú LNG Company, LLC.                                              |  | Peru              |  | Repsol Exploración Perú, S.A.                    |  | -                                                           |  | Gas supply and/or logistics                        |  | E.M.                    |  | 20.00                |  | 20.00                       |                   | 182.6 |  | (15.1           | ) |  | (11.2        | ) |  |       |   |  | 31.3    |  
|TGP, S.A.                                                           |  | Peru              |  | Perú Pipeline Holding Co. LLC                    |  | -                                                           |  | Gas supply and/or logistics                        |  | E.M.                    |  | 10.00                |  | 10.00                       |                   | 158.2 |  | 5.7             |   |  | 4.2          |   |  |       |   |  | 16.8    |  
|Repsol YPF Oriente Medio, S.A.                                      |  | Spain             |  | Repsol Exploración, S.A.                         |  | Repsol YPF, S.A.                                            |  | Oil and gas exploration and production             |  | F.C.                    |  | 100.00               |  | 100.00                      |                   | 0.2   |  | (0.1            | ) |  | (13.7        | ) |  |       |   |  | (13.6   | )
|Repsol Exploración México S.A. de C.V.                              |  | Mexico            |  | Repsol Exploración, S.A.                         |  | -                                                           |  | Oil and gas exploration and production             |  | F.C.                    |  | 100.00               |  | 100.00                      |                   | 16.9  |  | 14.3            |   |  | (8.5         | ) |  |       |   |  | 22.7    |  
|Servicios Administrativos Cuenca de Burgos S.A. de C.V.             |  | Mexico            |  | Repsol Exploración, S.A.                         |  | -                                                           |  | Oil and gas exploration and production             |  | F.C.                    |  | 100.00               |  | 100.00                      |                   |      |  | 0.1             |   |  | 0.0          |   |  |       |   |  | 0.1     |  
|Repsol Exploración Kazakhstán, S.A.                                 |  | Spain             |  | Repsol Exploración, S.A.                         |  | Repsol YPF, S.A.                                            |  | Oil and gas exploration and production             |  | F.C.                    |  | 100.00               |  | 100.00                      |                   | 0.2   |  | (0.1            | ) |  | (1.3         | ) |  |       |   |  | (1.1    | )
|Repsol Exploración Tobago, S.A.                                     |  | Spain             |  | Repsol Exploración, S.A.                         |  | Repsol YPF, S.A.                                            |  | Oil and gas exploration and production             |  | F.C.                    |  | 100.00               |  | 100.00                      |                   | 0.2   |  | (0.1            | ) |  | (0.3         | ) |  |       |   |  | (0.2    | )





---

LIST OF SIGNIFICANT SUBSIDIARIES



|                                                |  |                   |  |                                          |  |                                                |  |                                        |  |                         |  |                      |  |                             |                   |         |  |                 |   |  |              |   |  |        |   |  |         |  
|----------------------------------------------- |  | ----------------- |  | ---------------------------------------- |  | ---------------------------------------------- |  | -------------------------------------- |  | ----------------------- |  | -------------------- |  | --------------------------- | ----------------- | ------- |  | --------------- | - |  | ------------ | - |  | ------ | - |  | ------- | -
|Name                                            |  | Country           |  | Parent                                   |  | Other Shareholders                             |  | Line of Business                       |  | ConsolidationMethod (4) |  | % of Total Ownership |  | Amount in Millions of Euros |                  
|                                                |  |                   |  |                                          |  | % of DirectOwnership                           |  | % of Control                           |  | Share Capital           |  | Reserves             |  |                             | 2006 Profit(Loss) |         |  | InterimDividend |   |  | Assets Owned |  
|Repsol Exploración Sierra Leona, S.L.           |  | Spain             |  | Repsol Exploración, S.A.                 |  | Repsol Exploración Tobago, S.A.                |  | Oil and gas exploration and production |  | F.C.                    |  | 100.00               |  | 100.00                      |                   | 2.8     |  | (1.4            | ) |  | (0.9         | ) |  |       |   |  | 0.5     |  
|Repsol Exploración Suriname, S.L.               |  | Spain             |  | Repsol Exploración, S.A.                 |  | Repsol Exploración Tobago, S.A.                |  | Oil and gas exploration and production |  | F.C.                    |  | 100.00               |  | 100.00                      |                   |        |  |                |   |  | 4.3          |   |  |       |   |  | 4.3     |  
|Termobarrancas, C.A.                            |  | Venezuela         |  | Repsol Exploración, S.A.                 |  | -                                              |  | Oil and gas exploration and production |  | F.C.                    |  | 100.00               |  | 100.00                      |                   | 5.9     |  | (1.9            | ) |  | (4.2         | ) |  |       |   |  | (0.1    | )
|Repsol Exploración Venezuela, B.V.              |  | Netherlands       |  | Repsol Exploración, S.A.                 |  | -                                              |  | Portfolio company                      |  | F.C.                    |  | 100.00               |  | 100.00                      |                   | 208.4   |  | (151.4          | ) |  | 47.5         |   |  |       |   |  | 104.5   |  
|Calio LLC                                       |  | Venezuela         |  | Repsol Exploración Venezuela, B.V.       |  | -                                              |  | Oil and gas exploration and production |  | F.C.                    |  | 100.00               |  | 100.00                      |                   | 15.8    |  | 1.6             |   |  | 4.7          |   |  |       |   |  | 22.1    |  
|Repsol YPF Venezuela, S.A.                      |  | Venezuela         |  | Repsol Exploración Venezuela, B.V.       |  | -                                              |  | Oil and gas exploration and production |  | F.C.                    |  | 100.00               |  | 100.00                      |                   | 12.5    |  | 28.0            |   |  | 126.1        |   |  |       |   |  | 166.6   |  
|Repsol YPF Venezuela Gas                        |  | Venezuela         |  | Repsol YPF Venezuela, S.A.               |  | -                                              |  | Oil and gas exploration and production |  | F.C.                    |  | 100.00               |  | 100.00                      |                   |        |  | 0.4             |   |  | (2.7         | ) |  |       |   |  | (2.3    | )
|Cardón IV                                       |  | Venezuela         |  | Repsol YPF Venezuela Gas S.A.            |  | -                                              |  | Oil and gas exploration and production |  | P.C.                    |  | 50.00                |  | 50.00                       |                   |        |  |                |   |  | (9.8         | ) |  |       |   |  | (4.9    | )
|Petroquiriquire, S.A.                           |  | Venezuela         |  | Repsol YPF Venezuela, S.A.               |  | -                                              |  | Oil and gas exploration and production |  | P.C.                    |  | 40.00                |  | 40.00                       |                   | 0.4     |  |                |   |  | 114.5        |   |  |       |   |  | 45.9    |  
|Quiriquire Gas, S.A.                            |  | Venezuela         |  | Repsol YPF Venezuela, S.A.               |  | -                                              |  | Oil and gas exploration and production |  | P.C.                    |  | 60.00                |  | 60.00                       |                   | 0.4     |  |                |   |  |             |   |  |       |   |  | 0.2     |  
|Repsol Exploración Guinea, S.A.                 |  | Spain             |  | Repsol Exploración, S.A.                 |  | Repsol YPF, S.A.                               |  | Oil and gas exploration and production |  | F.C.                    |  | 100.00               |  | 100.00                      |                   | 0.1     |  | 1.9             |   |  | (1.7         | ) |  |       |   |  | 0.2     |  
|BPRY Caribbean Ventures LLC                     |  | Trinidad & Tobago |  | Repsol Exploración, S.A.                 |  | -                                              |  | Portfolio company                      |  | P.C.                    |  | 30.00                |  | 30.00                       |                   | 929.3   |  | (1,408.4        | ) |  | 607.4        |   |  |       |   |  | 38.5    |  
|BP Amoco Trinidad & Tobago, LLG                 |  | Trinidad & Tobago |  | BPRY Caribbean Ventures LLC              |  | -                                              |  | Oil and gas exploration and production |  | P.C.                    |  | 30.00                |  | 100.00                      |                   | 128.3   |  | (947.4          | ) |  | 723.1        |   |  | (607.4 | ) |  | (211.0  | )
|Dubai Marine Areas, Ltd. (DUMA)                 |  | UK                |  | Repsol Exploración, S.A.                 |  | -                                              |  | Oil and gas exploration and production |  | P.C.                    |  | 50.00                |  | 50.00                       |                   |        |  | 125.2           |   |  | (107.6       | ) |  |       |   |  | 8.8     |  
|Repsol Investigaciones Petrolíferas, S.A.       |  | Spain             |  | Repsol Exploración, S.A.                 |  | -                                              |  | Oil and gas exploration and production |  | F.C.                    |  | 100.00               |  | 100.00                      |                   | 225.9   |  | 353.2           |   |  | 19.9         |   |  |       |   |  | 599.0   |  
|EniRepsa Gas Limited                            |  | Saudi Arabia      |  | Repsol Exploración, S.A.                 |  | -                                              |  | Gas supply and/or logistics            |  | E.M.                    |  | 30.00                |  | 30.00                       |                   | 69.1    |  | (29.6           | ) |  | (4.8         | ) |  |       |   |  | 10.4    |  
|Repsol USA Holdings Corp                        |  | US                |  | Repsol Exploración, S.A.                 |  | -                                              |  | Oil and gas exploration and production |  | F.C.                    |  | 100.00               |  | 100.00                      |                   | 1,750.4 |  |                |   |  | (57.5        | ) |  |       |   |  | 1,692.9 |  
|Repsol Services Company                         |  | US                |  | Repsol USA Holdings Corp                 |  | -                                              |  | Oil and gas exploration and production |  | F.C.                    |  | 100.00               |  | 100.00                      |                   |        |  |                |   |  | (0.1         | ) |  |       |   |  | (0.1    | )
|Repsol E&P USA, Inc.                            |  | US                |  | Repsol USA Holdings Corp                 |  | -                                              |  | Oil and gas exploration and production |  | F.C.                    |  | 100.00               |  | 100.00                      |                   | 1,750.4 |  | (7.2            | ) |  | (49.1        | ) |  |       |   |  | 1,694.2 |  
|Repsol Energy North America Corp.               |  | US                |  | Repsol USA Holdings Corp                 |  | -                                              |  | L.N.G. marketing                       |  | F.C.                    |  | 100.00               |  | 100.00                      |                   |        |  |                |   |  | (1.2         | ) |  |       |   |  | (1.2    | )
|Repsol Offshore E&P Inc.                        |  | US                |  | Repsol USA Holdings Corp                 |  | -                                              |  | Oil and gas exploration and production |  | F.C.                    |  | 100.00               |  | 100.00                      |                   |        |  |                |   |  |             |   |  |       |   |  |        |  
|West Siberian Resources Ltd.                    |  | Russia            |  | Repsol Exploración, S.A.                 |  | -                                              |  | Gas supply and/or logistics            |  | E.M.                    |  | 10.12                |  | 10.12                       |                   | 329.0   |  | 28.4            |   |  | 18.5         |   |  |       |   |  | 38.0    |  
|Repsol YPF Perú, BV                             |  | Netherlands       |  | Repsol YPF, S.A.                         |  | -                                              |  | Portfolio company                      |  | F.C.                    |  | 100.00               |  | 100.00                      |                   | 95.2    |  | 47.6            |   |  | 24.42        |   |  |       |   |  | 167.2   |  
|Grupo Repsol YPF del Perú, S.A.C.               |  | Peru              |  | Repsol YPF Perú, B.V.                    |  | -                                              |  | Portfolio company                      |  | F.C.                    |  | 100.00               |  | 100.00                      |                   | 0.4     |  | 0.5             |   |  | (0.4         | ) |  |       |   |  | 0.4     |  
|Refinería La Pampilla, S.A.                     |  | Peru              |  | Repsol YPF Perú, B.V.                    |  | -                                              |  | Refining                               |  | F.C.                    |  | 51.03                |  | 51.03                       |                   | 111.6   |  | 55.8            |   |  | 13.56        |   |  |       |   |  | 92.4    |  
|Repsol Comercial, S.A.C.                        |  | Peru              |  | Refinería La Pampilla, S.A.              |  | -                                              |  | Marketing of fuels                     |  | F.C.                    |  | 51.03                |  | 100.00                      |                   | 21.2    |  | (19.5           | ) |  | 10.54        |   |  |       |   |  | 6.2     |  
|Repsol YPF Marketing S.A.C.                     |  | Peru              |  | Repsol YPF Perú, B.V.                    |  | -                                              |  | Marketing of fuels and specialties     |  | F.C.                    |  | 100.00               |  | 100.00                      |                   | 2.5     |  | (0.2            | ) |  | 3.24         |   |  |       |   |  | 5.6     |  
|Repsol YPF Comercial del Ecuador, S.A.          |  | Ecuador           |  | Repsol YPF, S.A.                         |  | Duragas, S.A.                                  |  | Marketing of oil and gas               |  | F.C.                    |  | 100.00               |  | 100.00                      |                   | 53.1    |  | (9.0            | ) |  | 1.64         |   |  |       |   |  | 45.7    |  
|Combustibles Industriales Oil Trader, S.A.      |  | Ecuador           |  | Repsol YPF Comercial Ecuador, S.A.       |  | -                                              |  | Marketing of oil and gas               |  | F.C.                    |  | 100.00               |  | 100.00                      |                   | 3.9     |  | (2.0            | ) |  | 0.78         |   |  |       |   |  | 2.6     |  
|Repsol International Finance B.V.               |  | Netherlands       |  | Repsol YPF, S.A.                         |  | -                                              |  | Finance and holding company            |  | F.C.                    |  | 100.00               |  | 100.00                      |                   | 279.6   |  | 744.0           |   |  | 293.1        |   |  |       |   |  | 1,316.7 |  
|Repsol LNG Port of Spain, B.V.                  |  | Netherlands       |  | Repsol International Finance B.V.        |  | -                                              |  | Portfolio company                      |  | F.C.                    |  | 100.00               |  | 100.00                      |                   |        |  |                |   |  | 90.4         |   |  |       |   |  | 90.4    |  
|Atlantic 1 Holdings, LLC                        |  | Trinidad & Tobago |  | Repsol LNG Port of Spain, B.V.           |  | -                                              |  | Portfolio company                      |  | E.M.                    |  | 20.00                |  | 20.00                       |                   | 185.2   |  |                |   |  | 421.4        |   |  | (421.4 | ) |  | 37.0    |  
|Atlantic LNG Co. of Trinidad & Tobago (3)       |  | Trinidad & Tobago |  | Atlantic 1 Holdings, LLC                 |  | -                                              |  | Gas supply and/or logistics            |  | E.M.                    |  | 20.00                |  | 100.00                      |                   | 185.2   |  | 197.8           |   |  | 340.8        |   |  | (421.4 | ) |  | 60.5    |  
|Repsol International Capital, Ltd.              |  | Cayman Islands    |  | Repsol International Finance B.V.        |  | -                                              |  | Finance                                |  | F.C.                    |  | 100.00               |  | 100.00                      |                   | 0.7     |  | (284.3          | ) |  | (12.9        | ) |  |       |   |  | (296.5  | )
|Repsol Investeringen, B.V.                      |  | Netherlands       |  | Repsol International Finance B.V.        |  | -                                              |  | Portfolio company                      |  | F.C.                    |  | 100.00               |  | 100.00                      |                   |        |  |                |   |  |             |   |  |       |   |  |        |  
|Repsol Netherlands Finance, B.V.                |  | Netherlands       |  | Repsol International Finance B.V.        |  | Repsol Investeringen, B.V.                     |  | Finance                                |  | F.C.                    |  | 100.00               |  | 100.00                      |                   |        |  | (9.0            | ) |  | (21.8        | ) |  |       |   |  | (30.8   | )
|Repsol YPF Capital, S.L.                        |  | Spain             |  | Repsol International Finance B.V.        |  | Repsol YPF, S.A.                               |  | Portfolio company                      |  | F.C.                    |  | 100.00               |  | 100.00                      |                   | 463.8   |  | 26.0            |   |  | 49.8         |   |  |       |   |  | 539.6   |  
|Caveant, S.A.                                   |  | Argentina         |  | Repsol YPF Capital, S.L.                 |  | Repsol YPF, S.A.                               |  | Investment company                     |  | F.C.                    |  | 100.00               |  | 100.00                      |                   | 8.5     |  | 63.5            |   |  | 16.4         |   |  |       |   |  | 88.4    |  
|Gaviota RE                                      |  | Luxembourg        |  | Repsol International Finance B.V.        |  | Repsol Investeringen, B.V.                     |  | Reinsurance                            |  | F.C.                    |  | 100.00               |  | 100.00                      |                   | 13.6    |  |                |   |  |             |   |  |       |   |  | 13.6    |  
|Greenstone Assurance, Ltd.                      |  | Bermuda           |  | Gaviota RE                               |  | -                                              |  | Reinsurance                            |  | F.C.                    |  | 100.00               |  | 100.00                      |                   | 5.4     |  |                |   |  |             |   |  |       |   |  | 5.4     |  
|Repsol (UK) Ltd.                                |  | UK                |  | Repsol International Finance B.V.        |  | -                                              |  | In liquidation                         |  | E.M.                    |  | 100.00               |  | 100.00                      |                   | 20.3    |  | (19.0           | ) |  | 0.1          |   |  |       |   |  | 1.4     |  
|Repsol Canada Ltd.                              |  | Canada            |  | Repsol International Finance B.V.        |  | -                                              |  | L.N.G. regasification                  |  | F.C.                    |  | 100.00               |  | 100.00                      |                   |        |  | 1.3             |   |  | (2.0         | ) |  |       |   |  | (0.7    | )
|Repsol Canada LNG, Ltd.                         |  | Canada            |  | Repsol International Finance B.V.        |  | -                                              |  | L.N.G. regasification                  |  | F.C.                    |  | 100.00               |  | 100.00                      |                   |        |  | 37.0            |   |  | (6.2         | ) |  |       |   |  | 30.8    |  
|Repsol Energy Canada, Ltd.                      |  | Canada            |  | Repsol International Finance B.V.        |  | -                                              |  | L.N.G. marketing                       |  | F.C.                    |  | 100.00               |  | 100.00                      |                   |        |  | (0.8            | ) |  | (1.2         | ) |  |       |   |  | (2.0    | )
|Repsol Occidental Corporation                   |  | US                |  | Repsol International Finance B.V.        |  | -                                              |  | Oil and gas exploration and production |  | P.C.                    |  | 25.00                |  | 25.00                       |                   | 0.4     |  | 35.2            |   |  | 152.0        |   |  | (154.0 | ) |  | 8.4     |  
|Repsol Química, S.A.                            |  | Spain             |  | Repsol YPF, S.A.                         |  | Repsol Petróleo, S.A.                          |  | Production and sale of petrochemicals  |  | F.C.                    |  | 100.00               |  | 100.00                      |                   | 60.5    |  | (20.5           | ) |  | (2.5         | ) |  |       |   |  | 37.5    |  
|Polidux, S.A.                                   |  | Spain             |  | Repsol Química, S.A.                     |  | Repsol YPF, S.A.                               |  | Production and sale of petrochemicals  |  | F.C.                    |  | 99.99                |  | 100.00                      |                   | 17.4    |  | (5.8            | ) |  | (1.2         | ) |  |       |   |  | 10.4    |  
|Repsol Bronderslev A/S                          |  | Denmark           |  | Repsol Química, S.A.                     |  | -                                              |  | Production and sale of petrochemicals  |  | F.C.                    |  | 100.00               |  | 100.00                      |                   | 3.1     |  | 5.4             |   |  | 0.9          |   |  |       |   |  | 9.4     |  
|Repsol Polívar, SPA                             |  | Italy             |  | Repsol Bronderslev, A/S                  |  | -                                              |  | Production and sale of petrochemicals  |  | F.C.                    |  | 100.00               |  | 100.00                      |                   | 0.5     |  | 0.8             |   |  | (0.9         | ) |  |       |   |  | 0.4     |  
|General Química, S.A.                           |  | Spain             |  | Repsol Química, S.A.                     |  | Repsol Investigaciones Petrolíferas S.A.       |  | Production and sale of petrochemicals  |  | F.C.                    |  | 100.00               |  | 100.00                      |                   | 3.0     |  | 36.1            |   |  | (7.5         | ) |  |       |   |  | 31.6    |  
|Cogeneración Gequisa, S.A.                      |  | Spain             |  | General Química, S.A.                    |  | -                                              |  | Production of electricity and steam    |  | E.M.                    |  | 39.00                |  | 39.00                       |                   | 1.8     |  | 2.5             |   |  | (0.5         | ) |  |       |   |  | 1.5     |  
|Dynasol Elastómeros, S.A.                       |  | Spain             |  | Repsol Química, S.A.                     |  | -                                              |  | Production and marketing of chemicals  |  | P.C.                    |  | 50.01                |  | 50.01                       |                   | 16.8    |  | 34.4            |   |  | (2.2         | ) |  |       |   |  | 24.5    |  
|Dynasol Elastómeros, S.A. de C.V.               |  | Mexico            |  | Repsol Química, S.A.                     |  | -                                              |  | Production and marketing of chemicals  |  | E.M.                    |  | 49.99                |  | 49.99                       |                   | 58.7    |  | 2.2             |   |  | 3.8          |   |  |       |   |  | 32.3    |  
|Dynasol Gestión, S.A.                           |  | Spain             |  | Repsol Química, S.A.                     |  | -                                              |  | Production of chemicals                |  | E.M.                    |  | 50.00                |  | 50.00                       |                   | 0.1     |  | 0.4             |   |  | 0.2          |   |  |       |   |  | 0.4     |  
|Dynasol LLC                                     |  | US                |  | Repsol Química, S.A.                     |  | -                                              |  | Marketing of petrochemicals            |  | E.M.                    |  | 50.00                |  | 50.00                       |                   |        |  |                |   |  |             |   |  |       |   |  |        |  
|Repsol Polimeros LDA                            |  | Portugal          |  | Repsol Química, S.A.                     |  | Repsol Lusitania, S.L.                         |  | Production and sale of petrochemicals  |  | F.C.                    |  | 100.00               |  | 100.00                      |                   | 268.4   |  | 22.6            |   |  | 44.6         |   |  |       |   |  | 335.6   |  
|Repsol Electricidade e Calor, ACE               |  | Portugal          |  | Repsol Polimeros LDA                     |  | -                                              |  | Electricity production                 |  | E.M.                    |  | 66.67                |  | 66.67                       |                   | 0.0     |  | 0.0             |   |  |             |   |  |       |   |  | 0.0     |  
|Polymer Technology Inc.                         |  | US                |  | Repsol Química, S.A.                     |  | -                                              |  | Technology licence                     |  | E.M.                    |  | 70.00                |  | 70.00                       |                   |        |  |                |   |  |             |   |  |       |   |  |        |  
|Polymed                                         |  | Algeria           |  | Repsol Química, S.A.                     |  | -                                              |  | Production of polyethylene             |  | E.M.                    |  | 26.95                |  | 26.95                       |                   | 46.0    |  | 25.7            |   |  |             |   |  |       |   |  | 19.3    |  
|Repsol Chemie Deutchland GmbH                   |  | Germany           |  | Repsol Química, S.A.                     |  | -                                              |  | Marketing of chemicals                 |  | F.C.                    |  | 100.00               |  | 100.00                      |                   | 0.1     |  | 0.6             |   |  | 0.6          |   |  |       |   |  | 1.3     |  
|Repsol Lusitania, S.L.                          |  | Spain             |  | Repsol YPF, S.A.                         |  | Repsol Química, S.A.                           |  | Portfolio company                      |  | F.C.                    |  | 100.00               |  | 100.00                      |                   |        |  |                |   |  | (1.2         | ) |  |       |   |  | (1.2    | )
|Repsol Italia, SpA                              |  | Italy             |  | Repsol YPF, S.A.                         |  | -                                              |  | Marketing of oil products              |  | F.C.                    |  | 100.00               |  | 100.00                      |                   | 2.4     |  | 13.5            |   |  | 5.7          |   |  |       |   |  | 21.6    |  
|Gas Natural SDG, S.A.                           |  | Spain             |  | Repsol YPF, S.A.                         |  | Repsol Petróleo, S.A./Repsol Exploracion, S.A. |  | Distribution of gas                    |  | P.C.                    |  | 30.85                |  | 30.85                       |                   | 447.8   |  | 3,909.4         |   |  | 745.4        |   |  | (165.7 | ) |  | 1,522.8 |  
|Sagane, S.A.(2)                                 |  | Spain             |  | Gas Natural SDG, S.A.                    |  | La Propagadora del Gas, S.A.                   |  | Gas supply                             |  | P.C.                    |  | 30.85                |  | 100.00                      |                   | 94.8    |  | 14.2            |   |  | 137.8        |   |  |       |   |  | 76.1    |  
|Europe Maghreb Pipeline, Ltd. (EMPL)(2)         |  | UK                |  | Sagane, S.A.                             |  | -                                              |  | Gas transmission                       |  | P.C.                    |  | 22.39                |  | 72.60                       |                   | 0.1     |  | 57.6            |   |  | 115.1        |   |  | (50.8  | ) |  | 27.3    |  
|Metragaz, S.A. (2)                              |  | Morocco           |  | Sagane, S.A.                             |  | -                                              |  | Gas transmission                       |  | P.C.                    |  | 22.31                |  | 72.33                       |                   | 3.4     |  | 0.9             |   |  | 0.5          |   |  |       |   |  | 1.1     |  
|Gas Natural transporte SDG, S.L.(2)             |  | Spain             |  | Gas Natural SDG, S.A.                    |  | La Propagadora del Gas, S.A.                   |  | Distribution of gas                    |  | P.C.                    |  | 30.85                |  | 100.00                      |                   | 15.0    |  | 42.2            |   |  | 9.0          |   |  | (6.6   | ) |  | 18.4    |  
|Gas Natural Exploración, S.L. (2)               |  | Spain             |  | Gas Natural SDG, S.A.                    |  | La Energía, S.A.                               |  | Oil and gas research and exploration   |  | P.C.                    |  | 30.85                |  | 100.00                      |                   | 15.4    |  | (0.1            | ) |  | (4.9         | ) |  |       |   |  | 3.2     |  
|Repsol-Gas Natural LNG                          |  | Spain             |  | Repsol YPF, S.A.                         |  | Gas Natural SDG, S.A.                          |  | Gas transmission                       |  | P.C.                    |  | 65.42                |  | 100.00                      |                   | 2.0     |  |                |   |  | 0.5          |   |  |       |   |  | 1.6     |  
|Gas Natural Soluciones, S.L.(2)                 |  | Spain             |  | Gas Natural SDG, S.A.                    |  | La Propagadora del Gas, S.A.                   |  | Services                               |  | P.C.                    |  | 30.85                |  | 100.00                      |                   | 6.2     |  | 3.3             |   |  | 0.1          |   |  |       |   |  | 3.0     |  
|Iradia Climatización AIE (2)                    |  | Spain             |  | Gas Natural Soluciones, S.L.             |  | Gas Natural Servicios SDG, S.A.                |  | Energy management                      |  | P.C.                    |  | 30.85                |  | 100.00                      |                   | 0.3     |  | 0.1             |   |  |             |   |  |       |   |  | 0.1     |  
|Kromschroeder, S.A. (3)                         |  | Spain             |  | Gas Natural SDG, S.A.                    |  | -                                              |  | Finance and other activities           |  | E.M.                    |  | 13.12                |  | 42.52                       |                   | 0.7     |  | 10.4            |   |  | 0.5          |   |  |       |   |  | 1.5     |  
|Gas Natural Castilla y León, S.A.(2)            |  | Spain             |  | Gas Natural SDG, S.A.                    |  | La Propagadora del Gas, S.A.                   |  | Distribution of gas                    |  | P.C.                    |  | 27.79                |  | 90.10                       |                   | 6.3     |  | 78.5            |   |  | 15.9         |   |  |       |   |  | 28.0    |  
|Gas Natural Castilla La Mancha, S.A. (2)        |  | Spain             |  | Gas Natural SDG, S.A.                    |  | -                                              |  | Distribution of gas                    |  | P.C.                    |  | 29.30                |  | 95.00                       |                   | 26.8    |  | 16.7            |   |  | 1.8          |   |  |       |   |  | 13.3    |  
|Gas Natural Distribución SDG, S.A. (2)          |  | Spain             |  | Gas Natural SDG, S.A.                    |  | La Propagadora del Gas, S.A.                   |  | Distribution of gas                    |  | P.C.                    |  | 30.85                |  | 100.00                      |                   | 101.0   |  | 1,005.1         |   |  | 269.1        |   |  | (192.1 | ) |  | 364.9   |  
|Gas Natural Distribución Eléctrica, S.A.(2)     |  | Spain             |  | Gas Natural SDG, S.A.                    |  | La Propagadora del Gas, S.A.                   |  | Electricity distribution               |  | P.C.                    |  | 30.85                |  | 100.00                      |                   | 1.2     |  | (0.4            | ) |  | (0.3         | ) |  |       |   |  | 0.2     |  
|Electra de Abusejo, S.L.(2)                     |  | Spain             |  | Gas Natural Distribución Eléctrica, S.A. |  | La Propagadora del Gas, S.A.                   |  | Electricity distribution               |  | P.C.                    |  | 30.85                |  | 100.00                      |                   | 0.1     |  |                |   |  |             |   |  |       |   |  | 0.0     |  
|Distribuidora eléctrica Navasfrías, S.L.(2)     |  | Spain             |  | Gas Natural Distribución Eléctrica, S.A. |  | La Propagadora del Gas, S.A.                   |  | Electricity distribution               |  | P.C.                    |  | 30.85                |  | 100.00                      |                   | 0.2     |  |                |   |  |             |   |  |       |   |  | 0.1     |  
|Gas Natural Rioja, S.A.(2)                      |  | Spain             |  | Gas Natural SDG, S.A.                    |  | -                                              |  | Distribution of gas                    |  | P.C.                    |  | 26.99                |  | 87.50                       |                   | 2.7     |  | 8.9             |   |  | 2.3          |   |  |       |   |  | 3.8     |  
|Gas Navarra, S.A. (2)                           |  | Spain             |  | Gas Natural SDG, S.A.                    |  | -                                              |  | Distribution of gas                    |  | P.C.                    |  | 27.76                |  | 89.99                       |                   | 3.6     |  | 27.1            |   |  | 5.9          |   |  |       |   |  | 10.2    |  
|Gas Galicia SDG, S.A.(2)                        |  | Spain             |  | Gas Natural SDG, S.A.                    |  | -                                              |  | Distribution of gas                    |  | P.C.                    |  | 19.12                |  | 62.00                       |                   | 32.6    |  | 5.4             |   |  | 0.2          |   |  |       |   |  | 7.3     |  
|Gas Natural La Coruña, S.A.(2)                  |  | Spain             |  | Gas Galicia SDG, S.A.                    |  | -                                              |  | Distribution of gas                    |  | P.C.                    |  | 17.40                |  | 91.00                       |                   | 2.3     |  | (0.4            | ) |  | (0.5         | ) |  |       |   |  | 0.2     |  
|Gas Aragón, S.A. (3)                            |  | Spain             |  | Gas Natural SDG, S.A.                    |  | -                                              |  | Distribution of gas                    |  | E.M.                    |  | 10.80                |  | 35.00                       |                   | 5.9     |  | 16.8            |   |  | 9.4          |   |  |       |   |  | 3.5     |  
|La Propagadora del Gas, S.A.(2)                 |  | Spain             |  | Gas Natural SDG, S.A.                    |  | Holding Gas Natural, S.A.                      |  | Portfolio company                      |  | P.C.                    |  | 30.85                |  | 100.00                      |                   | 0.2     |  | 1.2             |   |  | 0.1          |   |  |       |   |  | 0.5     |  
|Gas Natural Informática, S.A. (2)               |  | Spain             |  | Gas Natural SDG, S.A.                    |  | La Propagadora del Gas, S.A.                   |  | Computer services                      |  | P.C.                    |  | 30.85                |  | 100.00                      |                   | 19.9    |  | 4.9             |   |  | 0.8          |   |  |       |   |  | 7.9     |  
|Gas Natural Andalucía, S.A.(2)                  |  | Spain             |  | Gas Natural SDG, S.A.                    |  | La Propagadora del Gas, S.A.                   |  | Distribution of gas                    |  | P.C.                    |  | 30.85                |  | 100.00                      |                   | 12.4    |  | 41.3            |   |  | 3.5          |   |  |       |   |  | 17.6    |  
|Compañía Auxiliar de Industrias Varias, S.A.(2) |  | Spain             |  | Gas Natural SDG, S.A.                    |  | La Propagadora del Gas, S.A.                   |  | Services                               |  | P.C.                    |  | 30.85                |  | 100.00                      |                   | 0.3     |  | 1.4             |   |  |             |   |  |       |   |  | 0.5     |  
|La Energía, S.A.(2)                             |  | Spain             |  | Gas Natural SDG, S.A.                    |  | La Propagadora del Gas, S.A.                   |  | Electricity cogeneration               |  | P.C.                    |  | 30.85                |  | 100.00                      |                   | 10.7    |  | 0.9             |   |  | (0.2         | ) |  |       |   |  | 3.5     |  
|A.I.E. Ciudad Sanitaria Vall d Hebrón (2)      |  | Spain             |  | La Energía, S.A.                         |  | -                                              |  | Electricity cogeneration               |  | P.C.                    |  | 25.06                |  | 81.25                       |                   | 1.7     |  | 0.1             |   |  | (0.9         | ) |  |       |   |  | 0.2     |  
|Sociedad de Tratamiento Hornillos, S.L.(2)      |  | Spain             |  | La Energía, S.A.                         |  | -                                              |  | Electricity cogeneration               |  | P.C.                    |  | 24.68                |  | 80.00                       |                   | 1.2     |  | 1.1             |   |  | 0.2          |   |  |       |   |  | 0.6     |  
|UTE La Energía-GNE (2)                          |  | Spain             |  | La Energía, S.A.                         |  | Gas Natural Electricidad SDG, S.A.             |  | Electricity cogeneration               |  | P.C.                    |  | 30.85                |  | 100.00                      |                   | 1.4     |  |                |   |  | 0.3          |   |  |       |   |  | 0.5     |  





---

LIST OF SIGNIFICANT SUBSIDIARIES



|                                                              |  |                    |  |                                         |  |                                                      |  |                                             |  |                         |  |                      |  |                             |                   |         |  |                 |   |  |              |   |  |       |   |  |         |  
|------------------------------------------------------------- |  | ------------------ |  | --------------------------------------- |  | ---------------------------------------------------- |  | ------------------------------------------- |  | ----------------------- |  | -------------------- |  | --------------------------- | ----------------- | ------- |  | --------------- | - |  | ------------ | - |  | ----- | - |  | ------- | -
|Name                                                          |  | Country            |  | Parent                                  |  | Other Shareholders                                   |  | Line of Business                            |  | ConsolidationMethod (4) |  | % of Total Ownership |  | Amount in Millions of Euros |                  
|                                                              |  |                    |  |                                         |  | % of DirectOwnership                                 |  | % of Control                                |  | Share Capital           |  | Reserves             |  |                             | 2006 Profit(Loss) |         |  | InterimDividend |   |  | Assets Owned |  
|AECS Hospital Trias i Pujol AIE                               |  | Spain              |  | La Energía, S.A.                        |  | -                                                    |  | Electricity cogeneration                    |  | P.C.                    |  | 15.42                |  | 50.00                       |                   | 0.9     |  | 0.1             |   |  | (0.2         | ) |  |      |   |  | 0.1     |  
|Sociedad de Tratamiento La Andaya, S.L.                       |  | Spain              |  | La Energía, S.A.                        |  | -                                                    |  | Electricity cogeneration                    |  | P.C.                    |  | 13.88                |  | 45.00                       |                   | 1.1     |  | 1.2             |   |  | 0.6          |   |  |      |   |  | 0.4     |  
|AECS Hospital Bellvitge AIE                                   |  | Spain              |  | La Energía, S.A.                        |  | -                                                    |  | Electricity cogeneration                    |  | P.C.                    |  | 15.42                |  | 50.00                       |                   | 0.9     |  | (0.5            | ) |  | (0.3         | ) |  |      |   |  | 0.0     |  
|Tratamiento Almazán, S.L. (2)                                 |  | Spain              |  | La Energía, S.A.                        |  | -                                                    |  | Electricity cogeneration                    |  | P.C.                    |  | 27.76                |  | 89.99                       |                   | 2.8     |  |                |   |  | (0.0         | ) |  |      |   |  | 0.8     |  
|Gas Natural Comercializadora, S.A.(2)                         |  | Spain              |  | Gas Natural SDG, S.A.                   |  | La Propagadora del Gas, S.A.                         |  | Retailing of gas and industrial electricity |  | P.C.                    |  | 30.85                |  | 100.00                      |                   | 2.4     |  | 29.7            |   |  | 33.8         |   |  |      |   |  | 20.3    |  
|Invergas Puerto Rico, S.A.(2)                                 |  | Spain              |  | Gas Natural SDG, S.A.                   |  | La Propagadora del Gas, S.A.                         |  | Portfolio company                           |  | P.C.                    |  | 30.85                |  | 100.00                      |                   | 5.1     |  | (1.6            | ) |  | (0.8         | ) |  |      |   |  | 0.8     |  
|Buenergía Gas & Power Ltd. (2)                                |  | CaymanIslands      |  | Invergas Puerto Rico,S.A.               |  | -                                                    |  | Portfolio company                           |  | P.C.                    |  | 29.30                |  | 95.00                       |                   | 0.1     |  | (76.8           | ) |  | 10.5         |   |  |      |   |  | (19.4   | )
|Ecoeléctrica Holdings Ltd.                                    |  | Puerto Rico        |  | Buenergía Gas & Power Ltd.              |  | -                                                    |  | Portfolio company                           |  | P.C.                    |  | 14.65                |  | 50.00                       |                   | 63.2    |  | 4.0             |   |  | 15.8         |   |  | (20.4 | ) |  | 9.2     |  
|Ecoeléctrica Ltd.                                             |  | Puerto Rico        |  | Ecoeléctrica Holdings Ltd.              |  | -                                                    |  | Portfolio company                           |  | P.C.                    |  | 14.65                |  | 100.00                      |                   | 0.6     |  |                |   |  | 0.2          |   |  | (0.2  | ) |  | 0.1     |  
|Ecoeléctrica LP Ltd.                                          |  | Puerto Rico        |  | Ecoeléctrica Holdings Ltd.              |  | Ecoeléctrica Ltd.                                    |  | Electricity production                      |  | P.C.                    |  | 14.65                |  | 100.00                      |                   | 63.2    |  | (7.0            | ) |  | 51.4         |   |  | (12.1 | ) |  | 14.0    |  
|Gas Natural Servicios SDG, S.A.(2)                            |  | Spain              |  | Gas Natural SDG, S.A.                   |  | La Propagadora del Gas, S.A.                         |  | Retailing of domestic gas and electricity   |  | P.C.                    |  | 30.85                |  | 100.00                      |                   | 2.9     |  | 2.8             |   |  | 2.3          |   |  |      |   |  | 2.5     |  
|UTE GNS-Dalkia Energia                                        |  | Spain              |  | Gas Natural Servicios SDG, S.A.         |  | -                                                    |  | Energy management                           |  | P.C.                    |  | 15.42                |  | 50.00                       |                   |        |  | (0.3            | ) |  |             |   |  |      |   |  | (0.0    | )
|Gas Natural Electricidad SDG, S.A.(2)                         |  | Spain              |  | Gas Natural SDG, S.A.                   |  | La Propagadora del Gas, S.A.                         |  | Electricity production and retailing        |  | P.C.                    |  | 30.85                |  | 100.00                      |                   | 32.8    |  | (0.6            | ) |  | (6.0         | ) |  |      |   |  | 8.1     |  
|Gas Natural Corporación Eólica, S.L.(2)                       |  | Spain              |  | Gas Natural Electricidad SDG, S.A.      |  | La Energía, S.A.                                     |  | Wind power production                       |  | P.C.                    |  | 30.85                |  | 100.00                      |                   | 5.5     |  | (2.6            | ) |  | 1.2          |   |  |      |   |  | 1.3     |  
|Gas Natural Eólica, S.A.(2)                                   |  | Spain              |  | Gas Natural Corporación Eólica, S.L.    |  | La Propagadora del Gas, S.A.                         |  | Wind power production                       |  | P.C.                    |  | 30.85                |  | 100.00                      |                   | 6.0     |  | 0.2             |   |  | 2.3          |   |  | (1.6  | ) |  | 2.1     |  
|Corporación Eólica Zaragoza, S.L.(2)                          |  | Spain              |  | Gas Natural Eólica, S.A.                |  | -                                                    |  | Wind power production                       |  | P.C.                    |  | 20.98                |  | 68.00                       |                   | 2.5     |  | 0.2             |   |  | 1.0          |   |  |      |   |  | 0.8     |  
|Montouto 2000, S.A.                                           |  | Spain              |  | Gas Natural Eólica, S.A.                |  | -                                                    |  | Wind power production                       |  | P.C.                    |  | 15.12                |  | 49.00                       |                   | 6.0     |  | 0.6             |   |  | 2.4          |   |  |      |   |  | 1.4     |  
|Explotaciones Eólicas Sierra de Utrera                        |  | Spain              |  | Gas Natural Eólica, S.A.                |  | -                                                    |  | Wind power production                       |  | P.C.                    |  | 15.42                |  | 50.00                       |                   | 2.7     |  | 2.8             |   |  | 4.0          |   |  |      |   |  | 1.5     |  
|Enervent, S.A.(3)                                             |  | Spain              |  | Gas Natural Eólica, S.A.                |  | -                                                    |  | Electricity generation and trading          |  | E.M.                    |  | 8.02                 |  | 26.00                       |                   | 2.4     |  | (0.8            | ) |  | 1.8          |   |  |      |   |  | 0.3     |  
|Burgalesa de Generación Eólica, S.A. (3)                      |  | Spain              |  | Gas Natural Eólica, S.A.                |  | -                                                    |  | Electricity generation and trading          |  | E.M.                    |  | 7.48                 |  | 24.24                       |                   | 1.5     |  | 0.3             |   |  | 0.2          |   |  |      |   |  | 0.1     |  
|Desarrollo de Energías Renovables, S.A. (2)                   |  | Spain              |  | Gas Natural Corporación Eólica, S.L.    |  | -                                                    |  | Wind power production                       |  | P.C.                    |  | 30.85                |  | 100.00                      |                   | 42.2    |  | 121.3           |   |  | 12.8         |   |  | (2.7  | ) |  | 53.6    |  
|Aplicaciones y Proyectos energéticos, S.A.(2)                 |  | Spain              |  | Desarrollo de Energías Renovables, S.A. |  | -                                                    |  | Wind power production                       |  | P.C.                    |  | 30.85                |  | 100.00                      |                   | 0.1     |  | 0.1             |   |  |             |   |  |      |   |  | 0.0     |  
|Boreas Eólica, S.A.(2)                                        |  | Spain              |  | Desarrollo de Energías Renovables, S.A. |  | -                                                    |  | Wind power production                       |  | P.C.                    |  | 30.70                |  | 99.52                       |                   | 5.2     |  | 5.1             |   |  | 2.0          |   |  |      |   |  | 3.8     |  
|Los Castrios, S.A.                                            |  | Spain              |  | Boreas Eólica, S.A.                     |  | -                                                    |  | Wind power production                       |  | P.C.                    |  | 10.23                |  | 33.33                       |                   | 2.2     |  |                |   |  | 1.0          |   |  |      |   |  | 0.3     |  
|Molinos de Valdebezana, S.A. (2)                              |  | Spain              |  | Boreas Eólica, S.A.                     |  | -                                                    |  | Wind power production                       |  | P.C.                    |  | 18.42                |  | 60.00                       |                   | 0.1     |  |                |   |  |             |   |  |      |   |  | 0.0     |  
|Desarrollo de Energias Renovables Castilla La Mancha, S.A.(2) |  | Spain              |  | Desarrollo de Energías Renovables, S.A. |  | -                                                    |  | Wind power production                       |  | P.C.                    |  | 30.85                |  | 100.00                      |                   | 0.1     |  |                |   |  | 0.3          |   |  |      |   |  | 0.1     |  
|Sistemas Energéticos La Muela, S.A.(3)                        |  | Spain              |  | Desarrollo de Energías Renovables, S.A. |  | -                                                    |  | Electricity generation and trading          |  | E.M.                    |  | 6.17                 |  | 20.00                       |                   | 3.1     |  | 1.7             |   |  | 2.4          |   |  |      |   |  | 0.4     |  
|Sistemas Energéticos Mas Garullo, S.A.(3)                     |  | Spain              |  | Desarrollo de Energías Renovables, S.A. |  | -                                                    |  | Electricity generation and trading          |  | E.M.                    |  | 5.55                 |  | 18.00                       |                   | 1.5     |  | 0.7             |   |  | 1.8          |   |  |      |   |  | 0.2     |  
|Boreas Eólica 2, S.A.(2)                                      |  | Spain              |  | Desarrollo de Energías Renovables, S.A. |  | -                                                    |  | Wind power production                       |  | P.C.                    |  | 27.76                |  | 90.00                       |                   | 2.6     |  | 4.5             |   |  | 2.0          |   |  |      |   |  | 2.5     |  
|Desarrollo de Energías Renovables de Navarra, S.A.            |  | Spain              |  | Desarrollo de Energías Renovables, S.A. |  | -                                                    |  | Wind power production                       |  | P.C.                    |  | 15.42                |  | 50.00                       |                   | 9.9     |  | 25.8            |   |  | 12.2         |   |  |      |   |  | 7.4     |  
|Desarrollo de Energías Renovables de La Rioja, S.A.           |  | Spain              |  | Desarrollo de Energías Renovables, S.A. |  | -                                                    |  | Wind power production                       |  | P.C.                    |  | 11.18                |  | 36.25                       |                   | 16.5    |  | 1.2             |   |  | 7.2          |   |  | (1.5  | ) |  | 2.6     |  
|Molinos del Cidacos, S.A.                                     |  | Spain              |  | Desarrollo de Energías Renovables, S.A. |  | -                                                    |  | Wind power production                       |  | P.C.                    |  | 15.42                |  | 50.00                       |                   | 10.3    |  | 8.3             |   |  | 9.1          |   |  |      |   |  | 4.3     |  
|Molinos de La Rioja, S.A.                                     |  | Spain              |  | Desarrollo de Energías Renovables, S.A. |  | -                                                    |  | Wind power production                       |  | P.C.                    |  | 10.28                |  | 33.33                       |                   | 3.0     |  | 2.7             |   |  | 1.5          |   |  |      |   |  | 0.7     |  
|Molinos de Linares, S.A.                                      |  | Spain              |  | Molinos de La Rioja, S.A.               |  | -                                                    |  | Wind power production                       |  | P.C.                    |  | 7.71                 |  | 75.00                       |                   | 0.1     |  |                |   |  |             |   |  |      |   |  | 0.0     |  
|Energy way Produçao de energía, LDA (2)                       |  | Portugal           |  | Gas Natural Electricidad SDG, S.A.      |  | -                                                    |  | Wind power production                       |  | P.C.                    |  | 30.85                |  | 100.00                      |                   |        |  |                |   |  |             |   |  |      |   |  |        |  
|Lantarón Energía S.L. (2)                                     |  | Spain              |  | Gas Natural Electricidad SDG, S.A.      |  | La Propagadora del Gas, S.A.                         |  | Electricity generation                      |  | P.C.                    |  | 30.85                |  | 100.00                      |                   |        |  |                |   |  |             |   |  |      |   |  |        |  
|Desarrollo del Cable, S.A.(2)                                 |  | Spain              |  | Gas Natural SDG, S.A.                   |  | La Propagadora del Gas, S.A.                         |  | Telecommunications                          |  | P.C.                    |  | 30.85                |  | 100.00                      |                   | 21.1    |  | 20.5            |   |  | 8.1          |   |  |      |   |  | 15.3    |  
|Gas Natural Cantabria SDG, S.A.(2)                            |  | Spain              |  | Gas Natural SDG, S.A.                   |  | La Propagadora del Gas, S.A.                         |  | Distribution of gas                         |  | P.C.                    |  | 27.89                |  | 90.41                       |                   | 3.2     |  | 27.9            |   |  | 1.0          |   |  |      |   |  | 9.0     |  
|Gas Natural Murcia SDG, S.A.(2)                               |  | Spain              |  | Gas Natural SDG, S.A.                   |  | La Propagadora del Gas, S.A.                         |  | Distribution of gas                         |  | P.C.                    |  | 30.83                |  | 99.94                       |                   | 19.4    |  | (2.4            | ) |  | (3.1         | ) |  |      |   |  | 4.3     |  
|Gas Natural Cegas S.A.(2)                                     |  | Spain              |  | Gas Natural SDG, S.A.                   |  | La Propagadora del Gas, S.A.                         |  | Distribution of gas                         |  | P.C.                    |  | 30.84                |  | 99.99                       |                   | 25.5    |  | 67.9            |   |  | 5.9          |   |  |      |   |  | 30.6    |  
|Gas Natural Aprovisionamientos SDG, S.A. (2)                  |  | Spain              |  | Gas Natural SDG, S.A.                   |  | Sagane, S.A.                                         |  | Gas supply                                  |  | P.C.                    |  | 30.85                |  | 100.00                      |                   | 0.6     |  | (14.2           | ) |  | 17.9         |   |  |      |   |  | 1.3     |  
|Gas Natural Finance, BV (2)                                   |  | Netherlands        |  | Gas Natural SDG, S.A.                   |  | -                                                    |  | Finance                                     |  | P.C.                    |  | 30.85                |  | 100.00                      |                   |        |  | 2.3             |   |  | 0.4          |   |  |      |   |  | 0.8     |  
|Holding Gas Natural, S.A.(2)                                  |  | Spain              |  | Gas Natural SDG, S.A.                   |  | La Propagadora del Gas, S.A.                         |  | Portfolio company                           |  | P.C.                    |  | 30.85                |  | 100.00                      |                   | 0.3     |  | 0.2             |   |  |             |   |  |      |   |  | 0.2     |  
|Gas Natural Sao Paulo Sul, S.A.(2)                            |  | Brazil             |  | Gas Natural, SDG, S.A.                  |  | Gas Natural Servicios SDG, S.A.                      |  | Distribution of gas                         |  | P.C.                    |  | 30.85                |  | 100.00                      |                   | 346.4   |  | (183.7          | ) |  | 2.1          |   |  | (1.3  | ) |  | 50.4    |  
|Gas Natural International, Ltd. (2)                           |  | Republic ofIreland |  | Gas Natural SDG, S.A.                   |  | La Propagadora del Gas, S.A.                         |  | Finance                                     |  | P.C.                    |  | 30.85                |  | 100.00                      |                   | 25.4    |  | 11.9            |   |  | 0.7          |   |  |      |   |  | 11.7    |  
|Natural RE, S.A.(2)                                           |  | Luxembourg         |  | Gas Natural International, Ltd.         |  | Holding Gas Natural, S.A.                            |  | Insurance                                   |  | P.C.                    |  | 30.85                |  | 100.00                      |                   | 3.1     |  | (0.5            | ) |  | 3.4          |   |  |      |   |  | 1.9     |  
|Gas Natural Internacional SDG, S.A. (2)                       |  | Spain              |  | Gas Natural SDG, S.A.                   |  | La Propagadora del Gas, S.A.                         |  | Portfolio company                           |  | P.C.                    |  | 30.85                |  | 100.00                      |                   | 349.5   |  | 4.4             |   |  | 15.3         |   |  |      |   |  | 113.9   |  
|Natural Energy, S.A.(2)                                       |  | Argentina          |  | Gas Natural Internacional SDG, S.A.     |  | La Propagadora del Gas, S.A.                         |  | Marketing of gas                            |  | P.C.                    |  | 22.21                |  | 72.00                       |                   |        |  | 1.3             |   |  | 1.7          |   |  |      |   |  | 0.7     |  
|CEG Rio, S.A. (2)                                             |  | Brazil             |  | Gas Natural Internacional SDG, S.A.     |  | Gas Natural SDG, S.A.                                |  | Marketing of gas                            |  | P.C.                    |  | 18.39                |  | 59.61                       |                   | 22.8    |  | 28.6            |   |  | 4.6          |   |  | (2.2  | ) |  | 9.9     |  
|Companhia Distribuidora de Gás do Rio de Janeiro S.A. (2)     |  | Brazil             |  | Gas Natural Internacional SDG, S.A.     |  | Gas Natural SDG, S.A.                                |  | Distribution of gas                         |  | P.C.                    |  | 16.71                |  | 54.17                       |                   | 147.7   |  | 97.2            |   |  | 16.6         |   |  | (21.2 | ) |  | 40.1    |  
|Gas Natural Commercialisation France, S.A.S.(2)               |  | France             |  | Gas Natural Internacional SDG, S.A.     |  | -                                                    |  | Marketing of gas                            |  | P.C.                    |  | 30.85                |  | 100.00                      |                   |        |  | (4.0            | ) |  | 2.0          |   |  |      |   |  | (0.6    | )
|Gas Natural Puerto Rico, Inc.(2)                              |  | Puerto Rico        |  | Gas Natural Internacional SDG, S.A.     |  | -                                                    |  | Portfolio company                           |  | P.C.                    |  | 30.85                |  | 100.00                      |                   | 1.5     |  | (0.4            | ) |  | (0.3         | ) |  |      |   |  | 0.2     |  
|Invergas, S.A. (2)                                            |  | Argentina          |  | Gas Natural Internacional, SDG, S.A.    |  | -                                                    |  | Portfolio company                           |  | P.C.                    |  | 22.21                |  | 72.00                       |                   | 48.9    |  | 60.6            |   |  | 0.0          |   |  |      |   |  | 24.3    |  
|Gas Natural Ban, S.A.(2)                                      |  | Argentina          |  | Invergas, S.A.                          |  | Gas Natural Argentina SDG, S.A.                      |  | Transmission and distribution of gas        |  | P.C.                    |  | 15.55                |  | 70.00                       |                   | 214.7   |  | (151.1          | ) |  | 4.2          |   |  | (13.4 | ) |  | 8.5     |  
|Gas Natural Argentina SDG, S.A. (2)                           |  | Argentina          |  | Gas Natural Internacional, SDG, S.A.    |  | -                                                    |  | Portfolio company                           |  | P.C.                    |  | 22.21                |  | 72.00                       |                   | 105.0   |  | (23.4           | ) |  | 0.0          |   |  |      |   |  | 18.1    |  
|Gas Natural do Brasil S.A. (2)                                |  | Brazil             |  | Gas Natural Internacional, SDG, S.A.    |  | Gas Natural Servicios SDG, S.A.                      |  | Electricity production and retailing        |  | P.C.                    |  | 30.84                |  | 99.99                       |                   | 0.6     |  | (1.8            | ) |  | 0.1          |   |  |      |   |  | (0.3    | )
|Gas Natural Serviços, S.A.(2)                                 |  | Brazil             |  | Gas Natural Internacional, SDG, S.A.    |  | Gas Natural do Brasil S.A.                           |  | Services                                    |  | P.C.                    |  | 30.85                |  | 100.00                      |                   | 1.7     |  | 0.4             |   |  | 0.5          |   |  | (0.2  | ) |  | 0.7     |  
|Gas Natural México, S.A. de C.V.(2)                           |  | Mexico             |  | Gas Natural Internacional, SDG, S.A.    |  | Gas Natural SDG, S.A.                                |  | Transmission and distribution of gas        |  | P.C.                    |  | 26.76                |  | 86.75                       |                   | 470.7   |  | (167.2          | ) |  | 2.6          |   |  |      |   |  | 81.9    |  
|Comercializadora Metrogas S.A. de C.V. (2)                    |  | Mexico             |  | Gas Natural México, S.A. de C.V.        |  | Sistemas de Administración y Servicios, S.A. de C.V. |  | Distribution of gas                         |  | P.C.                    |  | 26.76                |  | 100.00                      |                   | 128.1   |  | (61.8           | ) |  | 2.2          |   |  |      |   |  | 18.3    |  
|Adm. Servicios Energía México, S.A. de C.V. (2)               |  | Mexico             |  | Comercializadora Metrogas S.A. de C.V.  |  | -                                                    |  | Services                                    |  | P.C.                    |  | 26.76                |  | 100.00                      |                   |        |  | (0.3            | ) |  |             |   |  |      |   |  | (0.1    | )
|Energía y Confort Admón. de Personal, S.A. de C.V.(2)         |  | Mexico             |  | Gas Natural México, S.A. de C.V.        |  | Gas Natural Internacional SDG, S.A.                  |  | Services                                    |  | P.C.                    |  | 26.84                |  | 100.00                      |                   |        |  | 0.2             |   |  | (0.4         | ) |  |      |   |  | (0.0    | )
|Gas Natural Servicios, S.A. de C.V. (2)                       |  | Mexico             |  | Gas Natural México, S.A. de C.V.        |  | Gas Natural Internacional SDG, S.A.                  |  | Services                                    |  | P.C.                    |  | 26.76                |  | 100.00                      |                   | 6.1     |  | (3.1            | ) |  | 1.8          |   |  |      |   |  | 1.3     |  
|Transnatural, SRL de C.V.                                     |  | Mexico             |  | Gas Natural México, S.A. de C.V.        |  | -                                                    |  | Transmission and marketing of gas           |  | P.C.                    |  | 13.38                |  | 50.00                       |                   | 10.3    |  | (10.2           | ) |  | (3.4         | ) |  |      |   |  | (0.4    | )
|CH4 Energía, S.A de C.V.                                      |  | Mexico             |  | Gas Natural México, S.A. de C.V.        |  | -                                                    |  | Transmission and marketing of gas           |  | P.C.                    |  | 13.38                |  | 50.00                       |                   | 0.6     |  | 0.7             |   |  | 0.6          |   |  |      |   |  | 0.3     |  
|Gas Natural Vendita Italia, S.p.A.(2)                         |  | Italy              |  | Gas Natural Internacional SDG, S.A.     |  | -                                                    |  | Marketing of gas                            |  | P.C.                    |  | 30.85                |  | 100.00                      |                   | 2.1     |  | 5.9             |   |  | (4.5         | ) |  |      |   |  | 1.1     |  
|Gas Natural Distribuzione S.p.A. (2)                          |  | Italy              |  | Gas Natural Internacional SDG, S.A.     |  | -                                                    |  | Portfolio company and distribution of gas   |  | P.C.                    |  | 30.85                |  | 100.00                      |                   | 4.7     |  | 119.1           |   |  | (4.2         | ) |  |      |   |  | 36.9    |  
|Gasdotti Azienda Siciliana, S.p.A. (2)                        |  | Italy              |  | Gas Natural Distribuzione S.p.A.        |  | Treasury shares                                      |  | Distribution of gas                         |  | P.C.                    |  | 27.76                |  | 90.00                       |                   | 0.5     |  | 23.0            |   |  | (3.1         | ) |  |      |   |  | 5.7     |  
|Agragas, S.p.A.(2)                                            |  | Italy              |  | Gas Natural Distribuzione S.p.A.        |  | Treasury shares                                      |  | Distribution of gas                         |  | P.C.                    |  | 27.76                |  | 90.00                       |                   | 0.1     |  | 35.2            |   |  | (0.6         | ) |  |      |   |  | 9.6     |  
|Normanna Gas, S.p.A.(2)                                       |  | Italy              |  | Gas Natural Distribuzione S.p.A.        |  | Treasury shares                                      |  | Distribution of gas                         |  | P.C.                    |  | 27.76                |  | 90.00                       |                   | 0.1     |  | 28.7            |   |  | (0.3         | ) |  |      |   |  | 7.9     |  
|Congas Servizi Consorzio Gas Acqua Servizi, S.p.A. (2)        |  | Italy              |  | Normanna Gas, S.p.A.                    |  | Agragas, S.p.A./Gasdotti Azienda Siciliana, S.p.A.   |  | Marketing of gas                            |  | P.C.                    |  | 27.77                |  | 100.00                      |                   | 0.1     |  | 1.1             |   |  | (0.0         | ) |  |      |   |  | 0.3     |  
|Gas Natural Italia S.p.A. (2)                                 |  | Italy              |  | Gas Natural Distribuzione S.p.A.        |  | -                                                    |  | Portfolio company                           |  | P.C.                    |  | 30.85                |  | 100.00                      |                   | 0.1     |  | 0.1             |   |  | 0.2          |   |  |      |   |  | 0.1     |  
|Nettis Gestioni, S.R.L. (2)                                   |  | Italy              |  | Gas Natural Distribuzione S.p.A.        |  | -                                                    |  | Distribution of gas                         |  | P.C.                    |  | 30.85                |  | 100.00                      |                   | 0.1     |  | 1.9             |   |  | 1.0          |   |  |      |   |  | 0.9     |  
|SCM a.r.l. Societa Consortile di Metannizzazione, a.r.l. (2)  |  | Italy              |  | Gas Natural Distribuzione S.p.A.        |  | Nettis Gestioni, S.R.L.                              |  | Distribution of gas                         |  | P.C.                    |  | 30.85                |  | 100.00                      |                   | 0.8     |  | (0.0            | ) |  | 0.3          |   |  |      |   |  | 0.3     |  
|Smedigas, S.p.A. (2)                                          |  | Italy              |  | Gas Natural Internacional SDG, S.A.     |  | -                                                    |  | Distribution of gas                         |  | P.C.                    |  | 30.85                |  | 100.00                      |                   | 0.6     |  | 20.8            |   |  | (0.6         | ) |  |      |   |  | 6.4     |  
|Gas Natural Rigassificazione Italia, S.p.A. (2)               |  | Italy              |  | Gas Natural Internacional SDG, S.A.     |  | -                                                    |  | Distribution of gas                         |  | P.C.                    |  | 30.85                |  | 100.00                      |                   | 0.1     |  |                |   |  |             |   |  |      |   |  | 0.0     |  
|Sistemas Administración y Servicios, S.A. de C.V.(2)          |  | Mexico             |  | Gas Natural Internacional, SDG, S.A.    |  | Gas Natural SDG, S.A.                                |  | Services                                    |  | P.C.                    |  | 26.84                |  | 87.00                       |                   |        |  | 0.2             |   |  | 0.0          |   |  |      |   |  | 0.1     |  
|Natural Servicios, S.A.(2)                                    |  | Argentina          |  | Gas Natural Internacional, SDG, S.A.    |  | -                                                    |  | Gas installation work                       |  | P.C.                    |  | 22.21                |  | 72.00                       |                   | 2.1     |  | (1.2            | ) |  | 0.3          |   |  |      |   |  | 0.3     |  
|Serviconfort Colombia S.A.(2)                                 |  | Colombia           |  | Gas Natural Internacional, SDG, S.A.    |  | La Propagadora del Gas, S.A.                         |  | Services                                    |  | P.C.                    |  | 30.85                |  | 99.99                       |                   | 0.2     |  | 0.1             |   |  | 0.5          |   |  |      |   |  | 0.2     |  
|Gas Natural, S.A. ESP(2)                                      |  | Colombia           |  | Gas Natural Internacional, SDG, S.A.    |  | -                                                    |  | Distribution of gas                         |  | P.C.                    |  | 18.22                |  | 59.06                       |                   | 10.9    |  | 146.4           |   |  | 52.0         |   |  |      |   |  | 38.1    |  
|Gas Natural Cundiboyacense, S.A. ESP (2)                      |  | Colombia           |  | Gas Natural, S.A. ESP                   |  | -                                                    |  | Distribution of gas                         |  | P.C.                    |  | 14.11                |  | 77.45                       |                   | 1.1     |  | 6.9             |   |  | 2.6          |   |  |      |   |  | 1.5     |  
|Gas Natural del Oriente, S.A. ESP(2)                          |  | Colombia           |  | Gas Natural, S.A. ESP                   |  | -                                                    |  | Distribution of gas                         |  | P.C.                    |  | 9.93                 |  | 54.50                       |                   | 9.2     |  | 20.3            |   |  | 7.4          |   |  | (9.5  | ) |  | 2.7     |  
|Gases de Barrancabermeja, S.A. ESP (2)                        |  | Colombia           |  | Gas Natural del Oriente, S.A. ESP       |  | -                                                    |  | Distribution of gas                         |  | P.C.                    |  | 9.93                 |  | 99.99                       |                   | 1.3     |  | 1.4             |   |  | 0.3          |   |  |      |   |  | 0.3     |  
|Portal Gas Natural S.A. (2)                                   |  | Spain              |  | Gas Natural SDG, S.A.                   |  | La Propagadora del Gas, S.A.                         |  | E-business                                  |  | P.C.                    |  | 30.85                |  | 100.00                      |                   | 8.0     |  | 0.5             |   |  | 0.2          |   |  |      |   |  | 2.7     |  
|Portal del Instalador, S.A.(2)                                |  | Spain              |  | Portal Gas Natural, S.A.                |  | Repsol YPF, S.A.                                     |  | Services                                    |  | P.C.                    |  | 33.14                |  | 85.00                       |                   | 1.3     |  | (0.2            | ) |  | 0.2          |   |  |      |   |  | 0.4     |  
|Torre Marenostrum, S.A.(3)                                    |  | Spain              |  | Gas Natural SDG, S.A.                   |  | -                                                    |  | Finance and other activities                |  | E.M.                    |  | 13.88                |  | 45.00                       |                   | 5.3     |  | 15.7            |   |  | (0.4         | ) |  |      |   |  | 2.9     |  
|Central Térmica la Torrecilla, S.A.                           |  | Spain              |  | Gas Natural SDG, S.A.                   |  | -                                                    |  | Electricity cogeneration                    |  | P.C.                    |  | 15.42                |  | 50.00                       |                   | 1.2     |  |                |   |  |             |   |  |      |   |  | 0.2     |  
|Gas Natural Capital Markets, S.A. (2)                         |  | Spain              |  | Gas Natural SDG, S.A.                   |  | La Propagadora del Gas, S.A.                         |  | Finance                                     |  | P.C.                    |  | 30.85                |  | 100.00                      |                   | 0.1     |  | 0.9             |   |  |             |   |  |      |   |  | 0.3     |  
|Gas Natural Comercial LNG, S.L. (2)                           |  | Spain              |  | Gas Natural SDG, S.A.                   |  | La Propagadora del Gas, S.A.                         |  | Marketing of domestic gas                   |  | P.C.                    |  | 30.85                |  | 100.00                      |                   |        |  |                |   |  | 0.2          |   |  |      |   |  | 0.1     |  
|Petroleum Oil & Gas España, S.A.(2)                           |  | Spain              |  | Gas Natural SDG, S.A.                   |  | La Propagadora del Gas, S.A.                         |  | Oil and gas exploration                     |  | P.C.                    |  | 30.85                |  | 100.00                      |                   | 1.3     |  | 13.7            |   |  | (1.8         | ) |  |      |   |  | 4.1     |  
|YPF, S.A.                                                     |  | Argentina          |  | Repsol YPF, S.A.                        |  | Repsol YPF Capital/ CAVEANT/R. Exploración           |  | Oil and gas exploration and production      |  | F.C.                    |  | 99.04                |  | 99.04                       |                   | 4,131.5 |  | 791.3           |   |  | 1,101.5      |   |  |      |   |  | 5,966.4 |  
|YPF International, S.A.                                       |  | Bolivia            |  | YPF, S.A.                               |  | Repsol YPF Bolivia/Repsol YPF E&P Bolivia            |  | Portfolio company                           |  | F.C.                    |  | 99.04                |  | 100.00                      |                   | 181.7   |  | (99.0           | ) |  | 10.1         |   |  |      |   |  | 91.8    |  



---

LIST OF SIGNIFICANT SUBSIDIARIES



|                                                 |  |               |  |                                   |  |                                                         |  |                                                 |  |                         |  |                      |          |                             |  |                   |   |  |                 |   |  |              |   |  |       |   |  |        |  
|------------------------------------------------ |  | ------------- |  | --------------------------------- |  | ------------------------------------------------------- |  | ----------------------------------------------- |  | ----------------------- |  | -------------------- | -------- | --------------------------- |  | ----------------- | - |  | --------------- | - |  | ------------ | - |  | ----- | - |  | ------ | -
|Name                                             |  | Country       |  | Parent                            |  | Other Shareholders                                      |  | Line ofBusiness                                 |  | ConsolidationMethod (4) |  | % of Total Ownership |          | Amount in Millions of Euros | 
|                                                 |  |               |  |                                   |  | % of DirectOwnership                                    |  | % of Control                                    |  | Share Capital           |  |                      | Reserves |                             |  | 2006 Profit(Loss) |   |  | InterimDividend |   |  | Assets Owned |  
|YPF Jambi Merang, B.V.                           |  | Netherlands   |  | YPFInternational,S.A.             |  | -                                                       |  | Oil and gasexplorationand production            |  | F.C.                    |  | 99.04                |          | 100.00                      |  | 0.1               |   |  | (0.1            | ) |  |             |   |  |      |   |  | 0.0    |  
|YPF Ecuador Inc.                                 |  | CaymanIslands |  | YPFInternational,S.A.             |  | -                                                       |  | Oil and gasexplorationand production            |  | F.C.                    |  | 99.04                |          | 100.00                      |  | 0.8               |   |  | (0.8            | ) |  |             |   |  |      |   |  |       |  
|YPF Malaysia, Ltd.                               |  | CaymanIslands |  | YPFInternational,S.A.             |  | -                                                       |  | Oil and gasexplorationand production            |  | F.C.                    |  | 99.04                |          | 100.00                      |  | 0.0               |   |  | (15.1           | ) |  | (0.1         | ) |  |      |   |  | (15.0  | )
|Maxus Guyana, Ltd.                               |  | CaymanIslands |  | YPFInternational,S.A.             |  | -                                                       |  | Oil and gasexplorationand production            |  | F.C.                    |  | 99.04                |          | 100.00                      |  | 0.0               |   |  | (3.0            | ) |  | (0.2         | ) |  |      |   |  | (3.1   | )
|Oil Enterprise, Ltd. (SPE)                       |  | CaymanIslands |  | YPF, S.A.                         |  | -                                                       |  | Specialpurpose entity                           |  | F.C.                    |  | 99.04                |          | 100.00                      |  |                  |   |  | (21.3           | ) |  | 10.8         |   |  |      |   |  | (10.4  | )
|Oil International, Ltd. (SPE)                    |  | CaymanIslands |  | YPF, S.A.                         |  | -                                                       |  | Specialpurpose entity                           |  | F.C.                    |  | 99.04                |          | 100.00                      |  |                  |   |  |                |   |  |             |   |  |      |   |  |       |  
|YPF Holdings Inc.                                |  | US            |  | YPF, S.A.                         |  | -                                                       |  | Portfoliocompany                                |  | F.C.                    |  | 99.04                |          | 100.00                      |  | 412.7             |   |  | (525.7          | ) |  | (62.3        | ) |  |      |   |  | (173.7 | )
|CLH Holdings                                     |  | US            |  | YPFHoldingsInc.                   |  | -                                                       |  | Finance                                         |  | F.C.                    |  | 99.04                |          | 100.00                      |  | 103.8             |   |  | (182.6          | ) |  | (32.3        | ) |  |      |   |  | (110.1 | )
|Tierra Solutions Inc.                            |  | US            |  | CLHHoldings                       |  | -                                                       |  | Other                                           |  | F.C.                    |  | 99.04                |          | 100.00                      |  | 103.8             |   |  | (182.6          | ) |  | (32.3        | ) |  |      |   |  | (110.1 | )
|Maxus Energy Corporation                         |  | US            |  | YPFHoldingsInc.                   |  | -                                                       |  | Oil and gasexplorationand production            |  | F.C.                    |  | 99.04                |          | 100.00                      |  | 213.4             |   |  | (337.2          | ) |  | (47.7        | ) |  |      |   |  | (169.8 | )
|Maxus US Exploration Co.                         |  | US            |  | MaxusEnergyCorporation            |  | -                                                       |  | Oil and gasexplorationand production            |  | F.C.                    |  | 99.04                |          | 100.00                      |  | 1.4               |   |  | (106.1          | ) |  | (8.9         | ) |  |      |   |  | (112.5 | )
|Maxus International Energy Co.                   |  | US            |  | MaxusEnergyCorporation            |  | -                                                       |  | Other                                           |  | F.C.                    |  | 99.04                |          | 100.00                      |  | 24.6              |   |  | (29.9           | ) |  | 0.0          |   |  |      |   |  | (5.2   | )
|Gateway Coal Company                             |  | US            |  | MaxusEnergyCorporation            |  | -                                                       |  | Other                                           |  | F.C.                    |  | 99.04                |          | 100.00                      |  | (8.6              | ) |  | 0.6             |   |  | (0.4         | ) |  |      |   |  | (8.3   | )
|Compañía Mega                                    |  | Argentina     |  | YPF, S.A.                         |  | -                                                       |  | Gasfractionation                                |  | P.C.                    |  | 37.64                |          | 38.00                       |  | 154.1             |   |  | 25.4            |   |  | 156.7        |   |  |      |   |  | 126.5  |  
|Operadora de Estaciones de Servicio, S.A. OPESSA |  | Argentina     |  | YPF, S.A.                         |  | Repsol YPFGas, S.A.                                     |  | Marketing ofoil and gas                         |  | F.C.                    |  | 98.90                |          | 99.85                       |  | 90.8              |   |  | (53.4           | ) |  | 11.5         |   |  |      |   |  | 48.4   |  
|YPF Inversora Energética, S.A.                   |  | Argentina     |  | YPF, S.A.                         |  | AstraEvangelista,S.A.                                   |  | Portfoliocompany                                |  | F.C.                    |  | 99.04                |          | 100.00                      |  |                  |   |  |                |   |  |             |   |  |      |   |  |       |  
|Gas Argentino, S.A. (GASA)                       |  | Argentina     |  | YPFInversoraEnergética,S.A.       |  | -                                                       |  | Portfoliocompany                                |  | E.M.                    |  | 44.89                |          | 45.33                       |  | 235.2             |   |  | (336.3          | ) |  | 55.6         |   |  |      |   |  | (20.4  | )
|Metrogas, S.A.                                   |  | Argentina     |  | GasArgentino,S.A.(GASA)           |  | -                                                       |  | Distribution ofgas                              |  | E.M.                    |  | 31.43                |          | 70.00                       |  | 432.2             |   |  | (485.0          | ) |  | 87.1         |   |  |      |   |  | 10.8   |  
|Oiltanking Ebytem, S.A.                          |  | Argentina     |  | YPF, S.A.                         |  | -                                                       |  | Transmissionand storage ofoil and gas           |  | E.M.                    |  | 29.71                |          | 30.00                       |  | 8.9               |   |  | 5.5             |   |  | (1.7         | ) |  |      |   |  | 3.8    |  
|A&C Pipeline Holding                             |  | CaymanIslands |  | YPF, S.A.                         |  | -                                                       |  | Finance                                         |  | E.M.                    |  | 17.83                |          | 18.00                       |  |                  |   |  |                |   |  |             |   |  |      |   |  |       |  
|Oleoducto Transandino Argentino, S.A. (3)        |  | Argentina     |  | A&CPipelineHolding                |  | YPF,S.A.                                                |  | Oil pipelineconstructionand operation           |  | E.M.                    |  | 17.83                |          | 100.00                      |  | 34.5              |   |  | (20.9           | ) |  |             |   |  |      |   |  | 2.4    |  
|Oleoducto Trasandino Chile, S.A.(3)              |  | Chile         |  | A&CPipelineHolding                |  | -                                                       |  | Oil pipelineconstructionand operation           |  | E.M.                    |  | 17.83                |          | 100.00                      |  | 11.1              |   |  | (5.2            | ) |  | 0.0          |   |  |      |   |  | 1.1    |  
|Gasoducto del Pacífico Argentina, S.A.           |  | Argentina     |  | Gasoductodel Pacífico(Cayman)S.A. |  | YPF,S.A.                                                |  | Gas pipelineconstructionand operation           |  | E.M.                    |  | 8.67                 |          | 10.00                       |  | 94.1              |   |  | (55.4           | ) |  | 6.6          |   |  |      |   |  | 3.9    |  
|Profertil, S.A.                                  |  | Argentina     |  | YPF, S.A.                         |  | -                                                       |  | Productionand sale of gasproducts               |  | P.C.                    |  | 49.52                |          | 50.00                       |  | 270.3             |   |  | (99.8           | ) |  | 102.1        |   |  |      |   |  | 135.0  |  
|Refinerías del Norte, S.A. (REFINOR)             |  | Argentina     |  | YPF, S.A.                         |  | -                                                       |  | Refining andmarketing ofoil products            |  | P.C.                    |  | 49.52                |          | 50.00                       |  | 76.6              |   |  | 45.4            |   |  | 21.7         |   |  | (24.0 | ) |  | 59.3   |  
|Terminales Marítimas Patagónicas, S.A.           |  | Argentina     |  | YPF, S.A.                         |  | -                                                       |  | Logistics of oilderivativeproducts              |  | E.M.                    |  | 32.83                |          | 33.15                       |  | 10.9              |   |  | 16.7            |   |  | 5.4          |   |  |      |   |  | 10.8   |  
|Oleoductos del Valle, S.A. (OLDELVAL)            |  | Argentina     |  | YPF, S.A.                         |  | -                                                       |  | Logistics of oilderivativeproducts              |  | E.M.                    |  | 36.64                |          | 37.00                       |  | 83.6              |   |  | (25.4           | ) |  | 0.3          |   |  |      |   |  | 21.4   |  
|Poligas Luján, S.A.                              |  | Argentina     |  | YPF, S.A.                         |  | -                                                       |  | Bottling,transport andmarketing ofL.P.G.        |  | F.C.                    |  | 50.01                |          | 50.49                       |  |                  |   |  |                |   |  |             |   |  |      |   |  |       |  
|Argentine Private Development Company (APDC)     |  | CaymanIslands |  | YPF, S.A.                         |  | -                                                       |  | Oil and gasexplorationand production            |  | F.C.                    |  | 99.04                |          | 100.00                      |  | 22.9              |   |  | (12.5           | ) |  |             |   |  |      |   |  | 10.2   |  
|Astra Evangelista, S.A.                          |  | Argentina     |  | YPF, S.A.                         |  | OPESSA                                                  |  | Engineeringandconstruction                      |  | F.C.                    |  | 99.04                |          | 100.00                      |  | 6.6               |   |  | 6.7             |   |  | 7.0          |   |  |      |   |  | 20.1   |  
|AESA Construcciones y Servicios                  |  | Brazil        |  | AstraEvangelista,S.A.             |  | YPF, S.A.                                               |  | Engineeringandconstruction                      |  | F.C.                    |  | 99.04                |          | 100.00                      |  | 2.1               |   |  | (1.9            | ) |  | (0.1         | ) |  |      |   |  | 0.1    |  
|Adicor, S.A.                                     |  | Uruguay       |  | AstraEvangelista,S.A.             |  | -                                                       |  | Other                                           |  | F.C.                    |  | 99.04                |          | 100.00                      |  | 0.1               |   |  | 6.2             |   |  |             |   |  |      |   |  | 6.2    |  
|Gasoducto Oriental, S.A.                         |  | Argentina     |  | AstraEvangelista,S.A.             |  | -                                                       |  | Distribution ofnatural gas                      |  | E.M.                    |  | 16.50                |          | 16.66                       |  | 0.0               |   |  |                |   |  |             |   |  |      |   |  | 0.0    |  
|Inversora Dock Sud, S.A.                         |  | Argentina     |  | YPF, S.A.                         |  | -                                                       |  | Portfoliocompany                                |  | E.M.                    |  | 42.45                |          | 42.86                       |  | 71.4              |   |  | (111.3          | ) |  | (4.9         | ) |  |      |   |  | (19.0  | )
|Central Dock Sud, S.A.                           |  | Argentina     |  | InversoraDock Sud,S.A.            |  | YPF, S.A.                                               |  | Electric powergeneration andretailing           |  | E.M.                    |  | 39.53                |          | 79.83                       |  | 119.4             |   |  | (185.4          | ) |  | (8.2         | ) |  |      |   |  | (29.3  | )
|Pluspetrol Energy, S.A.                          |  | Argentina     |  | YPF, S.A.                         |  | -                                                       |  | Oil and gasexplorationand production            |  | P.C.                    |  | 44.57                |          | 45.00                       |  | 184.8             |   |  | (130.8          | ) |  | 33.3         |   |  | (12.5 | ) |  | 33.3   |  
|Repsol YPF Chile, Limitada                       |  | Chile         |  | Repsol YPF,S.A.                   |  | OPESSA                                                  |  | Administrationof YPFsinvestments inChile       |  | F.C.                    |  | 100.00               |          | 100.00                      |  | 98.3              |   |  | 41.0            |   |  | 9.5          |   |  |      |   |  | 148.8  |  
|Operaciones y Servicios YPF, Ltda.               |  | Chile         |  | Repsol YPFChile,Limitada          |  | PetróleosTransandinos,S.A.                              |  | Operation ofservicestations                     |  | F.C.                    |  | 100.00               |          | 100.00                      |  | 1.2               |   |  | (0.4            | ) |  | 0.3          |   |  |      |   |  | 1.2    |  
|Petróleos Transandinos YPF, S.A.                 |  | Chile         |  | Repsol YPFChile,Limitada          |  | YPF, S.A. /OPESSA                                       |  | Marketing anddistribution offuels andlubricants |  | F.C.                    |  | 99.99                |          | 100.00                      |  | 44.2              |   |  | 29.3            |   |  | 8.1          |   |  |      |   |  | 81.6   |  
|Repsol YPF Bolivia, S.A.                         |  | Bolivia       |  | Repsol YPF,S.A.                   |  | R. Explorac./Rex. Perú/Rex.Colombia/R.YPF E&PBolivia    |  | Portfoliocompany                                |  | F.C.                    |  | 100.00               |          | 100.00                      |  | 812.3             |   |  | (407.4          | ) |  | 133.4        |   |  |      |   |  | 538.3  |  
|Empresa Petrolera Andina, S.A.                   |  | Bolivia       |  | Repsol YPFBolivia, S.A.           |  | -                                                       |  | Oil and gasexplorationand production            |  | F.C.                    |  | 50.00                |          | 50.00                       |  | 205.8             |   |  | (53.8           | ) |  | 278.1        |   |  |      |   |  | 215.0  |  
|Transierra S.A.                                  |  | Bolivia       |  | EmpresaPetroleraAndina, S.A.      |  | -                                                       |  | Oil and gastransmission                         |  | E.M.                    |  | 22.25                |          | 44.50                       |  | 60.7              |   |  | 12.7            |   |  | 3.5          |   |  |      |   |  | 17.1   |  
|Maxus Bolivia Inc.                               |  | Bolivia       |  | Repsol YPFBolivia, S.A.           |  | -                                                       |  | Oil and gasexplorationand production            |  | F.C.                    |  | 100.00               |          | 100.00                      |  | 100.9             |   |  | 75.4            |   |  | 5.8          |   |  |      |   |  | 182.1  |  
|Repsol YPF E&P de Bolivia, S.A.                  |  | Bolivia       |  | MaxusBolivia Inc.                 |  | R. YPFBolivia, S.A./ Rex. Perú,S.A. / Rex.Colombia,S.A. |  | Oil and gasexplorationand production            |  | F.C.                    |  | 100.00               |          | 100.00                      |  | 115.3             |   |  | 61.3            |   |  | 5.6          |   |  |      |   |  | 182.3  |  
|AESA Construcciones y Servicios Bolivia          |  | Bolivia       |  | Repsol YPFBolivia, S.A.           |  | R. YPF E&Pde Bolivia,S.A. / AstraEvangelista            |  | Oil and gastransmission                         |  | F.C.                    |  | 100.00               |          | 100.00                      |  | 0.0               |   |  | 1.1             |   |  | 0.3          |   |  |      |   |  | 1.4    |  
|Repsol YPF Brasil, S.A.                          |  | Brazil        |  | Repsol YPF,S.A.                   |  | OPESSA                                                  |  | Exploitationand marketingof oil and gas         |  | F.C.                    |  | 100.00               |          | 100.00                      |  | 868.4             |   |  | (411.5          | ) |  | (97.9        | ) |  |      |   |  | 358.9  |  
|Repsol YPF Distribuidora, S.A.                   |  | Brazil        |  | Repsol YPFBrasil, S.A.            |  | Repsol YPFImportadorade Productos,Ltda.                 |  | Logistics of oilderivativeproducts              |  | F.C.                    |  | 100.00               |          | 100.00                      |  | 120.0             |   |  | (76.1           | ) |  | (30.2        | ) |  |      |   |  | 13.7   |  
|Transportadora Sul Brasileira do Gas, S.A.       |  | Brazil        |  | Repsol YPFBrasil, S.A.            |  | -                                                       |  | Constructionand operationof a gaspipeline       |  | P.C.                    |  | 15.00                |          | 15.00                       |  | 28.6              |   |  | (15.3           | ) |  | (0.4         | ) |  |      |   |  | 1.9    |  
|Termogaucha - Usina Termeléctrica, S.A.          |  | Brazil        |  | Repsol YPFBrasil, S.A.            |  | -                                                       |  | Constructionand operationof a powerstation      |  | P.C.                    |  | 26.00                |          | 26.00                       |  | 80.6              |   |  | (6.5            | ) |  | (65.0        | ) |  |      |   |  | 2.4    |  
|Refinería de Petróleos Manguinhos, S.A.          |  | Brazil        |  | Repsol YPFBrasil, S.A.            |  | -                                                       |  | Refining andmarketing ofoil products            |  | P.C.                    |  | 31.13                |          | 31.13                       |  | 11.7              |   |  | 41.0            |   |  | (32.2        | ) |  |      |   |  | 6.4    |  
|Manguinhos Distribuidora, S.A.                   |  | Brazil        |  | RefinariaPetróleosManguinhos,S.A. |  | -                                                       |  | Marketing ofoil products                        |  | P.C.                    |  | 31.13                |          | 100.00                      |  | 10.8              |   |  | 0.7             |   |  | (4.8         | ) |  |      |   |  | 2.1    |  
|Manguinhos Química, S.A.                         |  | Brazil        |  | RefinariaPetróleosManguinhos,S.A. |  | ManguinhosDistribuidora,S.A.                            |  | Marketing ofpetrochemicals                      |  | P.C.                    |  | 31.13                |          | 100.00                      |  | 2.0               |   |  | 0.0             |   |  | (0.3         | ) |  |      |   |  | 0.5    |  
|Alberto Pasqualini REFAP, S.A.                   |  | Brazil        |  | Repsol YPFBrasil, S.A.            |  | -                                                       |  | Refining andmarketing ofoil products            |  | P.C.                    |  | 30.00                |          | 30.00                       |  | 319.6             |   |  | 204.0           |   |  | 35.8         |   |  |      |   |  | 167.8  |  
|Operadora de Postos de Servicos Ltda.            |  | Brazil        |  | Repsol YPFBrasil, S.A.            |  | Repsol YPFImportadorade Productos,Ltda.                 |  | Operation ofservicestations                     |  | F.C.                    |  | 100.00               |          | 100.00                      |  | 31.2              |   |  | (28.7           | ) |  | (6.2         | ) |  |      |   |  | (3.7   | )
|Repsol YPF Importadora de Productos, Ltda.       |  | Brazil        |  | Repsol YPFBrasil, S.A.            |  | Repsol GasBrasil, S.A.                                  |  | Marketing ofoil products                        |  | F.C.                    |  | 100.00               |          | 100.00                      |  | 0.4               |   |  | 0.1             |   |  | (0.0         | ) |  |      |   |  | 0.4    |  

---

|(1) | Other Group companies with ownership interests of less than that of the Parent in the companys share capital.
|--- | --------------------------------------------------------------------------------------------------------------

|(2) | This company is fully consolidated by its Parent. The Parent is proportionately consolidated by the Repsol YPF Group.
|--- | ---------------------------------------------------------------------------------------------------------------------

|(3) | This company is fully consolidated by its Parent. The Parent is accounted for by the equity method in the Repsol YPF Group.
|--- | ---------------------------------------------------------------------------------------------------------------------------

|(4) | Consolidation method:
|--- | ---------------------

F.C.: Full consolidation

P.C.: Proportionate consolidation

E.M.: Equity method