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**EXHIBIT 8**

| **MAIN REPSOL YPF GROUP INVESTEES AS OF DECEMBER** **31, 2002** |
|----------------------------------------------------------------------|

|                                                           |   |   |                  |   |   |                                                         |   |   |                                                         |   |   |                                               |   |   |                          |   | **Total      % of Ownership** |                                     | **Amounts      in Millions of Euros** |   |
|----------------------------------------------------------------|--------|--------|-----------------------|--------|--------|--------------------------------------------------------------|--------|--------|--------------------------------------------------------------|--------|--------|----------------------------------------------------|--------|--------|-------------------------------|--------|-------------------------------|------------------------------------------|---------------------------------------|--------|
|                                                           |   |   |                  |   |   |                                                         |   |   |                                                         |   |   |                                               |   |   |                          |   |                               |                                     |                                  |        |   |
| **Name**                                                       |   |   | **Country**           |   |   | **Parent Company**                                           |   |   | **Other Investees (1)**                                      |   |   | **Line of Business**                               |   |   | **Consolidation      Method** |   |                          | **%      of      Direct      Ownership** |                                  |   | **% of      Control** |   |   | **Capital** |   |   | **Reserves** |   |   | **2002      Income      (Loss)** |   |   | **Interim      Dividend** |   |   | **Assets      Owned(2)** |   |   | **Investment      Value (3)** |   |
|                                                                |   |        |                       |   |        |                                                              |   |        |                                                              |   |        |                                                    |   |        |                               |   |                               |                                          |                                  |        |  |   |  |  |   |  |  |   |  |  |   |  |  |   |  |  |   |  |  |   |
| Repsol        Petróleo, S.A.                            |   |   | Spain                 |   |   | Repsol YPF, S.A.                                             |   |   |                                                         |   |   | Refining                                           |   |   | G.I.                          |   |                          | 99.97                                    |                                  |   | 99.97 |   |   | 217.60 |   |   | 526.80 |   |   | 372.30 |   |   | — |   |   | 1,116.36 |   |   | 613.10 |   |
| Repsol        YPF Lubricantes y Especialidades, S.A.           |   |   | Spain                 |   |   | Repsol Petróleo, S.A.                                 |   |   | Repsol Comercial de Productos Petrolíferos,      S.A. |   |   | Distribution and marketing of by-products          |   |   | G.I.                          |   |                          | 99.97                                    |                                  |   | 100 |   |   | 5.38 |   |   | 6.44 |   |   | 23.27 |   |   | — |   |   | 35.09 |   |   | 5.49 |   |
| Estasur,        S.A.                                           |   |   | Spain                 |   |   | Repsol YPF Lubricantes y Especialidades, S.A.                |   |   | Repsol Comercial de Productos Petrolíferos,      S.A. |   |   | Distribution and marketing of lubricants           |   |   | G.I.                          |   |                          | 99.97                                    |                                  |   | 100 |   |   | 0.10 |   |   | 0.80 |   |   | 0.90 |   |   | — |   |   | 1.80 |   |   | 1.20 |   |
| 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.                          |   |                          | 99.94                                    |                                  |   | 100 |   |   | 0.06 |   |   | 0.18 |   |   | 0.01 |   |   | — |   |   | 0.25 |   |   | 0.00 |   |
| Gerpesa                                                        |   |   | Spain                 |   |   | Repsol YPF Lubricantes y Especialidades, S.A.                |   |   |                                                         |   |   | Other business activities                          |   |   | E.M.                          |   |                          | 99.97                                    |                                  |   | 100 |   |   | 0.14 |   |   | 0.36 |   |   | 0.01 |   |   | — |   |   | 0.51 |   |   | 0.30 |   |
| Repsol        Eléctrica de Distribución, S.A.    |   |   | Spain                 |   |   | Repsol Petróleo, S.A.                                 |   |   | Repsol YPF, S.A.                                             |   |   | Electric power distribution and supply             |   |   | E.M.                          |   |                          | 99.97                                    |                                  |   | 100 |   |   | 0.06 |   |   | 0.56 |   |   | 0.37 |   |   | — |   |   | 0.99 |   |   | 0.06 |   |
| Asfaltos        Españoles, S.A.                           |   |   | Spain                 |   |   | Repsol Petróleo, S.A.                                 |   |   |                                                         |   |   | Asphalts                                           |   |   | E.M.                          |   |                          | 49.99                                    |                                  |   | 50.00 |   |   | 8.53 |   |   | 8.18 |   |   | 1.92 |   |   | (1.10 | ) |   | 8.77 |   |   | 8.77 |   |
| Repsol        YPF Trading y Transportes, S.A. (RYTTSA)         |   |   | Spain                 |   |   | Repsol YPF, S.A.                                             |   |   | Repsol Petróleo, S.A.                                 |   |   | Trading of oil products                            |   |   | G.I.                          |   |                          | 100                                      |                                  |   | 100 |   |   | 0.06 |   |   | — |   |   | 21.60 |   |   | — |   |   | 21.66 |   |   | 0.06 |   |
| RYTTSA        Singapur                                         |   |   | Cayman Islands        |   |   | Repsol YPF Trading y Transportes, S.A.                       |   |   |                                                         |   |   | Trading of oil products                            |   |   | G.I.                          |   |                          | 100                                      |                                  |   | 100 |   |   | 0.05 |   |   | (0.24 | ) |   | 0.73 |   |   | — |   |   | 0.54 |   |   | 0.12 |   |
| Repsol        Overzee Finance, B.V.                            |   |   | Netherlands           |   |   | Repsol YPF, S.A.                                             |   |   |                                                         |   |   | Portfolio company                                  |   |   | G.I.                          |   |                          | 100                                      |                                  |   | 100 |   |   | 0.02 |   |   | (8.38 | ) |   | (10.95 | ) |   | — |   |   | (19.31 | ) |   | (19.30 | ) |
| Atlantic        2/3 Holdings, Llc.                             |   |   | Trinidad & Tobago |   |   | Repsol Overzee Finance, B.V.                                 |   |   |                                                         |   |   | Portfolio company                                  |   |   | E.M.                          |   |                          | 25.00                                    |                                  |   | 25.00 |   |   | 132.81 |   |   | (1.82 | ) |   | (1.81 | ) |   | — |   |   | 32.29 |   |   | 24.30 |   |
| Atlantic        2/3 Company of Trinidad & Tobago           |   |   | Trinidad & Tobago |   |   | Atlantic 2/3 Holdings, Llc.                                  |   |   |                                                         |   |   | Gas supply and logistics                           |   |   | E.M.                          |   |                          | 25.00                                    |                                  |   | 100 |   |   | 132.81 |   |   | (7.41 | ) |   | (28.24 | ) |   | — |   |   | 97.16 |   |   | 132.81 |   |
| Repsol        Butano, S.A.                                     |   |   | Spain                 |   |   | Repsol YPF, S.A.                                             |   |   | Repsol Petróleo, S.A.                                 |   |   | LPG distribution                                   |   |   | G.I.                          |   |                          | 100                                      |                                  |   | 100 |   |   | 58.70 |   |   | 72.80 |   |   | 100.90 |   |   | (50.00 | ) |   | 182.40 |   |   | 87.05 |   |
| Repsol        Maroc                                            |   |   | Morocco               |   |   | Repsol Butano, S.A.                                          |   |   |                                                         |   |   | Production of synthetic rubber                     |   |   | E.M.                          |   |                          | 99.88                                    |                                  |   | 100 |   |   | 0.47 |   |   | (0.70 | ) |   | (0.35 | ) |   | — |   |   | (0.58 | ) |   | 0 |   |
| National        Gaz                                            |   |   | Morocco               |   |   | Repsol Maroc                                                 |   |   |                                                         |   |   | Marketing of gas                                   |   |   | E.M.                          |   |                          | 99.86                                    |                                  |   | 100 |   |   | 0.47 |   |   | 0.56 |   |   | 0.09 |   |   | — |   |   | 1.12 |   |   | 5.08 |   |
| Repsol        YPF Gas, S.A.                                    |   |   | Argentina             |   |   | Repsol Butano, S.A.                                          |   |   |                                                         |   |   | Marketing of gas                                   |   |   | G.I.                          |   |                          | 85.00                                    |                                  |   | 85.00 |   |   | 23.01 |   |   | 9.19 |   |   | (8.36 | ) |   | — |   |   | 20.26 |   |   | 26.50 |   |
| Comsergas                                                      |   |   | Argentina             |   |   | Repsol YPF Gas, S.A.                                         |   |   |                                                         |   |   | Gas cylinder repair                                |   |   | G.I.                          |   |                          | 52.70                                    |                                  |   | 62.00 |   |   | 0.57 |   |   | 0.05 |   |   | (0.03 | ) |   | — |   |   | 0.37 |   |   | 0.38 |   |
| Gas        Austral, S.A.                                       |   |   | Argentina             |   |   | Repsol YPF Gas, S.A.                                         |   |   |                                                         |   |   | Production, bottling and fractionation of      gas |   |   | E.M.                          |   |                          | 42.50                                    |                                  |   | 50.00 |   |   | 0.01 |   |   | 0.31 |   |   | 0.04 |   |   | — |   |   | 0.18 |   |   | 0.18 |   |
| Mejorgas,        S.A.                                          |   |   | Argentina             |   |   | Repsol YPF Gas, S.A.                                         |   |   | Poligas Luján, S.A.                                   |   |   | Marketing of gas products                          |   |   | E.M.                          |   |                          | 75.73                                    |                                  |   | 73.50 |   |   | 0.12 |   |   | (0.27 | ) |   | 0.08 |   |   | — |   |   | (0.05 | ) |   | (0.25) |   |
| Duragas,        S.A.                                           |   |   | Ecuador               |   |   | Repsol Butano, S.A.                                          |   |   |                                                         |   |   | LPG distribution and marketing                     |   |   | G.I.                          |   |                          | 100                                      |                                  |   | 100 |   |   | 7.00 |   |   | 2.30 |   |   | 0.21 |   |   | — |   |   | 9.51 |   |   | 25.30 |   |
| Autogas,        S.A.                                           |   |   | Ecuador               |   |   | Duragas, S.A.                                                |   |   |                                                         |   |   | LPG distribution and marketing                     |   |   | G.I.                          |   |                          | 60.36                                    |                                  |   | 60.36 |   |   | 1.18 |   |   | 0.38 |   |   | (0.10 | ) |   | — |   |   | 0.88 |   |   | 0.83 |   |
| Semapesa                                                       |   |   | Ecuador               |   |   | Repsol Butano, S.A.                                          |   |   |                                                         |   |   | Personnel maintenance services                     |   |   | G.I.                          |   |                          | 100                                      |                                  |   | 100 |   |   | 0.05 |   |   | 1.11 |   |   | (0.28 | ) |   | — |   |   | 0.89 |   |   | 0.30 |   |
| Repsol        YPF Gas Chile, Ltda.                             |   |   | Chile                 |   |   | Repsol Butano, S.A.                                          |   |   | OPESSA                                                       |   |   | Portfolio company                                  |   |   | G.I.                          |   |                          | 100                                      |                                  |   | 100 |   |   | 38.56 |   |   | — |   |   | (18.08 | ) |   | — |   |   | 20.48 |   |   | 33.00 |   |
| Empresa        Lipigas, S.A.                                   |   |   | Chile                 |   |   | Repsol YPF Gas Chile, Ltda.                                  |   |   |                                                         |   |   | LPG marketing                                      |   |   | P.I.                          |   |                          | 45.00                                    |                                  |   | 45.00 |   |   | 74.11 |   |   | (3.41 | ) |   | 21.60 |   |   | — |   |   | 41.54 |   |   | 32.62 |   |
| Repsol        YPF Comercial del Perú, S.A.              |   |   | Peru                  |   |   | Repsol Butano, S.A.                                          |   |   |                                                         |   |   | LPG marketing                                      |   |   | G.I.                          |   |                          | 99.61                                    |                                  |   | 99.61 |   |   | 54.40 |   |   | (25.10 | ) |   | 5.20 |   |   | — |   |   | 34.37 |   |   | 85.80 |   |
| Limagás,        S.A.                                    |   |   | Peru                  |   |   | Repsol YPF Comercial Perú, S.A.                       |   |   |                                                         |   |   | LPG distribution                                   |   |   | E.M.                          |   |                          | 29.85                                    |                                  |   | 29.97 |   |   | 4.10 |   |   | 0.60 |   |   | 1.30 |   |   | — |   |   | 1.80 |   |   | 3.40 |   |
| Repsol        YPF Comercial de la Amazonía, S.A.        |   |   | Peru                  |   |   | Repsol YPF Comercial Perú, S.A.                       |   |   | Grupo Repsol YPF del Perú                             |   |   | LPG distribution                                   |   |   | G.I.                          |   |                          | 100                                      |                                  |   | 100 |   |   | 0.10 |   |   | — |   |   | — |   |   | — |   |   | 0.10 |   |   | 0.10 |   |
| Repsol        YPF Gas de Bolivia, S.A.                         |   |   | Bolivia               |   |   | Repsol Butano, S.A.                                          |   |   | Repsol YPF E&P de Bolivia, S.A.                          |   |   | LPG marketing                                      |   |   | G.I.                          |   |                          | 51.00                                    |                                  |   | 51.00 |   |   | 0.19 |   |   | 2.38 |   |   | 1.81 |   |   | — |   |   | 2.23 |   |   | 1.70 |   |
| 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.    |   |   | LPG marketing                                      |   |   | E.M.                          |   |                          | 100                                      |                                  |   | 100 |   |   | 0.05 |   |   | — |   |   | 0.19 |   |   | — |   |   | 0.24 |   |   | 0.06 |   |
| Repsol        France                                           |   |   | France                |   |   | Repsol Butano, S.A.                                          |   |   | Repsol Química, S.A./Repsol YPF, S.A.                 |   |   | Marketing of oil products                          |   |   | E.M.                          |   |                          | 100                                      |                                  |   | 100 |   |   | 1.30 |   |   | 0.03 |   |   | (0.95 | ) |   | — |   |   | 0.38 |   |   | 0.40 |   |
| Repsol        Comercial de Productos Petrolíferos, S.A. |   |   | Spain                 |   |   | Repsol Petróleo, S.A.                                 |   |   | Repsol YPF, S.A./PETRONOR                                    |   |   | Marketing of oil products                          |   |   | G.I.                          |   |                          | 96.65                                    |                                  |   | 99.76 |   |   | 334.76 |   |   | 480.49 |   |   | 116.26 |   |   | (40.69 | ) |   | 888.68 |   |   | 217.49 |   |
| Gasóleos        y Lubricantes, S.A. (GASOLUBE)          |   |   | Spain                 |   |   | Repsol Comercial de Productos Petrolíferos,      S.A. |   |   |                                                         |   |   | Distribution and marketing of oil products         |   |   | E.M.                          |   |                          | 96.65                                    |                                  |   | 100 |   |   | 0.10 |   |   | 0.20 |   |   | 0.20 |   |   | — |   |   | 0.50 |   |   | 0.46 |   |
| Gasolube        Noroeste, S.A.                                 |   |   | Spain                 |   |   | Repsol Comercial de Productos Petrolíferos,      S.A. |   |   |                                                         |   |   | Distribution and marketing of oil products         |   |   | G.I.                          |   |                          | 96.65                                    |                                  |   | 100 |   |   | 0.10 |   |   | — |   |   | — |   |   | — |   |   | 0.10 |   |   | 1.97 |   |
| Gasolube        Andalucía, S.A.                         |   |   | Spain                 |   |   | Repsol Comercial de Productos Petrolíferos,      S.A. |   |   |                                                         |   |   | Distribution and marketing of oil products         |   |   | G.I.                          |   |                          | 96.65                                    |                                  |   | 100 |   |   | * |   |   | — |   |   | 0.70 |   |   | — |   |   | 0.70 |   |   | 1.03 |   |
| Gasolube        Castilla y León, S.L.                   |   |   | Spain                 |   |   | Repsol Comercial de Productos Petrolíferos,      S.A. |   |   |                                                         |   |   | Distribution and marketing of oil products         |   |   | G.I.                          |   |                          | 96.65                                    |                                  |   | 100 |   |   | 0.10 |   |   | — |   |   | 0.30 |   |   | — |   |   | 0.40 |   |   | 0.32 |   |

 

 

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|                                                                    |   |   |                  |   |   |                                                         |   |   |                                          |   |   |                                                       |   |   |                          |   | **Total      % of Ownership** |                                     | **Amounts      in Millions of Euros** |   |
|-------------------------------------------------------------------------|--------|--------|-----------------------|--------|--------|--------------------------------------------------------------|--------|--------|-----------------------------------------------|--------|--------|------------------------------------------------------------|--------|--------|-------------------------------|--------|-------------------------------|------------------------------------------|---------------------------------------|--------|
|                                                                    |   |   |                  |   |   |                                                         |   |   |                                          |   |   |                                                       |   |   |                          |   |                               |                                     |                                       |   |
| **Name**                                                                |   |   | **Country**           |   |   | **Parent Company**                                           |   |   | **Other Investees (1)**                       |   |   | **Line of Business**                                       |   |   | **Consolidation      Method** |   |                          | **%      of      Direct      Ownership** |                                  |   | **% of      Control** |   |   | **Capital** |   |   | **Reserves** |   |   | **2002      Income      (Loss)** |   |   | **Interim      Dividend** |   |   | **Assets      Owned** **(2)** |   |   | **Investment      Value (3)** |   |
|                                                                         |   |        |                       |   |        |                                                              |   |        |                                               |   |        |                                                            |   |        |                               |   |                               |                                          |                                  |        |  |   |  |  |   |  |  |   |  |  |   |  |  |   |  |  |   |  |  |   |
| CAMPSARED                                                               |   |   | Spain                 |   |   | Repsol Comercial de Productos Petrolíferos,      S.A. |   |   | Repsol Petróleo, S.A.                  |   |   | Operation and management of service stations               |   |   | G.I.                          |   |                          | 96.65                                    |                                  |   | 100 |   |   | 8.40 |   |   | 18.00 |   |   | 18.50 |   |   | — |   |   | 44.90 |   |   | 37.12 |   |
| Sociedad        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.                          |   |                          | 43.69                                    |                                  |   | 45.00 |   |   | 15.10 |   |   | (6.93 | ) |   | 0.43 |   |   | — |   |   | 3.87 |   |   | 4.89 |   |
| Air        Miles España, S.A.                                      |   |   | Spain                 |   |   | Repsol Comercial de Productos Petrolíferos,      S.A. |   |   |                                          |   |   | Management of “Travel Club” membership      card |   |   | E.M.                          |   |                          | 21.75                                    |                                  |   | 22.50 |   |   | 0.25 |   |   | 0.33 |   |   | (1.05 | ) |   | — |   |   | (0.11 | ) |   | 0.01 |   |
| Carburants        i Derivats, S.A. (CADESA)                             |   |   | Andorra               |   |   | Repsol Comercial de Productos Petrolíferos,      S.A. |   |   |                                          |   |   | Distribution of oil by-products                            |   |   | E.M.                          |   |                          | 32.14                                    |                                  |   | 33.25 |   |   | 0.12 |   |   | 0.09 |   |   | 0.23 |   |   | — |   |   | 0.15 |   |   | 0.04 |   |
| Hinia,        S.A.                                                      |   |   | Spain                 |   |   | Repsol Comercial de Productos Petrolíferos,      S.A. |   |   | Repsol YPF Lubricantes y Especialidades, S.A. |   |   | Distribution and marketing of oil products                 |   |   | G.I.                          |   |                          | 96.65                                    |                                  |   | 100 |   |   | 0.60 |   |   | 2.60 |   |   | 0.60 |   |   | — |   |   | 3.80 |   |   | 1.06 |   |
| Euro        24, S.L.                                                    |   |   | Spain                 |   |   | Repsol Comercial de Productos Petrolíferos,      S.A. |   |   | Repsol Petróleo, S.A.                  |   |   | Distribution and marketing of oil products                 |   |   | E.M.                          |   |                          | 96.65                                    |                                  |   | 100 |   |   | 0.03 |   |   | — |   |   | 0.60 |   |   | — |   |   | 0.63 |   |   | 0.14 |   |
| Noroil,        S.A.                                                     |   |   | Spain                 |   |   | Repsol Comercial de Productos Petrolíferos,      S.A. |   |   | PETRONOR                                      |   |   | Distribution and marketing of oil products                 |   |   | G.I.                          |   |                          | 67.66                                    |                                  |   | 70.00 |   |   | 1.50 |   |   | 0.30 |   |   | 0.40 |   |   | (0.10 | ) |   | 1.47 |   |   | 3.40 |   |
| Solred,        S.A.                                                     |   |   | Spain                 |   |   | Repsol Comercial de Productos Petrolíferos,      S.A. |   |   | Repsol YPF, S.A.                              |   |   | Management of means of payment at serv. stations           |   |   | G.I.                          |   |                          | 96.65                                    |                                  |   | 100 |   |   | 7.30 |   |   | 5.70 |   |   | 6.90 |   |   | — |   |   | 19.90 |   |   | 7.76 |   |
| Gestión        de Puntos de Venta, Gespevesa, S.A.               |   |   | Spain                 |   |   | Repsol Comercial de Productos Petrolíferos,      S.A. |   |   |                                          |   |   | Mark. of prod. at serv. st. and convenience      stores    |   |   | E.M.                          |   |                          | 48.33                                    |                                  |   | 50.00 |   |   | 5.41 |   |   | 1.07 |   |   | 0.70 |   |   | — |   |   | 3.59 |   |   | 2.70 |   |
| Terminales        Canarios, S.L.                                        |   |   | Spain                 |   |   | Repsol Comercial de Productos Petrolíferos,      S.A. |   |   |                                          |   |   | Distribution and marketing of oil products                 |   |   | E.M.                          |   |                          | 48.33                                    |                                  |   | 50.00 |   |   | 20.82 |   |   | 1.10 |   |   | 0.42 |   |   | — |   |   | 11.17 |   |   | 10.41 |   |
| Compañía        Logística de Hidrocarburos CLH, S.A. |   |   | Spain                 |   |   | Repsol YPF, S.A.                                             |   |   | PETRONOR                                      |   |   | Transport and storage of oil products                      |   |   | E.M.                          |   |                          | 31.03                                    |                                  |   | 31.78 |   |   | 84.07 |   |   | 140.08 |   |   | 73.74 |   |   | (49.74 | ) |   | 78.86 |   |   | 131.02 |   |
| CLH        Aviación, S.A.                                        |   |   | Spain                 |   |   | CLH                                                          |   |   |                                          |   |   | Transport and storage of oil products                      |   |   | E.M.                          |   |                          | 31.03                                    |                                  |   | 100 |   |   | 21.00 |   |   | 15.25 |   |   | 1.57 |   |   | — |   |   | 37.82 |   |   | 21.00 |   |
| Petróleos        del Norte, S.A. (PETRONOR)                      |   |   | Spain                 |   |   | Repsol YPF, S.A.                                             |   |   |                                          |   |   | Refining                                                   |   |   | G.I.                          |   |                          | 85.98                                    |                                  |   | 85.98 |   |   | 120.50 |   |   | 289.50 |   |   | 192.50 |   |   | (176.60 | ) |   | 366.19 |   |   | 257.97 |   |
| Asfalnor,        S.A.                                                   |   |   | Spain                 |   |   | PETRONOR                                                     |   |   |                                          |   |   | Distrib. and marketing of asphalt products                 |   |   | G.I.                          |   |                          | 85.98                                    |                                  |   | 100 |   |   | 0.10 |   |   | — |   |   | 0.10 |   |   | — |   |   | 0.20 |   |   | 3.00 |   |
| Repsol        Exploración, S.A.                                  |   |   | Spain                 |   |   | Repsol YPF, S.A.                                             |   |   | Repsol Petróleo, S.A.                  |   |   | Oil and gas exploration and production                     |   |   | G.I.                          |   |                          | 100                                      |                                  |   | 100 |   |   | 24.62 |   |   | 502.89 |   |   | 153.16 |   |   | — |   |   | 680.67 |   |   | 258.37 |   |
| Repsol        Exploración Trinidad, S.A.                         |   |   | Spain                 |   |   | Repsol Exploración, S.A.                              |   |   | Repsol YPF, S.A.                              |   |   | Oil and gas exploration and production                     |   |   | G.I.                          |   |                          | 100                                      |                                  |   | 100 |   |   | 1.81 |   |   | 13.41 |   |   | — |   |   | — |   |   | 15.22 |   |   | 15.19 |   |
| Repsol        YPF Cuba, S.A.                                            |   |   | Spain                 |   |   | Repsol Exploración, S.A.                              |   |   | Repsol YPF, S.A.                              |   |   | Oil and gas exploration and production                     |   |   | G.I.                          |   |                          | 100                                      |                                  |   | 100 |   |   | 1.94 |   |   | (0.65 | ) |   | (5.54 | ) |   | — |   |   | (4.25 | ) |   | 0.00 |   |
| Repsol        Exploración Colombia, S.A.                         |   |   | Spain                 |   |   | Repsol Exploración, S.A.                              |   |   | Repsol YPF, S.A.                              |   |   | Oil and gas exploration and production                     |   |   | G.I.                          |   |                          | 100                                      |                                  |   | 100 |   |   | 1.94 |   |   | (0.65 | ) |   | (4.43 | ) |   | — |   |   | (3.14 | ) |   | 0.00 |   |
| Repsol        Exploración Argelia, S.A.                          |   |   | Spain                 |   |   | Repsol Exploración, S.A.                              |   |   | Repsol YPF, S.A.                              |   |   | Oil and gas exploration and production                     |   |   | G.I.                          |   |                          | 100                                      |                                  |   | 100 |   |   | 3.97 |   |   | 150.23 |   |   | 51.62 |   |   | — |   |   | 205.82 |   |   | 117.20 |   |
| Repsol        Exploración Murzuq, S.A.                           |   |   | Spain                 |   |   | Repsol Exploración, S.A.                              |   |   | Repsol YPF, S.A.                              |   |   | Oil and gas exploration and production                     |   |   | G.I.                          |   |                          | 100                                      |                                  |   | 100 |   |   | 7.83 |   |   | 319.26 |   |   | 89.85 |   |   | (90.00 | ) |   | 326.94 |   |   | 326.80 |   |
| Repsol        Oil Operations AG                                         |   |   | Switzerland           |   |   | Repsol Exploración Murzuq, S.A.                       |   |   |                                          |   |   | Oil and gas exploration and production                     |   |   | E.M.                          |   |                          | 40.00                                    |                                  |   | 40.00 |   |   | 0.07 |   |   | 0.04 |   |   | 0.86 |   |   | — |   |   | 0.39 |   |   | 0.02 |   |
| Repsol        Inco AG                                                   |   |   | Switzerland           |   |   | Repsol Exploración Murzuq, S.A.                       |   |   |                                          |   |   | Oil and gas exploration and production                     |   |   | E.M.                          |   |                          | 40.00                                    |                                  |   | 40.00 |   |   | 0.07 |   |   | 0.30 |   |   | 0.02 |   |   | — |   |   | 0.16 |   |   | 0.02 |   |
| Repsol        YPF Ecuador, S.A.                                         |   |   | Spain                 |   |   | Repsol Exploración, S.A.                              |   |   | Repsol Petróleo, S.A.                  |   |   | Oil and gas exploration and production                     |   |   | G.I.                          |   |                          | 100                                      |                                  |   | 100 |   |   | 4.74 |   |   | 191.02 |   |   | 8.05 |   |   | — |   |   | 203.81 |   |   | 190.16 |   |
| Repsol        YPF OCP del Ecuador, S.A.                                 |   |   | Spain                 |   |   | Repsol Exploración, S.A.                              |   |   | Repsol Exploración Tobago, S.A.        |   |   | Portfolio company                                          |   |   | G.I.                          |   |                          | 100                                      |                                  |   | 100 |   |   | 0.06 |   |   | (0.02 | ) |   | (0.62 | ) |   | — |   |   | (0.58 | ) |   | 0.00 |   |
| Repsol        Exploración Securé, S.A.                    |   |   | Spain                 |   |   | Repsol Exploración, S.A.                              |   |   | Repsol YPF, S.A.                              |   |   | Oil and gas exploration and production                     |   |   | G.I.                          |   |                          | 100                                      |                                  |   | 100 |   |   | 1.87 |   |   | (0.62 | ) |   | (1.06 | ) |   | — |   |   | 0.19 |   |   | 0.18 |   |
| Repsol        Exploración Perú, S.A.                      |   |   | Spain                 |   |   | Repsol Exploración, S.A.                              |   |   | Repsol YPF, S.A.                              |   |   | Oil and gas exploration and production                     |   |   | G.I.                          |   |                          | 100                                      |                                  |   | 100 |   |   | 0.67 |   |   | (0.22 | ) |   | (6.78 | ) |   | — |   |   | (6.33 | ) |   | 0.00 |   |
| Repsol        YPF Oriente Medio, S.A.                                   |   |   | Spain                 |   |   | Repsol Exploración, S.A.                              |   |   | Repsol YPF, S.A.                              |   |   | Oil and gas exploration and production                     |   |   | G.I.                          |   |                          | 100                                      |                                  |   | 100 |   |   | 0.18 |   |   | (0.06 | ) |   | (6.68 | ) |   | — |   |   | (6.56 | ) |   | 0.00 |   |
| Repsol        Exploración Kazakhstán, S.A.                |   |   | Spain                 |   |   | Repsol Exploración, S.A.                              |   |   | Repsol YPF, S.A.                              |   |   | Oil and gas exploration and production                     |   |   | G.I.                          |   |                          | 100                                      |                                  |   | 100 |   |   | 0.18 |   |   | 1.64 |   |   | (1.78 | ) |   | — |   |   | 0.04 |   |   | 0.04 |   |
| Repsol        Exploración Tobago, S.A.                           |   |   | Spain                 |   |   | Repsol Exploración, S.A.                              |   |   | Repsol YPF, S.A.                              |   |   | Oil and gas exploration and production                     |   |   | G.I.                          |   |                          | 100                                      |                                  |   | 100 |   |   | 0.18 |   |   | (0.06 | ) |   | (0.50 | ) |   | — |   |   | (0.38 | ) |   | 0.00 |   |
| Repsol        YPF Eléctrica de Brasil, S.A.                      |   |   | Spain                 |   |   | Repsol Exploración, S.A.                              |   |   | Repsol YPF, S.A.                              |   |   | Oil and gas exploration and production                     |   |   | G.I.                          |   |                          | 100                                      |                                  |   | 100 |   |   | 0.18 |   |   | (0.06 | ) |   | 2.47 |   |   | — |   |   | 2.59 |   |   | 2.42 |   |
| Repsol        Exploración Azerbaiyan, S.A.                       |   |   | Spain                 |   |   | Repsol Exploración, S.A.                              |   |   | Repsol YPF, S.A.                              |   |   | Oil and gas exploration and production                     |   |   | G.I.                          |   |                          | 100                                      |                                  |   | 100 |   |   | 0.07 |   |   | (0.02 | ) |   | (1.56 | ) |   | — |   |   | (1.51 | ) |   | 0.00 |   |
| Repsol        Exploración Venezuela, B.V.                        |   |   | Netherlands           |   |   | Repsol Exploración, S.A.                              |   |   |                                          |   |   | Oil and gas exploration and production                     |   |   | G.I.                          |   |                          | 100                                      |                                  |   | 100 |   |   | 278.51 |   |   | (128.43 | ) |   | (205.33 | ) |   | — |   |   | (55.25 | ) |   | 0.00 |   |
| Flawin        SAFI                                                      |   |   | Uruguay               |   |   | Repsol Exploración Venezuela, B.V.                    |   |   |                                          |   |   | Oil and gas exploration and production                     |   |   | G.I.                          |   |                          | 100                                      |                                  |   | 100 |   |   | 24.31 |   |   | — |   |   | — |   |   | — |   |   | 24.31 |   |   | 24.31 |   |
| Repsol        YPF Venezuela, S.A.                                       |   |   | Venezuela             |   |   | Repsol Exploración Venezuela, B.V.                    |   |   |                                          |   |   | Oil and gas exploration and production                     |   |   | G.I.                          |   |                          | 100                                      |                                  |   | 100 |   |   | 15.73 |   |   | 87.45 |   |   | (187.94 | ) |   | — |   |   | (84.76 | ) |   | 0.00 |   |
| Maxus        Guarapiche, Ltd.                                           |   |   | Cayman Islands        |   |   | Repsol Exploración Venezuela, B.V.                    |   |   |                                          |   |   | Oil and gas exploration and production                     |   |   | G.I.                          |   |                          | 100                                      |                                  |   | 100 |   |   | — |   |   | — |   |   | — |   |   | — |   |   | — |   |   | — |   |
| Maxus        Venezuela Ltd                                              |   |   | Cayman Islands        |   |   | Repsol Exploración Venezuela, B.V.                    |   |   |                                          |   |   | Oil and gas exploration and production                     |   |   | G.I.                          |   |                          | 100                                      |                                  |   | 100 |   |   | — |   |   | — |   |   | — |   |   | — |   |   | — |   |   | — |   |
| Repsol        Exploración Egipto, S.A.                           |   |   | Spain                 |   |   | Repsol Exploración, S.A.                              |   |   | Repsol YPF, S.A.                              |   |   | Oil and gas exploration and production                     |   |   | G.I.                          |   |                          | 100                                      |                                  |   | 100 |   |   | 0.07 |   |   | 61.36 |   |   | 26.46 |   |   | — |   |   | 87.89 |   |   | 41.36 |   |
| Repsol        YPF T & T, S.A.                                       |   |   | Spain                 |   |   | Repsol Exploración, S.A.                              |   |   |                                          |   |   | Portfolio company                                          |   |   | G.I.                          |   |                          | 100                                      |                                  |   | 100 |   |   | 0.06 |   |   | 6.08 |   |   | (52.45 | ) |   | — |   |   | (46.31 | ) |   | 0.40 |   |
| BPRY        Caribbean Ventures LLC                                      |   |   | Trinidad & Tobago |   |   | Repsol YPF T & T, S.A.                                   |   |   |                                          |   |   | Portfolio company                                          |   |   | P.I.                          |   |                          | 10.00                                    |                                  |   | 10.00 |   |   | 215.13 |   |   | (11.04 | ) |   | 78.29 |   |   | (95.40 | ) |   | 18.70 |   |   | 250.92 |   |
| BP        Amoco Trinidad & Tobago                                   |   |   | Trinidad & Tobago |   |   | BPRY Caribbean Ventures LLC                                  |   |   |                                          |   |   | Oil and gas exploration and production                     |   |   | P.I.                          |   |                          | 10.00                                    |                                  |   | 100 |   |   | 112.74 |   |   | 66.79 |   |   | 235.44 |   |   | (95.40 | ) |   | 319.57 |   |   | 215.13 |   |

 

 

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|                                                           |   |   |                  |   |   |                                                    |   |   |                                 |   |   |                                      |   |   |                          |   | **Total      % of Ownership** |                                | **Amounts      in Millions of Euros** |   |
|----------------------------------------------------------------|--------|--------|-----------------------|--------|--------|---------------------------------------------------------|--------|--------|--------------------------------------|--------|--------|-------------------------------------------|--------|--------|-------------------------------|--------|-------------------------------|-------------------------------------|---------------------------------------|--------|
|                                                           |   |   |                  |   |   |                                                    |   |   |                                 |   |   |                                      |   |   |                          |   |                               |                                |                                       |   |
| **Name**                                                       |   |   | **Country**           |   |   | **Parent Company**                                      |   |   | **Other Investees (1)**              |   |   | **Line of Business**                      |   |   | **Consolidation      Method** |   |                          | **% of      Direct      Ownership** |                                  |   | **% of      Control** |   |   | **Capital** |   |   | **Reserves** |   |   | **2002      Income      (Loss)** |   |   | **Interim      Dividend** |   |   | **Assets      Owned** **(2)** |   |   | **Investment      Value (3)** |   |
|                                                                |   |        |                       |   |        |                                                         |   |        |                                      |   |        |                                           |   |        |                               |   |                               |                                     |                                  |        |  |   |  |  |   |  |  |   |  |  |   |  |  |   |  |  |   |  |  |   |
| Dubai        Marine Areas, Ltd. (DUMA)                         |   |   | U.K.                  |   |   | Repsol Exploración, S.A.                         |   |   |                                 |   |   | Oil and gas exploration and production    |   |   | P.I.                          |   |                          | 50.00                               |                                  |   | 50.00 |   |   | 0.08 |   |   | 139.32 |   |   | 19.16 |   |   | — |   |   | 79.28 |   |   | 13.39 |   |
| Repsol        Investigaciones Petrolíferas, S.A.        |   |   | Spain                 |   |   | Repsol Exploración, S.A.                         |   |   |                                 |   |   | Oil and gas exploration and production    |   |   | G.I.                          |   |                          | 100                                 |                                  |   | 100 |   |   | 225.89 |   |   | 332.14 |   |   | (25.42 | ) |   | — |   |   | 532.61 |   |   | 530.39 |   |
| Repsol        Exploración Alga, S.A.                    |   |   | Spain                 |   |   | Repsol Investigaciones Petrolíferas,      S.A.   |   |   |                                 |   |   | Gas supply and logistics                  |   |   | G.I.                          |   |                          | 100                                 |                                  |   | 100 |   |   | 7.04 |   |   | 13.55 |   |   | 4.84 |   |   | — |   |   | 25.43 |   |   | 43.90 |   |
| Repsol        YPF Perú, BV                              |   |   | Netherlands           |   |   | Repsol YPF, S.A.                                        |   |   |                                 |   |   | Portfolio company                         |   |   | G.I.                          |   |                          | 100                                 |                                  |   | 100 |   |   | 119.54 |   |   | 83.96 |   |   | (18.70 | ) |   | — |   |   | 184.80 |   |   | 177.71 |   |
| Grupo        Repsol YPF del Perú, S.A.C.                |   |   | Peru                  |   |   | Repsol YPF Perú, B.V.                            |   |   |                                 |   |   | Portfolio company                         |   |   | G.I.                          |   |                          | 100                                 |                                  |   | 100 |   |   | 0.48 |   |   | (0.09 | ) |   | 0.72 |   |   | — |   |   | 1.12 |   |   | 1.94 |   |
| Refinadores        del Perú, S.A.                       |   |   | Peru                  |   |   | Repsol YPF Perú, B.V.                            |   |   |                                 |   |   | Portfolio company                         |   |   | G.I.                          |   |                          | 78.76                               |                                  |   | 78.76 |   |   | 149.67 |   |   | 7.81 |   |   | 8.41 |   |   | (6.73 | ) |   | 125.35 |   |   | 119.47 |   |
| Refinería        La Pampilla, S.A.                      |   |   | Peru                  |   |   | Refinadores de Perú, S.A.                        |   |   |                                 |   |   | Refining                                  |   |   | G.I.                          |   |                          | 47.29                               |                                  |   | 60.04 |   |   | 140.22 |   |   | 19.56 |   |   | 15.88 |   |   | — |   |   | 105.47 |   |   | 158.30 |   |
| Repsol        Comercial, S.A.C.                                |   |   | Peru                  |   |   | Repsol YPF Perú, B.V.                            |   |   |                                 |   |   | Marketing of fuels                        |   |   | G.I.                          |   |                          | 100                                 |                                  |   | 100 |   |   | 29.78 |   |   | (0.04 | ) |   | (0.65 | ) |   | — |   |   | 29.09 |   |   | 30.43 |   |
| Repsol        YPF Comercial del Ecuador, S.A.                  |   |   | Ecuador               |   |   | Repsol YPF, S.A.                                        |   |   |                                 |   |   | Marketing of oil and gas                  |   |   | G.I.                          |   |                          | 100                                 |                                  |   | 100 |   |   | 66.69 |   |   | (15.14 | ) |   | (2.49 | ) |   | — |   |   | 49.06 |   |   | 47.40 |   |
| Combustibles        Industriales Oil Trader, S.A.              |   |   | Ecuador               |   |   | Repsol YPF Comercial Ecuador, S.A.                      |   |   |                                 |   |   | Marketing of oil and gas                  |   |   | G.I.                          |   |                          | 100                                 |                                  |   | 100 |   |   | 0.05 |   |   | 0.01 |   |   | (3.33 | ) |   | — |   |   | (3.27 | ) |   | 0.27 |   |
| Repsol        International Finance B.V.                       |   |   | Netherlands           |   |   | Repsol YPF, S.A.                                        |   |   |                                 |   |   | Finance and holding company               |   |   | G.I.                          |   |                          | 100                                 |                                  |   | 100 |   |   | 339.92 |   |   | 582.15 |   |   | (110.11 | ) |   | — |   |   | 811.96 |   |   | 564.04 |   |
| Repsol        LNG Port of Spain, BV                            |   |   | Netherlands           |   |   | Repsol International Finance, B.V.                      |   |   |                                 |   |   | Portfolio company                         |   |   | G.I.                          |   |                          | 100                                 |                                  |   | 100 |   |   | 0.03 |   |   | 23.90 |   |   | 23.83 |   |   | — |   |   | 47.76 |   |   | 0.03 |   |
| Atlantic        1 Holdings, LLC                                |   |   | Trinidad & Tobago |   |   | Repsol LNG Port of Spain, BV                            |   |   |                                 |   |   | Portfolio company                         |   |   | E.M.                          |   |                          | 20.00                               |                                  |   | 20.00 |   |   | 232.57 |   |   | (1.82 | ) |   | (1.81 | ) |   | — |   |   | 45.79 |   |   | 46.51 |   |
| Atlantic        LNG                                            |   |   | Trinidad & Tobago |   |   | Atlantic 1 Holdings, LLC                                |   |   |                                 |   |   | Gas supply and/or logistics               |   |   | E.M.                          |   |                          | 20.00                               |                                  |   | 100 |   |   | 232.57 |   |   | 9.33 |   |   | 32.70 |   |   | — |   |   | 274.61 |   |   | 232.57 |   |
| Repsol        International Capital                            |   |   | Cayman Islands        |   |   | Repsol International Finance, B.V.                      |   |   |                                 |   |   | Finance                                   |   |   | G.I.                          |   |                          | 100                                 |                                  |   | 100 |   |   | 0.66 |   |   | (32.30 | ) |   | (62.68 | ) |   | — |   |   | (94.32 | ) |   | — |   |
| Repsol        Investeringen, BV                                |   |   | Netherlands           |   |   | Repsol International Finance, B.V.                      |   |   |                                 |   |   | Finance                                   |   |   | G.I.                          |   |                          | 100                                 |                                  |   | 100 |   |   | 0.02 |   |   | (0.01 | ) |   | — |   |   | — |   |   | 0.01 |   |   | 0.02 |   |
| Repsol        Netherlands Finance, BV                          |   |   | Netherlands           |   |   | Repsol International Finance, B.V.                      |   |   | Repsol Investeringen, B.V.           |   |   | Finance                                   |   |   | G.I.                          |   |                          | 100                                 |                                  |   | 100 |   |   | 0.02 |   |   | 63.68 |   |   | 3.42 |   |   | — |   |   | 67.12 |   |   | 0.02 |   |
| Repsol        YPF Capital, S.L.                                |   |   | Spain                 |   |   | Repsol International Finance, B.V.                      |   |   | Repsol YPF, S.A.                     |   |   | Portfolio company                         |   |   | G.I.                          |   |                          | 100                                 |                                  |   | 100 |   |   | 463.77 |   |   | — |   |   | — |   |   | — |   |   | 463.77 |   |   | 451.63 |   |
| CAVEANT                                                        |   |   | Argentina             |   |   | Repsol YPF Capital, S.L.                                |   |   | YPF, S.A.                            |   |   | Finance                                   |   |   | G.I.                          |   |                          | 100                                 |                                  |   | 100 |   |   | 2.96 |   |   | 67.91 |   |   | 12.87 |   |   | — |   |   | 83.74 |   |   | 95.23 |   |
| Gaviota        RE                                              |   |   | Luxembourg            |   |   | Repsol International Finance, B.V.                      |   |   | Repsol YPF, S.A.                     |   |   | Reinsurance                               |   |   | G.I.                          |   |                          | 100                                 |                                  |   | 100 |   |   | 1.80 |   |   | — |   |   | — |   |   | — |   |   | 1.80 |   |   | 1.80 |   |
| Cormorán        RE                                      |   |   | Luxembourg            |   |   | Repsol International Finance, B.V.                      |   |   | Repsol YPF, S.A.                     |   |   | Reinsurance                               |   |   | G.I.                          |   |                          | 100                                 |                                  |   | 100 |   |   | 1.50 |   |   | — |   |   | — |   |   | — |   |   | 1.50 |   |   | 1.58 |   |
| Repsol        (UK) Ltd.                                        |   |   | U.K.                  |   |   | Repsol International Finance, B.V.                      |   |   |                                 |   |   | Portfolio company                         |   |   | E.M.                          |   |                          | 100                                 |                                  |   | 100 |   |   | 21.49 |   |   | (20.05 | ) |   | 0.09 |   |   | — |   |   | 1.53 |   |   | 1.45 |   |
| Repsol        Occidental Corporation                           |   |   | U.S.A.                |   |   | Repsol International Finance, B.V.                      |   |   |                                 |   |   | Oil and gas exploration and production    |   |   | P.I.                          |   |                          | 25.00                               |                                  |   | 25.00 |   |   | 0.38 |   |   | 112.59 |   |   | 47.03 |   |   | (106.37 | ) |   | 13.41 |   |   | 29.44 |   |
| Repsol        Química, S.A.                             |   |   | Spain                 |   |   | Repsol YPF, S.A.                                        |   |   | Repsol Petróleo, S.A.         |   |   | Petrochemicals                            |   |   | G.I.                          |   |                          | 100                                 |                                  |   | 100 |   |   | 60.50 |   |   | 84.30 |   |   | (22.00 | ) |   | — |   |   | 122.80 |   |   | 122.69 |   |
| Polidux,        S.A.                                           |   |   | Spain                 |   |   | Repsol Química, S.A.                             |   |   | Repsol YPF, S.A.                     |   |   | Petrochemicals                            |   |   | G.I.                          |   |                          | 100                                 |                                  |   | 100 |   |   | 17.40 |   |   | (1.30 | ) |   | (0.30 | ) |   | — |   |   | 15.80 |   |   | 15.80 |   |
| Repsol        Bronderslev A/S                                  |   |   | Denmark               |   |   | Repsol Química, S.A.                             |   |   |                                 |   |   | Chemicals                                 |   |   | E.M.                          |   |                          | 100                                 |                                  |   | 100 |   |   | 3.10 |   |   | 3.30 |   |   | 1.10 |   |   | — |   |   | 7.50 |   |   | 4.80 |   |
| Repsol        Polívar, SPA                              |   |   | Italy                 |   |   | Repsol Bronderslev, A/S                                 |   |   |                                 |   |   | Petrochemicals                            |   |   | E.M.                          |   |                          | 100                                 |                                  |   | 100 |   |   | 0.20 |   |   | 0.30 |   |   | (0.60 | ) |   | — |   |   | (0.10 | ) |   | 0.00 |   |
| General        Química, S.A.                            |   |   | Spain                 |   |   | Repsol Química, S.A.                             |   |   | Repsol Exploración Alga, S.A. |   |   | Chemicals                                 |   |   | G.I.                          |   |                          | 100                                 |                                  |   | 100 |   |   | 3.00 |   |   | 37.60 |   |   | 2.10 |   |   | — |   |   | 42.70 |   |   | 27.60 |   |
| Cogeneración        Gequisa, S.A.                       |   |   | Spain                 |   |   | General Química, S.A.                            |   |   |                                 |   |   | Electricity cogeneration                  |   |   | E.M.                          |   |                          | 39.00                               |                                  |   | 39.00 |   |   | 1.80 |   |   | 1.90 |   |   | 0.50 |   |   | — |   |   | 1.64 |   |   | 1.50 |   |
| Dynasol        Elastómeros, S.A.                        |   |   | Spain                 |   |   | Repsol Química, S.A.                             |   |   |                                 |   |   | Production of synthetic rubber            |   |   | P.I.                          |   |                          | 50.01                               |                                  |   | 50.01 |   |   | 16.80 |   |   | 35.80 |   |   | 7.00 |   |   | — |   |   | 29.81 |   |   | 8.40 |   |
| Dynasol        Elastómeros, S.A. de C.V.                |   |   | Mexico                |   |   | Repsol Química, S.A.                             |   |   |                                 |   |   | Production and marketing of chemicals     |   |   | E.M.                          |   |                          | 49.99                               |                                  |   | 49.99 |   |   | 47.50 |   |   | 1.80 |   |   | (1.90 | ) |   | — |   |   | 23.70 |   |   | 20.60 |   |
| Dynasol        Gestión, S.A.                            |   |   | Spain                 |   |   | Repsol Química, S.A.                             |   |   |                                 |   |   | Management of Dynasol Elastómetros |   |   | E.M.                          |   |                          | 50.00                               |                                  |   | 50.00 |   |   | 0.10 |   |   | 0.10 |   |   | — |   |   | — |   |   | 0.10 |   |   | 0.00 |   |
| Repsol        Portugal Petróleo e Derivados, Ltda.      |   |   | Portugal              |   |   | Repsol YPF, S.A.                                        |   |   | R. YPF Lubricantes y Especialidades  |   |   | Marketing of oil products                 |   |   | G.I.                          |   |                          | 100                                 |                                  |   | 100 |   |   | 43.40 |   |   | 64.90 |   |   | (5.10 | ) |   | — |   |   | 103.20 |   |   | 101.94 |   |
| Gespost                                                        |   |   | Portugal              |   |   | Repsol Portugal Petróleo e Derivados,      Ltda. |   |   |                                 |   |   | Marketing of oil products                 |   |   | G.I.                          |   |                          | 99.67                               |                                  |   | 100 |   |   | (*) |   |   | 0.10 |   |   | (0.50 | ) |   | — |   |   | (0.40 | ) |   | 0.80 |   |
| Repsol        Portugal Gas de Petróleo Liquefeito, S.A. |   |   | Portugal              |   |   | Repsol YPF, S.A.                                        |   |   | R. YPF Lubricantes y Especialidades  |   |   | Marketing of oil products                 |   |   | G.I.                          |   |                          | 100                                 |                                  |   | 100 |   |   | 0.05 |   |   | 9.40 |   |   | 0.80 |   |   | — |   |   | 10.25 |   |   | 0.17 |   |
| Repsol        Italia                                           |   |   | Italy                 |   |   | Repsol YPF, S.A.                                        |   |   | R. YPF Lubricantes y Especialidades  |   |   | Marketing of oil products                 |   |   | G.I.                          |   |                          | 100                                 |                                  |   | 100 |   |   | 1.80 |   |   | — |   |   | 0.50 |   |   | — |   |   | 2.30 |   |   | 2.30 |   |
| Gas        Natural SDG, S.A.                                   |   |   | Spain                 |   |   | Repsol YPF, S.A.                                        |   |   | Repsol Petróleo, S.A.         |   |   | Marketing of gas                          |   |   | P.I.                          |   |                          | 24.04                               |                                  |   | 24.04 |   |   | 447.78 |   |   | 2,281.86 |   |   | 889.29 |   |   | (76.12 | ) |   | 851.69 |   |   | 327.37 |   |
| Sagane,        S.A.                                            |   |   | Spain                 |   |   | Gas Natural SDG, S.A.                                   |   |   | La Propagadora del Gas, S.A.         |   |   | Gas supply                                |   |   | P.I.                          |   |                          | 24.04                               |                                  |   | 100 |   |   | 94.80 |   |   | 5.92 |   |   | 59.74 |   |   | — |   |   | 160.46 |   |   | 42.00 |   |
| Europe        Maghreb Pipeline, Ltd. (EMPL)                    |   |   | U.K.                  |   |   | Sagane, S.A.                                            |   |   |                                 |   |   | Gas transmission                          |   |   | P.I.                          |   |                          | 17.45                               |                                  |   | 72.60 |   |   | 0.09 |   |   | 115.97 |   |   | 70.09 |   |   | — |   |   | 135.15 |   |   | 74.50 |   |
| Metragaz,        S.A.                                          |   |   | Morocco               |   |   | Sagane, S.A.                                            |   |   |                                 |   |   | Gas transmission                          |   |   | P.I.                          |   |                          | 17.39                               |                                  |   | 72.33 |   |   | 3.46 |   |   | 1.77 |   |   | 1.23 |   |   | — |   |   | 4.67 |   |   | 2.90 |   |
| Grupo        Enagás, S.A. (5)                           |   |   | Spain                 |   |   | Gas Natural SDG, S.A.                                   |   |   |                                 |   |   | Gas supply and transmission               |   |   | E.M.                          |   |                          | 9.83                                |                                  |   | 40.90 |   |   | 358.10 |   |   | 405.68 |   |   | 110.07 |   |   | (21.49 | ) |   | 348.62 |   |   | 97.80 |   |
| Sociedad        de Gas de Euskadi, S.A.                        |   |   | Spain                 |   |   | Gas Natural SDG, S.A.                                   |   |   |                                 |   |   | Gas distribution                          |   |   | E.M.                          |   |                          | 4.93                                |                                  |   | 20.50 |   |   | 47.32 |   |   | 123.93 |   |   | 21.26 |   |   | — |   |   | 39.46 |   |   | 19.60 |   |
| Iberlink        Ibérica, S.A.                           |   |   | Spain                 |   |   | Gas Natural SDG, S.A.                                   |   |   | La Propagadora del Gas, S.A.         |   |   | Studies and projects                      |   |   | P.I.                          |   |                          | 24.04                               |                                  |   | 100 |   |   | 0.23 |   |   | 0.03 |   |   | 0.01 |   |   | — |   |   | 0.27 |   |   | 1.00 |   |

 

 

----

|                                                                  |   |   |        |   |   |                                                          |   |   |                                                          |   |   |                                          |   |   |                          |   | **Total      % of Ownership** |                                | **Amounts      in Millions of Euros** |   |
|-----------------------------------------------------------------------|--------|--------|-------------|--------|--------|---------------------------------------------------------------|--------|--------|---------------------------------------------------------------|--------|--------|-----------------------------------------------|--------|--------|-------------------------------|--------|-------------------------------|-------------------------------------|---------------------------------------|--------|
|                                                                  |   |   |        |   |   |                                                          |   |   |                                                          |   |   |                                          |   |   |                          |   |                               |                                |                                       |   |
| **Name**                                                              |   |   | **Country** |   |   | **Parent Company**                                            |   |   | **Other Investees (1)**                                       |   |   | **Line of Business**                          |   |   | **Consolidation      Method** |   |                          | **% of      Direct      Ownership** |                                  |   | **% of      Control** |   |   | **Capital** |   |   | **Reserves** |   |   | **2002      Income      (Loss)** |   |   | **Interim      Dividend** |   |   | **Assets      Owned** **(2)** |   |   | **Investment      Value (3)** |   |
|                                                                       |   |        |             |   |        |                                                               |   |        |                                                               |   |        |                                               |   |        |                               |   |                               |                                     |                                  |        |  |   |  |  |   |  |  |   |  |  |   |  |  |   |  |  |   |  |  |   |
|                                                                  |
|                                                                  |
| Kromschroeder,        S.A.                                            |   |   | Spain       |   |   | Gas Natural SDG, S.A.                                         |   |   |                                                          |   |   | Production and marketing of gas      products |   |   | E.M.                          |   |                          | 10.22                               |                                  |   | 42.52 |   |   | 0.66 |   |   | 10.22 |   |   | 0.87 |   |   | — |   |   | 4.99 |   |   | 3.60 |   |
| Natural        Energy, S.A.                                           |   |   | Argentina   |   |   | Kromschroeder, S.A.                                           |   |   | La Propagadora del Gas, S.A.                                  |   |   | Marketing of gas                              |   |   | P.I.                          |   |                          | 11.99                               |                                  |   | 72.00 |   |   | 0.02 |   |   | — |   |   | — |   |   | — |   |   | 0.01 |   |   | 0.00 |   |
| Gas        Natural Castilla y León, S.A.                       |   |   | Spain       |   |   | Gas Natural SDG, S.A.                                         |   |   | La Propagadora del Gas, S.A.                                  |   |   | Gas distribution                              |   |   | P.I.                          |   |                          | 21.66                               |                                  |   | 90.10 |   |   | 6.33 |   |   | 76.06 |   |   | 13.15 |   |   | — |   |   | 86.08 |   |   | 6.30 |   |
| Gas        Natural Castilla La Mancha, S.A.                           |   |   | Spain       |   |   | Gas Natural SDG, S.A.                                         |   |   |                                                          |   |   | Gas distribution                              |   |   | P.I.                          |   |                          | 22.84                               |                                  |   | 95.00 |   |   | 6.90 |   |   | 12.79 |   |   | 1.87 |   |   | — |   |   | 20.48 |   |   | 6.40 |   |
| Gas        Natural Rioja, S.A.                                        |   |   | Spain       |   |   | Gas Natural SDG, S.A.                                         |   |   |                                                          |   |   | Gas distribution                              |   |   | P.I.                          |   |                          | 21.04                               |                                  |   | 87.50 |   |   | 2.70 |   |   | 8.57 |   |   | 1.58 |   |   | — |   |   | 11.24 |   |   | 2.60 |   |
| Gas        Natural Navarra, S.A.                                      |   |   | Spain       |   |   | Gas Natural SDG, S.A.                                         |   |   |                                                          |   |   | Gas distribution                              |   |   | P.I.                          |   |                          | 21.63                               |                                  |   | 89.99 |   |   | 3.60 |   |   | 24.51 |   |   | 5.92 |   |   | — |   |   | 30.62 |   |   | 15.60 |   |
| Gas        Galicia SDG, S.A.                                          |   |   | Spain       |   |   | Gas Natural SDG, S.A.                                         |   |   |                                                          |   |   | Gas distribution                              |   |   | P.I.                          |   |                          | 14.90                               |                                  |   | 62.00 |   |   | 32.65 |   |   | 3.82 |   |   | (1.41 | ) |   | — |   |   | 21.74 |   |   | 26.20 |   |
| Gas        Natural La Coruña, S.A.                               |   |   | Spain       |   |   | Gas Galicia SDG, S.A.                                         |   |   |                                                          |   |   | Gas distribution                              |   |   | P.I.                          |   |                          | 13.56                               |                                  |   | 91.00 |   |   | 1.80 |   |   | 0.21 |   |   | (1.21 | ) |   | — |   |   | 0.73 |   |   | 1.60 |   |
| Gas        Aragón, S.A.                                        |   |   | Spain       |   |   | Gas Natural SDG, S.A.                                         |   |   |                                                          |   |   | Marketing of gas                              |   |   | E.M.                          |   |                          | 8.41                                |                                  |   | 35.00 |   |   | 5.89 |   |   | 14.48 |   |   | 9.38 |   |   | — |   |   | 10.41 |   |   | 2.90 |   |
| La        Propagadora del Gas, S.A.                                   |   |   | Spain       |   |   | Gas Natural SDG, S.A.                                         |   |   | ESESA                                                         |   |   | Gas distribution                              |   |   | P.I.                          |   |                          | 24.04                               |                                  |   | 100 |   |   | 0.16 |   |   | 0.81 |   |   | 0.01 |   |   | — |   |   | 0.98 |   |   | 0.30 |   |
| Gas        Natural Informática, S.A.                           |   |   | Spain       |   |   | Gas Natural SDG, S.A.                                         |   |   | La Propagadora del Gas, S.A.                                  |   |   | Computer services                             |   |   | P.I.                          |   |                          | 24.04                               |                                  |   | 100 |   |   | 19.92 |   |   | 4.94 |   |   | (0.07 | ) |   | — |   |   | 24.78 |   |   | 19.90 |   |
| Gas        Natural Andalucía, S.A.                             |   |   | Spain       |   |   | Gas Natural SDG, S.A.                                         |   |   | La Propagadora del Gas, S.A.                                  |   |   | Gas distribution                              |   |   | P.I.                          |   |                          | 24.04                               |                                  |   | 100 |   |   | 12.41 |   |   | 17.00 |   |   | 5.13 |   |   | — |   |   | 34.55 |   |   | 27.30 |   |
| Compañía        Auxiliar de Industrias Varias, S.A.       |   |   | Spain       |   |   | Gas Natural SDG, S.A.                                         |   |   | La Propagadora del Gas, S.A.                                  |   |   | Services                                      |   |   | P.I.                          |   |                          | 24.04                               |                                  |   | 100 |   |   | 0.30 |   |   | 1.67 |   |   | 0.03 |   |   | — |   |   | 2.01 |   |   | 6.10 |   |
| La        Energía, S.A.                                        |   |   | Spain       |   |   | Gas Natural SDG, S.A.                                         |   |   | La Propagadora del Gas, S.A.                                  |   |   | Electricity cogeneration                      |   |   | P.I.                          |   |                          | 24.04                               |                                  |   | 100 |   |   | 10.65 |   |   | (0.11 | ) |   | (0.06 | ) |   | — |   |   | 10.48 |   |   | 11.00 |   |
| A.E.        Sanitaria Vall d’Hebrón                       |   |   | Spain       |   |   | La Energía, S.A.                                       |   |   |                                                          |   |   | Electricity cogeneration                      |   |   | P.I.                          |   |                          | 19.53                               |                                  |   | 81.25 |   |   | 1.71 |   |   | 0.32 |   |   | (0.08 | ) |   | — |   |   | 1.58 |   |   | 1.40 |   |
| Gas        Natural Comercializadora, S.A.                             |   |   | Spain       |   |   | Gas Natural SDG, S.A.                                         |   |   | La Propagadora del Gas, S.A.                                  |   |   | Marketing of gas                              |   |   | P.I.                          |   |                          | 24.04                               |                                  |   | 100 |   |   | 0.60 |   |   | 6.99 |   |   | 19.35 |   |   | — |   |   | 26.94 |   |   | 0.60 |   |
| Gas        Natural Extremadura, S.A.                                  |   |   | Spain       |   |   | Gas Natural SDG, S.A.                                         |   |   | La Propagadora del Gas, S.A.                                  |   |   | Gas distribution                              |   |   | P.I.                          |   |                          | 24.04                               |                                  |   | 100 |   |   | 0.06 |   |   | (0.01 | ) |   | — |   |   | — |   |   | 0.05 |   |   | 0.40 |   |
| Gas        Natural Servicios SDG, S.A.                                |   |   | Spain       |   |   | Gas Natural SDG, S.A.                                         |   |   | La Propagadora del Gas, S.A.                                  |   |   | Finance                                       |   |   | P.I.                          |   |                          | 24.04                               |                                  |   | 100 |   |   | 0.60 |   |   | 10.24 |   |   | 0.13 |   |   | — |   |   | 10.97 |   |   | 1.40 |   |
| Gas        Natural Electricidad SDG, S.A.                             |   |   | Spain       |   |   | Gas Natural SDG, S.A.                                         |   |   | La Propagadora del Gas, S.A.                                  |   |   | Electricity                                   |   |   | P.I.                          |   |                          | 24.04                               |                                  |   | 100 |   |   | 0.06 |   |   | 0.25 |   |   | (0.02 | ) |   | — |   |   | 0.29 |   |   | 0.10 |   |
| Gas        Natural Trading SDG, S.A.                                  |   |   | Spain       |   |   | Gas Natural SDG, S.A.                                         |   |   | La Propagadora del Gas, S.A.                                  |   |   | Trading of gas                                |   |   | P.I.                          |   |                          | 24.04                               |                                  |   | 100 |   |   | 0.06 |   |   | 2.48 |   |   | 39.73 |   |   | — |   |   | 42.28 |   |   | 0.10 |   |
| Desarrollo        del Cable, S.A.                                     |   |   | Spain       |   |   | Gas Natural SDG, S.A.                                         |   |   | La Propagadora del Gas, S.A.                                  |   |   | Communications cable                          |   |   | P.I.                          |   |                          | 24.04                               |                                  |   | 100 |   |   | 21.06 |   |   | 18.11 |   |   | 7.41 |   |   | — |   |   | 46.58 |   |   | 21.10 |   |
| Equipos        y Servicios, S.A. (ESESA)                              |   |   | Spain       |   |   | Gas Natural SDG, S.A.                                         |   |   | La Propagadora del Gas, S.A.                                  |   |   | Services                                      |   |   | P.I.                          |   |                          | 24.04                               |                                  |   | 100 |   |   | 0.12 |   |   | 1.25 |   |   | (1.11 | ) |   | — |   |   | 0.26 |   |   | 0.30 |   |
| Gas        Natural Cantabria SDG, S.A.                                |   |   | Spain       |   |   | Gas Natural SDG, S.A.                                         |   |   | La Propagadora del Gas, S.A.                                  |   |   | Gas distribution                              |   |   | P.I.                          |   |                          | 21.73                               |                                  |   | 90.41 |   |   | 3.16 |   |   | 27.66 |   |   | 0.89 |   |   | — |   |   | 28.67 |   |   | 5.80 |   |
| Gas        Natural Murcia SDG, S.A.                                   |   |   | Spain       |   |   | Gas Natural SDG, S.A.                                         |   |   | La Propagadora del Gas, S.A.                                  |   |   | Gas distribution                              |   |   | P.I.                          |   |                          | 23.99                               |                                  |   | 99.79 |   |   | 4.44 |   |   | 0.13 |   |   | (1.31 | ) |   | — |   |   | 3.26 |   |   | 5.90 |   |
| Gas        Natural CEGAS                                              |   |   | Spain       |   |   | Gas Natural SDG, S.A.                                         |   |   | La Propagadora del Gas, S.A.                                  |   |   | Gas distribution                              |   |   | P.I.                          |   |                          | 21.74                               |                                  |   | 90.42 |   |   | 10.53 |   |   | 56.84 |   |   | 0.54 |   |   | — |   |   | 61.41 |   |   | 20.20 |   |
| Gas        Natural Aprovisionamientos SDG, S.A.                       |   |   | Spain       |   |   | Gas Natural SDG, S.A.                                         |   |   | Sagane, S.A.                                                  |   |   | Gas supply                                    |   |   | P.I.                          |   |                          | 24.04                               |                                  |   | 100 |   |   | 0.60 |   |   | 2.03 |   |   | 3.96 |   |   | — |   |   | 6.59 |   |   | 0.60 |   |
| Gas        Natural Finance, BV                                        |   |   | Netherlands |   |   | Gas Natural SDG, S.A.                                         |   |   |                                                          |   |   | Portfolio company                             |   |   | P.I.                          |   |                          | 24.04                               |                                  |   | 100 |   |   | 0.02 |   |   | 1.00 |   |   | 0.69 |   |   | — |   |   | 1.71 |   |   | — |   |
| Holding        Gas Natural, S.A.                                      |   |   | Spain       |   |   | Gas Natural SDG, S.A.                                         |   |   | La Propagadora del Gas, S.A.                                  |   |   | Finance                                       |   |   | P.I.                          |   |                          | 24.04                               |                                  |   | 100 |   |   | 0.30 |   |   | 0.16 |   |   | 0.00 |   |   | — |   |   | 0.47 |   |   | 0.30 |   |
| CEG        Río, S.A.                                           |   |   | Brazil      |   |   | Gas Natural SDG, S.A.                                         |   |   | Gas Natural Internacional SDG,      S.A.                      |   |   | Marketing of gas                              |   |   | P.I.                          |   |                          | 9.20                                |                                  |   | 38.26 |   |   | 5.39 |   |   | (3.23 | ) |   | 6.28 |   |   | — |   |   | 3.23 |   |   | 75.60 |   |
| Companhia        Distribuidora de Gas do Río de Janeiro        |   |   | Brazil      |   |   | Gas Natural SDG, S.A.                                         |   |   | Gas Natural Internacional SDG,      S.A.                      |   |   | Marketing of gas                              |   |   | P.I.                          |   |                          | 6.92                                |                                  |   | 28.77 |   |   | 48.65 |   |   | 3.00 |   |   | 6.95 |   |   | — |   |   | 16.86 |   |   | 210.00 |   |
| Gas        Natural Sao Paulo Sul, S.A.                                |   |   | Brazil      |   |   | Gas Natural, SDG, S.A.                                        |   |   |                                                          |   |   | Gas distribution                              |   |   | P.I.                          |   |                          | 24.04                               |                                  |   | 100 |   |   | 144.81 |   |   | — |   |   | (9.77 | ) |   | — |   |   | 135.04 |   |   | 329.60 |   |
| Gas        Natural International, Ltd.                                |   |   | Ireland     |   |   | Gas Natural SDG, S.A.                                         |   |   | La Propagadora del Gas, S.A.                                  |   |   | Portfolio company                             |   |   | P.I.                          |   |                          | 24.04                               |                                  |   | 100 |   |   | 35.66 |   |   | 8.70 |   |   | 1.18 |   |   | — |   |   | 45.54 |   |   | 25.40 |   |
| Gas        Natural Internacional SDG, S.A.                            |   |   | Spain       |   |   | Gas Natural SDG, S.A.                                         |   |   | La Propagadora del Gas, S.A.                                  |   |   | Portfolio company                             |   |   | P.I.                          |   |                          | 24.04                               |                                  |   | 100 |   |   | 349.50 |   |   | 43.49 |   |   | (97.54 | ) |   | — |   |   | 295.45 |   |   | 374.00 |   |
| Manra,        S.A.                                                    |   |   | Argentina   |   |   | Gas Natural Internacional, SDG,      S.A.                     |   |   | La Propagadora del Gas, S.A.                                  |   |   | Portfolio company                             |   |   | P.I.                          |   |                          | 24.04                               |                                  |   | 100 |   |   | 3.65 |   |   | 0.43 |   |   | (0.01 | ) |   | — |   |   | 4.08 |   |   | 31.10 |   |
| Invergas,        S.A.                                                 |   |   | Argentina   |   |   | Gas Natural Internacional, SDG,      S.A.                     |   |   | Manra, S.A.                                                   |   |   | Portfolio company                             |   |   | P.I.                          |   |                          | 17.17                               |                                  |   | 71.41 |   |   | 17.51 |   |   | 26.08 |   |   | (0.07 | ) |   | — |   |   | 31.08 |   |   | 39.30 |   |
| Gas        Natural Ban, S.A.                                          |   |   | Argentina   |   |   | Invergas, S.A.                                                |   |   | Gas Natural Argentina SDG, S.A.                               |   |   | Gas distribution                              |   |   | P.I.                          |   |                          | 12.04                               |                                  |   | 70.00 |   |   | 76.69 |   |   | 69.62 |   |   | (11.74 | ) |   | — |   |   | 94.20 |   |   | 191.00 |   |
| Gas        Natural Argentina SDG, S.A.                                |   |   | Argentina   |   |   | Gas Natural Internacional, SDG,      S.A.                     |   |   |                                                          |   |   | Portfolio company                             |   |   | P.I.                          |   |                          | 17.31                               |                                  |   | 72.00 |   |   | 30.16 |   |   | 2.21 |   |   | (0.02 | ) |   | — |   |   | 23.29 |   |   | 73.00 |   |
| Gas        Natural do Brasil                                          |   |   | Brazil      |   |   | Gas Natural Internacional, SDG,      S.A.                     |   |   |                                                          |   |   | Marketing of gas                              |   |   | P.I.                          |   |                          | 24.04                               |                                  |   | 99.99 |   |   | 0.27 |   |   | (0.13 | ) |   | (0.28 | ) |   | — |   |   | (0.13 | ) |   | 0.60 |   |
| Serviconfort        Brasil, S.A.                                      |   |   | Brazil      |   |   | Gas Natural Internacional, SDG,      S.A.                     |   |   | Gas Natural do Brasil, S.A.                                   |   |   | Services                                      |   |   | P.I.                          |   |                          | 24.04                               |                                  |   | 99.99 |   |   | 1.65 |   |   | (0.19 | ) |   | (0.23 | ) |   | — |   |   | 1.23 |   |   | 1.70 |   |
| Gas        Natural México, S.A. de CV                          |   |   | Mexico      |   |   | Gas Natural Internacional, SDG,      S.A.                     |   |   | Gas Natural SDG, S.A.                                         |   |   | Gas distribution                              |   |   | P.I.                          |   |                          | 20.85                               |                                  |   | 86.50 |   |   | 396.44 |   |   | (93.72 | ) |   | (3.32 | ) |   | — |   |   | 258.99 |   |   | 302.30 |   |
| Servicios        de Energía de México, S.A. de CV       |   |   | Mexico      |   |   | Gas Natural México, S.A.      de CV                    |   |   | Sistemas Administración      y Servicios, S.A. de C.V. |   |   | Portfolio company                             |   |   | P.I.                          |   |                          | 20.85                               |                                  |   | 100 |   |   | 115.76 |   |   | (30.07 | ) |   | 24.00 |   |   | — |   |   | 109.68 |   |   | 119.10 |   |
|                                                                  |   |   |        |   |   |                                                          |   |   |                                                          |   |   |                                          |   |   |                          |   |                          |                                |                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Comercializadora        Metrogas                                      |   |   | Mexico      |   |   | Servicios de Energía de      México, S.A. de CV |   |   | Gas Natural México, S.A.      de C.V.                  |   |   | Gas distribution                              |   |   | P.I.                          |   |                          | 20.85                               |                                  |   | 100 |   |   | 66.14 |   |   | (20.79 | ) |   | (3.54 | ) |   | — |   |   | 41.81 |   |   | 80.10 |   |
| Adm.        Servicios Energía México, S.A. de CV        |   |   | Mexico      |   |   | Servicios de Energía de      México, S.A. de CV |   |   | Gas Natural México, S.A.      de C.V.                  |   |   | Services                                      |   |   | P.I.                          |   |                          | 20.85                               |                                  |   | 100 |   |   | 0.01 |   |   | (0.44 | ) |   | 0.02 |   |   | — |   |   | (0.41 | ) |   | 0.00 |   |
| Energía        y Confort Admón. de Personal, S.A. de CV |   |   | Mexico      |   |   | Gas Natural México, S.A.      de CV                    |   |   |                                                          |   |   | Services                                      |   |   | P.I.                          |   |                          | 20.85                               |                                  |   | 100 |   |   | 0.01 |   |   | 0.01 |   |   | 0.01 |   |   | — |   |   | 0.03 |   |   | 0.00 |   |
| Gas        Natural Servicios, S.A. de C.V.                            |   |   | Mexico      |   |   | Gas Natural México, S.A.      de CV                    |   |   |                                                          |   |   | Services                                      |   |   | P.I.                          |   |                          | 20.85                               |                                  |   | 100 |   |   | 5.18 |   |   | (1.16 | ) |   | (2.23 | ) |   | — |   |   | 1.79 |   |   | 5.80 |   |
| Transnatural        RL de CV.                                         |   |   | Mexico      |   |   | Gas Natural México, S.A.      de CV                    |   |   | Gas Natural SDG, S.A.                                         |   |   |                                          |   |   | P.I.                          |   |                          | 22.45                               |                                  |   | 100 |   |   | 4.17 |   |   | (0.60 | ) |   | (6.86 | ) |   | — |   |   | (3.29 | ) |   | 2.30 |   |
| CH4        Energía, S.A de CV.                                 |   |   | Mexico      |   |   | Gas Natural México, S.A.      de CV                    |   |   |                                                          |   |   |                                          |   |   | P.I.                          |   |                          | 10.43                               |                                  |   | 50.00 |   |   | 0.47 |   |   | 0.10 |   |   | 0.15 |   |   | — |   |   | 0.36 |   |   | 0.30 |   |
| Sistemas        Administración y Servicios, S.A. de CV         |   |   | Mexico      |   |   | Gas Natural Internacional, SDG,      S.A.                     |   |   | Gas Natural SDG, S.A.                                         |   |   | Services                                      |   |   | P.I.                          |   |                          | 20.91                               |                                  |   | 87.00 |   |   | 0.01 |   |   | 0.14 |   |   | 0.09 |   |   | — |   |   | 0.20 |   |   | 0.00 |   |
| Natural        Servicios, S.A.                                        |   |   | Argentina   |   |   | Gas Natural Internacional, SDG,      S.A.                     |   |   |                                                          |   |   | Gas installations                             |   |   | P.I.                          |   |                          | 17.31                               |                                  |   | 72.00 |   |   | 0.78 |   |   | (0.08 | ) |   | (0.08 | ) |   | — |   |   | 0.44 |   |   | 1.70 |   |
| Serviconfort        Colombia                                          |   |   | Colombia    |   |   | Gas Natural Internacional, SDG,      S.A.                     |   |   |                                                          |   |   | Services                                      |   |   | P.I.                          |   |                          | 22.84                               |                                  |   | 94.99 |   |   | 0.13 |   |   | 0.20 |   |   | (0.02 | ) |   | — |   |   | 0.28 |   |   | 0.20 |   |

 

 

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|                                                    |   |   |            |   |   |                                 |   |   |                                             |   |   |                                          |   |   |                          |   | **Total      % of Ownership** |                                | **Amounts      in Millions of Euros** |   |
|---------------------------------------------------------|--------|--------|-----------------|--------|--------|--------------------------------------|--------|--------|--------------------------------------------------|--------|--------|-----------------------------------------------|--------|--------|-------------------------------|--------|-------------------------------|-------------------------------------|---------------------------------------|--------|
|                                                    |   |   |            |   |   |                                 |   |   |                                             |   |   |                                          |   |   |                          |   |                               |                                |                                       |   |
| **Name**                                                |   |   | **Country**     |   |   | **Parent Company**                   |   |   | **Other Investees (1)**                          |   |   | **Line of Business**                          |   |   | **Consolidation      Method** |   |                          | **% of      Direct      Ownership** |                                  |   | **% of      Control** |   |   | **Capital** |   |   | **Reserves** |   |   | **2002      Income      (Loss)** |   |   | **Interim      Dividend** |   |   | **Assets      Owned** **(2)** |   |   | **Investment      Value (3)** |   |
|                                                         |   |        |                 |   |        |                                      |   |        |                                                  |   |        |                                               |   |        |                               |   |                               |                                     |                                  |        |  |   |  |  |   |  |  |   |  |  |   |  |  |   |  |  |   |  |  |   |
| Gas        Natural, S.A. ESP                            |   |   | Colombia        |   |   | Gas Natural Internacional, SDG, S.A. |   |   | Lauroste 98 / Sabinely 2000                      |   |   | Gas distribution                              |   |   | P.I.                          |   |                          | 14.20                               |                                  |   | 59.07 |   |   | 12.28 |   |   | 128.39 |   |   | 12.93 |   |   | — |   |   | 90.73 |   |   | 194.80 |   |
| Gas        Natural Cundiboyacense, S.A. ESP             |   |   | Colombia        |   |   | Gas Natural, S.A. ESP                |   |   |                                             |   |   | Gas distribution                              |   |   | P.I.                          |   |                          | 11.00                               |                                  |   | 77.45 |   |   | 0.72 |   |   | 1.61 |   |   | 0.59 |   |   | — |   |   | 2.26 |   |   | 1.50 |   |
| Gasoriente,        S.A. ESP                             |   |   | Colombia        |   |   | Gas Natural, S.A. ESP                |   |   |                                             |   |   | Gas distribution                              |   |   | P.I.                          |   |                          | 7.74                                |                                  |   | 54.50 |   |   | 3.35 |   |   | 38.04 |   |   | 3.51 |   |   | — |   |   | 24.47 |   |   | 75.30 |   |
| Gases        de Barrancabermeja, S.A. ESP               |   |   | Colombia        |   |   | Gasoriente, S.A. ESP                 |   |   |                                             |   |   | Gas distribution                              |   |   | P.I.                          |   |                          | 7.74                                |                                  |   | 99.99 |   |   | 0.55 |   |   | 4.93 |   |   | (0.05 | ) |   | — |   |   | 5.42 |   |   | 9.70 |   |
| Gas        Natural Latinoamericana                      |   |   | Spain           |   |   | Gas Natural Internacional, SDG, S.A. |   |   | La Propagadora del Gas, S.A.                     |   |   | Portfolio company                             |   |   | P.I.                          |   |                          | 24.04                               |                                  |   | 100 |   |   | 0.60 |   |   | (0.16 | ) |   | (1.12 | ) |   | — |   |   | (0.68 | ) |   | 0.70 |   |
| Lauroste        98, S.L.                                |   |   | Spain           |   |   | Gas Natural Internacional, SDG, S.A. |   |   |                                             |   |   | Portfolio company                             |   |   | P.I.                          |   |                          | 24.04                               |                                  |   | 100 |   |   | 14.53 |   |   | 21.82 |   |   | (16.03 | ) |   | — |   |   | 20.32 |   |   | 42.50 |   |
| Sabinely        2000, S.L.                              |   |   | Spain           |   |   | Gas Natural Internacional, SDG, S.A. |   |   |                                             |   |   | Portfolio company                             |   |   | P.I.                          |   |                          | 24.04                               |                                  |   | 100 |   |   | 0.60 |   |   | 14.42 |   |   | (11.29 | ) |   | — |   |   | 3.74 |   |   | 7.90 |   |
| Portal        Gas Natural                               |   |   | Spain           |   |   | Gas Natural SDG, S.A.                |   |   |                                             |   |   | E-business                                    |   |   | P.I.                          |   |                          | 14.42                               |                                  |   | 60.00 |   |   | 12.00 |   |   | (1.59 | ) |   | (23.01 | ) |   | — |   |   | (7.56 | ) |   | 7.20 |   |
| Portal        del instalador, S.A.                      |   |   | Spain           |   |   | Portal Gas Natural                   |   |   | Repsol YPF, S.A.                                 |   |   | Services                                      |   |   | P.I.                          |   |                          | 20.82                               |                                  |   | 85.00 |   |   | 1.29 |   |   | — |   |   | (0.02 | ) |   | — |   |   | 1.08 |   |   | 1.10 |   |
| Torre        Marenostrum, S.A.                          |   |   | Spain           |   |   | Gas Natural SDG, S.A.                |   |   |                                             |   |   | Real estate                                   |   |   | E.M.                          |   |                          | 10.82                               |                                  |   | 45.00 |   |   | 0.06 |   |   | (*) |   |   | (0.11 | ) |   | — |   |   | (0.02 | ) |   | 0.00 |   |
| Gas        Natural Vendita Italia, S.p.a.               |   |   | Italy           |   |   | Gas Natural SDG, S.A.                |   |   | Gas Natural Internacional SDG, S.A.              |   |   | Gas distribution                              |   |   | P.I.                          |   |                          | 24.04                               |                                  |   | 100.00 |   |   | 0.10 |   |   | — |   |   | (0.07 | ) |   | — |   |   | 0.03 |   |   | 0.20 |   |
| YPF,        S.A.                                        |   |   | Argentina       |   |   | Repsol YPF, S.A.                     |   |   | Repsol YPF Capital/ CAVEANT/R.Exploración |   |   | Oil and gas exploration and production        |   |   | G.I.                          |   |                          | 99.04                               |                                  |   | 99.04 |   |   | 5,193.61 |   |   | 1,846.11 |   |   | 1,533.71 |   |   | (824.75 | ) |   | 7,674.30 |   |   | 13,226.00 |   |
| YPF        International, S.A.                          |   |   | Bolivia         |   |   | YPF, S.A.                            |   |   | Repsol YPF Bolivia/Repsol YPF E&P Bolivia    |   |   | Portfolio company                             |   |   | G.I.                          |   |                          | 99.04                               |                                  |   | 100 |   |   | 228.04 |   |   | (140.10 | ) |   | 34.72 |   |   | — |   |   | 122.65 |   |   | 122.56 |   |
| YPF        South Sokang, Ltd.                           |   |   | Cayman Islands  |   |   | YPF International, S.A.              |   |   |                                             |   |   | Oil and gas exploration and production        |   |   | G.I.                          |   |                          | 99.04                               |                                  |   | 100 |   |   | (*) |   |   | (0.02 | ) |   | (0.60 | ) |   | — |   |   | (0.62 | ) |   | (0.62) |   |
| YPF        Energy Holdings N.V.                         |   |   | Neth. Antilles  |   |   | YPF International, S.A.              |   |   |                                             |   |   | Portfolio company                             |   |   | G.I.                          |   |                          | 99.04                               |                                  |   | 100 |   |   | 400.66 |   |   | (353.97 | ) |   | 29.10 |   |   | — |   |   | 75.78 |   |   | 75.78 |   |
| YPF        Jambi Merang, B.V.                           |   |   | Netherlands     |   |   | YPF Energy Holding N.V.              |   |   |                                             |   |   | Oil and gas exploration and production        |   |   | G.I.                          |   |                          | 99.04                               |                                  |   | 100 |   |   | 0.10 |   |   | (0.09 | ) |   | (0.01 | ) |   | — |   |   | 0.00 |   |   | — |   |
| YPF        Ecuador Inc.                                 |   |   | Cayman Islands  |   |   | YPF International, S.A.              |   |   |                                             |   |   | Oil and gas exploration and production        |   |   | G.I.                          |   |                          | 99.04                               |                                  |   | 100 |   |   | 0.97 |   |   | (0.97 | ) |   | — |   |   | — |   |   | 0.00 |   |   | — |   |
| Greenstone        Assurance, Ltd.                       |   |   | Bermuda Islands |   |   | YPF International, S.A.              |   |   |                                             |   |   | Reinsurance                                   |   |   | G.I.                          |   |                          | 99.04                               |                                  |   | 100 |   |   | 16.02 |   |   | 24.23 |   |   | 0.48 |   |   | — |   |   | 40.72 |   |   | 40.72 |   |
| YPF        Malasya, Ltd.                                |   |   | Cayman Islands  |   |   | YPF International, S.A.              |   |   |                                             |   |   | Oil and gas exploration and production        |   |   | G.I.                          |   |                          | 99.04                               |                                  |   | 100 |   |   | (*) |   |   | (4.78 | ) |   | (2.21 | ) |   | — |   |   | (6.99 | ) |   | (6.99) |   |
| YPF        Indonesia, Ltd.                              |   |   | Cayman Islands  |   |   | YPF International, S.A.              |   |   |                                             |   |   | Oil and gas exploration and production        |   |   | G.I.                          |   |                          | 99.04                               |                                  |   | 100 |   |   | 7.62 |   |   | 10.78 |   |   | (5.91 | ) |   | — |   |   | 12.48 |   |   | 12.49 |   |
| Maxus        Guyana, Ltd.                               |   |   | Cayman Islands  |   |   | YPF International, S.A.              |   |   |                                             |   |   | Oil and gas exploration and production        |   |   | G.I.                          |   |                          | 99.04                               |                                  |   | 100 |   |   | (*) |   |   | (2.14 | ) |   | (0.76 | ) |   | — |   |   | (2.90 | ) |   | (2.90) |   |
| Maxus        Algeria, Ltd.                              |   |   | Cayman Islands  |   |   | YPF International, S.A.              |   |   |                                             |   |   | Oil and gas exploration and production        |   |   | G.I.                          |   |                          | 99.04                               |                                  |   | 100 |   |   | (*) |   |   | (3.15 | ) |   | — |   |   | — |   |   | (3.15 | ) |   | (3.15) |   |
| YPF        Holdings Inc.                                |   |   | U.S.A.          |   |   | YPF International, S.A.              |   |   |                                             |   |   | Portfolio company                             |   |   | G.I.                          |   |                          | 99.04                               |                                  |   | 100 |   |   | 520.17 |   |   | (356.13 | ) |   | (72.20 | ) |   | — |   |   | 91.85 |   |   | 91.85 |   |
| Apex        Petroleum Inc.                              |   |   | U.S.A.          |   |   | YPF Holdings Inc.                    |   |   |                                             |   |   | Other business activities                     |   |   | G.I.                          |   |                          | 99.04                               |                                  |   | 100 |   |   | 1.24 |   |   | — |   |   | — |   |   | — |   |   | 1.24 |   |   | 1.24 |   |
| CLH        Holdings                                     |   |   | U.S.A.          |   |   | YPF Holdings Inc.                    |   |   |                                             |   |   | Finance                                       |   |   | G.I.                          |   |                          | 99.04                               |                                  |   | 100 |   |   | 27.85 |   |   | (90.59 | ) |   | (20.94 | ) |   | — |   |   | (83.68 | ) |   | (83.68) |   |
| Tierra        Solutions Inc.                            |   |   | U.S.A.          |   |   | CLH Holdings                         |   |   |                                             |   |   | Other business activities                     |   |   | G.I.                          |   |                          | 99.04                               |                                  |   | 100 |   |   | 27.85 |   |   | (90.59 | ) |   | (20.94 | ) |   | — |   |   | (83.68 | ) |   | (83.68) |   |
| Maxus        Energy Corporation                         |   |   | U.S.A.          |   |   | YPF Holdings Inc.                    |   |   |                                             |   |   | Oil and gas exploration and production        |   |   | G.I.                          |   |                          | 99.04                               |                                  |   | 100 |   |   | 352.44 |   |   | (120.33 | ) |   | (2.76 | ) |   | — |   |   | 229.35 |   |   | 79.25 |   |
| Maxus        US Exploration Co.                         |   |   | U.S.A.          |   |   | Maxus Energy Corporation             |   |   |                                             |   |   | Oil and gas exploration and production        |   |   | G.I.                          |   |                          | 99.04                               |                                  |   | 100 |   |   | 1.78 |   |   | (42.14 | ) |   | (18.03 | ) |   | — |   |   | (58.38 | ) |   | (58.38) |   |
| Midgard        Energy Co.                               |   |   | U.S.A.          |   |   | Maxus Energy Corporation             |   |   |                                             |   |   | Oil and gas exploration and production        |   |   | G.I.                          |   |                          | 99.04                               |                                  |   | 100 |   |   | 237.26 |   |   | (134.08 | ) |   | 0.38 |   |   | — |   |   | 103.57 |   |   | 103.57 |   |
| Diamond        Gateway Coal Co.                         |   |   | U.S.A.          |   |   | Maxus Energy Corporation             |   |   |                                             |   |   | Other business activities                     |   |   | G.I.                          |   |                          | 99.04                               |                                  |   | 100 |   |   | (4.01 | ) |   | 1.05 |   |   | (*) |   |   | — |   |   | (2.96 | ) |   | (2.96) |   |
| Wheeling        Gateway                                 |   |   | U.S.A.          |   |   | Maxus Energy Corporation             |   |   |                                             |   |   | Other business activities                     |   |   | G.I.                          |   |                          | 99.04                               |                                  |   | 100 |   |   | n/a |   |   | n/a |   |   | n/a |   |   | n/a |   |   | n/a |   |   | n/a |   |
| Gateway        Coal                                     |   |   | U.S.A.          |   |   | Wheeling Gateway                     |   |   | Diamond Gateway Coal                             |   |   | Other business activities                     |   |   | G.I.                          |   |                          | 99.04                               |                                  |   | 100 |   |   | (6.73 | ) |   | 0.66 |   |   | (0.19 | ) |   | — |   |   | (6.27 | ) |   | (6.27) |   |
| Ryttsa        USA Inc.                                  |   |   | U.S.A.          |   |   | YPF Holdings Inc.                    |   |   |                                             |   |   | Marketing of oil and gas                      |   |   | G.I.                          |   |                          | 99.04                               |                                  |   | 100 |   |   | 27.12 |   |   | 15.16 |   |   | 2.23 |   |   | — |   |   | 44.52 |   |   | 44.52 |   |
| Global        Companies LLc. (4)                        |   |   | U.S.A.          |   |   | Ryttsa USA Inc.                      |   |   |                                             |   |   | Marketing of oil and gas                      |   |   | P.I.                          |   |                          | 50.51                               |                                  |   | 51.00 |   |   | 6.20 |   |   | 15.26 |   |   | 2.19 |   |   | — |   |   | 12.06 |   |   | 12.06 |   |
| Compañía        Mega                        |   |   | Argentina       |   |   | YPF, S.A.                            |   |   |                                             |   |   | Gas fractionation                             |   |   | P.I.                          |   |                          | 37.64                               |                                  |   | 38.00 |   |   | 193.98 |   |   | (13.28 | ) |   | 11.65 |   |   | — |   |   | 73.10 |   |   | 73.06 |   |
| Operadora        de Estaciones de Servicio, S.A. OPESSA |   |   | Argentina       |   |   | YPF, S.A.                            |   |   | Repsol YPF Gas, S.A.                             |   |   | Marketing of oil and gas                      |   |   | G.I.                          |   |                          | 98.90                               |                                  |   | 99.85 |   |   | 114.07 |   |   | (79.67 | ) |   | 0.60 |   |   | — |   |   | 34.95 |   |   | 35.00 |   |
| Oiltanking        Ebytem, S.A.                          |   |   | Argentina       |   |   | YPF, S.A.                            |   |   |                                             |   |   | Oil and gas transportation and storage        |   |   | E.M.                          |   |                          | 29.71                               |                                  |   | 30.00 |   |   | 11.16 |   |   | (4.67 | ) |   | 0.64 |   |   | — |   |   | 2.14 |   |   | 2.29 |   |
| A&C        Pipeline Holding                         |   |   | Cayman Islands  |   |   | YPF, S.A.                            |   |   |                                             |   |   | Finance                                       |   |   | E.M.                          |   |                          | 17.83                               |                                  |   | 18.00 |   |   | 0.86 |   |   | 0.10 |   |   | (*) |   |   | — |   |   | 0.17 |   |   | 0.19 |   |
| Oleoducto        Trasandino Argentino                   |   |   | Argentina       |   |   | A&C Pipeline Holding             |   |   |                                             |   |   | Oil pipeline construction and operation       |   |   | E.M.                          |   |                          | 17.83                               |                                  |   | 100 |   |   | 43.29 |   |   | 18.31 |   |   | 5.51 |   |   | (14.23 | ) |   | 52.89 |   |   | 9.54 |   |
| Oleoducto        Trasandino Chile                       |   |   | Chile           |   |   | A&C Pipeline Holding             |   |   |                                             |   |   | Oil pipeline construction and operation       |   |   | E.M.                          |   |                          | 17.83                               |                                  |   | 100 |   |   | 40.33 |   |   | 0.04 |   |   | 14.52 |   |   | (11.92 | ) |   | 42.98 |   |   | 8.98 |   |
| Petroken        Petroquímica Ensenada, S.A.      |   |   | Argentina       |   |   | YPF, S.A.                            |   |   |                                             |   |   | Manufacturing and marketing of petrochemicals |   |   | E.M.                          |   |                          | 49.52                               |                                  |   | 50.00 |   |   | 106.06 |   |   | (11.44 | ) |   | 18.85 |   |   | — |   |   | 56.73 |   |   | 56.37 |   |
| PBB        Polisur                                      |   |   | Argentina       |   |   | YPF, S.A.                            |   |   |                                             |   |   | Manufacturing and marketing of petrochemicals |   |   | E.M.                          |   |                          | 27.73                               |                                  |   | 28.00 |   |   | 43.78 |   |   | 150.68 |   |   | (120.58 | ) |   | — |   |   | 20.69 |   |   | 20.70 |   |
| Profertil                                               |   |   | Argentina       |   |   | YPF, S.A.                            |   |   |                                             |   |   | Manufacture and sale of gas products          |   |   | P.I.                          |   |                          | 49.52                               |                                  |   | 50.00 |   |   | 337.82 |   |   | (83.55 | ) |   | (10.37 | ) |   | — |   |   | 121.95 |   |   | 121.98 |   |
| Refinerías        del Norte, S.A. (REFINOR)      |   |   | Argentina       |   |   | YPF, S.A.                            |   |   |                                             |   |   | Refining and marketing of oil products        |   |   | P.I.                          |   |                          | 49.52                               |                                  |   | 50.00 |   |   | 87.35 |   |   | 34.71 |   |   | 16.46 |   |   | — |   |   | 69.26 |   |   | 69.24 |   |

 

 

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|                                                        |   |   |           |   |   |                                         |   |   |                                                                                                                |   |   |                                                   |   |   |                          |   | **Total      % of Ownership** |                                | **Amounts      in Millions of Euros** |   |
|-------------------------------------------------------------|--------|--------|----------------|--------|--------|----------------------------------------------|--------|--------|---------------------------------------------------------------------------------------------------------------------|--------|--------|--------------------------------------------------------|--------|--------|-------------------------------|--------|-------------------------------|-------------------------------------|---------------------------------------|--------|
|                                                        |   |   |           |   |   |                                         |   |   |                                                                                                                |   |   |                                                   |   |   |                          |   |                               |                                |                                       |   |
| **Name**                                                    |   |   | **Country**    |   |   | **Parent Company**                           |   |   | **Other Investees (1)**                                                                                             |   |   | **Line of Business**                                   |   |   | **Consolidation      Method** |   |                          | **% of      Direct      Ownership** |                                  |   | **% of      Control** |   |   | **Capital** |   |   | **Reserves** |   |   | **2002      Income      (Loss)** |   |   | **Interim      Dividend** |   |   | **Assets      Owned** **(2)** |   |   | **Investment      Value (3)** |   |
|                                                             |   |        |                |   |        |                                              |   |        |                                                                                                                     |   |        |                                                        |   |        |                               |   |                               |                                     |                                  |        |  |   |  |  |   |  |  |   |  |  |   |  |  |   |  |  |   |  |  |   |
| Terminales        Marítimas Patagónicas, S.A. |   |   | Argentina      |   |   | YPF, S.A.                                    |   |   |                                                                                                                |   |   | Logistics of oil by-products                           |   |   | E.M.                          |   |                          | 32.83                               |                                  |   | 33.15 |   |   | 13.70 |   |   | 37.58 |   |   | 9.18 |   |   | — |   |   | 20.04 |   |   | 20.12 |   |
| Oleoductos        del Valle, S.A. (OLDELVAL)                |   |   | Argentina      |   |   | YPF, S.A.                                    |   |   |                                                                                                                |   |   | Logistics of oil by-products                           |   |   | E.M.                          |   |                          | 36.64                               |                                  |   | 37.00 |   |   | 104.98 |   |   | 4.38 |   |   | 36.86 |   |   | (2.32 | ) |   | 53.24 |   |   | 53.22 |   |
| Gas        Argentino, S.A. (GASA)                           |   |   | Argentina      |   |   | YPF, S.A.                                    |   |   |                                                                                                                |   |   | Portfolio company                                      |   |   | E.M.                          |   |                          | 44.89                               |                                  |   | 45.33 |   |   | 294.52 |   |   | (252.74 | ) |   | (176.28 | ) |   | — |   |   | (60.97 | ) |   | 0.00 |   |
| Metrogas,        S.A.                                       |   |   | Argentina      |   |   | Gas Argentino, S.A. (GASA)                   |   |   |                                                                                                                |   |   | Gas distribution                                       |   |   | E.M.                          |   |                          | 31.42                               |                                  |   | 70.00 |   |   | 542.87 |   |   | (358.61 | ) |   | (247.52 | ) |   | (1.96 | ) |   | (45.65 | ) |   | 0.00 |   |
| Poligas        Luján, S.A.                           |   |   | Argentina      |   |   | YPF, S.A.                                    |   |   |                                                                                                                |   |   | Bottling, transmission and marketing of LPG            |   |   | G.I.                          |   |                          | 50.01                               |                                  |   | 50.49 |   |   | n/a |   |   | n/a |   |   | n/a |   |   | n/a |   |   | n/a |   |   | n/a |   |
| A.P.D.C.                                                    |   |   | Cayman Islands |   |   | YPF, S.A.                                    |   |   |                                                                                                                |   |   | Oil and gas exploration and production                 |   |   | G.I.                          |   |                          | 99.04                               |                                  |   | 100 |   |   | 28.71 |   |   | (16.88 | ) |   | — |   |   | — |   |   | 11.83 |   |   | 11.83 |   |
| Enerfín,        S.A.                                 |   |   | Uruguay        |   |   | YPF, S.A.                                    |   |   |                                                                                                                |   |   | Finance                                                |   |   | G.I.                          |   |                          | 99.04                               |                                  |   | 100 |   |   | n/a |   |   | n/a |   |   | n/a |   |   | n/a |   |   | n/a |   |   | n/a |   |
| Astra        Evangelista, S.A.                              |   |   | Argentina      |   |   | YPF, S.A.                                    |   |   | A.P.D.C.                                                                                                            |   |   | Engineering and construction                           |   |   | G.I.                          |   |                          | 99.04                               |                                  |   | 100 |   |   | 8.30 |   |   | (1.78 | ) |   | 13.86 |   |   | — |   |   | 20.37 |   |   | 20.41 |   |
| AESA        Construcciones y Servicios                      |   |   | Brazil         |   |   | Astra Evangelista, S.A.                      |   |   | YPF, S.A.                                                                                                           |   |   | Engineering and construction                           |   |   | G.I.                          |   |                          | 99.04                               |                                  |   | 100 |   |   | 1.06 |   |   | (1.06 | ) |   | — |   |   | — |   |   | 0.00 |   |   | — |   |
| Adicor,        S.A.                                         |   |   | Uruguay        |   |   | Astra Evangelista, S.A.                      |   |   |                                                                                                                |   |   |                                                   |   |   | G.I.                          |   |                          | 99.04                               |                                  |   | 100 |   |   | n/a |   |   | n/a |   |   | n/a |   |   | n/a |   |   | n/a |   |   | n/a |   |
| Inversora        Dock Sud, S.A.                             |   |   | Argentina      |   |   | YPF, S.A.                                    |   |   |                                                                                                                |   |   | Portfolio company                                      |   |   | E.M.                          |   |                          | 42.45                               |                                  |   | 42.86 |   |   | 89.65 |   |   | (3.81 | ) |   | (209.82 | ) |   | — |   |   | (53.14 | ) |   | (53.41) |   |
| Central        Dock Sud, S.A.                               |   |   | Argentina      |   |   | Inversora Dock Sud, S.A.                     |   |   | YPF, S.A.                                                                                                           |   |   | Electric power generation and retailing                |   |   | E.M.                          |   |                          | 39.53                               |                                  |   | 79.83 |   |   | 8.30 |   |   | 60.09 |   |   | (197.71 | ) |   | — |   |   | (103.24 | ) |   | (0.95) |   |
| Pluspetrol        Energy, S.A.                              |   |   | Argentina      |   |   | YPF, S.A.                                    |   |   |                                                                                                                |   |   | Oil and gas exploration and production                 |   |   | P.I.                          |   |                          | 44.57                               |                                  |   | 45.00 |   |   | 91.87 |   |   | (37.22 | ) |   | (112.61 | ) |   | — |   |   | (26.08 | ) |   | (26.04) |   |
| Repsol        YPF Chile, Limitada                           |   |   | Chile          |   |   | Repsol YPF, S.A.                             |   |   | OPESSA                                                                                                              |   |   | Administration of YPF’s investments in      Chile |   |   | G.I.                          |   |                          | 100                                 |                                  |   | 100 |   |   | 74.98 |   |   | 22.51 |   |   | 10.39 |   |   | — |   |   | 107.88 |   |   | 104.79 |   |
| Operaciones        y Servicios YPF                          |   |   | Chile          |   |   | Repsol YPF Chile, Limitada                   |   |   | Petróleos Transandinos, S.A.                                                                                 |   |   | Operation of service stations                          |   |   | G.I.                          |   |                          | 100                                 |                                  |   | 100 |   |   | 1.06 |   |   | (0.75 | ) |   | 0.23 |   |   | — |   |   | 0.53 |   |   | 0.53 |   |
| Petróleos        Transandinos YPF, S.A.              |   |   | Chile          |   |   | Repsol YPF Chile, Limitada                   |   |   | YPF, S.A. / OPESSA                                                                                                  |   |   | Marketing and distribution of fuels and lubricants     |   |   | G.I.                          |   |                          | 100                                 |                                  |   | 100 |   |   | 39.92 |   |   | 10.28 |   |   | 7.32 |   |   | — |   |   | 57.51 |   |   | 56.90 |   |
| Repsol        YPF Bolivia, S.A.                             |   |   | Bolivia        |   |   | Repsol YPF, S.A.                             |   |   | R. Exploración/R. Exploración      Perú/R. Exploración Colombia/ R. YPF E&P Bolivia |   |   | Portfolio company                                      |   |   | G.I.                          |   |                          | 100                                 |                                  |   | 100 |   |   | 1,020.27 |   |   | (323.89 | ) |   | 8.01 |   |   | — |   |   | 704.39 |   |   | 704.39 |   |
| Repsol        YPF E&P de Bolivia, S.A.                  |   |   | Bolivia        |   |   | Repsol YPF Bolivia, S.A.                     |   |   | Rex. Perú, S.A. / Rex. Colombia, S.A.                                                                        |   |   | Oil and gas exploration and production                 |   |   | G.I.                          |   |                          | 100                                 |                                  |   | 100 |   |   | 0.47 |   |   | 0.00 |   |   | (0.36 | ) |   | — |   |   | 0.11 |   |   | 0.11 |   |
| Andina        Corporation                                   |   |   | Cayman Islands |   |   | Repsol YPF Bolivia, S.A.                     |   |   |                                                                                                                |   |   | Finance                                                |   |   | G.I.                          |   |                          | 100                                 |                                  |   | 100 |   |   | 253.28 |   |   | 25.37 |   |   | 12.09 |   |   | — |   |   | 290.74 |   |   | 290.74 |   |
| Empresa        Petrolera Andina, S.A.                       |   |   | Bolivia        |   |   | Andina Corporation                           |   |   |                                                                                                                |   |   | Oil and gas exploration and production                 |   |   | G.I.                          |   |                          | 50.00                               |                                  |   | 50.00 |   |   | 286.47 |   |   | 101.57 |   |   | 25.78 |   |   | — |   |   | 206.91 |   |   | 232.66 |   |
| Maxus        Bolivia Inc.                                   |   |   | Cayman Islands |   |   | Repsol YPF Bolivia, S.A.                     |   |   |                                                                                                                |   |   | Oil and gas exploration and production                 |   |   | G.I.                          |   |                          | 100                                 |                                  |   | 100 |   |   | 126.94 |   |   | 20.08 |   |   | 13.46 |   |   | — |   |   | 160.48 |   |   | 160.48 |   |
| AESA        Construcciones y Servicios Bolivia              |   |   | Bolivia        |   |   | Repsol YPF Bolivia, S.A.                     |   |   | R. YPF E&P de Bolivia, S.A. / Astra Evangelista                                                                 |   |   | Engineering and construction                           |   |   | E.M.                          |   |                          | 100                                 |                                  |   | 100 |   |   | 0.01 |   |   | 0.00 |   |   | 0.51 |   |   | — |   |   | 0.52 |   |   | 0.52 |   |
| Repsol        YPF Brasil, S.A.                              |   |   | Brazil         |   |   | Repsol YPF, S.A.                             |   |   |                                                                                                                |   |   | Exploitation and marketing of oil and gas              |   |   | G.I.                          |   |                          | 100                                 |                                  |   | 100 |   |   | 461.27 |   |   | (54.08 | ) |   | (105.30 | ) |   | — |   |   | 301.88 |   |   | 361.00 |   |
| Repsol        YPF Distribuidora, S.A.                       |   |   | Brazil         |   |   | Repsol YPF Brasil, S.A.                      |   |   |                                                                                                                |   |   | Operation and administration consulting services       |   |   | G.I.                          |   |                          | 100                                 |                                  |   | 100 |   |   | 52.90 |   |   | (5.90 | ) |   | (4.76 | ) |   | — |   |   | 42.24 |   |   | 42.20 |   |
| Transportadora        Sul Brasileira do Gas, S.A.           |   |   | Brazil         |   |   | Repsol YPF Brasil, S.A.                      |   |   |                                                                                                                |   |   | Gas supply and logistics                               |   |   | E.M.                          |   |                          | 15.00                               |                                  |   | 15.00 |   |   | 21.59 |   |   | (2.52 | ) |   | (1.64 | ) |   | — |   |   | 2.61 |   |   | 3.40 |   |
| Operadora        de Postos de Serviço, Ltd.          |   |   | Brazil         |   |   | Repsol YPF Brasil, S.A.                      |   |   |                                                                                                                |   |   | Operation of service stations                          |   |   | G.I.                          |   |                          | 100                                 |                                  |   | 100 |   |   | 6.72 |   |   | 0.00 |   |   | (0.12 | ) |   | — |   |   | 6.60 |   |   | 6.60 |   |
| REFAP                                                       |   |   | Brazil         |   |   | Repsol YPF Brasil, S.A.                      |   |   |                                                                                                                |   |   | Refining and marketing of oil products                 |   |   | P.I.                          |   |                          | 30.00                               |                                  |   | 30.00 |   |   | 73.39 |   |   | 33.96 |   |   | 16.48 |   |   | — |   |   | 37.15 |   |   | 37.10 |   |
| Refinería        de Petróleos Manguinhos      |   |   | Brazil         |   |   | Repsol YPF Brasil, S.A.                      |   |   |                                                                                                                |   |   | Refining and marketing of oil products                 |   |   | P.I.                          |   |                          | 30.71                               |                                  |   | 30.71 |   |   | 5.53 |   |   | 42.88 |   |   | 2.83 |   |   | (4.26 | ) |   | 14.43 |   |   | 14.40 |   |
| Wall        Petróleo, S.A.                           |   |   | Brazil         |   |   | Refinería Petróleos Manguinhos |   |   |                                                                                                                |   |   | Marketing of oil products                              |   |   | P.I.                          |   |                          | 30.71                               |                                  |   | 100 |   |   | 8.25 |   |   | (2.45 | ) |   | 4.42 |   |   | — |   |   | 10.21 |   |   | 10.11 |   |
| Wall        Química, S.A.                            |   |   | Brazil         |   |   | Refinería Petróleos Manguinhos |   |   | Wall Petróleo, S.A.                                                                                          |   |   | Marketing of petrochemicals                            |   |   | P.I.                          |   |                          | 30.71                               |                                  |   | 100 |   |   | 1.55 |   |   | (0.24 | ) |   | 0.11 |   |   | — |   |   | 1.42 |   |   | 1.42 |   |
| Wall        Postos, S.A.                                    |   |   | Brazil         |   |   | Repsol YPF Brasil, S.A.                      |   |   |                                                                                                                |   |   | Operation of service stations                          |   |   | G.I.                          |   |                          | 100                                 |                                  |   | 100 |   |   | 6.31 |   |   | (2.35 | ) |   | (0.28 | ) |   | — |   |   | 3.68 |   |   | 3.70 |   |

|  |   |
|--|--------|

 

| Consolidation method: |
|-----------------------|

| G.I.: | Global integration       |
|-------|--------------------------|
| P.I.: | Proportional integration |

| E.M.: | Equity method |
|-------|---------------|

| n/a: | Not available |
|------|---------------|

| (*) | Amount less than €10,000. |
|-----|--------------------------------|

| (1) | Other Group companies with        ownership interests of less than that of the parent company in the company’s        capital stock. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Reflects the percentage owned by related parent company. |
|-----|----------------------------------------------------------|

| (3) | Relates to the value of the net investment. |
|-----|---------------------------------------------|

| (4) | The figures relate to the        consolidated subgroup made up by Global Companies, Llc., Chelsea Sandwich        Llc.and Global Montello Group Llc. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | The Enagás Group        comprises the following companies: Enagás, Gasoducto Braga-Tuy,        S.A., Gasoducto Campomaior-Leira-Braga, S.A., Gasoducto Andalucía,        S.A. and Gasoducto Extremadura, S.A. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |  |
|--------|--|

 

 

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